BlackRock's bitcoin balance is approaching 370,000 BTC

BlackRock is actively buying bitcoin: at the time of writing, the company has a balance of 363,626 BTC. The company has been optimistic about cryptocurrencies for nearly a decade and has no plans to stop.

By purchasing more and more bitcoins, BlackRock is strengthening its position among the leading institutional players in the world of cryptocurrencies.

BlackRock continues to buy up BTC

According to Lookonchain data, the company purchased 1,434 BTC worth $94.3 million on Friday, increasing its total purchases over the past four days to 5,894 bitcoins worth $387.68 million. BlackRock's bitcoin balance now stands at 363,626 coins worth about $23.68 billion, making it the third largest BTC holder after Satoshi Nakamoto and Binance.

According to Robbie Mitchnik, head of digital assets at BlackRock, bitcoin is gradually becoming a low-risk asset. Mitchnik believes that BTC is not dependent on the economic situation or the politics of a country. He notes that due to its scarcity nature, bitcoin is resilient to common risks like currency depreciation or political turmoil.

“There have been times when bitcoin has correlated with stocks and sometimes its correlation has been negative. There are a lot of similar things happening with gold - temporary spikes, but over the long term the correlation tends to zero,” says Mitchnick.

BlackRock's strategy came as a surprise to many market participants, as the company's CEO Larry Fink had previously repeatedly called bitcoin a speculative and potentially dangerous asset.

Spot bitcoin-ETF IBIT, meanwhile, continues to significantly outperform. As of September 27, IBIT had net inflows of $21.42 billion: by comparison, Fidelity's FBTC, which follows it, recorded $9.99 billion.

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Top 10 key crypto events of the week

Colin Wu named the main events of the outgoing week in the cryptocurrency projects industry. He noted that during this period there were several important events that affected the market. For example, Celestia caused criticism from the community because of the sale price of TIA tokens at $3 on the OTC market. The community believes that the foundation lacked transparency and demanded disclosure of the valuation and ownership of the assets.

Avalanche Foundation announced the launch of the Retro9000 program with a $40 million fund to support developers building Tier 1 blockchains on the Avalanche9000 test network. The Celo blockchain surpassed Tron in the number of active addresses using stablecoins due to the expansion of MiniPay's payment solutions in Africa.

Andre Cronje announced the launch of the Sonic platform and a 200 million token giveaway for projects to be launched on the network, offering refunds of up to 90% on gas commissions. Eigen Foundation announced that it has lifted restrictions on EIGEN token trading as of Sept. 30, due to an optimistic outlook following the Fed's interest rate cuts.

Asphere and Babylon launched Layer 2 services for Bitcoin, offering unique opportunities for BTC-based blockchain development. Meanwhile, Ethena unveiled its new UStb product, which is backed by BlackRock and Securitize and offers an innovative risk-sharing model for stablecoins.

Two OpenSea users filed a class action lawsuit against the platform, accusing it of selling unregistered securities in the form of NFTs, citing SEC actions against other projects. Additionally, Onekey Card will discontinue service as of September 30, with full shutdown by January 2025, giving users the option to withdraw their funds.

Finally, the developers of Hamster Kombat brought the token to market with a claim of 100 million active users. According to the expert, these developments emphasize the active development of the cryptocurrency market, the expansion of infrastructure and the legal challenges faced by the platforms.

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Changpeng Zhao made his first public statement

-- Changpeng Zhao was released on September 28.
-- He served four months in prison.
-- Zhao thanked everyone for their support and spoke about his plans.

Changpeng Zhao (CZ), founder and former CEO of Binance exchange Changpeng Zhao, posted the first post on his X page (formerly Twitter) after his release from prison. He thanked the community for their support and asked for a breather.

As a reminder, CZ got out of prison on September 28, 2024. He served four months on charges of violating AML rules.

First of all, Zhao noted that food tastes better on the outside. According to him, it is a huge boon to be able to eat more than one fruit a day.

“I know some of you may have a lot of questions. I won't have answers to all of them. Let me calm down a little bit. And then I will think about my next steps,” he stated.

Zhao also mentioned his new project, Giggle Academy. It is an educational platform that he first introduced in March 2024.

CZ said that the project is progressing well and will occupy an important place in his life in the next few years.

The former Binance CEO also repeated the thesis that he intends to invest in DeFi, AI and biotechnology. This is something he has also stated earlier as well.

In addition, CZ admitted that his book is two-thirds finished. Zhao intends to see this idea through to completion.

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Filipinos have been influential in the development of Axie Infinity

In recent years, the Philippines has become a central location for Web3 gaming, offering a unique combination of cultural and socio-economic factors that have fueled the industry's strong growth. Web3 gaming is not only transforming the digital world, but also creating opportunities for players around the world. And it is the Philippines that has led the way in this movement due to its distinctive features.

