Bithumb, one of South Korea’s leading crypto exchanges, has announced plans for an initial public offering on the Nasdaq stock exchange, aiming for a listing in the second half of 2025. The announcement was made during a shareholders’ meeting, where Bithumb confirmed it is actively pursuing this IPO with Samsung Securities as its lead underwriter.
In a strategic move to enhance its IPO prospects, Bithumb has implemented a 60:40 corporate share split, allowing the exchange to concentrate on its core business while spinning off non-essential activities, such as investment and real estate leasing. This newly formed entity is set to be named Bithumb Korea or Bithumb Investment.
This isn’t Bithumb’s first attempt at going public; the exchange previously sought a Kosdaq listing in 2020 but abandoned the effort due to regulatory uncertainties. With South Korea‘s crypto regulations remaining tight, the firm hopes to find a more favourable environment in the US, following in the footsteps of Coinbase, which is already listed on Nasdaq.
Despite facing challenges, including an operating loss of $11 million in the last fiscal year and a steep decline in revenue, Bithumb remains optimistic about its future growth and is gearing up for this significant transition to the public market.
Toncoin continues to face significant challenges, with its price down more than 30% from its year-to-date high, trading at $5.81 as of 30th September. Despite strong on-chain activity, including a surge in activated wallets and an increase in the number of burned Toncoins, its role in the decentralised finance space is fading. The total value locked in Toncoin’s network has plunged from $765 million in July to $427 million, causing the token to slip in DeFi rankings.
Contributing to this decline is the arrest of Telegram founder Pavel Durov in France and the poor performance of newly launched tap-to-earn tokens, which have seen steep drops in value. Alongside these setbacks, Toncoin’s futures open interest has also declined, indicating weaker demand. Technically, Toncoin is approaching a critical point where the 50-day and 200-day moving averages may form a death cross, which could trigger further price declines if it fails to break above these levels.
Unless Toncoin can regain momentum, a bearish breakout to the $4.45 support level appears likely. The last time this pattern formed, Toncoin experienced a significant drop, and its future remains uncertain unless it can overcome its current technical and market challenges.
Jesse Pollak, the mastermind behind Ethereum’s Layer 2 blockchain Base, has taken a significant step in his career by joining the Coinbase executive team. In addition to leading the Base project, Pollak will now also oversee Coinbase Wallet, a key component in the company’s mission to enhance blockchain accessibility for a broader audience.
In a recent announcement on X (formerly Twitter), Pollak expressed his enthusiasm for his dual role, stating that both Base and Coinbase Wallet aim to simplify the process of connecting people to the expanding decentralised economy. He emphasised that this collaboration will strengthen efforts to onboard users onto the blockchain and enhance the overall experience.
Despite his expanded responsibilities, Pollak reassured the community that Base will maintain its core principles of decentralisation and openness. He underscored that both Base and Coinbase Wallet share the vision of being inclusive and accessible to everyone, fostering a collaborative environment between the two teams.
Coinbase is also enhancing its services with the recent launch of ‘Coinbase Wrapped Bitcoin’ (cbBTC), a new ERC-20 token that is backed 1:1 by Bitcoin. The initiative aims to improve the utility of Bitcoin within decentralised finance, allowing users to leverage their Bitcoin across various dApps on Ethereum and the Base network.
Shigeru Ishiba, who is set to become Japan’s Prime Minister next week, has announced his commitment to pro-blockchain and NFT policies. As the newly elected head of the ruling Liberal Democratic Party (LDP), Ishiba plans to appoint Masaaki Taira, the current head of the LDP’s web3 taskforce, as the new Minister of Digital Affairs. This strategic move aims to leverage blockchain technology to enhance regional economies by adding value to local products, particularly in the realms of food and tourism.
In his policy document, Ishiba emphasised the potential of NFTs and blockchain to restore local products’ value to global prices, aligning with calls from crypto industry groups to bolster rural economies. Taira has also expressed intentions to improve the global appeal of Japanese intellectual property through NFTs and highlighted the need to reform Japan’s tax system to support crypto startups. He noted that the current system is outdated and hinders the proper auditing of less prominent tokens.
As Ishiba prepares for a general election on 27th October, he aims to address digital divides across regions and promote internet resource development to maximise the potential of rural areas. With the LDP’s long-standing influence in Japanese politics, many anticipate that these policies will pave the way for a more digital-savvy nation.
Changpeng Zhao, founder of Binance, was released from a correctional facility in California on Friday. Zhao had been sentenced to four months earlier this year after admitting to money laundering violations at Binance, the world’s largest cryptocurrency exchange.
Prosecutors accused Binance of enabling criminal activity by failing to report over 100,000 suspicious transactions, including those linked to terrorist groups such as Hamas, al-Qaeda, and ISIS. The platform was also said to have facilitated the sale of child sexual abuse materials and received funds from ransomware activities.
