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The Bitcoin price action in the past two weeks has reiterated its volatile nature despite the steady flow of institutional money. The cryptocurrency surged in the last days of September from $53,500 to a high of $66,000, only to pull back to $61,000 in the first few days of October, showing its unpredictable nature.

Interestingly, Bitcoin’s rally to reaching $66,000 has led to a change in the investing dynamics among holder cohorts. Furthermore, this change in dynamics reveals that its reversal and retest after the rally is not entirely bad news for Bitcoin’s price. In fact, this shift suggests that the pullback could be setting the stage for a more resilient long-term price outlook for Bitcoin.

Bitcoin’s Rejection At $66,000

Bitcoin’s recent break above $66,000 last week led to the creation of the first higher high since June. This notable Bitcoin development was noted by on-chain analytics platform Glassnode in a recent report. Bitcoin, which had initially created a higher low of $53,000 in September, eventually went on to break above the August high of $64,500. According to the report, the creation of this higher high led to a change in the profitability of short-term and long-term holder cohorts, with many more bitcoins moving into the long-term threshold. 

Particularly, the recent rally has seen many coins acquired in close proximity to the $73,780 all-time high now being held for over 155 days. This, in turn, has seen many of these coins, which are in losses, now moving to long-term holder status. Although only 6.54% of long-term holders are in losses, they account for 47.4% of all coins in losses. While this might not bode well at the moment for these long-term holders, Glassnode notes that this is actually common during re-accumulation phases, as seen in the 2013, 2019 and 2021 periods. History shows that these have often led to price rallies. 

On the other end, profitability has improved massively among short-term holders. Glassnode data shows that a significant number of coins that are still in the short-term cohort have a cost basis between $53,000 and $66,000. Interestingly, the last rally has pushed the profitability of short-term holder supply to over 62%. Notably, profit-taking volumes are now 14.17 times larger than for loss-taking. As such, the financial pressure on short-term holders has now been eased, and many of them now have incentives to keep holding. 

What Next For Bitcoin?

Despite Bitcoin’s recent reversal at $66,000, the cryptocurrency finds itself in a stronger and more profitable position for investors around the board compared to where it stood just a month ago. Furthermore, the rejection at $66,000 has given investors, especially long-term holders, another chance to load up on their holdings. 

At the time of writing, Bitcoin is trading at $61,200.  

Solana wasn’t spared the hammering of early October. As of October 4, there are pockets of strength, but the downtrend remains. While the focus is on price, on-chain data shows that Solana is leading and dominating other blockchains.

Over 378,000 Tokens Minted On Solana

For the better part of the year, the upsurge of meme coin activity, drawn mainly by the low on-chain fees and higher scalability, has seen Solana trading volume across top decentralized exchanges like Raydium soar.

Confirming this surge, on-chain data, which summarized all activities in September 2024, shows that over 378,000 tokens were minted on the third-largest smart contracts platform. A majority of these tokens were meme coins.

It is no surprise that Solana leads in the number of tokens generated. Since the boom of H2 2023, which lifted SOL from around $20 to over $240 early this year, developers have poured into the platform, taking advantage of its high scalability.

Unlike Ethereum, it offers low fees without comprising security. Although reliability can be a concern, especially during high-demand times, Solana has been resilient recently and has not faced an outage.

The deployment of Pump.fun can explain the surge in meme coin activity. Data from Dune reveals that over 15,300 tokens were launched via the meme coin launchpad in the past 24 hours alone. Only 256 tokens graduated and were listed on Raydium, a DEX.

Considering the pace at which tokens are launched, it is no surprise that over 378,000 tokens hit the market in September alone.

Dominance In 3 Core Metrics But Trails Ethereum And Polygon On Volume

Additionally, a CoinMarketCap report notes that the modern chain ranks as the most active network in three core metrics. According to the coin tracker, Solana boasts the highest number of buyers, transactions, and unique wallet addresses. Positive as this may be, a big portion of this can be attributed to bot activity.

Although the network leads in transactions, buyers, and unique wallets, it trails Ethereum and Polygon in trading volume during this period. Ethereum is by far the largest smart contracts platform by market cap, and even looking at DeFi activity, it is gaining traction.

Meanwhile, Polygon, which hosts Polymarket, the predictions market, is generating volume ahead of the hotly charged general elections in the United States.

Dogecoin is testing a crucial level after a 22% decline, bringing the price down to the $0.10 mark. This key area has become a turning point for the popular meme coin, potentially sparking a new rally or leading to further correction. 

Analysts and investors remain optimistic despite the recent dip, closely watching the price action for any signs of a breakout. Some experts have shared metrics supporting this bullish outlook, citing key whale activity as a positive indicator.

Notably, data from Santiment, shared by prominent crypto analyst Ali, highlights significant whale purchases during the latest Dogecoin dip. This accumulation by large holders is often seen as a bullish signal, suggesting confidence in a future price rebound. 

As Dogecoin hovers near this crucial support, the next few days will be pivotal for DOGE and the broader crypto market.

Big Players Buying Dogecoin 

Dogecoin’s sentiment has shifted dramatically in just a few days, going from extremely bullish to anxious and possibly even bearish. The price surged an impressive 33% since mid-September, driven by renewed interest and positive momentum.

However, since last week, Dogecoin has retraced to the same levels it was trading at before the rally, creating concern among analysts and investors.

Despite the downturn, there’s still hope for a bullish reversal, especially for those closely following on-chain metrics. Key data from Santiment indicates that large holders, or whales, are showing increased activity, a signal that has historically preceded market rebounds.

Crypto analyst Ali recently shared a chart on X revealing that Dogecoin whales purchased over 1 billion DOGE in the past 24 hours, totaling roughly $108.7 million. This significant accumulation during high volatility suggests that “smart money” is positioning for an upcoming price surge.

Typically, whale buying behavior like this happens before major rallies, as these large players tend to accumulate when the market is volatile and uncertain. If this trend continues, Dogecoin could see another upward movement soon. While the recent correction has raised some doubts, the whale activity offers a bullish outlook for those still betting on a Dogecoin rally to new highs.

DOGE Price Action 

Dogecoin (DOGE) is currently trading at $0.107, facing a 22% sell-off from last week’s highs of around $0.13. This decline has brought the price to a crucial point, as it tests the 4-hour 200 exponential moving average (EMA) at $0.108, which serves as a key resistance level. Importantly, DOGE is still holding above the 200 moving average (MA) at $0.105, providing some support for bulls.

For bullish momentum to regain control, Dogecoin must break above the 4-hour 200 EMA and reclaim the $0.12 mark, signaling a potential continuation of upward movement. Conversely, if the price fails to break through these resistance levels, a deeper correction may occur, with lower demand targets around $0.088 coming into play.

As the crypto market remains volatile, DOGE’s price action will be closely watched by traders and investors alike. The next few sessions will be crucial in determining whether Dogecoin can muster enough strength to break past these key levels or if it will continue to experience downward pressure.

Featured image from Dall-E, chart from TradingView

Billionaire investor and Shark Tank star, Mark Cuban recently declared that all meme coins are rug pulls in a podcast. However, this statement contradicts his well-known support and love for Dogecoin (DOGE), the first-ever meme coin and one of the most popular cryptocurrencies in the market. 

Mark Cuban: All Meme Coins Are “Rug Pulls”

In a podcast with Farokh Radio on October 3, Cuban stated that all meme-based cryptocurrencies are rug pulls, implying that these coins are scams designed to deceive investors. When asked about his view of meme coins in the market, Cuban explained that the appeal of these digital assets comes largely from their fun meme theme and strong community backing. 

Despite his public support for Dogecoin, Cuban compared trading meme coins to playing a game of roulette or musical chairs. He emphasized that the allure behind these coins lies in their unpredictability and volatility. He also pointed out that the value of most meme coins is heavily influenced by market trends and social sentiments, often surging as more people join in and declining as sentiment turns negative. 

The Shark Tank star also noted that there was no real reason for meme coins to remain sustainable in the crypto market. This statement could be attributed to meme coin’s general lack of real utility and intrinsic value, especially compared to household crypto names like Bitcoin, Ethereum, and Solana. 

Using the recently launched meme coin, MooDeng as an example, Cuban suggested that meme-based cryptocurrencies were a fun but risky investment that could potentially yield profits for lucky investors. He further noted that, no one was under the illusion that meme coins are sound investments, but their appeal lies in their playful meme-driven nature and propensity to surge dramatically. 

As he elaborated on his view of meme-based cryptocurrencies being potential rug pulls, Cuban admitted that he has often been tempted to invest in these volatile coins. He revealed that while he has considered trading several meme coins, he ultimately refrained from doing so due to their unpredictable and unstable nature. 

Is Dogecoin A Rug Pull?

Despite stating that all meme coins were rug pulls, Cuban has regularly shown strong support for Dogecoin, the leading doggy-themed meme coin. Earlier this year, the famous billionaire investor disclosed that the Dallas Mavericks, an American professional basketball team that he owns, still accepts Dogecoin as a payment method. 