One of the main reasons for the popularity of Web3 gaming in the Philippines has been the cultural traits inherent in the nation. One of them is considered Pakikisama - the desire for unity and support within the community. This quality has contributed to the creation of strong gaming communities, such as those that have developed around the popular game Axie Infinity. According to Crypto Slam, Axie's total historical sales totaled $4.27 billion, surpassing the legendary NFT gatherings of Bored Ape Yacht Club and CryptoPunks.

The community of gamers didn't just play, they shared knowledge by creating educational guides and supporting new members through localized events. This contributed to the rapid spread of Web3 gaming across the country.

Another important aspect is the resilience of Filipinos in the face of adversity. The nation has always been characterized by its ability to adapt to changing conditions, which was evident in their strategic activity in the Web3-gaming market. For example, when the value of the SLP token dropped, many Filipino players were not confused, but instead saw opportunities to make money by participating in the farming of RON tokens. Such moves demonstrate how locals know how to turn difficulties into lucrative opportunities.

Also of particular note is a cultural trait known as Bahala Na, which can be translated as “what will be, will be.” It's a philosophy that helps Filipinos step boldly into the unknown without fear of risk. In a Web3 world where uncertainty is inherent, this approach offers a unique advantage. It allows them to adapt to rapidly changing technologies and markets without fear of risk.

The Philippines' success in Web3 is not only due to cultural traits, but also to its high level of English proficiency. The Philippines is ranked 2nd in Asia in terms of level, which makes it easy for players and developers to participate in global conversations and initiatives related to Web3.

The Philippines is also among the countries with the highest level of social media activity. Many players use these platforms not only to socialize, but also to share strategies, discuss new games and blockchain-related technologies. Finally, much of the population lacks access to banking services, but the proliferation of cryptocurrency solutions and decentralized finance has allowed many Filipinos to participate in the global economy.

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Tether helped freeze $6 million of crypto fraudsters

Tether, the issuer of the USDT stablecoin, has helped the U.S. Department of Justice seize more than $6 million in assets linked to Southeast Asian crypto fraudsters.

The scammers operated a “confidence scheme” by mimicking legitimate digital currency platforms.

An FBI spokesman called such scams “devastating” for thousands of Americans. He said victims lost “millions of dollars” in hopes of investment opportunities, often remortgaging their homes.

“[...] The FBI will stop at nothing to find these fraudsters who are focused on exploiting the advantages of American society. Regardless of their location, we will use all of our resources and collaboration with partners at home and abroad to stop them from stealing people's hard-earned money,” the statement said.

Tether said it has assisted more than 180 law enforcement agencies in 45 jurisdictions since then. Cumulatively, the company has helped freeze approximately $1.8 billion, blocked 1,850 wallets and returned $128 million worth of assets to their rightful owners.

“Tether is unwavering in its commitment to help law enforcement agencies around the world crack down on the misuse of cryptocurrencies. We are ready to cooperate with government agencies and provide all necessary tools to bring attackers to justice and provide support to victims,” - emphasized CEO Paolo Ardoino.

Recall, the community continues to express concerns about the transparency of reserves and business structure of Tether. Experts made an analogy with the situation that preceded the collapse of FTX and Alameda Research.

The company rejected such a comparison.

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Bybit said it has received a full license from Kazakhstan's regulator

-- Bybit announced that it has received a full regulatory license from AFSA.
-- According to the platform's team, the decision was another step “towards the global expansion” of the exchange.
-- The company intends to launch bybit.kz in October 2024.

Cryptocurrency exchange Bybit reported receiving a full regulatory license from the Astana Financial Services Authority (AFSA). Representatives of the platform told the Incrypted team that this decision will accelerate the company's “global expansion” in the digital asset market.

The press release notes that the exchange underwent a full AML, business conduct and compliance audit to receive the approval. This is part of Bybit's efforts to provide new opportunities for users in Kazakhstan and other Commonwealth of Independent States (CIS) countries, the release said.

Bybit co-founder and CEO Ben Zhou said:

“Kazakhstan has become a key player in the global cryptocurrency ecosystem and we are excited to expand our services in such a dynamic market. We are committed to providing local crypto traders with our advanced technology, security and transparency, ensuring they have access to the best tools and services to thrive in this fast-growing industry.”

It is known that Bybit will offer a variety of products and services related to digital assets once it receives its full license. According to the press release, “the expansion into Kazakhstan is in line with Bybit's mission to provide reliable and transparent services to meet the needs of crypto traders and investors in the region.”

The range of services will include digital asset trading center management, custody services, agent and principal transactions, and investment management. Bybit Kazakhstan will offer various products including spot market and derivatives trading, as well as margin trading and crypto-loans.

