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News/Coin360 Daily Dispatch | Crypto Market Updates & Highlights | October 26, 2023

Coin360 Daily Dispatch | Crypto Market Updates & Highlights | October 26, 2023

Van Thanh Le

Oct 26 2023

9 months ago4 minutes read

Crypto Market Update

Table of Contents

Regulatory and Legal Updates

  • FTX Co-Founder Faces Federal Charges
  • UK Firms Flout New Crypto Rules

Blockchain and Platform Developments

  • Solana and IoTeX Team Up for Growth
  • Offchain Labs Unveils Arbitrum Orbit
  • Chainlink Soars After Vodafone Partnership

Transparency and Security

  • Elliptic Debunks Hamas Crypto Funding Claims

Market Trends and Investments

  • Bitcoin Outshines Altcoins and Tesla
  • Memecoin PEPE Skyrockets in Value
  • MoonPay and Mastercard's Web3 Venture
  • PoS Assets Take a Market Dip
  • JPMorgan Coin Hits $1 Billion Milestone
  • Memeland's Rapid Token Sale Success
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FTX Co-Founder Faces Federal Charges

Sam Bankman-Fried, FTX co-founder, is on trial for seven federal charges, including misappropriation of billions in customer funds. The prosecution is nearing its end, with an FBI agent testifying about Bankman-Fried's involvement in 325 Signal group chats, most of which had auto-delete enabled. The defense tried to invoke a rule 29 motion to dismiss wire fraud and money laundering charges but was denied. 

On the other hand, Anthony Scaramucci, SkyBridge Capital founder, criticized Bankman-Fried's decision to testify, predicting that experienced prosecutors would "skin him alive" and add years to his sentence.

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UK Firms Flout New Crypto Rules

The UK has passed the Economic Crime and Corporate Transparency Bill, which allows authorities to freeze and seize cryptocurrency believed to be involved in illegal activities. The bill is part of an effort to regulate the crypto industry in the UK and follows the enactment of new rules around crypto ads by the Financial Conduct Authority. The passing of the bill awaits Royal Assent from King Charles.


Solana and IoTeX Team Up for Growth

Solana Labs is firing up a startup incubator to attract founders to its blockchain, offering guidance on engineering, go-to-market strategies, and fundraising. This move is part of Solana's broader efforts to spur network growth, which also include a hackathon and an AI accelerator. 

On the other hand, IoTeX is integrating with Solana to provide real-time analytics on IoT-connected projects. This integration will make Solana-connected projects visible on IoTeX's DePINscan platform. 

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Offchain Labs Unveils Arbitrum Orbit

Offchain Labs has announced the launch of Arbitrum Orbit, a Layer 3 solution that allows developers to create customized blockchains on top of Arbitrum's Layer 2 infrastructure. The platform already has ten Orbit chains in development. 

Orbit integrates with AnyTrust, a data availability solution that reduces transaction fees, and introduces Stylus, a tool for writing smart contracts in Rust, C, and C++. Orbit chains can adopt future upgrades to Arbitrum's tech stack without approval from Arbitrum DAO.

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Chainlink Soars After Vodafone Partnership

Chainlink (LINK) has seen a 40% surge in market value over the past week, following a collaboration with telecoms giant Vodafone. The partnership aims to improve the exchange of virtual trade documents across various blockchains and platforms. 

LINK is currently the 12th largest cryptocurrency by market cap and has experienced a 97% increase in the past year. The collaboration with Vodafone may boost LINK's market price further, especially if Bitcoin's surging trend continues.

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Elliptic Debunks Hamas Crypto Funding Claims

Blockchain forensic firm Elliptic states that there is no significant evidence of Hamas receiving large cryptocurrency donations. They refute claims that suggest Hamas has raised millions in crypto funds, highlighting a campaign that raised just $21,000. Elliptic emphasizes the transparency of blockchain, making it difficult for illicit funds to go unnoticed.  


Bitcoin Outshines Altcoins and Tesla

Bitcoin's market dominance has soared to a 30-month high of 54.4%, outpacing altcoins like Ether. This surge is attributed to the potential approval of a spot ETF and Bitcoin's safe-haven appeal. 

Meanwhile, Bitcoin's market cap has eclipsed Tesla's, reaching $677.23 billion. The crypto's value has surged by 16% in just a week, fueled by ETF prospects and its role as a digital haven amid geopolitical tensions.

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Memecoin PEPE Skyrockets in Value

The price of memecoin Pepe (PEPE) has doubled in a week to reach a $500 million market cap, as traders anticipate a bitcoin spot ETF-induced bull market. The recent gain is attributed to a $5.5 million token burn that alleviated fears of a rogue developer selling tokens on the open market. Other memecoins, such as DOGE and SHIB, also experienced rallies.

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MoonPay and Mastercard's Web3 Venture

MoonPay has partnered with Mastercard to integrate Web3 technologies into marketing strategies and enhance consumer engagement. The collaboration aims to leverage MoonPay's Web3 tools and improve security, compliance, and trust in cryptocurrency transactions. 

This partnership signifies the growing integration of cryptocurrencies into mainstream financial frameworks and showcases Mastercard's exploration of blockchain and cryptocurrency areas.


PoS Assets Take a Market Dip

The market capitalization of proof-of-stake (PoS) assets has dropped 7% to $254 billion, according to a report from Staked. The value of staked assets increased 3% to $74 billion, while the annualized staking rewards dropped 7% to $4.1 billion. The average PoS staking yield decreased by 4% to 10.2%. The share of PoS compared to the total cryptocurrency market capitalization is now 22%.


JPMorgan Coin Hits $1 Billion Milestone

JPMorgan's digital asset, JPMorgan Coin, processes over $1 billion in daily transactions, aiming to solve inefficiencies in payment speed, tracking, and fungibility. The coin is a stablecoin pegged to the U.S. dollar and serves as a real-time gross settlement tool for institutional clients. 

The next step could be a retail version, possibly leveraging blockchain-based digitalized deposits. The coin saw a surge in transactions, from $300 million since its 2020 launch to over $1 billion daily, partly due to the introduction of euro-denominated transactions.


Top Altcoin Gainers and Losers

Gainers:

Gala GALA (+9.08%)

Dogecoin DOGE (+4.72%)

Arbitrum ARB (+3.27%)

Losers:

Stacks STX (-6.88%)

Aave AAVE (-5.50%)

Solana SOL (-5.44%)


NFT Market Map

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Memeland's Rapid Token Sale Success

Web3 company Memeland raised $10 million in just 42 minutes during its token sale. The tokens are described as having no utility, promises, or expectation of financial return. The sale is set to continue until Friday morning for waitlisted users. Memeland offers NFTs and applications merging metaverses, gaming, and NFTs. Upcoming platforms include Holders.com, GMGM.com, Stakeland, and Petsland.

his article has been refined and enhanced by ChatGPT.

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