Category: AI

ForthefirsttimesinceSeptember27,Ethereumhassurgedpastthe$2,700markandisshowingstrongsignsofmaintainingitsupwardmomentum.Abouttendaysago,ETHdroppedbelow$2,400,sparkingspeculationthatthecryptocurrencymightstruggletobreakoutagain. However,overthepastsevendays,ETHhassurpassedkeyresistancelevels.Inthison-chainanalysis,BeInCryptorevealshowthisupwardmomentumcoulddrivethepriceevenhigher. EthereumSeesReducedSellingPressure OneindicatorfuelingthispredictionistheEthereumExchangeNetflow,whichshowstheamountofcoinsflowinginandoutofexchanges.AccordingtoCryptoQuant,marketparticipantshavetaken29,378ETHoffexchangesasofthiswriting. Fromaspottradingperspective,highvaluestypicallysignalincreasedsellingpressure.However,withapproximately$80millionbeingremoved,itsuggeststhatETHmaynotfacesignificantsellingpressureinthenearterm. Onthederivativesside,thedeclinepointstolowvolatility,indicatingthattraderswithopenpositionsarelesslikelytofaceliquidations.Whencombined,thiscurrentconditioncouldbebullishforEthereum’sprice. EthereumExchangeNetflow.Source:CryptoQuant AnothermetricsupportingthebullishoutlookisthenumberofaddressesholdingETHvaluedat$1millionormore.Whenthismetricrises,itindicatesthatHODLersareaccumulatingmorecoins,reflectingbullishbehavior.Conversely,adeclinesuggeststhatlong-termholdersarecashingout,typicallysignalingbearishsentiment BasedonGlassnode’sdata,thenumberofaddressesholdingETHworth$1millionandabovehasincreased,suggestingthatEthereum’spricecouldavoidgoingthroughanotherdrawdown. EthereumNumberofAddresseswithHighBalance.Source:Glassnode CryptoanalystandfounderofMNConsultancyMichaëlvandePoppesharesasimilarview.However,inhispost,vandePoppenotedthatETHneedstoriseabove$2,770tohaveanychanceofsurpassing$3,000. “Ethereummightfinallyreverse.Breakingthroughthecrucialresistanceat$2,770wouldbegreat.Ifthathappens,thenexttargetis$3,200,”theanalystemphasized. ETHPricePrediction:BullsMustDefend$2,689Support AlookatthedailychartshowsthatEthereum’spricehasbrokenoutofasymmetricaltriangle.Forcontext,asymmetricaltriangleisachartpatterndefinedbytwoconvergingtrendlinesthatconnectaseriesofsequentialpeaksandtroughs. Usually,whenanasset’spricebreaksbelowthetriangle,theasset’spricetendstofallfurther.ForETH,itistheotherwayaround,suggestingthatthevaluecouldcontinueclimbing.Butforthattohappen,bullshavetodefendthe$2.689support Beyondthat,buyingpressureneedstoincreasesothepricecanclimbabovetheresistanceat$2,989.Ifthatisthecase,ETH’spricecouldrallyto$3,316. EthereumDailyPriceAnalysis.Source:TradingView However,thisthesiscouldberenderednullandvoidifETHfallsbelowtheaforementionedsupportline.Inthatscenario,thepricecouldtumbleto$2,471. beincrypto.com

AgroupofBTCminers,includingRiotPlatforms,CleanSpark,andMaraHoldings,isthrowingtheirweightbehindthenewBitcoinVoterPAC,ascompetitionintensifiestoinfluencetheoutcomeofthe2024election. ThewebsitehasvideoadvertssupportingpresidentialhopefulDonaldTrumpandSenatorTedCruzontheirpositivestandstowardsthebitcoinandcryptocurrencyindustry.Thiscomesasexecutivesinthecryptoindustryhavealsobeenpouringlargesumsoffundsindonationstobackcandidateswhoarepro-crypto. BitcoinVoterPACdriving“financialfreedom” Accordingtoit’swebsite,theBitcoinVoterPACis“committedtohelpingelectBitcoinchampionswhowanttoprotectUSinnovationandbringsoundmonetarypolicytotheAmericanpeople.” Votingforpro-cryptocandidatesthereforeguaranteesfinancialfreedomforAmericans,itsuggests.InoneoftheadvertssupportingSenatorTedCruz,whoisrunningforTexas,itsaystheaspiringSenatorwillbethechampionforthestate’sfinancialfreedom,particularlyforBitcoinandcryptocurrency. Theadvertsaresellingthesametheme.AccordingtooneoftheadvertsfeaturingTrump,thecountry’sfinancialfreedomisundersiege,andwithKamalaHarrisinoffice,thefutureofcryptocurrencywillbeuncertain. “TheBitcoinVoterPACiscommittedtohelpingelectBitcoinchampionswhowanttoprotectU.S.innovationandbringsoundmonetarypolicytotheAmericanpeople.” BitcoinVoterPAC. Accordingtothewebsite’sadverts,thepro-cryptocandidatesitsupportsarechampionsfordigitalcurrencybygivingpeoplecontrolovertheirfinancialfreedom,andensuringtheirmoneyistheirchoice,“decentralized,andfreefromthegovernment.” SupportersoftheinitiativearealreadyupbeatthataTrumppresidencywillbegoodforthecryptoindustryasopposedtoKamalaHarris. “CauseTrumpispro-cryptoandtheindustryshouldsupportthatandnotcrosstheirfingershopingKamalaanddemocratswillbewhenthey’vealreadyprovenotherwise,”saidCarpenterXRPonXplatform 🚨SCOOP:Agroupof$BTCminersthatincludes@RiotPlatforms,@CleanSpark_Incand@MARAHoldingsarebehindanewpro-BitcoinsuperPACcalled@BitcoinVoterPACthat’srunningadsinsupportof@realDonaldTrumpand@SenTedCruz. Accordingtoit’swebsite,theBitcoinVoterPACis…https://t.co/yEbJoMteI9 —EleanorTerrett(@EleanorTerrett)October21,2024 Cryptofirmscontinuetosupportpro-cryptocandidates Oneofthehottopicsinthecryptoindustryisaroundregulationofthesector.ThisisoneofthesellingpointsfortheBitcoinVoterPAC,asitaimstoensuretheelectionofcandidateswhoarepro-cryptoandwhowillcomeupwithregulationsthatpromoteafairenvironmentasopposedtostiflinginnovationinthesector. Thisalsocomesassomestakeholdersinthecryptoindustryhaveexpressedfrustrationswiththeregulator,theSecuritiesandExchangeCommission(SEC).Forexample,Ripplehasreportedlyspentover$100millionfightingalawsuitbroughtbySEC,thathasgoneaftersomeofthebiggestcryptoexchangeswiththelikesofCoinbase,Binance,andKrakenbeingtargets. “Therearethoseingovernmentwhowanttoregulateandrestrictaccesstocryptocurrency.TheBitcoinVoterPACwillhelpelectcandidateswhowillprotectourfinancialfreedom.” BitcoinVoterPAC. Thewebsitealsomakesacallfordonationstopowertheelectioncampaigns.Thiscomesastherehavebeenhugefundsgoingthroughtotheelectionprogramsinsupportofthepro-cryptocandidates. Sincetheelectioncampaignstarted,cryptofirmshavepouredlargesumsofmoneytobacksomecandidates,reportedlytosecuretheirbusinessesonceapro-cryptoindividualmakesit. AsofSeptember,cryptobusinesseshadpouredover$190milliontowardsthe2024electionintheUSwiththeWinklevosstwinsalonedonating$10million,becomingthebiggestindividualdonorsfromthecryptoindustry. cryptopolitan.com

Base,theEthereumL2networkdevelopedbyCoinbase,hasexperiencedmajorgrowthinQ3andthrough2024.Overthelastday,Base’stransactionspersecond(TPS)increasedby51%,asperL2Beatdata. Baseisprovingtobeasolidcompetitionaftergenerating$7.2millioninrevenueinQ3.AsmoreprojectsandusersmigratetoBase,itsdailytransactionsarenearing7million. Baseseesmoregrowthinactivityandtransactions