“By obtaining full authorization, Bybit intends to increase the proliferation of cryptocurrencies, provide institutional-grade security and offer enhanced trading capabilities to its growing regional user base,” it said.

The developers noted that the company plans to launch bybit.kz in mid-October 2024. The company emphasized the desire to establish strong relationships with traders in Kazakhstan and throughout the CIS region, which will allow them to quickly navigate the dynamic world of digital assets.

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Hong Kong cryptocurrency companies to be required to use European reporting standards

The Hong Kong Monetary Authority (HKMA) and the Securities and Futures Commission (SFC) intend to introduce new reporting rules to comply with the European Securities and Markets Authority (ESMA).

The rules are expected to be approved by September 29, 2025. The new regime will update the current structure of OTC cryptocurrency derivatives, as well as the use of unique product identifiers (UPIs) and transaction identifiers (UTIs) to reflect transactions in the reporting of cryptocurrency companies.

ESMA implemented the new reporting rules in 2023 and they have now become a framework for virtual asset service providers across Europe. According to the HKMA and SFC, the implementation of the new rules will harmonize Hong Kong's national legislation with international best practices.

Earlier, the Hong Kong authorities announced their intention to tighten legislative norms in relation to issuers of stablecoins and prohibit any offerings of these assets to retail investors without a license from the financial regulator.

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Cryptocurrency fear and greed index hits highest since July 2024

The Cryptocurrency Market Fear and Greed Index reached its highest level since July 2024, surpassing the 60 mark. The index reached 64 on Saturday after bitcoin rose to $66,000.

The Fear and Greed Index was created to track market sentiment in the crypto industry. It is calculated based on signals that influence the behavior of traders and investors, including surveys, Google Trends data, the level of volatility of the digital asset rate, social media, and bitcoin's market share. The highest index is 100 and the lowest is 0.

In August, the index was in the “fear” zone, and on August 6, it dropped to the lowest level of 17. On that day, the price of bitcoin collapsed to $53,000. Now the indicator is at 64, which indicates “greed”. Such a high indicator signals the growth of investor confidence in digital assets.

Experts also make an optimistic forecast regarding cryptocurrencies. Thus, the head of research at 0x Research, Markus Thielen, believes that the bull rally will begin in the cryptocurrency market in the fourth quarter. He estimates that bitcoin's yield is now above the $65,000 price level, which could cause market participants to experience FOMO (fear of missing out on gains).

According to CoinMarketCap, the value of bitcoin has risen by about 11.18% over the past month, the highest since March.

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Bitget Wallet launches OmniConnect: connecting Telegram Mini Apps to the Web3 world

Bitget Wallet, the leading non-custodial cryptocurrency wallet, announced the launch of OmniConnect, a developer kit (SDK) designed to connect Telegram Mini Apps to the broader Web3 ecosystem.

Expanding the capabilities of Telegram Mini Apps

The new toolkit will allow developers to integrate Telegram Mini Apps with multiple blockchains, including TON, Solana and Ethereum Virtual Machine (EVM) compatible networks. This gives Telegram Mini Apps developers access to a huge world of decentralized applications (dApps) and services.

Until now, Telegram Mini Apps have been mostly limited to the TON ecosystem. OmniConnect removes this barrier, allowing developers to harness the potential of other blockchains and create more functional and versatile applications.

The key benefits of OmniConnect are.

-- Multichain compatibility⁚ Support for over 500 blockchains, including TON, Solana, EVM-compliant networks and others.
-- Advanced functionality⁚ Ability to integrate with dApps, smart contracts and other Web3 services.
-- Improved user experience⁚ A more convenient and accessible way to interact with Web3 applications right in Telegram.

Bitget Wallet ⎯ A bridge between Web3 and Telegram

With the launch of OmniConnect, Bitget Wallet has positioned itself as a key player in bringing Web3 and Telegram technologies together. The company aims to make Web3 more accessible to the masses, and the integration with Telegram Mini Apps ⏤ an important step in that direction.

Telegram with its huge user base (over 700 million active users) is an attractive platform for Web3 development. OmniConnect can be a catalyst for mass adoption of decentralized technologies.

Future plans

Bitget Wallet also announced plans to launch additional initiatives aimed at empowering the Telegram Mini Apps ecosystem. The company believes in the potential of this platform and aims to make it an integral part of Web3.

The launch of OmniConnect ⎯ is a significant event that can significantly impact the development of both Telegram Mini Apps and Web3 as a whole. It opens up new opportunities for developers and makes decentralized technologies more accessible to a wider audience.

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Crypto market capitalization jumped by $75 billion in 5 days

The total cryptocurrency market capitalization increased by more than $75 billion this week, underscoring the increased interest in digital assets, especially bitcoin (BTC). The increase in market value coincided with the active accumulation of the world's premier digital coin by major institutional players, indicating strong confidence in the asset's long-term outlook.

