Explore the key developments in this week’s Weekly Recap, covering major moves in the crypto market, including Bitcoin ETF growth, the Radiant Capital hack, Ripple’s stablecoin initiatives, and emerging trends in DeFi and Ethereum.
1. Major Institutional Moves and ETF Growth
Source | Coinmarketcap
Morgan Stanley’s Bitcoin ETF Holdings
Morgan Stanley revealed Bitcoin ETF holdings worth $272 million. Bitcoin ETFs have seen rapid growth, surpassing $20 billion in net flows, with an additional $1.5 billion entering in just one week.
Thailand’s Stablecoin Breakthrough
In a landmark move, SCB Thailand, the country’s fourth-largest bank, became the first financial institution to introduce cross-border stablecoin payment services. The service, tested in the Digital Asset Sandbox of the Bank of Thailand, enables customers to send and receive payments globally, 24/7.
Growing Adoption of Crypto ETFs
Hong Kong’s CMB Wing Lung Bank launched a suite of virtual asset ETFs, enhancing investor access to blockchain-focused products.
STKD Launches Bitcoin-Gold ETF
Amid inflation concerns,Fund issuer Stacked known as STKD introduced an ETF blending Bitcoin and gold, offering a hedge against both inflation risks and crypto volatility.
2. Key Crypto Events from the Past Week
Project Milestones and Token Announcements
Source | X @avax
- Avalanche Summit LATAM ($AVAX): Avalanche Summit kicked off in Latin America, announcing the Avalanche9000 upgrade.
- Stacks Foundation ($STX): Stacks confirmed the Nakamoto Block activation on Bitcoin Block 867,867, projected for October 29, 2024.
- Thorchain ($RUNE): The U.S. SEC charged Thorchain co-founder Matthew Moravec for selling unregistered securities, a major regulatory development. Details here.
- WorldCoin ($WLD): WorldCoin rebranded to World Network and announced new services, including World Apps 3.0 and World ID 3.0.
- Ethena Labs ($ENA): Ethena Labs proposed adding $USDe liquidity to Hyperliquids, introducing new funding yield systems based on perpetual futures. More here.
- Hamster Combat ($HMSTR): Hamster Combat released a teaser for Season 2. More about the launch here.
- My Neighbor Alice ($ALICE): My Neighbor Alice introduced a new in-game token, $BJORN, which is expected to play a key role in the game’s economy.
- Sei Network ($SEI): Sei Network launched its native asset, fastUSD, to play a central role in its DeFi ecosystem.
Institutional Activity and Investments
Source | Juno Finance
- BlackRock Bitcoin ETF ($IBIT): BlackRock’s Bitcoin ETF saw inflows of $391.8 million, the largest since early June.
- Robinhood Crypto Futures: Robinhood plans to introduce crypto futures trading. Read more.
- Bitwise ($XRP ETF): Bitwise updated its XRP spot ETF filing with the SEC.
- Tesla moved 11.5K Bitcoin (~$770 million) after two years of inactivity. More details.
3. Significant Legal and Security Concerns
Cybersecurity Incidents and Regulatory Crackdowns
Source | Cryptonews
- Radiant Capital Hack: Radiant Capital lost $50 million due to a hack, highlighting the need for better security.
- Phishing Attack: A crypto trader lost $1.4 million in a phishing scam. Details here.
- Chainalysis Lawsuit: Chainalogy faces a $650 million defamation lawsuit for labeling YieldNodes as a scam.
- South Africa’s FSCA Suspension: South Africa’s FSCA suspended Banxso’s license over false advertisements. More here.
- Fracture Labs Lawsuit: Fracture Labs sued Jump Trading over a $DIO token manipulation.
FBI Action and Fraud Cases
Source | VOA
- FBI Arrest: The FBI arrested a suspect for hacking the SEC’s X account to post false ETF approval on SEC official twitter…. After hacking it.
- Hong Kong Scam: A Hong Kong-based group was arrested for running a $50 million crypto scam using AI-generated images.
4. Ethereum and Crypto Updates
Source | Metlab
Ethereum’s Fragmentation
At the Shanghai Blockchain Week 2024, Vitalik Buterin raised concerns about Ethereum’s ecosystem fragmentation. His long-term plan includes aligning Ethereum’s ecosystem for better scalability and user experience.
Ripple’s Stablecoin for Humanitarian Aid
Ripple partnered with the International Rescue Committee to deliver humanitarian aid using its RLUSD stablecoin. Read more here.
Tellor’s Layer-1 Launch
Tellor introduced its Layer-1 network based on the Cosmos SDK to improve decentralized oracles. Full story.
5. Economic Impact and Market Sentiment
Key Economic Indicators
Source | DGAP
- European Central Bank: The ECB reduced interest rates to 3.25%, negatively impacting the Euro. More here.
- U.S. Retail Sales: Core retail sales rose by 0.5% in September, boosting the U.S. dollar. More details.
- Philadelphia Manufacturing Index: The index jumped to 10.3, reflecting economic recovery. Full story here.
- Gold’s Role: Bank of America warned that gold could become the ultimate safe-haven asset as the U.S. faces debt challenges. Read more.
6. Latest Developments in Memecoins and NFTs
Memecoin and NFT Gains
Source | Cryptonews
Memecoins like $BONK saw significant growth, and NFTs like Milady and Gremlins surged. This signals continued market speculation in the memecoin and NFT sectors.
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