Basetransactionspersecond(TPS)averagedoverthepastdayareupbyalmost51%,accordingtoL2Beat.Incomparison,ArbitriumOnetransactionswereupby17.5%andOPMainnetwasdownby11.9%.Atthesametime,BasemanagedtoincreaseitsTVLbyaround1%.Thedollarslockedonthenetworkareatitscumulativepeakofabout$2.5billionthisweek. InQ3,Basereportedlygenerated$7.2millioninrevenue.Amongotherblockchainnetworks,itwasonlybehindnameslikeEthereumandTronthatgenerated$159millionand$151million,respectively.BaseoutperformednetworkslikeBNBChain($3.4M)andArbitrum($3.3M)intermsofrevenue.2024sawlargeactivityonBaseandCoinGeckoreportfindsthatithandledthemosttransactionsinQ3.Inthelastquarter,Basemadeup42.5%ofallLayer2transactions,followedbyArbitrumat18.9%andBlastat8.1%. AccordingtoDefiLlama,Basehouses368protocolswith2.42millionactiveaddressesinthelast24hours.Overthepastmonth,Basehasrecorded41%growthinactiveaddressesandoutperformedEthereumandSolana’srespectiveincreasesof4%and25%.Thenetwork’sdailytransactionsarealsoinchingtowards7millionforthefirsttimeaftermaintainingatleast6milliontransactionsthroughtheweek. TransactionsonBase|Base:DefiLlama EthereumupgradeswillbebeneficialforL2s TheincreasedtransactionsarebackedbyhighdevelopmentactivityonBaseinthelast30days.TokenTerminal’scodecommitssurpassed200afterincreasingbyabout20%intheperiod.Notably,BaseisanOptimisticRollupbuiltusingtheOPStack.Ethereumco-founderVitalikButerinhasrecentlyunderlinedthatthescalingroadwillberollup-centric,givingmoreaccelerationtoBase’sdevelopment. Meanwhile,thePectraupgradeisexpectedtobeamajorimprovementtotheBasenetwork,alongwithotherL2s.Theupgradeaimstoscaledataavailabilityandenhancethenetwork’scapacitytoprocessmoretransactionsatlowercosts.It’llintegratePeerDAStoincreasetheamountofdataEthereumcanhandlewithoutoverwhelmingindividualnodesby2025. Base’srollupisatStage0,whichmeansit’sstillinanearlyphaseofdevelopment.Despitethat,thestablecoinmarketonthenetworkatthetimeofwritingiscloseto$3.708billion.ItsignifieshigherliquiditythanSolana,whichwasat$3.615billion,atpresstime.TVLandactivityarealsoimpactedbythemintingofassets. OnMonday,Base’sTVLincluded$5.67billioninassetsnativelymintedwhilecloseto$100millionwereexternallybridgedfromotherchains.$2billionwerecanonicallybridgedwithUSDCbeingamajorplayer,holdingabout$3.4billionacrossmulti-chaincontracts. Basehashadmassivegrowthin2024. +1.5mdailyuniqueaddresses.+TVLisat$2.49b+over366protocols TheyjustsurpassedArbitrumat$2.39b MostofBase\'sTVL,over$1.3b,isfromtheAerodromeexchange. Basecurrentlyranksinthetop5blockchainsinTVL,following…pic.twitter.com/xvhsjJY2xo —andrew.moh(@0xAndrewMoh)October16,2024 Recently,Bitgreen,afederaltaxcreditandcarbonstrategyplatform,announcedmigrationfromPolkadottoBase.NewDapps,protocols,andmemecoinsarealsoaddingfueltothenetworkthisyear. cryptopolitan.com

FintechgiantStripehasfinalizedadealtoacquirestablecoinplatformBridgefor$1.1billion. Thispurchasemarksthelargestacquisitioninthecryptoindustrytodate. Record$1.1BillionDeal TechCrunchfounderMichaelArringtonrevealedthenewsinapostonX,stating,“Thisdealisdone.$1.1b.” Bridge,co-foundedbySeanYuandZachAbrams,providessoftwaretoolsenablingbusinessestoacceptpaymentsinstablecoins.Theplatformallowscompaniestocreate,store,send,andreceivesuchassets. ZachAbramspreviouslyservedasHeadofConsumeratCoinbaseandfoundedthepeer-to-peerpaymentscompanyEvenly,whichwaslateracquiredbySquare.Beforeco-foundingBridge,SeanYuheldkeyengineeringrolesatmajorcompaniessuchasCoinbase,Square,DoorDash,andAirbnb. Earlierthisyear,thestartupreceived$58millioninfundingfromprominentinvestors,includingSequoia,HaunVentures,Ribbit,andIndexVentures.AccordingtoForbes,thisincludeda$40millionSeriesAfundingroundthatvaluedthecompanyat$200million.ItmeansthatStripe’s$1.1billionacquisitionisamajorbumpfromBridge’spreviousworth. LaunchedinAugust,thefirmsaidinastatementthatitsmissionistoaddressthefinancialchallengesposedbylocalcurrenciesinaninterconnectedglobaleconomy.Bridgeaimstoovercometheseobstaclesbyleveragingstablecoins,whichofferfaster,moreaffordable,andaccessiblepaymentsolutions. Stripe’sGrowingCryptoFocus