The top five bitcoin holders are represented by financial giants such as iShares Bitcoin Trust (BlackRock), MicroStrategy, Grayscale Bitcoin Trust, Fidelity Wise Origin Bitcoin Fund and Tether Holdings LTD. The leader among them was iShares Bitcoin Trust with 362,192.7 BTC, which confirms BlackRock's active participation in the crypto industry. Next is MicroStrategy with 252,220 BTC, continuing its aggressive policy of buying BTC under the leadership of its CEO Michael Saylor.

A significant amount of bitcoin is also held by Grayscale Bitcoin Trust, which holds 220,957.9 BTC. Fidelity, one of the largest investment managers in the world, has accumulated 177,197.8 BTC through its Wise Origin Bitcoin Fund. Rounding out the top five is Tether Holdings LTD, which owns 75,354 BTC.

Analysts note that the presence of such major players reinforces the perception of cryptocurrency as “digital gold” and a protected asset. The growing participation of institutional investors also stabilizes the market, reducing its volatility and making it more predictable. At the same time, the concentration of a large amount of BTC in a small group of companies carries certain risks. In case of a sharp change in sentiment among these institutional investors, significant price fluctuations are possible.

Experts believe that further growth of quotations will depend on macroeconomic factors. These include the monetary policy of central banks and regulation of the cryptocurrency sector. However, in the short term, interest from institutional investors may become a catalyst for bitcoin price strengthening.

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How the $7.7 bln options expiration will affect BTC and ETH

A large number of options on bitcoin (BTC) and Ethereum (ETH) totaling about $7.7 billion expire today

Let's look at how the expiration will affect the price dynamics of the two largest cryptocurrencies by capitalization.

Analysts predict growth after the expiration of options

According to Deribit, 89,037 bitcoin contracts expire today. The maximum pain point of these contracts is $59,000. The put/call ratio is 0.85.

In addition, 719,130 Ethereum contracts expire today. The maximum pain point is $2,550; the put/call ratio is 0.47.

In options trading, traders analyze the put/call ratio to understand the overall sentiment of the market. In the case of bitcoin, the indicator shows a slight bias towards call options, indicating optimistic expectations for the cryptocurrency. The indicator for Ethereum indicates a strong bullish bias.

The maximum pain point refers to the price level at which holders of the asset incur the largest losses.

Analysts from Greeks.live shared additional data on the impact of expiring options as well as general market trends.

“Today is the end of the third quarter and cryptocurrencies have risen significantly over the past three weeks on the back of a 50 basis point Fed rate cut, which has significantly boosted market confidence. Given the end of the quarter and based on previous years, the fourth quarter is typically favorable, especially with the upcoming U.S. election and two additional rate cuts,” they wrote.

The US Federal Reserve (Fed) lowered its key rate at a meeting on September 18. Since then, the price of bitcoin has steadily risen from $57,000 to $65,075. Ethereum's value, meanwhile, increased from $2,278 to $2,625.

Experts predict further volatility in the market. Traders are now actively reviewing strategies for the fourth quarter, which is considered a traditionally strong period for cryptocurrencies.

However, market participants should be cautious. Historical data shows that option expiration often causes short-term fluctuations.

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BTC owners are not worried about the bitcoin to gold exchange rate drop

Renowned economist Peter Schiff found out that most bitcoin owners are not worried about the cryptocurrency lagging behind gold.

Are bitcoin hodlers worried about the fact that BTC's exchange rate against gold has fallen 35% since hitting an all-time high in November 2021? It's been almost three years since then. And this has happened despite the constant hype [around bitcoin] in the media, advertising, conferences, ETFs issued by Wall Street firms, NFT, the firm MicroStrategy and El Salvador,” Schiff wrote.

To get the opinions of members of the crypto community, Peter conducted a social survey with 4,750 participants. His results indicate that:

-- 77.4% of respondents are not worried about bitcoin's defeat;
-- 22.6% are worried about this fact.

One commentator attributed the calmness of digital asset holders to the fact that they simply don't care about gold. And Schiff, who advocates for the precious metal, constantly teases representatives of the crypto community. Peter said that in this way he is trying to educate “fooled people who bought bitcoins”.

But there is some truth in Schiff's words. El Salvador, which has invested in bitcoins since October 2021, earned an unrealized profit of 49% due to the coin's appreciation. If the government had invested in gold, the profit would have been 53% or more.

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Analysts saw an additional factor of bitcoin price growth

The other day the SEC approved the first in the history of the USA options on units of exchange-traded funds (ETFs) for bitcoins.

CrypoQuant analysts believe that the launch of options on bitcoin-ETF units in the United States is a new factor for bitcoin price growth. At the same time, the expert community in the discussion of this issue has different interpretations of what is happening.

