**Cryptocurrency News**

- Shiba Inu (SHIB) surged over 10% to hit a two-month high with a market cap of $9.7 billion.
- The recovery is due to Shibarium's progress and a 640% increase in token burn rate, which reduces supply and fuels optimism.
- About 50.3% of SHIB investors have made a profit, while 43% remain in the red.
- Almost 80% of holders purchased SHIB more than a year ago.

- XRP consolidated in the $0.58-$0.60 range. Analysts predict either a new all-time high or a significant price correction.

- Shiba Inu reached the 7 million processed block milestone on Shibarium, which caused optimism for further price growth. The coin reached a monthly high.

- Bitcoin growth slowed at $63,500. Analysts expect either a breakout above $65,000 or possible losses for investors.

**Cryptocurrency News**

- On September 26, CryptoQuant founder Ki Young Joo said the US is regaining dominance in Bitcoin custody. This is due to the growing demand for spot ETFs.

- According to Farside Investors, total inflows amounted to $106 million on September 25, which was the fifth consecutive day with inflows. The total amount of all spot ETFs reached almost $18 billion since January.

- BlackRock recorded the largest monthly inflow of $184.4 million, while Fidelity and Ark funds lost $33.2 million and $47.4 million, respectively.

- Veteran trader Peter Brandt noted that Bitcoin continues to be in a pattern of lower highs and lower lows. The $70,000 level needs to be broken for this trend to reverse.

- At the time of writing, Bitcoin was trading at $63,520, down 1.1% on the day. The total crypto market capitalization fell 2.1%.

Source: CryptoPotato

**Cryptocurrency and Blockchain News**

- Ethereum's second-layer protocol, Base, developed by the Coinbase exchange, has seen a significant increase in daily active addresses.

- According to IntoTheBlock, this is due to the launch of Coinbase Wrapped Bitcoin (cbBTC) and Base Name Service (BNS).

- cbBTC, which launched on September 12, has attracted over 3,500 users and processes $472 million in transactions daily.

- BNS, introduced on August 21, allowed users to register human-readable names for their addresses, which has contributed to the increase in activity.

- As a result, the number of active addresses on Base has exceeded 2 million, accounting for 70% of all active addresses among Ethereum's second-layer networks.

- Caroline Ellison, the former CEO of Alameda Research, was sentenced to two years in federal prison for her role in the FTX fraud.

- Judge Lewis A. Kaplan noted her cooperation with the prosecution, but said the scale of the fraud was too large to avoid prison time.

- Ellison was also ordered to repay $11 billion in profits she made through FTX.

- FTX founder Sam Bankman-Fried appealed for a new trial, citing bias.

Popular analyst expects an “Uptober” for XRP, driven by possible resolution of Ripple’s lawsuit against the SEC and increased adoption.

- EGRAG CRYPTO predicts that XRP could reach a new all-time high of $13 in the coming months, although this is unlikely.
- October is traditionally a bullish month for the cryptocurrency market.
- Analyst JackTheRippler believes that the end of the lawsuit and mass adoption of XRP in the US could help the price rise.
- Judge Torres rules that XRP sales on secondary markets are not securities transactions, but Ripple must pay a fine of $125 million.
- The SEC may appeal before October 6, but the analyst believes this will not happen.
- Tokenization on the XRP Ledger (XRPL) is expected to begin, and support from leading banking institutions.

The forecasts remain speculative, and investors should exercise caution.

Vitalik Buterin, co-founder of Ethereum, praised the growth of the Celo network on the X platform.

- Celo surpassed Tron in the number of active addresses for stablecoin usage.
- The price of the CELO token rose by 22% after Buterin's endorsement.
- Celo plans to move to Ethereum's Layer 2 to improve functionality.

Cardano and the Media

- Charles Hoskinson, the founder of Cardano, expressed dissatisfaction with the coverage of his interview with Cointelegraph.
- Hoskinson said that his words were distorted and he will stop interacting with the publication.

Ethereum (ETH), the second-largest cryptocurrency, has failed to return to the $3,000 mark since early August. However, an analyst at CryptoQuant believes that this could change.

- The analyst points out that an influx of funds into the futures market could boost the price of ETH.
- Futures traders have been buying more than selling over the past 30 days, indicating that they are optimistic.
- Futures demand must continue to increase for the price to rise further.

ETH is currently trading around $2,600, down 16% since early August.

VanEck Research: Solana vs. Ethereum

• Ethereum is losing ground in some sectors of the blockchain industry to competitors like Solana.
• MarketVector report shows Solana outpacing Ethereum in transaction volume, active users, and low fees.
• However, Ethereum leads in total value locked (TVL) and institutional adoption.
• Analysts believe Solana may be undervalued and has the potential to reach 50% of Ethereum’s market cap.

Shiba Inu (SHIB) is up 4% in an hour, hitting $0.00001542, with its market cap surpassing $9 billion.

- The gains could be attributed to a decrease in supply on exchanges and Shibarium reaching 7 million processed blocks.
- SHIB has become the best performing cryptocurrency in the top 100 during this period.
- The decrease in supply on exchanges could indicate a shift to self-custody storage methods and reduced selling pressure.
- 50% of SHIB holders are currently making a profit, while 43% are losing money.

