- Regulatory Developments: New Hampshire Senate stalls crypto mining deregulation, opting for further study. US Treasury Secretary praises Singapore’s digital asset adoption at APEC. Custodia loses appeal over Fed master account. Basel Committee reviews bank crypto-asset rules amid stablecoin surge.
- Market Trends & Analysis: Bitcoin ends October in the red, marking the first such occurrence in seven years. A VC expects a 70% drop in the next Bitcoin downturn. ‘Dino’ cryptos are expected to soak up institutional funds. Bitcoin white paper turns 17 amid market uncertainty.
- Stablecoins & Corporate Adoption: Citi and Western Union are leading Wall Street’s stablecoin efforts. Tether reports profits exceeding $10B in the first nine months and initiates a share buyback program.
- Altcoin Performance: Zcash hits an 8-year high, surpassing Monero as the top privacy coin. Analyst says Ethereum is the best ecosystem and Ether is poised to top $5,000. XRP price keeps losing ground despite upcoming Ripple Swell event.
- Exchange & Security Issues: MEXC apologizes to ‘White Whale’ trader over $3M freeze. Australian police crack coded wallet, seize $5.9M in crypto. T3 Financial Crime Unit freezes $300M in assets.
- Bitcoin Mining & Infrastructure: Canaan to supply Bitcoin mining rigs for Japan’s electric grid stability project.
Analysis:
- Regulatory Scrutiny & Institutional Interest: Increased regulatory scrutiny and potential policy shifts are evident, alongside growing institutional interest in more established altcoins and stablecoins.
- Market Volatility & Correction Expectations: Despite positive developments in some areas, the market faces potential volatility, with warnings of a significant Bitcoin price correction.
- Privacy & Security Concerns: The rise of Zcash and the cracking of a coded wallet highlight the growing importance of privacy and security within the crypto space.