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News/Coin360 Weekly Dispatch | Crypto Market Updates & Highlights | October 14 - October 20, 2023

Coin360 Weekly Dispatch | Crypto Market Updates & Highlights | October 14 - October 20, 2023

Van Thanh Le

Oct 20 2023

9 months ago5 minutes read
Coin360 weekly crypto news, cryptocurrency updates, market movement

Crypto Weekly Market Update

Table of Contents

Crypto Market Overview

  • Crypto Weekly Recap: Price Actions, Market Trends, and Key Developments

Breaking Market Developments

  • Bitcoin's ETF Rollercoaster Sparked by Fake News
  • Reddit's Community Points Program Comes to an Abrupt End
  • Fidelity Revamps Bitcoin ETF Amid Regulatory Hurdles
  • Ripple Celebrates Legal Victories Against the SEC

Regulatory and Legal Landscape

  • Binance Faces UK Regulatory Speedbump
  • NY Attorney General Targets Gemini and Affiliates

Financial Institutions and ETFs

  • ECB Takes Next Step in Digital Euro Rollout
  • Ferrari Jumps on the Crypto Payment Bandwagon

Crypto Exchanges and Platforms

  • LBRY Inc. Closes Shop Under Financial Strain
  • Binance Market Pulse: Q3 2023 Crypto Overview

NFTs and the Metaverse

  • France's Sorare Law Aims to Regulate Crypto Games
  • Yuga Labs Restructures for Metaverse Push
  • OMA3 Fights for NFT Creator Royalties
  • Upland Boosts Funding for Web3 Metaverse Expansion

Crypto Weekly Recap: Price Actions, Market Trends, and Key Developments


  • Weekly change: +10.46%
  • BTC soared this week, hitting $30,000 twice.
  • Bitcoin briefly crossed $30,000 on Monday due to a false ETF approval report, then pulled back.
  • Unexpected Bitcoin surge liquidated over $100 million in short positions that day.
  • Historic growth in Shark and Whale BTC wallets seen amid ETF hype.
  • US government unintentionally sits on a large Bitcoin stash.
  • Elon Musk and Mark Cuban challenge SEC trial methods, call for reform.
  • SEC Chairman Gary Gensler stayed mum on a potential Bitcoin ETF approval.
  • Fed Chair Jerome Powell suggested a pause in interest rate hikes due to surging bond yields.
  • 10-year Treasury yield nears 5%, unseen since 2007, indicating prolonged high interest rates.
  • Markets anticipate Fed to hold off on rate hikes in the late October-early November meeting, with a slim chance for another pause in December.
  • US inflation cools from summer highs but still above the Fed's 2% goal.
  • Robust job market in September, adding 336,000 jobs with a 3.8% unemployment rate.
  • Fed wary of raising rates excessively to avoid economic harm while aiming to control inflation.
  • SEC drops all charges against Ripple executives as Bitcoin touched $30,000 for the second time.
  • Bitcoin price hits two-month high, sparking talk of breaking $32,000 soon.
  • Market volatility and potential fakeouts still concern the BTC market.


  • Weekly change: +4.45%
  • ETH rose, yet gains lagged behind BTC.
  • ETH touched $1,600 twice this week.
  • For the first time since May's Shanghai upgrade, Ethereum's validator queue emptied, signaling stable ether staking demand.
  • Staking returns fell to 3.5% as validator slots maxed out.
  • With slowing validator growth, Coinbase foresaw flat staking yields.
  • Santiment data revealed billionaire Ethereum holders possessed 32.2% of supply, a high since 2016.
  • Uncertainty remained about including centralized exchanges or stablecoin issuers in these stats.
  • Ethereum whales sold ETH recently, while Bitcoin whales held steady.
  • Despite sales, a record 27.6 million ETH remained staked, keeping the staking narrative robust.
  • Vitalik Buterin dismissed claims of personal ETH sales since 2018.
  • A big Ethereum whale offloaded 13,871 ETH on Thursday; Buterin denied involvement.
chart (1).webp


  • Manta Pacific shifted from Optimism to Polygon's zkEVM as Layer 2
  • Uniswap levied 0.15% fee for web and wallet token swaps
  • Internet Computer's Dfinity developed carbon credit-inspired waste management tech
  • BSV spiked due to the Bitcoin ETF anticipation and Binance's BSV Futures listing
  • Upbit secured preliminary 'in-principal' approval in Singapore
  • Solana joined as a partner in Dubai's free zone ecosystem
  • Haru Invest paused its server in crypto yield platform
  • TrueUSD exposed client blockchain addresses in third-party security breach
  • Tether halted $873K USDT over Ukraine, Israel terrorism links
  • Platypus Finance reclaimed 90% of exploited assets
  • Roblox refuted accepting XRP for in-game buys
  • Lido Finance terminated Solana staking following DAO vote
  • BNB Chain unveiled Greenfield mainnet for decentralized storage
  • Immutable postponed $67M token vesting by a year
  • Everscale (EVER) plunged 20% amid token theft rumors
  • SUI reached record low as Foundation dismissed token manipulation claims
  • Floki devs pitched staking and utility token strategies
  • Starknet and zkSync resisted dev decline, contrary to 28% industry drop
  • German regulator cautioned against MEXC's crypto custody
  • Aptos faced 5-hour outage on its blockchain's first anniversary
  • Circle introduced smart contract and gas abstraction tools for web3
  • Coinbase made layer-2 network Base open-source
  • Maker's annual revenue skyrocketed past $200M to a record high
  • Google Cloud teamed up with MultiversX to bolster Web 3 footprint

