Circle, the blockchain and finance tech firm, has revealed its native USDC tokens on the Ethereum Layer 2 scaling protocol, Polygon. This move aims to allow smoother accessibility of USDC to users and developers. Businesses using USDC on Polygon can create decentralized applications for near-instant, low-cost transactions, revolutionizing payments, remittances and trading. However, adoption faces challenges including complex technology and security concerns.
“Ethereum’s integration of layer 2 networks marked a shift in industry practices, with auxilliary networks supporting developers and easing mainnet congestion. Base and Friend.tech, for instance, have seen significant growth. However, Messari’s analysts advise caution due to market uncertainties.”
Despite facing US Treasury Department sanctions in August 2022, Tornado Cash has reportedly circulated $77.35 million worth of assets on Ethereum mainnet over the last month, according to blockchain intelligence firm, Arkham. The US allegations pertain to the platform’s use by North Korean hacker group, Lazarus Group, for money laundering. After an initial slump, Tornado Cash’s current total volume locked stands at $187.9 million.
“The recent 8.2% decline in Ethereum (ETH) attributes to increased coin issuance, significant sales by creator Vitalik Buterin, and the underperforming ETH futures ETF. Despite significant network developments, the uncertainty of Ethereum’s monetary policy and increased supply by 30,064 ETH has stirred negative sentiments among crypto enthusiasts.”
“Ethereum grapples with an unexpected supply surge adding $47 million worth of Ether tokens to circulation in 30 days. Lower NFT trades and decreased decentralised finance activity have resulted in fewer ETH coins withdrawn from circulation, exacerbating the supply increase.”
Despite promising developments in the crypto universe, Bitcoin underwent an 11.1% loss in Q3, perplexing investors. Other assets also witnessed declines due to high inflation and potential recession fears. Nevertheless, Bitcoin’s robust YTD performance of a 65% increase provides hope for its future despite recent hurdles. Future geopolitical events might also trigger favorable trends for Bitcoin.
The digital asset market recently observed a significant increase, with product inflows reaching $78 million, marking the highest rise since July. A surge was also seen in exchange-traded products, growing 37% in a week. Bitcoin experienced a notable boost, while Ethereum’s growth remains slower. Surprisingly, altcoin Solana recorded substantial outflows, yet maintains popularity. Interestingly, a majority of last week’s inflows originated from Europe due to its clearer regulatory framework.
Despite a recent 6% decline, Ethereum has seen a 2.5% gain over the past two weeks, indicating possible resilience in the altcoin market. Increases in adoption, like PayPal launching an ETH-based stablecoin, suggest Ethereum’s potential for recovery despite ongoing market volatility. However, with high crypto returns come high risks.
“Ethereum’s native token, Ether, is struggling to surpass the $2000 mark. It faces technical levels resistance linked to the U.S. dollar strength and Bitcoin’s market momentum. Ethereum ecosystem’s total-value-locked (TVL) decrease, and falling trends in active wallets and Non-Fungible Tokens (NFTs) volumes add to the challenge.”
ProShares Advisors has marked ether’s inaugural entry into the ETF market with six new futures products. These ETFs, backed by ether’s futures contract performance, provide regulated crypto market exposure. This development coexists with the ongoing SEC review of a prospective spot bitcoin ETF.
The rising staking of ether due to Ethereum upgrades sparks concerns over centralisation and lowered staking yields, according to a JPMorgan report. Despite decentralized platforms like Lido, risks tied to centralization and rehypothecation present security issues. This trend impacts the appeal of ether investment and emphasizes the evolving crypto market.
“A notable Bitcoin options expiry event involving roughly 14,000 contracts, valued around $400 million, is set for October 6. With a ‘max pain’ point at $27,000, and a near even split between long and short positions, this event could significantly influence the market. Alongside, 200,000 Ether options contracts also expire, potentially altering the market dynamics.”
The article reveals Ethereum’s staking growth is leading to increased centralization, with five entities controlling most staking activities. This generates risks like potential single points of failure and lower staking yields. Analysts suggest this centralization might challenge blockchain networks’ decentralization and trustlessness principles.
“Ethereum’s marginal drop by 0.2% with a current standing 2.5% higher than two weeks ago suggests remaining uncertainty in the cryptocurrency market. Deepening ties with PayPal and Visa provide a boost, yet its breakthrough capacity remains unsure due to global financial stability.”
Tether co-founder, William Quigley, in a recent interview expressed skepticism towards the acceptance of PayPal’s impending stablecoin. Highlighting that cryptocurrencies earn credibility over time, he outlined that new entrant, PayPal, would face challenges in gaining trust and performance reputation among crypto users. He flagged significant regulatory challenges and the high cost of compliance as potential hurdles for PayPal’s stablecoin.
