Argentina’s Central Bank Showcases Bitcoin Mining
Weekly Update: In a groundbreaking move, Argentina’s central bank became the first financial institution to host a live exhibit of Bitcoin mining. This initiative may pave the way for digital currency integration in Argentina’s financial sector.
UAE Expands Digital Currency Initiatives
In the UAE, Tether announced the launch of a stablecoin linked to the Emirati dirham on the TON network, strengthening local fiat-backed digital currencies and blockchain use in the region.
Significant Capital Inflows into the Crypto Market
Capital inflows surged by 283% last month, reaching $23.6 billion, hinting at renewed interest and expectations of a potential rally in digital currencies.
Source | meydanfz
US Economic Data and the Dollar
This week, key US economic indicators impacted the dollar:
- Manufacturing PMI (October): Slightly above expectations at 48.5, bolstering the dollar.
- Non-Manufacturing PMI (October): Fell to 46.5, impacting the dollar negatively.
- Average Hourly Earnings (October): Rose to 0.4%, giving a slight boost to the dollar.
- Non-Farm Payrolls (October): Disappointed at 12,000 jobs, weighing on the dollar.
- Unemployment Rate (October): Held at 4.1%, stabilizing expectations for the dollar.
These mixed results create an uncertain outlook as sectors reveal different strengths and weaknesses.
Tether Reports Major Q3 Earnings and Future Prospects
Tether’s Q3 earnings reached $2.5 billion, totaling $7.7 billion for 2024, raising questions about whether it will continue dominating the stablecoin market or face increased regulatory scrutiny.
Source | AP
Donald Trump’s Promises on Cryptocurrency
Former President Trump vowed to end “Kamala’s War” on cryptocurrency, promising to make Bitcoin bigger, better, and stronger.
Major Sell-Off in the US Stock Market
A $953 billion sell-off hit the US stock market this week, driven by concerns over volatility, upcoming election, and economic uncertainty.
SEC’s Enforcement Actions and Market Reactions
The SEC issued a Wells notice to IMX, resulting in a 20% drop in token value, highlighting regulatory pressure on crypto projects.
Source | Wellington Management
Ondo Finance Partners with Wellington Management
$ONDO Finance announced a new partnership worth $1 trillion will allow Wellington to launch an on-chain U.S. Treasury fund, reflecting growing interest in blockchain-backed finance among institutional investors.
Expanding Blockchain Adoption and Strategic Partnerships
- Bitget Wallet: Reached 6 million users within three days of launch.
- VanEck and Kiln: Partnered to enable Solana staking for institutional investors.
Source | FXNewsGroup
Advances in Blockchain Infrastructure and Security
- Binance and AWS Partnership: Using AI-powered tech to improve onboarding and support.
- Grayscale’s SEC Filing: The SEC is reviewing Grayscale’s application for a multi-asset crypto ETF.
International Regulatory and Enforcement Actions
- Russia’s Bitcoin Mining Ban: Limited due to energy concerns.
- Dutch Central Bank Fines Bybit: €2.2 million for operating without required registration.
Positive Crypto Developments in Asia and Beyond
- Hong Kong plans more crypto exchange licenses and a new virtual asset index series by mid-November.
- Bolivia’s Stablecoin Service: Enabling customers to buy, sell, and hold USDT.
Additional Global Economic Data and Insights
- Germany’s Inflation Rate (October): Rose to 2.4%, indicating persistent pressures.
- US GDP and JOLTS Report: GDP grew 2.8% but showed signs of underperformance, while 7.443 million job openings signaled a negative trend for the dollar.
- Japan to Aid Ukraine: $3 billion of frozen Russian assets allocated to Ukraine.
This Weekly Update covers critical events across cryptocurrency, global markets, regulatory updates, and international developments shaping the economic landscape. This is not financial advice. Always Do Your Own Research (DYOR) before making any financial decisions. For more Weekly Update & insights, visit blog.millionero.com to stay informed, and explore trading options—both spot and futures—on millionero.com.