Stripe,apaymentprocessingplatformthatenablesbusinessestoacceptcredit,debit,andotheronlinepayments,hasbeenaggressivelyexpandingitspresenceinthecryptocurrencyspace. Justsixmonthsago,theco-founderJohnCollisonannouncedthatthecompanywouldstartsupportingglobalstablecoinpayments.ThismaterializedwhenitintegratedCircle’sUSDCoin(USDC)intoitspaymentinterfacetwoweeksago. InJune,thepaymentprocessingfirmalsopartneredwithCoinbase.Thisintroducedthreenewfeatures,includingtheintegrationoftheexchange’sBaseLayer2networkintoitscryptopaymentproducts. StripehasalsointegratedUSDConBaseintoitsfiat-to-cryptoonramp,allowingfasterconversionoffiatfundstocryptoforitsU.S.customers.CoinbasealsoagreedtoincludeStripeasapaymentoptionforcustomersbuyingdigitalassetsthroughitsCoinbaseWallet. InMarch2024,thecompanyreportedpassing$1trillionintotalpaymentvolumefortheyear,withbusinessesusingtheplatformaccountingforroughly1%ofglobalGDP. cryptopotato.com

ChainlinkcompletedastudywithleadingEuropeanfinancialcompaniesandscalablechains.Theleadingoraclecompanybelievescorporateprocessescanbestreamlinedwithoracles,on-chaincommunication,andLLM. Chainlink,theleadingoracleserviceforcryptoandmarketdata,presentedtheresultsofastudyinpartnershipwithleadingEuropeanfinancialcompanies.Chainlinkexploredthetopicofassetservicesusingoracles,AI,andon-chaintransactions. Followingthenewsofthestudy,theLINKnativetokentradedataround$11.80,nearitsmid-rangefor2024.LINKpeakedabove$21inMarchbutbrokedownbeforefulfillingpredictionsforarallyto$30.LINKisastapleamongcryptoassets,buthasmostlybehavedasautilitytoken,tradingsidewaysformonths. Thestudywasdoneincollaborationwithmajorassetmanagersandselectedblockchainprojects,toensureagoldenstandardofdatatransfers.ThestudyincludedpaymentprovidersEuroclearandSwift,aswellasbankingandinvestmentinstitutionsUBS,FranklinTempleton,WellingtonManagement,CACEIS,Vontobel,andSygnumBank.Previously,ChainLinkhascompletedsimilarexploratorystudieswithleadingUS-basedfinancialinstitutions. ChainlinkalsocollaboratedwiththeblockchainecosystemsofHyperledger,ZKSync,andAvalanchetotestdataatscale. Chainlinkdiscoversstreamlinedcorporateprocess Chainlinknotedthetraditionalcorporateprocesswashighlyinvolved,spreadingunstructureddatathroughlong-formdocuments,reports,orPRtexts.Atthereceivingend,allinstitutionshadtoconnecttocustodians,brokers,fundmanagers,exchanges,andinvestors. Thedata,whereavailable,becomesfragmentedbetweenthevariedpointsofinterest.Therequirementtoposthuman-readabledata,inmultipleformatsandstates,slowsdowntheprocessandleadstoduplicationsorerrors. Investorsoftenfacegreatcomplexityandexpenseswhendistributingdata.Custodianbusinessessetaside$3-5Meachannually,andupto75%offirmshavetoextractanddistributedatamanually.Dataalsocausedexpensivedataerrors,costingbusinessesasmuchas$43Mperyear. ChainlinktestedtheusageofdataoraclespairedwithLLMtosiftthroughtheunstructureddata.Theoraclecompanywasabletoconvertthedatapointsintoapredefinedstandard,alignedwiththerequirementsoftheSecuritiesMarketPracticeGroup(SMPG).Chainlinkwasalsoabletoachievenear-instantdatasharingandaunified,goldenstandardrecordformanagers,custodians,andallparticipantsinthecorporateprocess.Chainlinkalsostudiedtheremovalandcross-checkingofhallucinationsfromsometypesoflanguagemodels. Basedonitsoracleexperience,Chainlinkhasworkedoutsolutionsofaunifiedgolden-standardrecordforon-chainprojects.Chainlinkalreadyservestheentireblockchainsectorbuthaslookedbeyondreal-worldassettokenizationandfetchingtimelydataforsmartcontracts. Initstestapproach,Chainlinktransformedcorporatereportsintomachine-readabletexts,allowingLLMtoextractspecificbusinessprocessevents,suchasdividendpayments.Thedataextractedexistsinseveralversions,carriedbynodes.Chainlinktestedthedataextractionandverificationwiththreecross-checkingLLM.Fornow,ChainlinkhasnotsolvedtheissueofliabilitywhenusingLLMtoparsehuman-understandabledata. Thenodesthenachieveconsensusontheeventandpublishiton-chain.Chainlink’sapproachmeansanycorporateeventcanbecodifiedinawaytoisusablewithinsmartcontracts. Onceacquiredandverified,thedatacanbeusedwithinanypublicorprivateblockchain,totriggereventsortransactions.TheendgoalofChainlinkwouldbetocreateanoveldataextractionprocess,verifythedatathroughseveralversions,andthendistributetheinformationalmostinstantly. Theapproachcouldtrackseveraltypesofbusinessentities,includinglargecompaniesintheFTSE100index,leadingEuroareacorporations,aswellasotherfixed-incomeassetsorequities. Chainlinkalreadysecuredmorethan$25Binprojects,withmosttiedtopurelyon-chainandcryptoactivities.However,Chainlinkaimstobringtrueassettokenization,fetchingreliabledataonpricingandbusinessevents,andthenpublishingitacrossmultiplechainsasneeded. Chainlink’sCross-ChainInteroperabilityProtocol(CCIP)alsoachievespeakactivity.TheCCIPdatahelpstransfermostlystablecoinslikeUSDC,butalsoLINK,wrappedETH,andseveralothersmallertokens.RequeststoChainlink’sCCIPhaveacceleratedsinceMay,comingfromEthereumandBNB,butalsofromsomeoftheleadingL2protocols. cryptopolitan.com

MinneapolisFederalReservePresidentNeelKashkarionMondaydismissedcryptoasthecurrencyofdrugdealsandothercriminalenterprises. KashkaritoldaudiencemembersatatownhallinWisconsinthat“veryfewtransactionsareactuallyhappening”incrypto,avideooftheeventhostedbytheChippewaFallsAreaChamberofCommerceshows.Thecommentsunderscorethebankregulator\'sresistancetocrypto,evenasinstitutionaladoptionoftheassetclassheatsup. “They\'renotpayingforgoodsandservicesusingcrypto,”KashkarisaidMonday.“Italmostneverhappensunlesspeoplearebuyingdrugsorotherillegalactivities.” Kashkari,whoclinchedtheFederalReserveBankofMinneapolis’highestofficein2016,hasoftenscoffedatBitcoinandothercryptocurrencies. Fouryearsago,theformerinvestmentbankercomparedthedigitalassetmarkettoa“giantgarbagedumpster.”And,in2021,hesimilarlybemoanedthemarketwasoverrunwith“thousandsofgarbagecoins”ataconferenceinMontana. Proponentsofthecryptocurrencyindustryhaveoftencounteredthosecriticisms,however.AndonMonday,theyagainpushedbackagainsttheregulator\'sabrasiveremarks. “Ithinkbeingthiswrongshouldbeillegal,”CastleIslandVenturespartnerNicCartersaidMondayonX,respondingtoKashkari’scomments. CustodiaBankCEOCaitlinLongandBrownRudnickPartnerHaileyLennonjoinedthechorusofcryptoindustrysupporterscriticizingtheregulator\'sbleakassessmentofthedigitalassetsmarket. “Legitimatecryptoprojectsinthespacehavestateoftheartanti-moneylaunderingpoliciestopreventthis,”LennonsaidinanXpost.