Coin360 Weekly Dispatch | Crypto Market Updates & Highlights | October 19 - October 25, 2024

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Corporate and Investment Developments

• Microsoft Faces Bitcoin Investment Proposal at December Assembly
• Stripe Buys Bridge in $1.1 Billion Stablecoin Push

Security and Wallet Developments

• U.S. Ethereum Wallet Hacked, Millions Recovered

Layer 2 and DeFi Innovations

• Kraken's Ink Layer 2 to Debut in 2025

Token Launches and Allocation Issues

• Scroll's SCR Token Launch Sparks Allocation Debate

Cross-Chain and Bridging Advancements

• Uniswap Introduces Permissionless Cross-Chain Bridging

NFT and Retail Partnerships

• Pudgy Penguins Partner with Walgreens for Retail Expansion

Multi-Chain Integrations

• Magic Eden Expands with BeraChain and ApeChain Integration

Crypto Weekly Recap

Bitcoin:

• Weekly performance: +0.4%
• BTC appeared stable on the weekly chart but fluctuated between 69K and 65K, causing notable liquidations.
• BTC dropped from Monday’s high of $69,400 to $65,500 on Wednesday, then rebounded to $67,600 on Thursday with positive U.S. jobless data, eventually hitting $68,000 as Microsoft shareholders considered a BTC investment, despite some opposition from the leaderboard.
• Bitcoin’s mining difficulty hit an all-time high, reflecting intense miner competition.
• Crypto investment products saw $2.2 billion in inflows last week, the highest since July. U.S. spot BTC ETFs had their third straight positive week at $595.6M, though down from last week’s $2.13B.
• U.S. spot Bitcoin ETFs reached $20 billion in net flows in just 10 months, compared to gold ETFs, which took nearly five years.
• Bullish sentiment persisted: BTC whale entities reached 1,678, the highest since 2021. Addresses accumulating without outflows now hold 2.9 million BTC, worth $194 billion, doubling holdings over 10 months for long-term gains.
• Analysts indicated an expanding M2 money supply could support a prolonged BTC bull run. Retail Bitcoin activity surged in October, with traders betting on new highs by November, as options interest centered around $75,000 and $80,000 strike prices.

Ethereum:

• Weekly performance: -2.73%
• Ethereum saw increased FUD as it declined against Bitcoin and Solana, with ETH weakening to 0.0365 BTC, its lowest since April 2021, due to lackluster ETF launches and Solana's rising competition.
• U.S. spot ETH ETFs recorded a negative net flow of -$5.29M, marking its third week of outflows in October.
• After peaking at $2,765 on Monday, ETH dropped to a weekly low of $2,467 by Friday, slightly recovering but staying under $2,600.
• Solana's network revenue reached a new high of $8.7 million, significantly up from the previous day's $8 million, outperforming Ethereum in price and weekly total fees ($25M vs. $21M).
• Vitalik Buterin, Ethereum’s co-founder, highlighted staking centralization risks in Ethereum’s upcoming “Scourge” upgrade, emphasizing solutions and how Ethereum’s Verge could enable blockchain nodes on smartwatches.

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Altcoins:

• New Visa card by Avalanche Foundation enabled crypto payments worldwide.
• Aurum's $1B fund launched, focusing on tokenizing data centers on XRP Ledger.
• Mantra's mainnet went live, aiming to tokenize real-world assets on-chain.
• GnosisDAO allocated $40M for investment in RWA and crypto infrastructure projects.
• Fault proofs to launch on October 30 for Base blockchain, advancing decentralization.
• Solana ETN staking by VanEck was introduced to European investors.
• AI bot's fortune soared after gains in 'Fartcoin' holdings, hitting millionaire status.
• ApeCoin's Apechain mainnet launched, driving APE price up over 100%.
• Transak's data breach exposed nearly 100,000 users, with Stormous ransomware involved.
• Metaplanet raised $66M through its stocks acquisition rights program.
• Pump.fun hinted at token and Solana airdrop amid a record-breaking week.
• Sky considered rejoining MakerDAO amid plans for brand changes.
• Buenos Aires integrated ZK proofs in its app to improve privacy for residents.
• Magic Eden expanded, adding BeraChain and ApeChain, with Monad Testnet in view.
• Denmark weighed 42% tax on unrealized gains/losses for cryptocurrency holdings.
• Synthetix and Kwenta introduced v3 perpetuals on Arbitrum's network.
• EURC stablecoin supply hit a record high as market cap neared $100 million.
• Base blockchain exploit resulted in a $1M theft, according to Cyvers Alerts.
• Netherlands sought feedback on crypto tax laws to match EU standards.
• Ripple escalated its legal battle with SEC, filing Form C in appeal over XRP sales.
• Polymarket denied manipulation, attributing US election bet issues to liquidity.
• Cardano entered the Bitcoin ecosystem via the BitcoinOS Grail Bridge.
• Prominent Listings:
  • Scroll (SCR): all popular exchanges (Spot), Coinbase International (Futures)
  • Cat in a dog's world: MEW: Upbit (add new trading pair)
  • Simon Cat (CAT): Binance (Perpetual), OKX (Spot)
  • Safe (SAFE): Upbit 
  • Goatseus Maximus (GOAT): Binance (Futures)
  • Moodeng (MOODENG): Binance (Perpetual)