Bitcoin's ETF Rollercoaster Sparked by Fake News

There was a market frenzy triggered by false news about BlackRock's iShares Bitcoin Spot ETF approval. Bitcoin's price soared to $30,200 before crashing down to $28,000, settling above the 0.5 Fibonacci retracement level at $28,200. The Bitfinex exchange saw nearly $136 million in liquidations. 

The SEC's stance remains elusive, with pending decisions on applications from giants like BlackRock, VanEck, and WisdomTree. Stakeholder opinions are polarized; some see this as a setback for real ETF approval, while others view it as a sign of pent-up crypto interest. The event also led to significant financial losses for traders, including a crypto whale who lost $50,000 within minutes.

Reddit's Community Points Program Comes to an Abrupt End

Reddit's sudden decision to axe its Community Points program has sent shockwaves through its user base and the crypto community. Set to take effect on November 8, 2023, the move was justified by Reddit as a response to high operational costs and regulatory complexities. 

The fallout was immediate: MOON tokens plummeted by 85%, while BRICK and DONUT tokens saw declines of 48% and 56%, respectively. Adding to the drama, some Reddit moderators are under scrutiny for selling off large volumes of MOON tokens just minutes before the public announcement, pocketing over $92,000. The incident has sparked widespread criticism and questions about Reddit's transparency and responsibility.

chart (3).webp

Fidelity Revamps Bitcoin ETF Amid Regulatory Hurdles

Fidelity Investments has revised its Bitcoin ETF proposal, focusing on customer security and navigating regulatory uncertainties. This move follows similar actions by ARK Invest and Invesco, who are also in dialogue with the SEC. Market sensitivity to ETF news is high; a fake headline about SEC's approval led to a 7% Bitcoin price surge. 

Analysts predict that ETF approvals could drastically change market dynamics, with potential capital influxes inflating Bitcoin's market cap significantly. SEC Chairman Gary Gensler remains cautious, emphasizing thorough review processes. Grayscale aims to list its Bitcoin Trust on NYSE Arca, while other major financial institutions like BlackRock and VanEck are also vying for ETF approvals.

Ripple Celebrates Legal Victories Against the SEC

Ripple scored a hat-trick of legal wins against the U.S. Securities and Exchange Commission (SEC), the latest being the SEC's withdrawal of all charges against Ripple's top brass. This move has been dubbed a "surrender" rather than a settlement. Ripple's CEO, Brad Garlinghouse, and Chairman, Chris Larsen, are now free from the SEC's allegations. 

The market reacted positively, with XRP's value spiking nearly 7% in 24 hours, pushing its market cap to a whopping $27 billion. Despite the wins, Ripple still faces potential legal hurdles, particularly concerning its $700M+ institutional sales. The case has set a precedent in the crypto-legal landscape, affecting both large and small projects.

chart (4).webp

Binance Faces UK Regulatory Speedbump

Binance has hit a regulatory snag in the UK, temporarily halting new user sign-ups after the Financial Conduct Authority (FCA) imposed restrictions on its UK promotions partner, Rebuilding Society. The exchange is actively seeking a new FCA-authorized partner and has limited some platform features for UK users. 

Existing UK users can continue using the platform if they've completed specific compliance tests. On the flip side, Binance has inked deals with multiple regulated partners in Europe to offer enhanced EUR services, including SEPA network deposits and withdrawals, as well as EUR spot trading pairs.

chart (5).webp

NY Attorney General Targets Gemini and Affiliates

The New York Attorney General has filed a complaint against Gemini, Genesis, DCG, Michael Moro, and Barry Silbert over the Gemini Earn program. The complaint alleges that Genesis, Moro, and Silbert conspired to hide a $1 billion hole in Genesis' finances, and that Gemini made false claims about the program's risk and collateralization. 

The complaint also accuses DCG of disguising the losses and misleading statements. The defendants may face restrictions on securities and commodities sales in New York and be required to pay damages. DCG and Genesis intend to fight the claims.  

ECB Takes Next Step in Digital Euro Rollout

The European Central Bank (ECB) is ramping up its digital euro initiative, diving into a two-year preparation phase starting November 1, 2023. This move aims to finalize rules and build a robust platform, following extensive research. ECB President Christine Lagarde assures high privacy standards but stops short of promising full anonymity. 

