- Popular CEX Cryptocurrencies
Top 10 CEX Trading Volumes and 24-Hour Price Changes:
- BTC: -0.78%
- ETH: -1.22%
- BNB: -5.20%
- SOL: -0.82%
- DOGE: +0.83%
- QKC: +0.84%
- ASTER: +4.52%
- XPL: +3.10%
- PSG: +3.77%
- SNX: +1.09%
- TFUEL: -2.47%
24-Hour Price Increase Rankings (Data Source: OKX):
- ZBCN: +18.52%
- SNX: +13.48%
- PRCL: +9.18%
- XPL: +6.45%
- SKL: +6.12%
- COMP: +5.86%
- VINE: +4.94%
- MORPHO: +4.92%
- IMX: +4.68%
- SCR: +3.97%
- J: +3.96%
24-Hour Stock Price Increase Rankings (Data Source: MyStonks):
- Canaan Inc. American Depositary Shares (CAN.M): 23.03%
- Bakkt Holdings, Inc. (BKKT.M): 18.85%
- Mawson Infrastructure Group Inc. Common Stock (MIGI.M): 19.13%
- Lithium Americas Corp. (LAC.M): 14.72%
- TeraWulf Inc. Common Stock (WULF.M): 11.79%
- CLEANSPARK INC (CLSK.M): 11.78%
- Mercurity Fintech Holding Inc. Ordinary Shares (MFH.M): 10.77%
- MARA Holdings, Inc. Common Stock (MARA.M): 10.48%
- IREN Limited Ordinary Shares (IREN.M): 10.38%
- Bitfarms Ltd. Common Stock (BITF.M): 9.46%
- Top 5 On-Chain Memes (Data Source: GMGN):
- RYO
- MetaMask
- fun
- ZKB
- Suona
Headlines
Powell Hints at Supporting Another Rate Cut Later This Month as U.S. Job Market Cools
Federal Reserve Chairman Powell warned on Tuesday that the U.S. labor market shows further signs of distress, suggesting he may be prepared to support another rate cut later this month. Powell noted, "The downside risks to employment have increased." This is the strongest indication yet that Fed officials believe they have enough evidence to support a 25 basis point reduction in U.S. borrowing costs. Powell added that even without new Labor Department data (delayed due to the government shutdown), privately produced labor market indicators and internal Fed research provide sufficient reasons to indicate that the job market is cooling. "Existing evidence" suggests that "layoffs and hiring numbers remain low," while "household perceptions of job opportunities and businesses' views on hiring difficulties continue to decline." These remarks indicate that Powell is becoming more dovish on monetary policy. (Jin Shi)
Analyst: U.S. Plans to Seize 127,000 BTC, Its Bitcoin Holdings May Increase to 324,000
According to on-chain analyst Yu Jin, the U.S. plans to seize 127,000 BTC (worth $14.1 billion) from Cambodian Prince Group's Chen Zhi. This means the U.S. government now holds 324,000 BTC, valued at $36.2 billion, making it the entity with the largest Bitcoin holdings.
The documents related to the Chen Zhi case mentioned that the planned seized BTC is located at 25 addresses, totaling 127,271 coins. These addresses are marked on Arkham as belonging to the mining pool LuBian and were stolen in 2020.
Last July, these BTC underwent a consolidation transfer, during which the LuBian mining pool had requested their return on-chain. The documents in the Chen Zhi case clearly state that these BTC are now in the hands of the U.S. government, indicating that last July's consolidation was likely conducted by the U.S. government rather than hackers.
Including the 127,000 BTC seized from Chen Zhi, the U.S. government now holds 324,000 BTC, valued at $36.2 billion.
Eugene: Major Trades Not Recommended at This Stage, Market is at "Hell Difficulty"
Trader Eugene Ng Ah Sio posted on his personal channel that the market is currently at "hell difficulty" and advised against making major trades (whether long or short) at this stage, especially if you have just been impacted by the recent wave of declines.
Senior Bloomberg ETF Analyst: Solana Spot and Staking ETF Rates More Competitive
Bloomberg senior ETF analyst Eric Balchunas posted on X platform that the Solana spot ETF rate is 30 basis points (bps), and the staking ETF rate is 28 basis points, with overall pricing being "reasonable and transparent." He pointed out that this lower rate will make the Solana ETF more attractive in competition with other funds and intermediary products.
Previous news: VanEck Updates Solana Spot ETF S-1 Application Document, Management Fee Rate is 0.30%.
Industry News
New York City Mayor Eric Adams Establishes Mayor-Level Digital Assets and Blockchain Office
New York City Mayor Eric Adams signed an executive order to establish the first mayor-level digital assets and blockchain office in the U.S. The office aims to promote the responsible use of blockchain and digital assets and enhance coordination and cooperation between the crypto industry and the government.