“We’vebeenfightingthisfalsenarrativefordecades.” TheFederalReservesystemgovernstheregionalandfederalbanksystems,includingcrypto-relatedbankingintheU.S.Ithastheauthoritytoissuerestrictionsoncryptobanking,inadditiontothepowertoissueacentralbankdigitalcurrency. Just17%ofAmericanadultsreportedeverhavingowneddigitalassetsin2023,accordingtoaPewResearchCentersurvey,althoughindustry-fundedpollshavesetthatnumbermuchhigher.Meanwhile,U.S.FederalReservedatashowsthatjust2%oftheUSadultpopulationmadeapaymentusingcryptocurrenciesin2022. Institutionaladoptionofcrypto,however,haspickedupinrecentmonths,acceleratedbytheapprovalofspotbitcoinandetherETFsintheU.S.earlierthisyear.Roughly80%ofinstitutionalinvestorsandwealthmanagersreportedplanningtoincreasetheirinvestmentsindigitalassetsinthecomingmonths,accordingtoa2024pollfromEurope-basedinvestmentmanagerNickelDigital. decrypt.co

Rippleco-founderandchairmanChrisLarsenhasmadesignificantcontributionstotalingmorethan$11.8milliontoVicePresidentKamalaHarris’presidentialcampaign. FederalElectionCommission(FEC)dataanalyzedbyblockchainanalystJamesDelmoreandverifiedbyCNBCshowsthatLarsencontributed$9.9milliontoFutureForward,asuperPACsupportingHarris,andover$800,000totheHarrisVictoryFundinSeptember. Larsen,aprominentfigureinthecryptocurrencyindustry,alsoannounceda$10milliondonationfromRipple’sowndigitalcurrency,XRP,tosupportHarris.HeexpressedhisbeliefthattheDemocraticPartyneedsanewapproachtotechnologyandinnovation,especiallyinthecryptocurrencyfield.Larsensaid,“IbelievethatKamalaHarriswillensurethatAmericantechnologydominatestheworld,soIamdonating$10millionfromXRPtosupporther.” RippleCEOBradGarlinghousethankedLarsenforhiscontributionsandsaidbipartisansupportforcrypto-friendlypoliciesisimportant.“IrespectChris’(andeveryone’s)righttosupportwhoevertheythinkisbesttoleadtheUnitedStates,”Garlinghousesaid.“Weneedtoimmediatelychangecourseonthisadministration’smisguidedwaroncrypto.”HereiteratedRipple’sintenttoworkwithbothDemocratsandRepublicanstoadvanceblockchaininnovationandpro-cryptopolicies. Larsen’sendorsementofHarrisisbasedonpersonalconversationswithcampaigninsiders,andhehasexpressedconfidenceinHarris’understandingofthetechsector.Harris,wholivesintheBayArea,haslongbeenassociatedwithSiliconValleyandtheinnovationeconomy.Larsen,whohassupportedcandidatesfrombothpartiesinrecentyears,toldCNBCthatHarris’tech-savvyapproachcontrastssharplywiththeBidenadministration,whichhebelieveslacksaclearvisiontostrengthenU.S.techleaders. Larsen’sfinancialsupportforHarrisdatesbacktoearlierthisyear.InFebruary,hecontributed$6,600toHarris’campaign,themaximumpersonaldonationallowedbylaw,and$100,000totheHarrisActionFundPAC.Hisnetworth,estimatedbyForbesat$3.1billion,comesprimarilyfromhisholdingsinXRPandhisinvolvementinRipple,acompanythatprovidesblockchaintechnologyforfinancialservicesfirms. *Thisisnotinvestmentadvice. en.bitcoinsistemi.com

