Bitcoin Price: US$ 68,748.59 (-0.84%)
Ethereum Price: US$ 2,457.73 (-1.46%)
Binance co-founder Yi He refuted claims that the exchange requires 15% of project tokens for listings, reiterating Binance’s transparent donation-based fee model where fees are donated to charity. However, centralised exchanges like Binance experienced a sharp drop in trading volume in September due to geopolitical tensions, U.S. election concerns, and a shift toward decentralised alternatives. Bitcoin analyst Titan of Crypto predicts a potential local bottom around $66,200, as recent market volatility has caused $200 million in long liquidations, prompting analysts to focus on a critical “bounce zone” during election week. Moreover, November is set to see the release of $2.68 billion in locked crypto tokens, which could further pressure the markets, with significant token unlocks from Memecoin, Aptos, Avalanche, Optimism, and Arbitrum likely to impact their prices due to high volumes entering circulation.
CryptoQuant founder Ki Young Ju stated that despite the growing supply of stablecoins, the current volume isn’t sufficient to boost Bitcoin prices, as a disproportionate amount of Bitcoin remains on exchanges compared to stablecoins. He emphasised that stablecoins are increasingly being used as a store of value rather than for trading, particularly in regions with high inflation, and highlighted the importance of liquidity from ETFs and US dollar flows from Coinbase for future market stability. In a separate development, Ethereum Foundation researcher Justin Drake resigned from the Eigen Foundation amid controversy over potential conflicts of interest related to his advisory role, committing to focus solely on the development of Ethereum’s layer-1 network. Meanwhile, WonderFi CEO Dean Skurka projected that upcoming interest rate cuts in Canada and the U.S., along with the 2024 U.S. Presidential election, could positively impact Bitcoin’s price regardless of political outcomes, while also noting strong institutional interest indicated by significant ETF inflows.
In October, NFT sales experienced an 18% surge, breaking a seven-month downward trend with a total monthly volume of $356 million and a notable increase in transactions to 7.2 million. Solana-based NFTs accounted for a significant portion of this volume, nearing an all-time total of $6 billion, while collections like DMarket and Guild of Guardians Heroes led the sales. Meanwhile, UBS launched a tokenised money market fund on the Ethereum blockchain, reflecting growing investor interest in tokenised assets that could positively influence Ether’s price. This aligns with a broader trend of financial institutions exploring blockchain following similar initiatives by firms like Franklin Templeton and BlackRock, indicating a significant shift toward mainstream acceptance of tokenised financial products. In another development, Huawei announced the integration of the digital yuan into its HarmonyOS NEXT, enhancing accessibility for up to one billion users and streamlining payments and wallet management. This move supports the People’s Bank of China’s efforts to enhance security and monitoring capabilities while the digital yuan continues to gain traction in various events and services, including recent acceptance by the International Air Transport Association.
Source: https://cointelegraph.com
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