Additionally, Cuban is known to speak favorably about Dogecoin, even stating in his recent podcast with Farokh Radio that he sees the utility and store of value characteristic in Dogecoin and other cryptocurrencies like Bitcoin and Ethereum. 

Cuban’s skepticism about the sustainability and legitimacy of meme coins is echoed in a recent report by BDC consulting which highlights the increasing number of dead meme coins. The report reveals that as of March 2024, there were over 2,000 meme coin projects, yet 89% of these coins had a market capitalization of zero to $1,000, while only 5% surpassed a market capitalization of $10 million. 

The report also notes that 40% of meme coin projects are frequently impacted by pump and dump schemes while 30% turn out to be rug pulls. However, based on Cuban’s recent statements in the podcast, 100% of meme coins are rug pulls, meaning even his beloved Dogecoin which is the number one meme coin, may fall into this category. 

Bitcoin is trading at a pivotal level following a 10% dip to $60,000, a key psychological support. After a brief sell-off, the price has recovered and is now holding strong, flirting with the potential to rise again and challenge new highs. Investors and analysts are growing optimistic, anticipating a sharp and fast rally in the coming weeks as smart money flows into the market, seizing the opportunity to accumulate BTC.

Key data from CryptoQuant supports this bullish outlook, revealing that demand for Bitcoin from US spot ETFs is on the rise. This surge in institutional interest suggests a positive trend that could drive BTC prices even higher throughout Q4 2024. If the demand continues at this pace, analysts predict an aggressive move to the upside, with Bitcoin potentially pushing toward new all-time highs.

As market conditions evolve, Bitcoin’s current price action will be a critical area to watch, particularly as smart money and institutional demand continue to fuel the narrative of a bullish cycle ahead. Investors are watching closely, with expectations of strong performance in the near future.

Bitcoin ETFs Buying Heavy

Bitcoin is raising concerns among investors who are hoping for a strong crypto bull run to start soon, yet the latest price correction has cast some doubt on the timing. Despite these worries, there is encouraging data to keep investors optimistic.

CryptoQuant shared a chart on X showing the daily change in total Bitcoin holdings by ETFs, which points to growing demand. According to the data, spot Bitcoin ETFs went from net selling 5,000 BTC on September 2 to buying 7,000 BTC by the end of the month, marking the highest level of accumulation since July 21.

Historically, these ETF inflows have been a reliable indicator of price momentum. In Q1 2024, spot ETFs were buying nearly 9,000 BTC daily, helping to push BTC to new highs. This renewed demand, if sustained, could be a key driver in pushing prices upward in Q4 2024.

The increasing appetite for Bitcoin from institutional investors adds weight to the argument that a crypto rally is on the horizon. Analysts suggest that as ETF demand grows, it will provide further support for Bitcoin prices, potentially triggering a breakout in the coming weeks. For investors watching closely, these developments could signal that the bull run many are waiting for is just around the corner.

BTC Testing Demand: A Turning Point

Bitcoin is currently trading at $61,838 after successfully breaking above the 4-hour 200 exponential moving average (EMA) at $61,661. This technical move signals potential bullish momentum, though the price is now in a brief consolidation phase as traders assess the next steps. The key focus remains on whether BTC can hold above this 4H 200 EMA level, which is crucial for sustaining upward pressure.

If Bitcoin continues to stay above this indicator, analysts expect a bullish rally to follow, with the next target likely around $66,000. Breaking past this point would reinforce the uptrend and could drive prices higher as market sentiment turns more positive.

However, if BTC fails to close above the 4H 200 EMA, a deeper correction may be on the horizon. In that scenario, traders should watch for a potential drop below $60,000, with a possible retest of lower demand zones around $57,500. These levels could provide key support but would also signal increased volatility and uncertainty in the short term.

Featured image from Dall-E, chart from TradingView

The Shiba Inu burn tracking website Shibburn recently revealed how many SHIB tokens were burned in September. The burn rate witnessed an impressive surge compared to the number of tokens burned the previous month.  

Shiba Inu Burn Rate Spikes In September

Shibburn revealed in an X post that almost 2.4 billion Shiba Inu tokens ($42,069) were burned in September with 131 transactions. This represents a 249% spike in the monthly burn rate, as 680 million SHIB tokens were burned in August. This is a positive development for the Shiba Inu ecosystem, considering the impact that the token burns could have on SHIB’s price in the long term. 

The spike in Shiba Inu’s monthly burn rate in September is believed to be thanks to the impressive run that the meme coin had last month. This boosted investors’ confidence in accumulating the meme coin throughout September. 