Recall that the other day the Securities and Exchange Commission (SEC) in the United States for the first time in American history approved the circulation of option contracts on bitcoin-ETF units. Bitcoin-ETFs themselves appeared on January 11 of this year, and now options are also allowed. BlackRock, the largest investment fund in the world, was the first to receive permission to work with such financial derivative instruments (derivatives).

Before that, in the United States, it was possible to trade options on ETF units based not on bitcoins themselves, but on bitcoin futures. In particular, such BITO instruments are traded on the Nasdaq exchange, and these are SEC-regulated instruments.

It is also worth noting that prior to the SEC's authorization to trade options on bitcoin-ETF units, contracts similar in functionality began trading and are still in circulation on various trading venues, including DeFi.

In discussing the impact of the SEC's decision on the bitcoin market, it is important to clarify the following point. Options on bitcoin-ETF units are not the same as options on bitcoins themselves. The latter contracts are not yet in a regulated field in the US. Thus, the launch of options trading on bitcoin-ETF units only indirectly affects the demand for bitcoins. Especially since the options themselves may or may not be exercised, depending on the market situation.

On the other hand, the very fact that the bitcoin market is “overgrown” with regulated derivatives, which are customary for classical players in the U.S. financial sector, will certainly encourage more investments in this area by institutional investors.

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The BTC exchange rate broke the $65,000 mark

Bitcoin recently broke the $65,000 mark, which was a significant event for the crypto market and its participants. However, the price of the digital coin immediately rebounded and dropped to $64,545 within 30 minutes. The important level was a long-awaited and symbolic boundary that caught the attention of both retail and institutional investors. In this regard, experts have different opinions on what awaits the main cryptocurrency in the coming weeks.

Many analysts believe that fixing the BTC rate above $65,000 is possible with the continuation of positive macroeconomic factors. One of the main drivers is the weakening of the US dollar amid interest rate cuts by the Federal Reserve. The easing of monetary policy may increase interest in cryptocurrencies as an alternative asset, which will contribute to price growth.

However, in order for the bitcoin price to hold at this level, there needs to be no sharp increase in volatility in traditional markets. In the event of a sharp drop in stock indices or unforeseen macroeconomic shocks, investors may begin to withdraw their funds from digital currencies into more stable assets such as gold or Treasuries, which would put pressure on the BTC exchange rate.

On the technical side, many traders are looking at the $70,000 level as the next important target. If this threshold is crossed, bitcoin could enter a new bull market phase and further growth will depend on new capital inflows, especially from institutional investors. However, in case of failure and a correction below $65,000, there is a risk of a more significant fall to support at $60,000.

At the same time, risks from global economic uncertainties remain. Any unexpected changes in central bank policies, geopolitical conflicts or changes in the regulatory environment of cryptocurrencies could put significant pressure on the market, causing short-term fluctuations.

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Tonkeeper will allow payment of commissions with the Hamster Kombat token

Starting October 1, non-custodial wallet Tonkeeper will add support for paying transaction fees on the TON network using Hamster Kombat (HMSTR).

This method is available through the built-in Battery feature. According to Tonkeeper chief strategy officer Daniel Kauri, it is a system “abstracted from the user interface that allows them to send transactions.”

“When a user is issued an HMSTR, they don't have Toncoin. Battery is a solution to that problem. You can top up Tonkeeper Battery with cryptocurrency on the TON network as well as through the App Store and Google Play,” Kauri told The Block in a comment.

The feature will be available once the network load is reduced due to the HMSTR airdrop. Users of Tonkeeper, Wallet and a number of exchanges have been facing problems due to an active influx of giveaway participants.

According to internal statistics, as of September 25, Tonkeeper has 34 million monthly active users, of which 8 million are active every day.

Recall, airdrop and listing of the Hamster Kombat token took place on September 26. The distribution involves 131 million users, among whom 75 billion coins will be distributed.

For three days, TON developers expect an increased load on the network.

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Moo Deng token based on the hippopotamus meme is on the rise

Moo Deng (MOODENG), a hippo-themed cryptocurrency issued on the Solana (SOL) network, continues to appreciate rapidly.

Since the start of trading on September 21, the MOODENG token-meme exchange rate has increased more than eight times, and in the last 24 hours alone, the price of the coin has increased by 48%. However, the value of the asset began to correct after reaching an all-time high of $0.298 on Friday.

Moo Deng was named after a baby hippopotamus from Thailand, whose nickname means Elastic Pork. The animal has won the hearts of millions of people around the world for its comical appearance and cheerful disposition. The management of the zoo where the little hippopotamus lives has reported a large influx of tourists who want to see her in person.