PaymentsgiantStripehasacquiredstablecoinplatformBridgeforatotalamountof$1.1billion,morethan5xits$200millionvaluation,accordingtoanOct.21annnouncement. TheacquisitionispartofStripe’splantoenterthestablecoinmarket.Theannouncementsaidthefirmswillfocusongrowingtheadoptionofstablecoinstomakemoneyeasiertomove,store,andspendglobally. ForbesfirstreportedrumorsofthedealonOct.17.MichaelArrington,founderofTechCrunchandventurecapitalfundArringtonCapital,latercorroboratedthereportsandrevealedthatthedealwasclosedonOctober20. OnAug.29,Bridgereceived$58millioninaprivatefundraisingroundwiththeparticipationofSequoiaCapital,RibbitCapital,IndexVentures,andHaunVentures,accordingtodatafromDefiLlama. Bridgeoffersinfrastructuretoissueandmovetokenizedmoneyondifferentblockchains.TheplatformhasalsosupportedgovernmentinitiativesandcountsSpaceX,Coinbase,andStellaramongitsclients. ThestablecoinplatformnotedinitsannouncementthatStripesharesitsviewthatstablecoinscanhaveaprofoundimpactgloballyandadded: “Stablecoinssolvecriticalfinancialproblemsbymakingmoneyeasiertomove,moreeconomicaltohold,andcheapertosend.Thisisn’tabout‘crypto’—it’saboutsolvingreal-worldproblemsinaglobalizedeconomy.” Meanwhile,Stripeprocessedover$1trillionintotalpaymentvolumein2023,growingby25%inoneyear.Additionally,Stripeisthesecondlargestpaymentprocessingtechnology,witha17%marketshare,accordingtoStatista’sdata. NicCarter,partneratCastleIslandVenturesandco-founderofCoinmetrics,commentedthattheBridgeacquisitionbyStripewill“turbocharge”thestablecoinspace.Headdedthatgeneralistventurecapitalfundsthatquitcryptowillpivotbacktothemarket. JeremyAllaire,CEOofCircle,agreedwithCarter’sremarks: “Let’sdothis!” Stablecoinsgainingthemainstream Theacquisitioncomesatapivotaltimeforstablecoins,whichhavegainedsteaminrecentmonths. Accordingtoa16z’sreport“StateofCrypto2024,”stablecoinsamountedto$8.5trillionintransactionvolumeinthesecondquarter,andtheyrepresent32%ofallcryptousageactivity. Moreover,thereporthighlightedthatthisismorethandoubleVisa’s$3.9trillionregisteredinthesameperiod. Despitebeingpopularincrypto,stablecoinsstartedpenetratingmainstreamfinance.RevolutisrumoredtolaunchitsstablecoinandVisaannouncedaplatformtohelpbanksissuetheirfiat-backedtokens. Furthermore,Thailand’sSiamCommercialBankrevealeditembracedtheusageofstablecoinstoprocesscross-borderpayments. cryptoslate.com

NeelKashkari,presidentoftheFederalReserveBankofMinneapolis,hammeredcryptoagain,claimingthatlegitimatetransactionsarerare. Accordingtohim,theonlyreasonmostpeopletouchcryptoisforillegalpurposeslikedrugs.“Peoplearebuyingandsellingcrypto,”hesaid,buttheyaren’tusingittopayforthingslegally. Unlessit’sdrugsorillegalstuff,heclaimed,cryptobarelyseesanyaction.Kashkarihasbeenalong-timecriticofcrypto. He’sbeenloudabouthisbeliefthattheentireindustryisfullofhype,scams,andfraud.Hiscommentsdatebacktoatleast2022whenhecomparedBitcointonothingmorethanaspeculativefad,likeningittoBeanieBabies.Backthen,heslammedBitcoinforhavingnorealvalue,pointingoutthatit’smostlyusedforspeculation. Adeclineincryptocrimes Meanwhile,datashowsthatthevalueofcryptosenttoillegaladdressesfellto$24.2billionin2023,downfrom$39.6billionin2022. Butevenwiththatdrop,theillegalportionofthemarketstillmadeup0.34%oftotaltransactionsin2023,comparedto0.42%theyearbefore. Stablecoins,particularlyTether(USDT),havebecomethetoolofchoiceforcriminals.Bitcoin,theoriginalstarofcrypto,istakingabackseattothesestablecoinsduetotheirstability. Criminalsprefersomethingthatdoesn’tswingwildlyinpricewhiletheymovemoneyaround.In2023,stablecoinswereatthecenterofillegalactivitiesinthecryptospace,takingthecrownfromBitcoin. Ransomwareanddarknetmarketscontinuethrivingthough.In2023,ransomwareattackspulledinabout$1.1billionincryptopayments. Meanwhile,darknetmarkets,wherepeoplebuydrugsandotherillegalthings,rackedupsalesofaround$1.6billion. KashkarionFed’sratecuts