The accumulation trend by Shiba Inu whales ultimately led to more SHIB tokens being burned since some transaction fees are reserved for buybacks and burns. Interestingly, the SHIB ecosystem was able to manage this burn rate milestone despite Shibarium’s daily transactions remaining flat all through September. 

Meanwhile, it remains to be seen if the Shiba Inu burn rate in October could surpass the September feat. The burn rate this month hasn’t gotten off to a great start. Shibburn data shows that the burn rate has dropped by over 93% in the last seven days. The Shiba Inu burn rate has also stalled in the last 24 hours, with 572,837 SHIB tokens burned during this period, representing a 78% decline. 

The drop in SHIB’s burn rate is likely due to the current bearish sentiment in the broader crypto market. The ‘Uptober’ rally hasn’t gone as planned so far, so investors are wary about accumulating more tokens, including SHIB. However, a price recovery across the board could ultimately lead to a spike in Shiba Inu’s transactions and the burn rate. 

On-chain Metrics Also Paint A Bearish Picture

Shiba Inu’s on-chain metrics also paint a bearish outlook for the meme coin. Data from the market intelligence platform IntoTheBlock shows that there has been a decline in the number of Shiba Inu holders in the money. This is significant as a significant price drop for the meme coin could spark a wave of sell-offs, leading to more downward pressure. 

The concentration metric is also bearish, indicating that Shiba Inu whales are currently offloading their holdings rather than accumulating more tokens. SHIB’s net network growth has also remained stagnant, with the number of new daily addresses still within the same range. 

Amid these bearish on-chain metrics, it is worth mentioning that Shibarium recently achieved a notable feat: the network’s total value locked (TVL) surged past $7 million. 

At the time of writing, Shiba Inu is trading at around $0.000016, up over 1% in the last 24 hours, according to data from CoinMarketCap. 

Scams within the crypto landscape are evolving with dizzying complexity. Just recently, Ripple Chief Technology Officer, David Schwartz, showed how phishing attacks have also been carried out against unsuspecting Coinbase users–the largest cryptocurrency exchange. It is a biting reminder of the dangers lurking within the digital space, and even the most seasoned professionals can be fooled by audacious fraudsters.

Ripple CTO Reveals Latest Scam

Schwartz took to social media to disclose all the details of the scam message he received from where their sender claimed to be a Coinbase representative. The scammers misrepresented themselves as being from the asset shielding department and told him that an investigation was ongoing into his account.

It started with a phone call and an email with the case ID and representative name. In order to deceive, they give a false image of legality.

Yet another elaborate scam attempt today using both SMS and email. This is a scam. Do not fall for it. pic.twitter.com/Bb7EVDhIOb

— David “JoelKatz” Schwartz (@JoelKatz) October 4, 2024

However, it was from an unofficial domain. Now, that’s a definite signal for something fishy. Many victims tend to ignore this piece of information when things are at their most intense moment during the attack, despite the warning sign. The story of Schwartz typifies just how fraudsters use social engineering tactics for gaining trust and siphoning sensitive information from unsuspecting individuals.

A Growing Concern In Crypto

This incident is not an isolated occurrence. Additionally, Jacob Canfield, a distinguished crypto trader, recently disclosed his unfortunate encounter with a comparable fraud. He received a text message alerting him to modifications to his account’s two-factor authentication settings.

Subsequently, he received telephone calls from individuals who claimed to be Coinbase support personnel. They even went so far as to send him an email that appeared to be from Coinbase’s official address, which further complicated the situation. Canfield’s experience shows how these schemes can ensnare even the most vigilant users.

By declining to furnish verification codes when requested, he successfully circumvented the scam. Nevertheless, a significant number of individuals have not been as fortunate; reports suggest that up to 30 individuals have already lost substantial sums of money as a result of this particular fraud.

Top Targets

With 38% of all brand phishing assaults in Q1 2024, Microsoft was the brand most frequently targeted. With 11% more of the same kind of attacks, Google came next. Cybercriminals have been tricking users into divulging private information, such as login credentials, by sending emails that seem authentic.

These emails have posed problems for the consumers since they tend to sound like formal letters, and these are confusing for a consumer to determine between real and fake ones. According to a recent survey, malicious emails have surged by 341% in just this year alone.

One of the largest European retailers, Pepco Group, was attacked by phishing scammers worth approximately €15.5 million in February 2024. Fraudsters herein spoofed valid employee emails to mislead finance staff into remitting funds.

Featured image from Pexels, chart from TradingView

A recent Bloomberg report revealed that former President Donald Trump has made several new promises to the crypto community should he win the upcoming US presidential election. Among these promises is a controversial pledge to commute the sentence of Ross Ulbricht, the founder of the infamous Silk Road marketplace.

