Weekly Recap: Major Developments in Crypto

Highlights of the Week

Trump’s Crypto Project Reports 100K Signups Before Launch

The cryptocurrency initiative backed by former President Donald Trump, World Liberty Financial, has announced over 100,000 signups ahead of its public token sale scheduled for October 15.

During an extensive 90-minute session on October 14, Zak Folkman, the platform’s head of operations, revealed that the WLFI token would be an Ethereum-based ERC-20 token, serving as the governance asset for the decentralized finance platform. The discussion echoed prior communications, emphasizing the platform’s functionalities, which include borrowing and lending cryptocurrencies, creating liquidity pools, and stablecoin transactions.

US Spot Bitcoin ETFs Witness Largest Inflows Since June

On October 14, U.S. spot Bitcoin ETFs experienced their highest single-day inflow in over four months, amassing more than $556 million.

According to data from Farside Investors, the 11 ETFs collectively saw net inflows totaling $555.9 million, marking their most substantial daily net inflow since early June. This surge in funds occurred as Bitcoin reached a two-week high of $66,500.

Nate Geraci, the president of The ETF Store, characterized the day as a “monster day” for spot Bitcoin ETFs, highlighting a cumulative $20 billion in net inflow over the previous ten months.

Warren and Deaton Clash Over Crypto Policies

In a recent debate for a U.S. Senate seat from Massachusetts, Senator Elizabeth Warren and cryptocurrency attorney John Deaton engaged in a contentious exchange regarding crypto regulations.

Deaton, a Republican challenger, criticized Warren for allegedly creating an “anti-crypto army” instead of addressing more pressing economic issues affecting the state’s lower and middle class.

Warren, in her defense, stated that while she supports trading in cryptocurrencies, she emphasizes the need for the industry to adhere to the same rules as traditional financial institutions, particularly for consumer protection and terrorism financing regulations.

FBI Apprehends Hacker Behind SEC’s Fake Bitcoin ETF Post

A 25-year-old individual from Athens, Alabama, has been arrested by the FBI for hacking the official X account of the U.S. Securities and Exchange Commission (SEC) in January.

Eric Council Jr. faces charges of conspiracy to commit aggravated identity theft and access device fraud. Federal authorities allege he was part of a group that hacked the SEC’s account and falsely claimed on January 9 that the SEC had approved the first Bitcoin ETFs in the U.S., causing Bitcoin’s price to rise by more than $1,000.

SEC Gives Green Light to Bitcoin Options ETFs Listings

On October 18, the SEC approved applications from the New York Stock Exchange (NYSE) and Chicago Board Options Exchange (CBOE) for the listing of options pertaining to spot Bitcoin ETFs.

The new options trading becomes available for 11 approved ETF providers, including Fidelity Wise Origin Bitcoin Fund, ARK21Shares Bitcoin ETF, and others. This regulatory shift aligns Bitcoin ETF options with other commodity-based ETFs, pending an amendment to the rule for future listings on the CBOE.

Market Update: Winners and Losers

As of the end of the week, Bitcoin (BTC) is priced at $67,759, while Ether (ETH) stands at $2,625, and XRP is valued at $0.54, with a total market capitalization of $2.32 trillion, according to CoinMarketCap.

The top three gainers among the top 100 cryptocurrencies this week include:

• BOOK OF MEME (BOME) – 54.05%
• cat in a dogs world (MEW) – 49.77%
• Ethena (ENA) – 40.45%

Conversely, the biggest losers were:

• Maker (MKR) – 12.33%
• Helium (HNT) – 9.16%
• Uniswap (UNI) – 8.19%

Notable Quotes

“Ethereum should feel like one ecosystem, not 34 different blockchains.”

“While Trump is undoubtedly more favorable for the industry, we’re optimistic that Harris could be more supportive than Biden has been.”

Weekly Prediction

Bitcoin RSI Indicates $233K Price Target by 2025

Predictions suggest that Bitcoin could potentially reach $233,000 in value, possible as early as the first quarter of 2025.

An analysis from an X analytics account forecasted this target using the relative strength index (RSI), highlighting that Bitcoin’s current price consolidation around $65,000 could lead to significant market shifts in the upcoming months.

Concerns of the Week

SUI Token Surge Leads to Allegations of Insider Trading

Despite the impressive rise of the SUI token, gaining over 120% in the past month, allegations of insider selling have emerged, with claims that wallets related to the initial coin offering sold more than $400 million worth of tokens during this rally.

The Sui team has denied these allegations, asserting that there has been no preemptive selling or violations of lockup agreements.

Phishing Attempts Target Ledger Users

A recent wave of phishing emails has been reported, targeting Ledger device users with malicious claims about activating a security feature called “Ledger Clear Signing” by October 31.

These fraudulent emails originate from non-Ledger addresses and direct users to malicious links, posing a significant threat to user security.

Chainalysis Faces $650M Defamation Suit

Chainalysis is under legal scrutiny as Exceptional Media Ltd. initiates a defamation lawsuit, claiming the firm mischaracterized its YieldNodes project as an investment scam.

The lawsuit requests at least $650 million in damages, alleging that Chainalysis’s statements caused reputational harm.

Insights from the Week

Crypto Industry Perspectives

This section features various perspectives and updates from industry experts, providing insight into current trends and future potential within the cryptocurrency markets.