Bitcoin has retested the $65,000 resistance level, driven by continued accumulation from whales and sharks. The cryptocurrency has surged by over 21% this month, signalling a technical bull market. MicroStrategy, the largest corporate Bitcoin holder, has played a pivotal role in this push, purchasing an additional $458 million worth of Bitcoin and bringing its total holdings to 252,220. Institutional investors have also been active, with over $600 million inflows into Bitcoin funds this month.
Several factors are behind these gains, including falling interest rates, increased global money supply, and stimulus measures like China’s plan to inject $142 billion into its economy. Investors increasingly turn to Bitcoin as a hedge against rising US public debt, which has now surpassed $35.4 trillion. Technical indicators, such as the formation of an inverse head and shoulders pattern and a rising RSI, point to strong momentum building.
Despite this positive outlook, Bitcoin’s next key test lies in overcoming a critical descending trendline that has persisted since March. A clear breakout above this line must confirm a sustained bullish rally.
Visa has launched a new platform to help banks test tokenized assets and smart contracts, marking a significant step in its growing involvement in the digital asset sector. The payment giant’s tokenised asset sandbox has already been trialled by Spain’s Banco Bilbao Vizcaya Argentaria, to guide banks in navigating the evolving financial landscape. Visa’s initiative is part of a broader push to integrate fiat-backed tokens into the blockchain, offering regulated solutions for banks to issue their tokens and engage in on-chain capital markets.
Cuy Sheffield, Visa’s Head of Crypto, highlighted the growing opportunity for banks as real-world assets become tokenised on blockchains. He stressed that a regulated approach is essential, ensuring customers can access these digital markets safely. Visa’s move aligns with trends in traditional finance, where firms like BlackRock see immense potential in tokenising financial assets, a development that could revolutionise the industry. Central Banks are also exploring how tokenisation can modernise finance, with Visa playing a key role in advancing this transition.
Stablecoins are expected to lead the push for institutional adoption of cryptocurrency across Asia, according to Michael Gronager, CEO of Chainalysis. Speaking at the Token2049 conference in Singapore, he highlighted how stablecoins, whose value is tied to assets like the US dollar, are becoming a fundamental part of crypto trading. These digital assets account for two-thirds of blockchain transactions and are seen as a stable medium for both trading and storing value.
Despite Asia’s rapid uptake of crypto, with five countries in the top ten of Chainalysis’ Global Adoption Index, the US remains the most influential market. Gronager explained that much of the global trading volume originates from the US, and the industry continues to watch US regulators closely for signals on crypto policy.
Looking ahead to the upcoming US elections, Gronager believes the result will not significantly impact the crypto landscape, whether Donald Trump or Kamala Harris wins. Instead, he predicts that moving beyond the election will bring stability to the sector.
Worldpay, the global payment giant, is set to enter the blockchain space by verifying transactions, aiming to enhance its understanding of how funds flow through digital ledgers. According to a Bloomberg report from 26th September, the payment provider is in discussions with various blockchains to become a validator—an entity responsible for monitoring and confirming transactions on digital networks. Sanchit Mall, Worldpay’s web3 and crypto lead for the Asia-Pacific region, emphasised the company’s desire to be involved at the foundational level of blockchain ecosystems.
In 2024, Worldpay has already processed stablecoin transactions worth $1.3 billion, a notable increase from less than $1 billion in 2023. However, this still represents a small fraction of the total $2.3 trillion in annual transactions handled by Worldpay. As a validator, the company will need to stake a portion of the blockchain’s cryptocurrency, earning fees for its transaction verification efforts.
Worldpay’s move into blockchain validation marks a significant step, joining a competitive field that includes well-known validators like Coinbase and Galaxy Digital. Previously, the company has engaged in crypto-related initiatives, such as partnering with web3 payment provider Wert to improve access for cardholders and participating in trials for Fireblocks’ cryptocurrency custody solutions.
BNY Mellon, one of the largest US banks, is moving closer to offering custody services for Bitcoin and Ether exchange-traded fund (ETF) clients. This follows a decision by the US Securities and Exchange Commission (SEC) to ease requirements surrounding Staff Accounting Bulletin (SAB) 121, which had imposed strict guidelines for companies holding client Bitcoin.
SAB 121, introduced in 2022, required firms to list Bitcoin assets as liabilities, causing frustration in the industry. However, after reviewing the matter, the SEC’s Office of the Chief Accountant determined that BNY Mellon did not need to comply with SAB 121, allowing the bank to advance its crypto services.
Despite this progress, BNY Mellon still needs additional regulatory approval to offer these services at scale. The bank has stated that it continues to work with its banking regulators to fully roll out its custody offerings for crypto ETFs.