Trump’s Strategy To Win Crypto Votes

In 2011, Ross Ulbricht founded Silk Road, an online exchange facilitating the anonymous buying and selling of illegal goods and services using Bitcoin (BTC). During its two years of operation, Silk Road was linked to more than $200 million in illegal transactions, according to the US Department of Justice (DOJ).

In 2013, Ulbricht was arrested and subsequently convicted on multiple charges, including drug trafficking, conspiracy to commit computer hacking, and money laundering. He is currently serving a double life sentence without the possibility of parole, having already spent 12 years in federal prison. 

Prosecutors alleged that Ulbricht attempted to orchestrate five murders to protect his enterprise, although there is no evidence to suggest that any murders were carried out. His incarceration takes place in a federal facility in Tucson, Arizona, where he has unsuccessfully appealed his sentence twice.

For Trump, advocating for Ulbricht’s release presents an opportunity to connect with the crypto industry, which has rallied around Ulbricht as a symbol of the original principles of Bitcoin. 

Many in the cryptocurrency community, including some of Bitcoin’s early developers, have long championed Ulbricht’s cause, viewing his case as symbolic of the potential for Bitcoin to serve as a “censorship-resistant transactional system.”

Reflections From Prison Amid Trump’s Promises

According to Bloomberg, Trump’s statement promising to commute Ulbricht’s sentence reflects a broader strategy to appeal to crypto advocates and true believers in the movement. During a speech at the Libertarian Party convention in May, Trump declared, “If you vote for me on day one I will commute the sentence of Ross Ulbricht. He’s already served 11 years. We’re gonna get him home.”

Ulbricht has maintained communication with the outside world despite his imprisonment through letters and blog posts. He remains an advocate for Bitcoin, crediting the cryptocurrency community for its support of his cause. 

Ulbricht believes his initial intentions for Silk Road were rooted in providing privacy and freedom through Bitcoin, even as he acknowledges the illegal activities on the platform. In a blog post published in April, Ulbricht noted:

 Much more is being said about Bitcoin these days than when I was put in prison. I thought I was putting Bitcoin to good use and giving people privacy and freedom. When illegal drugs were listed, I thought that was OK too, because I believed drugs should be legalized.

In addition to the Ulbricht pledge, Trump has made other notable promises to the community, including creating a strategic Bitcoin reserve for the US and a commitment to fire Gary Gensler, the current Chair of the Securities and Exchange Commission (SEC). 

Interestingly, the former President is currently the “clear favorite” in the upcoming presidential election, which is less than two months away, according to CNN’s latest national poll update, with little over 68% odds of victory for Donald Trump over Vice President Kamala Harris. 

Featured image from DALL-E, chart from TradingView.com

The Bitcoinverse is currently buzzing with anticipation as HBO prepares to air its documentary, “Money Electric: The Bitcoin Mystery,” which claims to unveil the true identity of Bitcoin’s elusive creator, Satoshi Nakamoto. The feature is scheduled to premiere on Wednesday, October 8, 2024, at 2 am CET (Tuesday, 9 pm EST).

Directed by the Emmy-nominated Cullen Hoback, known for his investigative prowess in the critically acclaimed series “Q: Into the Storm,” the documentary aims to take viewers on a thrilling journey into the origins of Bitcoin. Hoback’s previous work successfully unmasked the architects behind the QAnon conspiracy theory, raising expectations that he might indeed have the investigative chops to tackle the enigma of Satoshi Nakamoto.

In a tantalizing teaser posted on X, Hoback wrote: “A few of you might have wondered why I disappeared. Well, I was tracking down someone else who disappeared. Curious who’s behind Bitcoin? #MoneyElectric: The Bitcoin Mystery drops next Tuesday. It’s going to be a rollercoaster.”

Who Will HBO Present As Bitcoin Inventor?

This statement has ignited speculation across social media platforms, with many wondering if Hoback has truly uncovered the identity of the person—or group—behind the pseudonym Satoshi Nakamoto. Despite the excitement, the BTC community remains largely skeptical.

Pierre, a well-respected crypto analyst, voiced his doubts via X: “An entire industry filled with turbo nerds couldn’t figure out who Satoshi is for the past 15 years, but yes I do believe that some journalists cracked the mystery.” Dennis Porter, CEO and Co-Founder of the Satoshi Act Fund, echoed similar sentiments: “HBO did not figure out the identity of Satoshi. Great looking trailer though.”

Max Keiser, a prominent Bitcoin advocate and early adopter, dismissed the documentary’s claims outright: “SPOILER ALERT. No, they don’t. This is a rehash of Bitcoin silliness circa 2016.”

