This week, Bitcoin experienced a significant surge, reaching a peak of $73,500 during
“Uptober,” although it has since dipped slightly below $70,000. Despite this, the cryptocurrency has seen a 3.33% increase over the past week.
Meanwhile, Non-fungible tokens (NFTs) ended a seven-month decline, with an 18% rise in trading volume this October. After hitting a low in September, NFT activity is picking up, with October marking an 11% gain for Bitcoin.
As the U.S. approaches Election Day, Donald Trump has urged his followers to support his campaign, promising to promote Bitcoin production in the U.S.
Follow along for more insights and key developments in the crypto world!
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TOP CRYPTO NEWS RECAP (October 27 - November 02, 2024)
- Tornado Cash Co-Founder’s Trial Delayed Until April 2025
- 21Shares Joins Race for Spot XRP ETF Approval
- Paxos and DBS Bank Launch Singapore-Compliant USDG Stablecoin
- MicroStrategy Plans $42 Billion Bitcoin Acquisition in Ambitious "21/21" Initiative
- BlackRock Bitcoin ETF Surpasses $30B, US ETFs Near 1M BTC Milestone
- Kraken Announces Leadership Changes and Potential Layoffs
Tornado Cash Co-Founder’s Trial Delayed Until April 2025
Roman Storm, co-founder of Tornado Cash, will face trial in April 2025 for money laundering and sanctions violations. In a recent court hearing, Judge Katherine Polk Failla granted Storm an additional four months to prepare. Storm and fellow co-founder Roman Semenov were charged in 2023 with accusations, including operating an unlicensed money-transmitting business. This follows Tornado Cash's 2022 designation by the US Treasury as a risk for laundering cybercrime-related funds. Storm is free on a $2-million bond, while Semenov remains on the FBI’s most-wanted list.
21Shares Joins Race for Spot XRP ETF Approval
Asset manager 21Shares has filed with the U.S. SEC to launch a spot XRP ETF, joining Canary Capital and Bitwise in seeking approval. The proposed Core XRP Trust, submitted on Nov. 1, would be listed on the Cboe BZX Exchange, offering investors indirect exposure to XRP. Coinbase Custody Trust Company would serve as the custodian. While the SEC recently approved Bitcoin and Ether ETFs, it has yet to respond to spot XRP applications due to its ongoing legal case with Ripple Labs regarding XRP’s regulatory status.
Paxos and DBS Bank Launch Singapore-Compliant USDG Stablecoin
Paxos has introduced the Global Dollar (USDG), a US dollar-backed stablecoin compliant with Singapore’s Monetary Authority of Singapore (MAS) framework. Partnering with DBS Bank, Paxos ensures that USDG’s reserves are held in U.S. dollar deposits and short-duration government securities. Launched on Oct. 31, USDG aims to drive stablecoin adoption, catering to crypto ecosystems and regulated institutions. Initially available on Ethereum, USDG may expand to other blockchains. Paxos’ digital offerings include PayPal USD (PYUSD) and Pax Dollar (USDP).
MicroStrategy Plans $42 Billion Bitcoin Acquisition in Ambitious "21/21" Initiative
MicroStrategy, led by Michael Saylor, has unveiled a "21/21 plan" to raise $42 billion over three years for Bitcoin acquisitions. Announced on Oct. 30, the plan divides the funding into $21 billion from equity and $21 billion from fixed-income securities. This could secure approximately 578,586 BTC at current prices, or 2.7% of Bitcoin’s total supply. MicroStrategy aims to boost returns with a projected BTC yield of 6-10% between 2025 and 2027, enhancing its reputation as a prominent Bitcoin Treasury Company.
BlackRock Bitcoin ETF Surpasses $30B, US ETFs Near 1M BTC Milestone
BlackRock’s spot Bitcoin ETF has surpassed $30 billion in holdings, driven by surging demand for Bitcoin. Launched in January, the ETF now holds over 417,000 BTC. Bitcoin ETFs in the U.S. hold nearly 1 million BTC, with expectations to reach that milestone soon, making them among the world’s largest Bitcoin holders. This rapid growth may push Bitcoin prices to new highs, with some analysts forecasting a potential rise to $80,000 by year’s end, especially amid strong ETF inflows and favorable market conditions.
Kraken Announces Leadership Changes and Potential Layoffs
Kraken has appointed Arjun Sethi as co-CEO alongside David Ripley, signaling a significant managerial shakeup. The exchange aims to streamline its organizational structure, acknowledging past issues with layers of management and siloed profits. A report suggests that 15% of its workforce may be laid off, following a previous reduction of 30% in November 2022. This announcement coincides with a challenging week for the crypto industry, as other firms like Consensys and dYdX also announced substantial layoffs.
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