Julian Assange, the former Wikileaks editor-in-chief, has secured a plea deal, with his sentence commuted to time served. He is now set to travel to Saipan before returning to Australia. Despite his release, the financial burden remains, with his fiancée, Stella Assange, disclosing that the cost of his journey to freedom is estimated at $520,000. The family is urgently appealing for funds to cover travel and recovery expenses.
To help raise these funds, a BTCPay Server has been set up, enabling donations through Bitcoin or the Lightning Network. Assange’s brother, Gabriel, confirmed the platform, allowing secure, decentralised contributions. Julian’s connection to Bitcoin is long-standing, having been part of the cryptocurrency’s history, including discussions with its creator, Satoshi Nakamoto, regarding its use for Wikileaks when PayPal froze their accounts.
As Assange embarks on the next chapter of his life, the Bitcoin community continues to rally behind him, with a recent donation of 8 Bitcoins (around $500,000) further showcasing the role of cryptocurrency in supporting his cause.
Truflation, a blockchain-based inflation data platform, has confirmed falling victim to a malware attack. The project reported detecting abnormal activity on 25 September, which led to an estimated loss of up to $5.2 million. Blockchain analysts have tracked the losses from Truflation’s treasury and personal wallets on Ethereum, with additional losses spread across seven other blockchains.
The team is now working with law enforcement and industry partners to resolve the issue. They have also reached out to the hacker, seeking negotiation, while offering rewards to white-hat hackers who can assist. Despite the breach, Truflation has reassured its customers that their funds and staking operations remain secure.
Truflation’s token, TRUF, fell by 15.6% following the incident, though it has since partly recovered. Truflation provides real-time economic data and recently launched a marketplace that tracks commodity indexes such as sugar, petroleum, and wheat.
The United States Securities and Exchange Commission (SEC) has delayed its decision on approving options trading for spot Ethereum ETFs. The regulator stated the need for more time to assess the proposed rule changes for Nasdaq ISE LLC and NYSE American LLC to list Ethereum ETF options. BlackRock, Bitwise, and Grayscale are among those awaiting approval for their respective Ethereum funds, with a new decision deadline set for November 2024.
The SEC’s cautious approach towards crypto-related Exchange-Traded Products (ETPs) is clear, as it has extended the review process for Ethereum ETFs. This move comes as interest in Ethereum ETFs has declined, with significant outflows exceeding $620 million in recent weeks. By contrast, Bitcoin ETFs have enjoyed strong inflows, with over $17 billion invested since their launch.
Meanwhile, the SEC recently approved options trading for BlackRock’s Bitcoin ETF after a lengthy review process. This approval, along with BlackRock’s updates on Bitcoin ETF withdrawals, underscores the ongoing regulatory scrutiny in the crypto sector, as the SEC addresses concerns over market manipulation and protection for investors.
PayPal is enhancing its cryptocurrency offerings to include business account holders, enabling them to use digital assets in everyday transactions. The new service, however, will not be available for businesses in New York at the launch. Since 2020, PayPal and its subsidiary Venmo have allowed consumers to buy, sell, and hold cryptocurrencies like Bitcoin and Ethereum. Now, with the demand from merchants for similar access, PayPal is facilitating transfers of cryptocurrencies to external wallets, allowing businesses to send and receive digital tokens on blockchain networks.
This significant development means that US merchants can now handle digital currencies much like traditional money, with PayPal acting as a bridge between conventional finance and the expanding world of cryptocurrency. In August 2023, PayPal took a further step by launching its stablecoin, PayPal USD, which debuted on the Ethereum blockchain. Backed by US dollar deposits and short-term Treasuries, PayPal USD has already seen substantial usage, particularly after its expansion to the Solana blockchain.
Since May, the weekly transaction volume of PayPal USD has surged to over $500 million, compared to $150 million previously. Currently, the total supply of PayPal USD across Solana and Ethereum has reached $534 million, with a distribution of 74% on Ethereum and 25% on Solana. With these advancements, PayPal is poised to significantly influence how businesses integrate cryptocurrency into their operations.
Binance has unveiled a pre-market trading service, allowing users to trade new tokens before they officially list on the spot market. The pre-market option will include select tokens from Binance’s Launchpool, where participants can farm new coins by locking BNB and First Digital USD.
The new feature allows users to trade tokens early, meeting user demand and extending the lifecycle of token projects on Binance. Vishal Sacheendran, head of regional markets at Binance, emphasised that this launch aims to enhance the platform’s ecosystem by offering more utility to its global user base.
The service will come with standard spot trading fees and will conclude four hours before the tokens are officially listed. While available in most regions where Binance operates, some jurisdictions may face restrictions due to regulatory requirements.