Obviously, Moo Deng's exchange rate will depend on the popularity of the hippo. If members of the crypto community continue to watch her fate with interest, the token meme will remain in trend and attract investments. In this case, the bull rally will resume, and the MOODENG rate will renew the maximum. But the cryptocurrency is worth buying only after its price bottoms out within the current correction.

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Cryptocurrency purchases in Brazil have exceeded $12 billion since the beginning of the year

The volume of cryptocurrency purchases in Brazil since the beginning of the year exceeded $12 billion

This was reported by representatives of the Central Bank of the country. Read more at Crypto.ru.

The volume of purchases of digital currencies in Brazil since the beginning of the year exceeded $12 billion

Representatives of the Central Bank of Brazil reported that in 2024 significantly increased the volume of purchases of digital currencies compared to the indicators of 2023. It was noted that since the beginning of this year the citizens of the country have purchased cryptocurrencies worth about $12.4 billion.

It should be noted that at the end of the 1st quarter of 2024, residents of the state bought digital assets for $4.7 billion. Many experts note that the purchase of cryptocurrencies is classified as imports. Given the current dynamics, the activity of users in this context significantly affects the trade balance of the country.

Economists note that active purchases of cryptocurrencies are due to the fact that citizens are trying to protect their savings from inflation. The most popular assets among citizens remain bitcoin, ether and various stablecoins. According to experts, this trend will continue in the long run.

The fact is that the conditions of crypto mining in Brazil remain unfavorable, which is due to the high cost of electricity. Currently, for 1 kWh of electricity is estimated at $0.14.

It should be noted that at the end of August, the overall dynamics of coin mining in the world decreased by 6%, as evidenced by numerous reports of specialized companies. For example, the largest mining organization Marathon Digital reported that for August it mined 673 bitcoin coins, which is 19 lower compared to the results for July 2024.

From the cryptomining segment, it is also worth considering that in mid-September, the cost of electricity in the city of Hedsel (Norway) increased sharply. According to experts, this is due to the closure of a large mining farm. At the same time, the largest local electricity supplier will face a decrease in income.

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4 altcoins that could hit all-time highs in October

October is traditionally a favorable month for the crypto market, including altcoins.

LayerZero (ZRO)

At the time of writing, LayerZero's native token ZRO is trading at $5.06, up 27.70% from a month ago. The increase in ZRO price is due to the project's recent decision to redistribute tons unclaimed during airdrop to active users.

On the daily chart, ZRO price has formed an ascending triangle, indicating bullish momentum. A successful breakout from the pattern and positive Awesome Oscillator (AO) values confirm a strong uptrend.

If the trend continues, the ZRO price could surpass the previous all-time high of $5.60 and head towards a new record of $6.55 in October. However, if the bulls' efforts are not enough, the altcoin is expected to correct to $4.39.

Sui (SUI)

Sui is another altcoin that could reach a new all-time high in October 2024. At the time of writing, the asset is priced at $1.62, which is 25% below the previous high.

According to the daily chart, an attempt to retest $2 was rejected due to resistance around $1.77. However, the pullback took the token to the $1.60 support level, which could help facilitate a rebound. In addition, SUI is well above the Ishimoku Cloud. This technical indicator shows the presence of significant support or resistance.

If the trend continues, the SUI could rise 40% in October to reach $2.25. However, if the $2.00 level proves to be beyond the altcoin's strength, it will be waiting for a correction to $1.50.

Binance Coin (BNB)

The list of altcoins that could update ATH in October would be incomplete without BNB. Traders inspired by the early release of former Binance CEO Changpeng Zhao believe this event signals the return of the bull market.

At the time of writing, BNB is trading around $602.20. However, the Chaikin Money Flow Index (CMF), which has risen to 0.20, indicates that the asset is overbought. Because of this, the price of BNB may temporarily decline.

However, if positive news continues to support the growth, by the end of October, the altcoin rate has all chances to exceed $700 and reach a new high around $725.

Nevertheless, traders should be cautious. If the buying interest is not strong enough, this forecast may turn out to be wrong. In that case, the price of BNB will drop to $564.

MANTRA (OM)

The native token of the RWA project MANTRA takes the fourth place in our list. OM is currently priced at $1.23, which is 13% below its all-time high of $1.42.

From a technical point of view, the asset is aiming for the $1.50 mark. One of the reasons for this assumption are technical indicators and the expected launch of the MANTRA core network.

As shown in the chart below, the 20 EMA crossed the 50 EMA on September 12. This crossover is referred to as a “golden cross”, indicating a bullish trend.

If the trend continues, the OM price may overcome the resistance at $1.29 and head towards $1.50. However, if the position of the moving averages changes so that the 50 EMA crosses the 20 EMA, MANTRA risks falling to $1.05.

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Memeland and Timberland will release boots for the crypto community

Web3 studio Memeland and shoe company Timberland have announced that they will release an exclusive collection of iconic boots specifically for the crypto community.