WhileKashkari’sharshviewoncryptoremainsunchanged,healsotouchedonotherissuesduringhisspeechinWisconsin. HetalkedabouttheFed’sratecuts,sayinghesupportsthebigger-than-usualcuttheymadelastmonthbutexpectssmallercutsmovingforward. “RightnowIamforecastingsomemoremodestcutsoverthenextseveralquarters,”Kashkarisaid.Lastmonth,theFedslashedratesbyhalfapointforthefirsttimesincethepandemichit. Kashkaribelievesfuturecutswillbemoremodestunlessthere’sclearevidencethatthelabormarketisfallingapart. Sofar,datashowshiringwasstrongerthanexpected,andinflationhitharderthanpredictedinSeptember.Asaresult,marketsareexpectingtheFedtocutratesbyanotherquarterpointattheirnextmeetinginNovember. cryptopolitan.com Similarnews(1) Addsimilarnews FedPresidentSaysCrypto\'AlmostNever\'UsedOutsideofDrugDeals,IllegalActivities decrypt.co 3h Addsimilarnews Sendusalinktoasimilarnewsstoryonanothersource. Link Whydoweneedit Thecitationrateofanewsitemindicatesitsimportanceandsignificance.Thenumberofmentionsindifferentsourcesallowsyoutolookataneventfromdifferentangles. Pleasehelpusimprovetheapplication.Ifwehavepublishednewsandyouhavefoundasimilaroneinanothersource,sendusalinktoit. Send

Ifthecurrenttechnicalsetupisanyindicationtofollow,Sui(SUI)couldseeitspricedropbelow$2.OnOctober14,thetokenoftheLayer-1Move-programmedblockchainreachedanewall-timehighof$2.36. Sincethen,thealtcoinhasfacedchallengesinmovinghigher,andthisanalysisexplainswhySUImightbepoisedforanextendedcorrection. SuiSlidesDowntheAscendingChannel AlookattheSUI/USD4-hourchartshowsthatthetokenhasbeentradingwithinarisingparallelchannelsincelastmonth.Therisingparallelchannelpatternformswhentradersconnecthigherhighsandhigherlowswithtwoascendingparalleltrendlines.Theuppertrendlineconnectsthehighs,whilethelowertrendlineconnectsthelow Thistechnicalpatternistypicallyabullishsignal,suggestingthatacryptocurrency’svaluecouldincrease.However,thisonlyoccursifthepriceremainsabovethesupportlineofthelowertrendline. InSUI’scase,thelowertrendlinesupportisat$2.03,andasshownbelow,SUI’spriceisapproachingthatzone.Ifthepricedropsbelowthislevel,asignificantdownswingcouldfollow. Sui4-HourPriceChart.Source:TradingView Additionally,thesametimeframerevealsthattheBullBearPower(BBP)hasturnednegative.TheBBPisatechnicaloscillatorthatmeasurestherelativestrengthofbuyersversussellersinthemarket. WhentheBBPispositive,bullsdominate,andthepricetendstorise.Conversely,anegativeBBPindicatesthatbearsareincontrol.Asseenbelow,theBBPhasexperiencedasharpdecline,suggestingthatSUIbearscouldpushthepricelower. SuiBullBearPower.Source:TradingView SUIPricePrediction:NoWayOutoftheDrop Meanwhile,thedailychartalsoappearstobeinlinewiththebearishbias.Forinstance,theMovingAverageConvergenceDivergence(MACD)hasdroppedtothenegativeregion,justliketheBBP. ItishistoricallyagoodstrategytobuywhentheMACDrisestothepositivezone.Thisisbecausethereadingduringthatperiodmeansthatmomentumisbullish,andpricescanrise.However,anegativeMACD,asitiswithSUI,impliesthatmomentumisbearish,indicatingasellsignal. Becauseofthiscondition,SUI’spricemightlikelyexperiencea10%declinethatcouldtakeitto$1.83.Inahighlybearishconditionandvolatilemarket,thealtcoinmightdropaslowas$1.64. SuiDailyPriceAnalysis.Source:TradingView Butifbullscomeintothepicture,thispredictionmightbeinvalidated.Inthatcase,SUImightbounceto$2.36again. beincrypto.com