The documentary also attracted comments from Peter McCormack, a podcaster and crypto expert, who underscored the ethical implications of unmasking Satoshi: “Satoshi gave the world a profound gift in Bitcoin, but deliberately chose to remain anonymous — a decision that must be respected. Efforts to unmask them are not just irresponsible but potentially dangerous.”

Notably, not all reactions have been negative. Samson Mow, CEO of JAN3 and a participant in the documentary alongside cypherpunk and early Bitcoin supporter Adam Back, highlighted the potential positive impact of the film: “HBO has ~100 million subscribers that now get a chance to learn about #itcoin. Regardless of what #MoneyElectric’s answer to the Satoshi ‘mystery’ is, having Bitcoin up there with Game of Thrones and Sopranos is a great orange pilling opportunity.”

The intrigue has led to a flurry of speculations about who the documentary might point to as Satoshi. Furkan Yildirim, a popular German crypto YouTuber, offered his own theory: “Wild claim: HBO thinks it knows who Satoshi Nakamoto is. […] Who or what do you think they are presenting? My crystal ball bullshit prediction: Something to do with China or Russia.”

However, Polymarket bettors think different. Their top-pick is Len Sassaman with 45% of all votes as of press time.

The mystery of Satoshi Nakamoto has been a subject of fascination since Bitcoin’s whitepaper was published in 2008. Among the most frequently speculated candidates are Hal Finney, a renowned cryptographer and the first person besides Satoshi to use BTC, computer scientist Nick Szabo and Hashcash inventor Adam Back. All of them have denied that they are Satoshi.

Notably, Finney already died on August 28, 2014 and can’t answer anymore. After new Satoshi emails emerged in the Craig Wright case, Adam Cochran, partner at CEHV, speculated in February this year: “I’ve always thought that Hal Finney was the main person behind Satoshi Nakamoto (supported by one or two other minor characters). And I think the new emails help back that up overwhelmingly.”

At press time, BTC traded at $61,550.

With the 2024 presidential election just around the corner, crypto has gained significant momentum as a key issue in the race to the White House, especially with candidates Vice President Kamala Harris and former President Donald Trump expressing support for the digital asset industry.

However, law experts assert that it is not the US President who will ultimately determine the future of digital assets in the United States, but Congress.

Focus On Congressional Action As The Key

A recent report by Dr Tonya Evans, a professor at Penn State Dickinson Law, highlights that Vice President Harris has moved away from President Biden’s previously antagonistic approach to cryptocurrencies, largely driven by the Securities and Exchange Commission (SEC) and other regulators.

As reported by Bitcoinist, Harris now emphasizes a pro-innovation narrative, suggesting that blockchain and digital assets are crucial components of her vision for an “Opportunity Economy” to empower middle-class families and small businesses.

On the other hand, Trump has made headlines by promising to transform the US into the “crypto capital of the planet” and pledging to remove SEC Chair Gary Gensler from his position on his first day in office. 

Despite these eye-catching promises, Evans believes that the President’s ability to enact meaningful change in the crypto landscape is limited.

Evans notes that the Congress, as the legislative branch of government, wields the real power to shape the regulatory framework governing digital assets. Under Article II of the Constitution, the President cannot unilaterally create laws or alter regulations. 

Instead, the President’s role is primarily to enforce the laws that Congress passes and oversee regulatory agencies like the SEC and the Commodity Futures Trading Commission (CFTC).

Evans further explains that Congress must take decisive legislative action for sustainable progress in the digital asset industry. Yet, she has noted that many observers and advocates for cryptocurrency often focus their attention on presidential races, neglecting Congress’s vital role in regulation.

Bipartisan Support For Crypto Grows In Congress

Despite what has been seen as a lack of congressional action in recent years, Evans is championing a notable advancement in the legislative landscape with the passage of the Financial Innovation and Technology for the 21st Century Act (FIT21), which incorporates Rep. Tom Emmer’s Securities Clarity Act. 

This law aims to provide much-needed clarity in the digital asset space by distinguishing between an asset and the securities contract to which it may be linked, which would be key in potential future cases such as one of the most notorious between blockchain payments company Ripple and the SEC.

In addition, support for crypto innovation is gaining traction in Congress. Figures like Rep. Maxine Waters (D-CA), once a critic of cryptocurrencies, now recognize the importance of engaging with emerging technologies. 

At a recent town hall event, pro-crypto lawmakers urged Harris to adopt a more favorable stance toward digital assets. At the same time, Senate Majority Leader Chuck Schumer (D-NY) expressed optimism about passing bipartisan legislation.