Microsoft Faces Bitcoin Investment Proposal at December Assembly

Microsoft's upcoming shareholder assembly on December 9th, 2024, will address a proposal urging the tech giant to embrace Bitcoin as part of its investment strategy. The proposal, advocated by the National Center for Public Policy Research (NCPPR), recommends allocating 1% of total assets to Bitcoin as a hedge against inflation. However, Microsoft's board advises against the proposal, citing the company's focus on asset stability and liquidity. Despite Microsoft's current limited engagement with Bitcoin, the proposal aligns with NCPPR's Project 2025 and may signal a potential shift in corporate sentiment towards digital assets. Shareholder voting will determine whether Microsoft will join the minority of U.S. companies holding Bitcoin on their balance sheets.  

Stripe Buys Bridge in $1.1 Billion Stablecoin Push

Stripe's acquisition of Bridge for $1.1 billion, announced by TechCrunch founder Michael Arrington, signifies a significant move in the crypto space. Bridge, co-founded by Sean Yu and Zach Abrams, focuses on developing software for accepting stablecoin payments. Having raised $58 million, the company was valued at $200 million, making Stripe's acquisition at over five times that amount a testament to the rising importance of stablecoins. This pivotal acquisition aligns with Stripe's recent milestones, including reaching $1 trillion in total payment volume, reinforcing its vast reach. The deal reaffirms Stripe's commitment to integrating stablecoins into its payment infrastructure, staying ahead in the evolving crypto payments landscape.  

U.S. Ethereum Wallet Hacked, Millions Recovered

A U.S. government-controlled Ethereum wallet was reportedly hacked, with $20 million in assets, including USDC, aUSDC, USDT, and ETH, mysteriously transferred on October 24. The funds were directed to a specific wallet address, which has been systematically selling the stolen assets for ETH. Notably, the hacker's wallet is holding roughly $13.2 million in assets, primarily in aUSDC, indicating that the stolen assets are slowly being liquidated or repositioned. Most of the stolen funds, roughly $19 million, were recently returned, but some exchanges are yet to return the transferred funds. Additionally, there are inconsistencies in Bitfinex forfeiture documents, highlighting vulnerabilities in the security and tracking of seized assets. 

Kraken's Ink Layer 2 to Debut in 2025

Kraken's Ink, an Ethereum Layer 2 network set to launch in 2025, is built on Optimism's Superchain to revolutionize DeFi by offering trading, lending, and borrowing of tokens directly. Unlike other Layer 2 networks, Ink will not have its own token, and transaction sequencing will be initially controlled by Kraken. Integration with Optimism's Superchain aligns with Kraken's commitment to Ethereum scalability. The move aims to replicate the success of Coinbase's Base and reinforce the Superchain's growth. Additionally, Ink is part of Kraken's broader strategy to expand its DeFi offerings, including the recent launch of kBTC and integration of EigenLayer to enable ETH restaking.    

Scroll's SCR Token Launch Sparks Allocation Debate

The launch of Scroll's SCR token on October 22, 2024, saw initial promise with a market cap of $212 million and a fully diluted value of $1.1 billion, accompanied by significant trading activity. However, criticism arose due to uneven token allocation, particularly the distribution to Binance Launchpool users and the airdrop's reservation of 7% of the supply, sparking frustration among early network participants. The Total Value Locked (TVL) surged to $995.75 million before the airdrop but then dropped to $768.11 million, revealing short-term engagement issues. Despite these challenges, plans for the SCR token to evolve into a governance and utility token reflect Scroll's focus on decentralized governance and sustainable engagement in the DeFi space. 

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Uniswap Introduces Permissionless Cross-Chain Bridging

Uniswap is launching permissionless bridging across nine networks, facilitating seamless cross-chain swaps like Ether, WBTC, and stablecoins. The integration aims to streamline asset transfers without external platforms or lengthy transaction times. Operating on popular EVM chains with Across Protocol, this feature empowers users with speed and autonomy. Utilizing the ERC-7683 token standard, Uniswap aims to establish new cross-chain standards, garnering attention from industry figures like Vitalik Buterin. Responding to user feedback, Uniswap's move towards permissionless bridging aligns with their goal of innovation and enhancing Uniswap's ecosystem through initiatives like the upcoming Unichain mainnet launch.