Market Overview (Oct2 – Oct8): Bitcoin’s Hash Rate Reaches New Record High and Prediction Market Crypto Next Time

Key points

• Coinbase obtains a license in Singapore, Grayscale, and NYSE file for an Ethereum ETF, the upcoming launch of Devnet-10, hacking incidents and security concerns, China’s influence on the crypto market, and more.
• In Macroeconomic news, there was a significant surge in employment, an impact on the U.S. Dollar Index and cryptocurrency market, and major economic events for the week.
• Prediction Market Crypto: Bitcoin’s hash rate at all-time highs, expected price increase, an overview of projects gaining momentum, and cooling down phenomena like the Metaverse, GameFi, and NFTs.

Dive into the newest crypto news and advancements in the industry. Maintain up-to-date knowledge of essential exchanges, market highlights, and the Prediction Market Crypto.

Last week’s highlights big news

Coinbase has announced that it has obtained a Major Payment Institution (MPI) license from the Monetary Authority of Singapore. This significant milestone allows Coinbase to develop and launch tailored products for Singapore. Additionally, they plan to implement training and recruitment programs at the Singapore Technology Center, demonstrating their commitment to fostering regional growth.

In other news, Grayscale Investments and NYSE Arca have jointly filed with the SEC to convert the Ethereum Trust into an Ethereum ETF. With nearly $5 billion under management, this would be the world’s most extensive Ethereum investment product. Grayscale is also awaiting SEC approval to convert the Grayscale Bitcoin Trust into an ETF, further highlighting the growing interest in cryptocurrency-based investment vehicles.

The Ethereum community eagerly anticipates the potential launch of Devnet-10 next week. This test network is expected to be the final step for developers before transitioning to a public test network. Devnet-10 will primarily focus on testing EIP-7514, a crucial update. To enhance the testing process, many developers advocate for issuing Dencun on the public test network before Devconnect, the Ethereum developer conference scheduled for November.

In a surprising turn of events, a hacker known as HTX Global (formerly Huobi) has returned 4,999 ETH that was stolen. On September 24th, HTX’s hot wallet was attacked, resulting in the theft of 5,000 ETH. HTX has successfully identified the hacker’s true identity and requested the funds’ return, offering a 5% white hat bounty.

The Galxe platform has recently faced security concerns, with some users reporting the loss of their assets. Galxe has acknowledged the issue and assured users that they are working to resolve it. In the meantime, users are advised not to connect their wallets to Galxe until the situation is resolved.

Moving to the global landscape, there are indications that China is exerting influence on the crypto market through the OTC market in Hong Kong. This development highlights the evolving dynamics of the cryptocurrency industry and its growing significance in global financial markets.

Moreover, real-world asset-backed projects are gaining traction, with more issuers opting to tokenize securities on Base. This trend brings traditional assets onto the blockchain, offering increased transparency and accessibility for investors.

In regulatory news, Taiwan aims to propose cryptocurrency legislation by the end of November. This move demonstrates the country’s proactive approach to creating a clear regulatory framework for the cryptocurrency industry, promoting innovation while ensuring consumer protection.

JPMorgan has recently expressed concerns about Ethereum’s decentralization, pointing out the potential impact of the increase in staking. As more users participate in staking their Ethereum holdings, there is a need to carefully monitor the network’s overall decentralization and maintain its resilience.

In response to recent hacking incidents, THORSwap DEX, a decentralized exchange, has temporarily halted operations to prevent potential money laundering activities associated with the FTX hackers.

Shifting focus to ecosystem development, the Sui Foundation has withdrawn 117 million SUI from MM to support ongoing initiatives. This strategic move aims to foster the growth and sustainability of the Sui ecosystem, showcasing the importance of community-driven development in the cryptocurrency space.

Finally, a former CEO of BlackRock believes that the SEC may approve all Spot Bitcoin ETF funds simultaneously. If this prediction holds true, it would mark a significant milestone for the cryptocurrency industry and further establish Bitcoin as a recognized investment asset.

Macroeconomic

In the latest nonfarm news, there has been a significant and unexpected surge in employment, surpassing the initial forecasts by almost double. While this is undoubtedly good news for the economy, there is also a less positive aspect to consider.

Although slightly lower than expected, the unemployment rate did not significantly decline. Despite this mixed news, the impact on DXY, the U.S. Dollar Index, has been predominantly positive, resulting in a solid upward trend. Consequently, the cryptocurrency market, particularly Bitcoin (BTC), has adjusted accordingly.

Major Economic Events This Week

Monday:

• Federal Reserve President Logan (Dallas) speech

• Fed Governor Jefferson’s speech

Wednesday:

• PPI (wholesale inflation rate)

• Release of the FOMC meeting minutes from the previous month

Thursday:

• CPI: Expected: 3.6% | Previous month: 3.7%

• Core CPI: Expected: 4.1% | Previous month: 4.3%

Prediction Market Crypto

The hash rate (mining difficulty) of Bitcoin is currently setting new all-time highs (ATHs), which indicates institutional fear of missing out (FOMO) in Bitcoin mining. Additionally, the US currently holds 30% of the mining power. The Securities and Exchange Commission (SEC) may be suppressing Bitcoin exchange-traded funds (ETFs) to allow large players to accumulate before making a substantial push.

Currently, the mining cost of Bitcoin continues to increase. Furthermore, the number of Bitcoin mined will be halved with the upcoming Halving. As a result, the price of Bitcoin is expected to experience a strong 90% increase in the next cycle.

These projects and focus areas are expected to gain momentum from now until the end of the year. Whether you’re an investor or simply interested in cryptocurrency, understanding these trends can provide valuable insights.

• Ethereum L2s War: Arbitrum, Optimism, Zksync, Starknet, Polygon (Matic), and Linea.
• Super App Wallets Integrating AA: Metamask, ArgentHQ, myBraavos, BloctoApp, HoldstationW, PlenaFinance, Trust Wallet, and Coinbase Wallet.
• Bitcoin Narratives and L2 Networks: Stacks, RIF technology, tectumsocial , ordinals wallet ($ORDI), and Unisat wallet.
• AI : worldcoin, Fetch ai, SingularityNET, render network, and Phoenix Chain
• RWAs: MakerDAO, synthetix, realio network, chainlink, centrifuge, maplefinance, goldfinch fi, AaveAave, BackedFi, Ondo Finance, and mauve org
• LSD-LSTfi: Lido Finance, Rocket Pool, frax finance, Curve Finance, Mav protocol, Lybra Finance, Pendle, eigenlayer, stader labs, and stride zone
• SocialFi: Lens Protocol, friendtech, Cyber Connect, realMask Network, and ton blockchain.
• Cross-Chain Solutions: LayerZero, Stargate Finance, chainlink, circle CCIP, wormholecrypto, Synapse Protocol, and axelarcore.

A change in investor interest and market activity may be seen by the notable cooling down of phenomena like the Metaverse, GameFi, and NFTs. However, the aforementioned initiatives and developments are still exciting and are anticipated to dominate the cryptocurrency market in the coming months.

In recent developments, Arbitrum’s incentive program has been launched, and Sui has introduced a $117M package to support ecosystem development. While Sui has experienced a continuous 70% decrease since its listing without significant growth, it presents an opportunity for potential accumulation, especially when compared to $APT, which has seen 6x growth after a 70% decrease from its listing price.

As the cryptocurrency market continues to evolve, stay tuned for further updates and developments in these exciting areas of innovation and growth. Prediction Market Crypto holds exciting prospects in this evolving landscape.

DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to DYOR before investing.