Moreover, the StandWithCrypto.com database indicates that over 50 Democratic lawmakers, including prominent figures like Rep. Ro Khanna (D-CA), is now supportive of pro-crypto legislation.

To ensure that the US remains a leader in crypto adoption, Evans suggests that Congress must prioritize policies that foster innovation rather than merely tinkering with existing regulations. 

Unlike the executive branch, the law professor said, Congress has the power to create tailored laws to meet the needs of the crypto industry. Evans concluded, “Now is the time to focus where the real power lies – on Congress.

Featured image from DALL-E, chart from TradingView.com

Blockchain security firm CertiK shared its Q3 reports, revealing that crypto hacks’ total value stolen increased by nearly 10% last quarter while phishing scams and private key compromises accounted for 91% of the total losses.

Crypto Hacks’ Value Rises In Q3

CertiK published its HACK3D Security Report for Q3 2024, revealing that crypto hacks continue to be a critical issue for the sector. The blockchain security firm underscored the “need for stronger security measures across the industry” as malicious actors continue to adapt and develop new methods to target the industry.

From July to September, hacks declined by 14%, reaching 155 incidents, 27 fewer than in the second quarter. This number has steadily declined throughout the year, with Q3’s total number of hacks representing a 30% drop from the first quarter’s 224 attacks.

However, the total value lost in Q3 increased by 9.5% from Q2, suggesting that the hacks were more substantial on average. During this quarter, the industry saw around $735 million lost to attacks.

Comparatively, CertiK identified $505.5 million and $687.4 million losses in the first two quarters, totaling nearly $2 billion in value lost year-to-date (YTD). The report noted that the return rate of stolen funds significantly decreased quarter on quarter (QOQ), going from 14.4% in Q2 to only 4.1% in Q3.

Ethereum remained the most targeted network, with $387.8 million stolen in 86 accidents. Bitcoin was the second-largest loser by amount, with $238 million, but registered on a single accident. Meanwhile, hackers took $89.83 million in attacks orchestrated across multiple chains.

$668 Million Lost To Phishing And PKC

Phishing scams and private key compromises accounted for $668 million stolen in Q3, around 91% of the total value lost last quarter. The report revealed that phishing is still the costliest in Q3, sweeping over $343 million between 65 incidents. Two out of the three largest attacks belonged in this category.

The most notable case was the theft of 4,100 Bitcoin from a crypto investor in Washington. The scheme used “sophisticated social engineering tactics” to defraud the victim and fund the scammers’ lavish lifestyle. However, the two suspects have been arrested and charged with conspiring to steal and money laundering.

Private key compromises (PKC) were last quarter’s second-largest scamming method, taking over $324.4 million across ten incidents. Indian crypto exchange WazirX’s heist is the largest victim of this vector in Q3.

The exchange fell victim to a security breach that resulted in losing $235 million in cryptocurrencies, including SHIB, ETH, MATIC, PEPE, and USDT. Since the beginning of 2024, CertiK has registered 49 PKC incidents, recording an estimated loss of $675 million YTD.

The Blockchain security firm concluded that, despite the progress, the industry remains vulnerable and suggested that better user education on security measures is key to fighting malicious actors:

Despite advancements in security, hacks remain a persistent threat in the crypto space. As the industry evolves, so do the tactics of attackers, who continue to exploit vulnerabilities in both centralized and decentralized platforms. While the decrease in the number of hacks this quarter is encouraging, the increase in total amount stolen serves as a reminder that better user education and more sophisticated security measures are essential to protect assets and maintain trust in the ecosystem.

Сегодня на арене политического Колизея Радио АВРОРА — очередной выпуск проекта «Пассионариум» Первый блок посвящён вопросам института семьи, проблемам образовательной, культурной и семейной политики....

Аналитики одного из крупнейших американских банков JPMorgan прогнозируют повышение спроса на первую криптовалюту. Четыре фактора способствуют усилению позиции биткоина у инвесторов, отметили эксперты.

После снижения процентной ставки в США крипторынок пошел в рост. Однако с началом октября все переменилось. Виной стали боевые действия на Ближнем Востоке и удар Ирана по Израилю.

Администрация компании Coinbase Global заявила, что неавторизованные стейблкоины и прочие подобные цифровые активы для клиентов из Европейской экономической зоны будут исключены из листинга до конца года.

Bitcoin is selling off when writing and approaching the psychological support at $60,000. From what’s printing out, clear in the daily chart, it represents a weak start for Q4 2024–a historically bullish quarter.

