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News/Coin360 Daily Dispatch | Crypto Market Updates & Highlights | October 4, 2023

Coin360 Daily Dispatch | Crypto Market Updates & Highlights | October 4, 2023

Van Thanh Le

Oct 4 2023

9 months ago4 minutes read

Table of Contents

Global Financial Landscape

  • SBF's High-Stakes Trial Shakes the Crypto Universe
  • Skyrocketing US Debt and Crypto Market Impact
  • El Salvador's Billion-Dollar Bitcoin Mining Venture
  • Jaynti Kanani Takes Backseat as Polygon Evolves

Asian Crypto Innovations

  • CMCC Global's $100M Boost for Asian Blockchain Startups
  • Bank of Korea Steps into the CBDC Arena

European Digital Currency Developments

  • EU Central Banks Gear Up for Digital Currency Trials

Legal and Regulatory Updates

  • DOJ Targets Chinese Firms in Crypto-Linked Drug Trade
  • Federal Judge Sides with Ripple Against SEC

Security and Community Alerts

  • Shiba Inu Community Faces Security Breach

Investments and Partnerships

  • Telegram's TON Blockchain Nets Major Investment

Market Trends and Analysis

  • Lukewarm Reception for Ether Futures-Based ETFs
  • Verasity Token Burn Ignites Market Frenzy
  • Ardana Labs Scandal: Where Did the Money Go?

NFT and Platform Updates

  • OpenSea Studio: A New Dawn for NFT Artists
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SBF's High-Stakes Trial Shakes the Crypto Universe

SBF's trial has attracted a diverse audience, ranging from journalists to crypto influencers and skeptics of the industry. The jury selection process was meticulous to avoid bias, with one potential juror citing knowledge from a podcast. 

Legal maneuvers and statements of legality added complexity, while the trial is anticipated to feature prominent figures in the industry. SBF faces serious charges, marking a historic moment in the crypto world. The trial's outcome could have significant implications for the industry and the need for regulatory clarity.

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Skyrocketing US Debt and Crypto Market Impact

The US national debt has reached a record $33.44 trillion, with $275 billion added in just one day. This daily debt increase is more than the market capitalization of most cryptocurrencies. The debt has also surpassed the market cap of Bitcoin and is about a quarter of the entire crypto market cap. 

Goldman Sachs analysts predict that the cost of servicing the debt will hit a new record in 2025. The debt-to-GDP ratio is also expected to surge, with estimates projecting it to reach 181% of GDP by 2053.


El Salvador's Billion-Dollar Bitcoin Mining Venture

El Salvador launches its first local Bitcoin mining pool in partnership with Volcano Energy and Luxor. The $1 billion renewable energy project aims to generate electricity from renewable sources to power Bitcoin mining operations. Volcano Energy plans to contribute 23% of its mining income to the government and reinvest profits in energy infrastructure.  


Jaynti Kanani Takes Backseat as Polygon Evolves

Jaynti Kanani, co-founder of Polygon, has stepped back from day-to-day operations after six years. Polygon is transitioning to Polygon 2.0, incorporating zero-knowledge proofs and focusing on staking, interop, execution, and proving. Kanani will continue to contribute to Polygon's development from the sidelines.  


CMCC Global's $100M Boost for Asian Blockchain Startups

Hong Kong-based crypto firm CMCC Global has raised $100 million for its Titan Fund, which will support startups in Asia's blockchain sector. The fund will focus on blockchain infrastructure, consumer applications, and crypto financial services. 

The fund has received backing from over 30 investors, including Winklevoss Capital and Animoca Brands founder Yat Siu. This announcement comes as Hong Kong seeks to position itself as a hub for crypto innovation.


Bank of Korea Steps into the CBDC Arena

The Bank of Korea (BOK) will launch a pilot program for its central bank digital currency (CBDC) to assess the viability of a future wholesale CBDC system. Participating banks will tokenize their deposits, with the pilot set to begin in Q4 2024. South Korea is joining other Asian countries, such as Hong Kong and Japan, in exploring CBDCs. Over 130 countries, accounting for 98% of global GDP, are currently exploring CBDCs.