The new agency will be led by Moises Rendon, who has worked in New York City's digital asset sector for over a year, responsible for collaborating with federal and state governments to develop policies that attract compliant and innovative crypto and blockchain projects. Additionally, the office will focus on attracting relevant talent to ensure New York maintains a competitive edge in fintech and innovation.
Reports indicate that Adams has always held an open attitude towards cryptocurrencies, having received his salary in Bitcoin and hosted crypto summits. However, his term will end at the end of the year, and he announced last month that he would not seek re-election. (The Block)
Stripe's Stablecoin Company Bridge Applies for National Bank Trust License with U.S. OCC
Fintech giant Stripe's stablecoin infrastructure company Bridge is applying for a national bank trust charter through the U.S. Office of the Comptroller of the Currency (OCC). Co-founder Zach Abrams stated that if the application is approved, Bridge will be able to provide regulated stablecoin issuance, management, and custody services under a unified federal regulatory framework established by the GENIUS Act signed into law this summer. (The Block)
WisdomTree Launches Europe's First Physically-Backed XLM ETP
Asset management company WisdomTree has launched the "WisdomTree Physical Stellar Lumens ETP" in Europe, the first physically-backed Stellar Lumens (XLM) exchange-traded product, with a management fee rate of 0.50%. This ETP has been listed on the Swiss SIX exchange and Euronext in Paris and Amsterdam, and will go live on Germany's Xetra on October 15. WisdomTree claims this product is the lowest-cost XLM physical ETP in Europe, aimed at providing institutions with a compliant investment channel for native assets of the Stellar network. The Stellar network is known for efficient cross-border payments and tokenized asset issuance, and currently collaborates with over 69 regulated financial institutions worldwide. (CoinDesk)
10x Research: Crypto Market May Introduce "Circuit Breakers" to Address Extreme Volatility
According to a report by 10x Research, the recent crash in the crypto market has exposed deep issues in the clearing and risk control mechanisms of exchanges, with some platforms profiting from the events while others lost hundreds of millions of dollars. The report points out that automated clearing systems designed to provide liquidity actually amplified chaos during extreme market conditions, prompting institutions to reassess their risk management systems.
A new discussion focus is emerging in the industry—whether crypto exchanges should learn from traditional financial markets and introduce "circuit breakers" to limit extreme volatility. 10x Research notes that if this move is implemented, it could permanently change the volatility structure and profit logic of the crypto market. The report also recalls that after Musk announced Tesla would stop accepting Bitcoin payments in 2021, the market experienced a political backlash due to leveraged liquidations, and the far-reaching impact of this recent crash may similarly reshape the structure of the crypto market.
According to the U.S. Department of Justice, early Bitcoin evangelist "Bitcoin Jesus" Roger Ver has reached a settlement with U.S. authorities, admitting that he intentionally failed to report his Bitcoin holdings when he renounced his U.S. citizenship in 2014.
According to the Department of Justice, Ver signed a deferred prosecution agreement and paid nearly $50 million in taxes, penalties, and interest to the Internal Revenue Service (IRS). Prosecutors stated that his concealment caused a loss of approximately $16.9 million. The U.S. government has now dropped criminal charges against Ver.
U.S. Acting Attorney Bill Essayli stated that Ver is taking responsibility for his actions and has agreed to pay a substantial fine. Ver has been a citizen of Saint Kitts and Nevis since 2014 and was extradited to the U.S. after being arrested in Spain last year. His case is being investigated by the IRS Cyber Crimes Unit.
Project News
Monad: Airdrop Claim Portal Now Live
Monad announced that the airdrop claim portal is now live, and users can start claiming.
Lighter to Distribute 250,000 Points to Compensate Traders Affected by Market Crash
Perpetual contract trading platform Lighter announced that it will distribute 250,000 points as compensation to traders affected by the market crash. The official statement indicated that the compensation will be executed in three categories:
First, due to the platform's performance decline before the market crash, which led to cumulative losses of approximately $25 million for traders, the platform will distribute 150,000 points and refund clearing fees (paid in USDC);
Second, during the market crash, LLP holders' assets fell by about 5%, and the platform will distribute 25,000 points as compensation, along with further clarification of the LLP liquidity mechanism in the technical documentation;
Finally, about 5 hours after the market recovery, the platform experienced a short downtime of 4.5 hours due to a database failure, resulting in approximately $7 million in losses. An additional 75,000 points will be distributed, and related clearing fees will be refunded.
Additionally, Lighter stated that the second quarter point distribution event will take place every Friday starting October 17, with the first round of airdrop totaling 600,000 points.