In a settlement with US authorities, Binance agreed to pay a $4.32 billion penalty, while Zhao was personally fined $100 million. It includes a $50 million fine to the Commodity Futures Trading Commission, alongside the criminal penalties.
Bitcoin exchange-traded funds (ETFs) saw a huge influx of liquidity this week, with inflows surpassing $1 billion for the first time since July. The cumulative net inflows across the 12 ETFs have reached a record $18.8 billion. ARK 21Shares and Fidelity led the charge, bringing in the highest figures.
Bitcoin’s price surged past the $65,000 resistance level, sparking a wave of buying driven by fear of missing out (FOMO). Analysts are predicting a significant rally in the final quarter, with some suggesting Bitcoin could push beyond $70,000 and potentially reach new all-time highs sooner than anticipated.
A sharp rise in stablecoin minting and global liquidity injections bolsters market optimism. Some analysts even forecast that Bitcoin could hit $124,000 by the end of 2024, as investor interest continues to climb.
The Department of Government Efficiency (DOGE) token has soared in value, rising over 33,000% in September before settling at around $0.02309. The surge followed a playful remark from Elon Musk after a conversation with Donald Trump, who proposed creating a new government efficiency department.
Trump has pledged to appoint Musk as head of this department if re-elected in November. Polls currently show Trump and Kamala Harris in a close race, with Harris holding a slight edge in key swing states. Meanwhile, the DOGE token, often confused with Dogecoin, has seen its popularity grow, with the number of holders climbing to 5,916 and 24-hour trading volume surpassing $10 million.
Meme coins, including politically themed tokens, are enjoying a resurgence. Analysts are predicting a new supercycle, reminiscent of the 2020 crypto bull run, as tokens like MAGA and ConstitutionDAO continue to attract attention.
Cutoshi, a new meme coin, has gained significant attention during its presale phase. Its unique DeFi integration and focus on decentralised finance principles have attracted interest from large investors, or ‘whales,’ who are shifting focus from established tokens like Ethereum and Bonk. With features such as a multi-chain decentralised exchange and a deflationary buyback mechanism, Cutoshi has positioned itself as a potential top performer in the meme coin space.
Currently selling for $0.015, Cutoshi is set to rise to $0.022 in the presale, offering early investors a 46.66% return. While Ethereum has seen outflows from its ETF market and Bonk has struggled to regain momentum, Cutoshi’s utility-driven platform stands out. Inspired by the Chinese Lucky Cat, it aims to boost DeFi participation globally, offering users the ability to earn rewards through its platform.
As Bonk continues to consolidate, Cutoshi’s growing utility and investor interest suggest it may outpace its rivals in the long run. Although Bonk showed a recent weekly price increase of 15%, Cutoshi’s strong start indicates it could surpass Bonk next year.
Former Chinese finance minister Lou Jiwei has raised concerns about cryptocurrency’s potential to destabilise the global financial system during a speech at the 2024 Tsinghua Wudaokou Chief Economists Forum in Beijing. Lou pointed out the risks associated with the volatility of crypto assets, particularly their role in money laundering and threats to anti-terrorism financing efforts. His comments come as cryptocurrencies continue to attract attention for their potential to impact financial stability.
Lou highlighted the US’s recent policy shift towards crypto, particularly the approval of spot Bitcoin exchange-traded funds (ETFs) by the US Securities and Exchange Commission (SEC). He urged Chinese policymakers to take note of these global developments and adapt strategies accordingly, stressing that understanding international trends is key to China’s digital economic progress.
Despite China’s 2021 ban on Bitcoin mining and trading, Lou noted that the country still dominates the Bitcoin mining space, controlling over 55% of the global BTC network. However, this stronghold is starting to wane, with US-based mining pools now managing about 40% of global Bitcoin mining operations.
TRON DAO recently took centre stage as the title sponsor at TOKEN2049 Singapore, the largest Web3 conference globally, held at Marina Bay Sands. During the event, Community Spokesperson Dave Uhryniak delivered an enlightening keynote about TRON’s commitment to enhancing blockchain security. He announced the establishment of the T3 Financial Crime Unit (T3 FCU) in collaboration with Tether and TRM Labs, aimed at combating illicit activities involving USDT on the TRON blockchain.
The conference brought together prominent figures from the crypto industry, fostering discussions on innovation and growth in the digital asset space. TRON founder Justin Sun delivered opening remarks at multiple events, including an afterparty co-hosted with HTX DAO, which featured live music, complimentary refreshments, and a lively atmosphere for attendees to network and celebrate.
In addition, TRON DAO supported Google Cloud’s event titled ‘AI and Web3: Building a Trusted Digital Future,’ where Sun discussed the transformative potential of merging AI and blockchain technologies. The DAO also participated in Crypto Fight Night, highlighting the resilience of builders in the TRON ecosystem through a unique boxing tournament that integrates cryptocurrency.
TRON DAO’s involvement in TOKEN2049 emphasises its dedication to community empowerment and innovation, positioning the organisation as a leader in the evolving blockchain landscape.