EU Central Banks Gear Up for Digital Currency Trials

European Union central banks, including the European Central Bank, will release plans for a wholesale central bank digital currency (CBDC) in the coming weeks. Trials with real transactions will begin next year, using a permissioned network and smart contracts. This follows the EU's publication of proposals for a digital euro three months ago.


DOJ Targets Chinese Firms in Crypto-Linked Drug Trade

The US Department of Justice has announced eight indictments against Chinese companies and their employees suspected of being involved in the production and distribution of fentanyl, a highly potent synthetic opioid. The companies are believed to have used cryptocurrency to manage the finances of their illicit activities. 

The US Treasury's Office of Foreign Assets Control has placed sanctions on 28 entities and individuals involved, and has identified 16 crypto wallets associated with the indicted parties. This highlights the recurring connection between cryptocurrencies and the drug trade.


Federal Judge Sides with Ripple Against SEC

A federal judge has rejected the SEC’s bid to appeal its loss against Ripple, the crypto company associated with XRP. The judge ruled that the SEC failed to meet its burden under the law, prompting a 5% rally in XRP's price. 

However, the judge did set a trial date for other unresolved issues. Ripple has also received authorization from the Monetary Authority of Singapore to provide full payment services in the country. This milestone allows Ripple to expand its crypto payment solutions for financial institutions in Singapore. 

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Shiba Inu Community Faces Security Breach

The Shiba Inu cryptocurrency community is on high alert after the compromise of a prominent admin's Telegram account. The compromised account was used to announce a fake token airdrop. Key figures in the community have warned and cautioned against interacting with the compromised account. 

Community members have called for the establishment of a cybersecurity division. The price of SHIB remains at a critical level, with its trajectory dependent on the one-week chart's support line.

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Telegram's TON Blockchain Nets Major Investment

Telegram's TON blockchain has received significant funding from MEXC Ventures, with aims to promote Web3 accessibility. MEXC will offer marketing services, collateral lending, and fund TON-based projects. This partnership seeks to enhance the adoption of Web3 within Telegram, making crypto as easy as texting.  

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Lukewarm Reception for Ether Futures-Based ETFs

The launch of ether futures-based ETFs has been underwhelming, with only 0.2% of the trading volume seen when bitcoin futures ETFs debuted in 2021. Analysts advise rotating back into Bitcoin due to a lack of a strong bull case for Ether and Ethereum market cap in the short term. However, crypto prices are still up, with bitcoin and ether rising around 5% over the past week.

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Verasity Token Burn Ignites Market Frenzy

Verasity (VRA) has experienced a surge in growth, with weekly gains above 70%. This growth is attributed to the burning of 10 billion VRA tokens, representing over 50% of the total supply, which signaled the maturity and revenue-generating potential of the protocol. Speculation is growing that VRA may undergo successive burns like Shiba Inu (SHIB).

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Ardana Labs Scandal: Where Did the Money Go?

Ardana Labs, a stablecoin project on Cardano, reportedly lost investors' money in bad crypto trades. Evidence suggests that its executives transferred funds to personal wallets and made risky investments, resulting in a $4 million loss. Ardana raised $10 million from investors but abruptly closed in November 2022, citing funding uncertainty.  


Top Altcoin Gainers and Losers

Gainers:

Trust Wallet Token TWT (+15.55%)

Mina MINA (+6.40%)

Avalanche AVAX (+6.12%)

Losers:

Radix XRD (-6.84%)

dYdX DYDX (-5.62%)

EOS EOS (-5.09%)


NFT Market Map

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OpenSea Studio: A New Dawn for NFT Artists

OpenSea, the leading NFT marketplace, has launched a new digital platform called OpenSea Studio. The platform allows digital artists to create and manage their own NFT collections without the need for coding knowledge. The previous minting tool has been discontinued, but the new platform offers advanced features and customization options. 

The NFT market is currently experiencing a downturn, with many collections becoming worthless. The launch of OpenSea Studio aims to revitalize the market and give artists more control over their creations and earnings.

This article has been refined and enhanced by ChatGPT.

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