The boot series, called MAKE YOUR LANDMARK EDITION 001, will be available for purchase starting Monday, September 30 for $350 per pair. According to a statement from Memeland and Timberland, a total of 300 pairs of the iconic shoe will be released. No “restocks or new batches” are planned, however.

The shoes will be made of eco-friendly materials. Each pair will be equipped with an exclusive Memeland lace in three colors (yellow, black and gold) and a hidden monogram embossed inside the tongues.

According to Memeland's web3 studio, all proceeds from sales of the exclusive shoes will be donated to fight poverty in East Africa.

Released in only 300 pairs, the boots are intended for a good cause. All proceeds will go to fight poverty in East Africa. It turns out that every buyer of these shoes will literally leave their mark on the world,” Memeland wrote.

The studio has not yet announced what assets it will accept to pay for the shoes. Perhaps its own Memeland token will be among the payment options.

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Top 5 memcoins to watch out for in October

The memcoin market continued to attract attention in the third quarter despite the overall market lull. As the fourth quarter approaches, some memcoins are showing promising signs of growth. We've selected five currencies poised for potential growth.

First Neiro on Ethereum (NEIRO)

The first memcoin under the NEIRO ticker, Neiro Ethereum, first hit the market. However, in September, Binance added a new First Neiro on Ethereum coin with the same ticker to the listing. In less than two weeks, NEIRO rose 4,313% to reach an all-time high of $0.00137.

After a small correction, NEIRO seems poised to continue rising and possibly set a new record in October. The next important price point is $0.00250, and here the coin may reach a ceiling.

If NEIRO fails to absorb the current all-time high, it risks falling below the $0.00103 support level. This would negate the optimistic outlook and could send the token to $0.00076 or even lower.

Baby Doge Coin (BabyDoge)

Among the leading memcoins, the BabyDoge token stands out thanks to its 131% rally over the past month. The coin is now aiming to break two key barriers at $0.000000002320 and $0.000000002571.

These resistance levels have been holding BabyDoge back since April, and a rise above them could send the crypto asset to a new all-time high at $0.000000003800. The upcoming October historically has a reputation as a bullish month (“Uptober”). It could be the catalyst for the price to rise towards this mark.

On the other hand, if history repeats itself, BabyDoge may lose its bullish momentum. In that case, it will fall to $0.000000001968, which will cancel the bullish scenario.

Shiba Inu (SHIB)

The second-largest memcoin seems poised to break the barrier that has held for three and a half months now. Shiba Inu is now testing local resistance at $0.00001961.

If successful, SHIB will face the $0.00002093 level, which has served as alternately important support and resistance in the past. The $0.00002093 - $0.00002976 range represents a consolidation zone, but SHIB may gradually gain the necessary momentum to break out of this range.

However, failure to break through either of the two resistance levels threatens to dampen optimism. In such a case, SHIB risks falling back to $0.00001699 and even falling to $0.00001462.

Mother Iggy (MOTHER)

Mother Iggy (MOTHER) coin, launched by Australian rapper Iggy Azalea, is known for its sharp ups and downs. It could reach a new all-time high despite the volatility.

At the time of writing, the price is at 93% of its all-time high of $0.242, but has a good chance of surpassing that mark and setting a new record. October, which is traditionally considered to be a favorable month for growth, may contribute to it. However, for this purpose the asset should first turn the level of $0.149 into support.

If the breakout fails to take place, MOTHER could fall below $0.10. With the loss of $0.092 support, the price risks falling to $0.051.

Dogwifhat (WIF) price analysis

WIF could rise 55% in the coming month as it exits an ascending wedge. This bullish pattern suggests the price could rise to $3.43 in the coming weeks.

However, WIF faces many barriers along the way. Moneta will need to rely on general market optimism to confirm this pattern. Then it could reach a four-month high, where the upside is likely to stall.

Nevertheless, given that the $2.36 and $2.75 levels have acted as important barriers in the past, WIF may not overcome them. This threatens to cancel the bullish outlook, and WIF is likely to continue to fluctuate around the $2.01 support.

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Leveraged ETF boom: MicroStrategy attracts risk takers

Investors in the U.S. seem willing to take risks again. New exchange traded funds (ETFs) offering leverage for MicroStrategy stocks are showing impressive growth.

MSTX, launched in August, has already attracted $357.6 million in assets under management. The fund aims to provide investors with daily results leveraged at 1.75 times (or 175%) of the daily change in MicroStrategy stock.

Meanwhile, MSTU, an even riskier ETF launched last week, offers twice (200%) leverage. The product has seen huge inflows and already has more than $80 million in assets.