Bitcoin Miners Reducing Their Dumping

While BTC is under pressure, sliding nearly 10% from September highs, it is emerging that Bitcoin miners have been slowing down their liquidation activities. In a post on X, one analyst observes that over the past few weeks, top Bitcoin miners have been gradually reducing coin transfers to top centralized exchanges like Binance and Coinbase.

This development is a massive price boost after the April 20 Halving event. Usually, and looking at past trends, before and after Halving, miners tend to move their reserves to exchanges, selling them as they adjust to the new inflation regime.

After Halving, the protocol automatically reduces block rewards by 50%. The 50% drop also means miners have to adapt to the equal drop in revenue, more so if transaction fees associated with each block don’t change significantly.

After prices rallied to nearly $74,000 in March, market traders expected Bitcoin to resume the uptrend immediately after Halving. However, because of the thousands of BTC sold by “weak” miners post-Halving, prices edged lower even with net inflows in some instances from spot Bitcoin ETF issuers in the United States.

Will BTC Bounce Higher In Q4 2024?

Reducing selling pressure from miners would, therefore, likely support prices. Their decision to slow down their BTC liquidation signals that they expect prices to recover in the coming months. For the uptrend to be sustained, traders are keeping track of fundamental factors.

That historically bullish Q4 2024, especially in October and November, could support optimistic bulls. The problem now is that the losses of the past three days mean this is the worst start for Bitcoin in October in at least a decade.

In the short term, the sell-off, the analyst says, could be contained if short-term holders (STHs) reduce their supply by 80,000BTC. STHs are entities that bought the coin within the last 155 days.

They are often considered speculators and present a risk to the BTC uptrend since they tend to sell and can’t withstand sharp price fluctuations. If they reduce their supply, BTC may find support at $60,000. Otherwise, should bears press on, the coin may sink below $57,000–a support line formed in the daily chart.

Аналитики платформы CryptoQuant заявили о формировании символа «золотой крест» на графиках спроса американской криптобиржи Coinbase. По мнению экспертов, знак на графике указывает, каким будет курс первой криптовалюты в краткосрочной перспективе.

A recent survey conducted by blockchain software technology company ConsenSys, reveals the importance of pro-crypto voters in shaping the regulatory landscape as the 2024 US presidential election approaches. 

Amid ongoing regulatory scrutiny from the US Securities and Exchange Commission (SEC), the survey reveals critical insights into voter sentiment and preferences between former President Donald Trump and current Vice President Kamala Harris.

Crypto Owners’ Intent To Shape Election Outcomes

According to the survey, 92% of crypto owners intend to vote in the upcoming election, showcasing the significant influence that digital asset voters can exert on policy decisions after the elections take place in less than two months.

Joe Lubin, CEO and Founder of ConsenSys and Co-Founder of Ethereum, emphasized the necessity for regulatory clarity in the crypto sector, stating, “There’s a myth that the crypto sector doesn’t want regulation, but that’s simply not true.”

The survey, which polled 1,664 registered voters nationally and additional respondents in key states like Pennsylvania, Michigan, Wisconsin, and Texas, revealed several noteworthy trends.

Approximately 19% of US voters currently own digital assets, with Bitcoin (BTC) being the most favored token among respondents. Moreover, one in three voters indicates a willingness to invest in cryptocurrency within the next year.

Notably, the survey found that 40% of voters are open to crossing party lines if a candidate advocates for pro-crypto policies, presenting an opportunity for both the former President Trump and Vice President Harris to appeal to the emerging electorate. 

However, one of the most important aspects of the survey shows that 56% of respondents are enthusiastic about Trump’s support for the digital asset sector, with a significant 54% believing that Kamala Harris needs to clarify her stance on the issue. 

This is despite Harris’ recent comments promising to promote the growth of technology sectors, including artificial intelligence (AI) and digital assets, if elected president, leading voters to align towards the former President’s proposals.

A substantial 40% of voters feel the US government is not doing enough to support the industry’s growth. Respondents identified several areas for improvement, including enhancing consumer protections, providing clearer regulatory information, simplifying user experiences with web3 applications, and improving transparency within the industry. 

Both Parties Urged To Address Voter Concerns

As the 2024 election draws nearer, the survey notes that the emerging crypto electorate represents a “powerful and engaged” group of voters advocating for the growth and protection of digital assets. 

Dritan Nesho, Founder and CEO of HarrisX, noted the growing presence of crypto-motivated voters, stating, “In each state we polled, there are today more crypto-motivated voters than the last presidential election’s margin of victory.”

This suggests that both parties have a compelling incentive to address the concerns of crypto voters, particularly as nearly half of respondents believe a candidate’s pro-digital asset stance is crucial for earning their vote.

Featured image from DALL-E, chart from TradingView.com

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