**Cryptocurrency News**

- Bitcoin's correlation with gold has reached a five-month high, according to IntoTheBlock data.
- Meanwhile, Ethereum's correlation with gold remains minimal and insignificant.
- Bitcoin and gold are often compared due to their limited supply and lack of central control.
- Data shows that their trajectories can overlap during periods of economic uncertainty.
- Unlike Bitcoin, Ethereum is seen as a more speculative asset, dependent on the DeFi ecosystem and staking.

Cardano (ADA) Hits Monthly High

- ADA price has risen to $0.39, making it one of the best performing cryptocurrencies in the last 24 hours.
- ADA market cap has reached $14 billion, making it the 11th best performing cryptocurrency.
- The gains are due to an increase in large transactions and a low NVT ratio, indicating that the token is undervalued.
- However, the RSI has reached 81, which may signal a possible correction.

Bitcoin Fails to Break $65,000 Again

- Bitcoin hit a one-month high of $64,800 but failed to extend its gains and fell back to $1,000.
- The leading cryptocurrency experienced significant volatility after the US cut its key interest rate by 50 basis points.
- Bitcoin market cap remains around $1.260 trillion, dominance has fallen to 53.8%.

Chainlink and SUI Gain

- Chainlink has gained 7% and is trading above $12.
- SUI has added more than 12% in a day and 80% in a month, reaching $1.75.
- Total cryptocurrency market cap remains around $2.350 trillion.

- On September 24, the fixAMMv1_1 update was activated on the XRP Ledger mainnet.

- The update improves the functionality of the automated market maker (AMM), increasing its efficiency and usability.

- The AMM allows users to exchange assets directly to XRPL without intermediaries.

- The price of XRP remained stable around $0.58 after the update was implemented.

- This is one of three planned updates this week.

Research: Bitcoin as a Liquidity Indicator

- On September 25, the founder of Lyn Alden Investment Strategy presented a study showing that Bitcoin correlates with the global money supply (M2) 83% of the time.
- The study covers the period from May 2013 to July 2024 and found a correlation coefficient of 0.94.
- Bitcoin shows high sensitivity to changes in global liquidity, making it an important macroeconomic indicator.
- According to analysts, an increase in M2 could lead to higher Bitcoin prices.

Shibarium Processes Over 7 Million Blocks

- Shiba Inu's second-layer blockchain solution, Shibarium, has reached a major milestone, processing over 7 million blocks.
- Total transactions approach 420 million.
- New contracts surge 700% in a day, reaching 16.
- SHIB price up 14% in a week, reaching $0.00001497.
- Token supply on exchanges hits seven-month low, potentially driving price growth even further.

**Cryptocurrency and Blockchain News**

- On September 24, Minnesota Representative Tom Emmer harshly criticized SEC Chairman Gary Gensler at a congressional hearing.
- Emmer accused Gensler of abusing his power and creating a culture of loyalty among SEC employees.
- Gensler denied the allegations, despite the existence of email correspondence.
- The SEC, under Gensler, has initiated lawsuits against major crypto companies, including Ripple and Coinbase.
- Emmer also noted that the term "crypto assets" was coined by Gensler and has no legal basis.

- Matt Hougan, chief investment officer at Bitwise Asset Management, reported on the rise of cryptocurrency adoption among leading U.S. financial advisors.

- At the Barron’s Advisor 100 Summit, Hougan noted that 70% of advisors in attendance now personally own cryptocurrency, up from 10-20% two years ago.

- Despite the personal interest, the number of advisors including cryptocurrency in client portfolios remains low due to broker restrictions.

- Hougan expects this to change in the next six to 12 months as the financial infrastructure for cryptocurrency improves.

**Polymarket Plans to Raise $50M, Issue Its Own Token**

- Blockchain prediction platform Polymarket is in talks to raise $50 million in funding, according to The Information on September 23.
- The New York-based company is also considering issuing its own token to power its betting market.
- Polymarket uses Polygon’s layer-2 blockchain technology and UMA Protocol’s oracle services.
- The platform is popular for betting on the US presidential election, with nearly $1 billion in betting volume.
- Polymarket has previously raised $70 million, including $45 million from Peter Thiel’s Founders Fund.
- US regulators have expressed concerns about the platform, especially regarding election betting.
- Trading volume reached $472 million in August, and $400 million in September.
- Cryptocurrency funding totaled $634 million in August, up 130% from August 2023.

A group of Republican lawmakers led by Representative Patrick McHenry and Senator Cynthia Lummis have raised concerns about the Securities and Exchange Commission’s (SEC) approach to regulating cryptocurrency custody.

- In a letter to SEC Chairman Gary Gensler, the lawmakers demanded that Accounting Bulletin No. 121 (SAB 121) be repealed.
- The lawmakers argue that the SEC issued guidance without consulting key regulators or following a formal rulemaking process.
- SAB 121 requires digital asset custodians to recognize liabilities and hold the assets on their balance sheets at the market value of the cryptocurrency.
- This could create risks for consumers by inaccurately reflecting custodians’ liabilities.
- The lawmakers also pointed to the SEC’s confidential consultations with individual financial institutions, where exemptions from the reporting requirements were granted.
- One such institution was BNY Mellon, which received an exemption from some of the requirements of SAB 121.

Republicans believe that this approach by the SEC undermines investor protection and requires more transparency.