Parallelly, the Bank of Finland is crafting an instant payment solution that aligns with European norms and the digital euro. Adding a twist, Finland's Membrane Finance has launched a euro-backed stablecoin, targeting the burgeoning decentralized finance (DeFi) sector. These multi-pronged efforts signal a concerted push to digitize Europe's financial landscape.

Ferrari Jumps on the Crypto Payment Bandwagon

Luxury car brand Ferrari has announced that it will start accepting cryptocurrency payments in the United States and plans to expand the service to Europe. The company will partner with crypto payment processor BitPay to accept Bitcoin, Ether, and USDC. This move comes in response to demand from Ferrari's crypto investor customers. 

The payments will be immediately converted into fiat currency to protect against price volatility. Ferrari joins a growing list of businesses that are embracing cryptocurrencies as a payment option. Tesla briefly accepted Bitcoin payments in 2021 before halting the service.  

LBRY Inc. Closes Shop Under Financial Strain

Blockchain publishing platform LBRY Inc. is shutting down due to an inability to pay its debts to the SEC, legal team, and private debtors. The company lost a judgment to the federal government and had several million dollars in debts. LBRY's flagship app, Odysee, will continue as long as the blockchain's mining continues, but content not actively seeded by others may no longer be available. 

The SEC filed a complaint alleging LBRY raised $11 million through an unregistered security, and the court ruled in favor of the SEC. The SEC initially sought a $22 million punishment but reduced it to $111,614.  

chart (2).webp

Binance Market Pulse: Q3 2023 Crypto Overview

The Binance Market Pulse report gives us a snapshot of the crypto landscape in Q3 2023. The total crypto market cap dipped by 8.6% quarter-over-quarter, but institutional adoption is still on the rise. Layer 1 blockchains saw reduced activity, while Ethereum's Layer 2s got a boost, thanks to the launch of Base. 

The DeFi sector wasn't too rosy either; the total value locked (TVL) dropped by 13.1% to $38.5 billion, mainly due to low yields and a bearish market. NFTs had a rough time, with sales plummeting to $299 million, marking the worst quarter in nearly three years.

Top Weekly Altcoin Gainers and Losers


Coin360 (2).webp

Bitcoin SV BSV (+58.84%)

Stacks STX (+25.84%)

Solana SOL (+24.58%)

Rollbit Coin RLB (+23.99%)

Injective INJ (+16.52%)


Coin360 (1).webp

Conflux CFX (-9.60%)

Frax Share FXS (-6.62%)

Bitget Token BGB (-4.90%)

Gala GALA (-4.75%)

Algorand ALGO (-3.05%)

NFT Market Map


France's Sorare Law Aims to Regulate Crypto Games

The French National Assembly has passed the Sorare law, which introduces a regulatory framework for NFT games and crypto-powered monetization. The law aims to foster innovation in the French gaming sector while protecting users. It defines "Jonum" as a category separate from gambling and traditional video games. 

The legislation now awaits review by the Constitutional Council before approval. The law would require age verification for users, but registration does not require identity verification. Influencers promoting Web3 games will be prohibited from platforms that cannot exclude minors.  

Yuga Labs Restructures for Metaverse Push

Yuga Labs, the creator of Bored Ape Yacht Club (BAYC) NFTs, has completed a restructuring to focus on its metaverse project called Otherside. The CEO emphasized the importance of Otherside and the challenges of building an immersive metaverse. The company aims to prioritize the execution of this gamified and interoperable metaverse. 

The restructuring resulted in some employees leaving, but Yuga Labs assured that they were treated with respect and provided generous severance packages. The news comes amidst a trademark lawsuit and a class-action lawsuit against  Yuga Labs and Sotheby's.  

OMA3 Fights for NFT Creator Royalties

OMA3, an alliance of blockchain and NFT companies, established a working group to standardize and protect creator royalties on NFT marketplaces. The group includes industry leaders like Yuga Labs (creator of Bored Ape Yacht Club) and Magic Eden. Creator royalties, which give a percentage of sales to artists, have been threatened by market forces and platforms eliminating enforcement. 

OMA3 aims to ensure the survival of creator royalties and promote interoperability in the metaverse. Yuga Labs has already announced it will sunset its NFT brands' compatibility with OpenSea due to the platform's decision to stop enforcing creator royalties.  

Upland Boosts Funding for Web3 Metaverse Expansion

Upland, a web3 metaverse super app, has secured an additional $7 million in Series A funding, bringing its total funding to $25 million. The platform has over 3 million accounts and nearly 300,000 virtual property owners. With a focus on user engagement and innovation, Upland plans to expand its digital economy, introduce AI-powered features, and make its utility token, Spark, tradeable on external exchanges. 

The platform offers virtual property trading, world-building, car racing, and virtual shops. Upland is accessible through the App Store and Google Play. More information can be found on the Upland website.  

This article has been refined and enhanced by ChatGPT.

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