The article discusses the legal controversy surrounding EthereumMax (EMAX), a token endorsed by high-profile celebrities including Floyd Mayweather, Paul Pierce, and Kim Kardashian. The celebrities have been accused of taking part in a “pump and dump” scheme, leading to a class-action lawsuit. The case sheds light on the potential dangers and legal consequences of celebrity endorsements in the blockchain industry.
Users of Friend.tech experienced SIM swap attacks, leading to a theft of over $385,000 in Ethereum. Due to weaknesses in the platform’s infrastructure, it’s suggested that $20 million of Friend.tech’s $50 million could be vulnerable.
This article discusses the complex landscape of blockchain technology. It highlights misuse of power in crypto markets, efforts to foster secure trading conditions, potential tokenization of debt securities, the implication of decentralized prediction markets, and calls for comprehensive regulation and ethical self-governance in the crypto field.
“After Ether futures-based ETFs debut, crypto analysis firm K33 Research suggests investors might need to shift focus from ETH to BTC due to underwhelming results. Despite excitement, the ETFs didn’t intervene with Ether’s ongoing value decline compared to Bitcoin.”
The future of Ethereum’s Arbitrum sees market dip, raising questions about its potential to hit rock-bottom. Despite this, Arbitrum’s trading price is considered solid for short-term investors, indicated by a potential market rebound. Meanwhile, investors are diverting attention – and resources – to an emerging meme coin presale – Meme Kombat, a decentralized Web3 platform offering unique tokenomics.
The subdued performances of new Ethereum futures ETFs suggest shifting investor interest back to Bitcoin. Initial trading volume was significantly lower than anticipated, indicating lackluster interest in Ether ETFs. This hints that increased institutional access will only boost buying pressure if significant demand exists, which currently doesn’t seem the case for Ether.
“Yesterday, allegations emerged suggesting connections between cryptocurrencies Tron and Ethereum, criminal activities, and the Chinese Communist Party (CCP). This has led to escalating concerns about crypto market integrity. It could potentially lead to tighter regulations, impacting investors and the industry.”
“Once a beacon of success, Three Arrows Capital (3AC) spiraled into bankruptcy due to failed leveraged bets. Amid skepticism around market practices, the trial of Sam Bankman-Fried, former FTX CEO, stands alarming. The downfall of such market players triggers necessary reflections on accountability, ethical conduct, and the idea of decentralized markets in the crypto world.”
“The US Department of Treasury imposed sanctions on digital wallets tied to illicit activities by Chinese firms, revealing the reach of regulatory bodies in tracking crypto transactions on BTC, ETH, USDT, and TRX blockchains. This emphasizes the growing interlink between blockchain and regulation, pointing towards an era of advanced blockchain forensics.”
“The trial of Sam Bankman-Fried, founder of cryptocurrency exchange FTX, is sparking broader discussions about the nature and vulnerabilities of cryptocurrency exchanges. In parallel, details have emerged about a cryptocurrency laundering operation linked to major exchange hacks, both issues providing overdue clarity on cryptocurrency safety and trustworthiness.”
Despite a lukewarm reception for recently introduced Ethereum-based ETFs, the crypto market, albeit volatile, offers promise in certain digital assets like GALA, Meme Kombat, Polygon, TG.Casino, and EOS. Meme Kombat, merging memes, crypto, gaming, and gambling, could refresh the crypto gaming sphere with its growing popularity.
“The growing trend of AI deep fakes, utilizing celebrities’ likeness without consent for scams or promotions, highlights the urgent need for regulations to balance AI evolution and public safety. However, it’s complicated to manage AI’s creative potential while respecting individual rights.”
“ETH experienced a slight dip of 3.5% but overall displays a significant 39% gain since the start of the year. The 30-day moving average continues to ascend, suggesting a promising outlook. Newcomer altcoins like Meme Kombat (MK) also show promise, but investments should be researched thoroughly due to high risks.”
“The Ethereum ETFs’ approval by the U.S. Securities and Exchange Commission symbolizes a crucial regulatory progression, and, despite low initial trading volumes, it opens the door for crypto market expansion. However, investor preferences and wavering organizational confidence could influence the ETFs’ success trajectory.”
The debut of nine new Ethereum futures exchange-traded funds (ETFs) drew under $2 million in trades on their first day, questioning their viablility. Commentary suggests investors might lean towards spot ETF products over futures – a potential trend for future product innovations.
VanEck’s Ethereum Strategy Fund (EFUT), set to be listed on the Chicago Board Options Exchange, offers fully-standardized, cash-settled futures contracts. With approval from the Securities and Exchange Commission, these contracts provide exposure to futures without requiring direct exposure to the actual digital asset. This move illustrates the growing trend of crypto-based futures tailored for mainstream investors.
“Volatility Shares cancelled plans to launch an Ethereum futures ETF due to perceived lack of immediate opportunity. This recent move opens up the path for competitors but also highlights the crypto-world’s unpredictability and the adaptability of crypto-based firms.”