Prediction Market Polymarket Set to Launch on MetaMask
MetaMask announced on the X platform that the prediction market Polymarket is set to launch on MetaMask.
Aster: Refund Process Completed
Aster announced on the X platform that the refund process has now been fully completed. Users can check their refund records in the "Perpetual Wallet," with refunds issued in USDT. Details can be found under the "Transaction history" section on the page.
Enso announced that the Enso Network has officially launched on the mainnet. Airdrop claims for ENSO are now open, and staking features have been implemented.
Investment and Financing
Stablecoin Company Crown Completes $8.1 Million Seed Round Financing, Framework Ventures Leads
Brazilian stablecoin company Crown announced the completion of an $8.1 million seed round financing, led by Framework Ventures, with participation from Valor Capital Group, Coinbase Ventures, Norte Ventures, Paxos, and Nubank co-founder Ed Wible. The new funds will support the company's launch of the stablecoin BRLV, which is pegged to the Brazilian real (BRL) and fully backed by Brazilian government bonds. (Blockworks)
Cryptocurrency Fund Maximum Frequency Ventures Raises $50 Million
Cryptocurrency fund Maximum Frequency Ventures announced that it has completed a $50 million fundraising round. Aptos Labs co-founder Shaikh revealed that he and three former colleagues participated but declined to disclose the specific amount. The fund's limited partners also include family offices from the U.S., East Asia, and Southeast Asia. (Fortune)
Bitcoin Treasury Company Empery Digital Secures $100 Million in New Credit Line
Nasdaq-listed Bitcoin treasury company Empery Digital announced that it has reached an agreement with Two Prime Lending to secure a new credit line of $100 million. Additionally, the company announced an increase in its stock buyback program to $150 million, having repurchased 6,740,482 shares of common stock as of October 10. (Businesswire)
Regulatory Trends
White House May Nominate SEC Crypto Task Force Chief Counsel Mike Selig as CFTC Chair
The White House is nearing an announcement of a nominee for the new chair of the U.S. Commodity Futures Trading Commission (CFTC), with SEC crypto task force chief counsel Mike Selig being the most likely candidate.
Sources indicate that Selig remains the "preferred candidate" for the government, and the White House has begun reviewing potential commissioner candidates to rebuild the currently five-member commission led only by acting chair Caroline Pham. This nomination is seen as a significant milestone in the crypto regulatory landscape, coinciding with Congress's push to expand the CFTC's regulatory authority over the crypto market through the "Market Structure Act."
Selig currently serves as a senior advisor to SEC Chair Paul Atkins and has previously worked as a commissioner assistant judge at the CFTC, as well as in the digital asset teams at Perkins Coie and Willkie Farr & Gallagher for ten years.
U.S. Republican Congressman Troy Downing will introduce a new bill titled "The Retirement Investment Choice Act" on Tuesday, aimed at codifying President Trump's previous executive order to allow cryptocurrency and private equity investments within 401(k) retirement plans.
The bill has garnered support from four Republican co-sponsors, including Byron Donalds, Buddy Carter, Warren Davidson, and Barry Moore. Downing stated that this move will allow more American savers to access high-potential alternative assets. Previously, the Biden administration had taken a cautious stance on including crypto assets in retirement plans.
Japan to Introduce New Regulations Prohibiting Insider Trading in Cryptocurrency
Reports indicate that Japan will introduce new regulations prohibiting insider trading in cryptocurrency.
Voices
BlackRock CEO Larry Fink stated that the biggest risk faced is the U.S. economic deficit. If the U.S. economy does not average 3% growth over the next 10 years, fiscal deficits will completely drag down the economy. He noted that artificial intelligence is not a bubble, but failures will still occur in the future. AI is the most worthwhile capital investment. (Jin Shi)
Bernstein: Growing Demand for Stablecoins Allows Circle to Withstand Impact of Fed Rate Cuts
Wall Street brokerage Bernstein stated that if U.S. interest rates decline significantly, Circle (CRCL) may see its revenue impacted, but strong demand for stablecoins and operational leverage may help mitigate the impact. The current rating for Circle stock is outperform, with a target price of $230. The stock fell 2.3% in early trading, dropping to around $134.40. (CoinDesk)
Monad co-founder Keone Hon posted on X, stating that Telegram allows users to place ads targeting individual public channels, and scammers have purchased ads on the Monad official announcement channel. This is shocking, as Telegram allows advertising content to be directly pushed to a channel that originally only had a single account posting content. The team is working hard to request the platform to remove the ad.
The only valid link for Monad claims is: claim.monad.xyz. The airdrop portal will be open for three weeks, and there is no urgent action required. Please do not rush, and be sure to verify repeatedly before taking any action.
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