Both ETFs are “long leveraged” funds, meaning they use leverage to strengthen their positions. Returns for investors can exceed the performance of the underlying asset, but losses can also be more painful.

“Wild” success

Bloomberg ETF analyst Eric Balchunas wrote on Twitter (aka X) that he didn't expect such demand for such a risky investment, at least not at this pace. “I didn't think there would be room for both (especially so quickly),” he noted, calling their popularity ”wild.”

Balchunas has previously described such products as a “hot pepper among ETFs” because of the extreme levels of volatility expected.

MicroStrategy Strategy

MicroStrategy is a publicly traded company specializing in data analytics software. However, it included bitcoin on its balance sheet in 2020 as part of a strategy to generate returns for its investors.

Since then, the company's stock has soared, making it one of the most successful publicly traded companies in the US. MicroStrategy hasn't stopped buying cryptocurrency. The company now owns 252,220 bitcoins worth $16.6 billion, having announced several purchases in recent weeks.

MicroStrategy is now positioning itself as a “bitcoin development company” that securitizes the cryptocurrency: investors buy shares in the company to gain access to the largest and oldest digital asset. The company is also exploring other avenues in the bitcoin ecosystem, such as the Lightning Network and the introduction of digital identities into the largest cryptocurrency network.

High risk, high return?

Two new MicroStrategy equity-based ETFs carry risks but could promise big returns for investors looking for leveraged access to bitcoin. When MSTX was launched, Defiance ETFs, the company behind the ETF, warned investors that the fund was “not intended to be used by or suitable for investors who do not intend to actively monitor and manage their portfolios.”

The emergence and rapid growth of new leverage-ETFs on MicroStrategy signals a return of risk appetite among U.S. investors. These instruments offer increased returns but also carry significant risks, requiring investors to actively manage their positions.

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CryptoETFs inspire optimism in investors

Prominent cryptocurrency industry analyst Colin Wu revealed that the trend of steady inflows into bitcoin (BTC) and ether (ETH) ETFs on Sept. 27, 2024 has extended, indicating growing investor interest in these digital assets. The total net figure for BTC funds amounted to $494 million, while $58.6 million went into ETH products.

Bitcoin-ETFs have continued to record inflows over the past 7 days, underscoring the steady interest from institutional and retail investors. Among the market leaders yesterday were Ark Invest and 21Shares' ARKB, which raised $203 million, and Fidelity's FBTC, which raised $124 million.

Ether-ETFs also showed positive results. Fidelity's FETH fund was yesterday's top fundraiser, increasing its assets by $42.5 million, while BlackRock's ETHA recorded an inflow of $11.5 million. However, not all funds showed positive results: Grayscale's ETHE saw an outflow of $10.7 million.

This data highlights that despite Grayscale's negative performance, other players continue to raise capital. The influx of funds on the back of increasing regulatory clarity in the US and other jurisdictions could further boost the cryptocurrency exchange-traded fund market. Investors are becoming more confident in the long-term prospects of digital assets, as evidenced by significant inflows.

Bitcoin continues to act as “digital gold” and a key tool for hedging against economic uncertainty. Ether, on the other hand, benefits from its feature-rich platform for decentralized finance and applications, making it attractive to institutional investors.

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JPMorgan Launches Its First Bitcoin Fund for Wealthy Clients

JPMorgan Chase & Co․, one of the largest banks in the world, is preparing to offer its high net worth clients access to a bitcoin fund․ This marks a significant shift in the traditional bank's digital asset strategy․

According to CoinDesk, the fund will be actively managed and will be available to JPMorgan Private Bank clients as early as this summer․ The offering will be the first of its kind for JPMorgan, which was previously known for its skepticism towards cryptocurrencies․

Previously, JPMorgan CEO Jamie Dimon has repeatedly spoken out against bitcoin, calling it a fraud․ However, the bank seems to be changing its stance, recognizing its customers' growing interest in cryptocurrencies․

Offering a bitcoin fund for wealthy clients is part of a broader trend on Wall Street, where more financial institutions are beginning to offer their clients access to digital assets․ In April this year, Morgan Stanley became the first major bank to allow its clients to invest in bitcoin․

The new JPMorgan fund will be actively managed, which means that the fund managers will make decisions on how to invest clients' money․ This is different from passive funds that simply track a certain index.

JPMorgan's bitcoin fund offering is evidence that cryptocurrencies are becoming increasingly integrated into the traditional financial system․ As more institutional investors show interest in bitcoin, we can expect other banks to follow JPMorgan's lead and offer their clients access to cryptocurrencies․

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Binance founder Changpeng “CZ” Zhao is a free man

According to the U.S. Bureau of Prisons (BOP), Binance founder Changpeng “CZ” Zhao has been released from prison.

Zhao's release came two days ahead of his scheduled release date this Sunday, September 29. The Police Bureau has the legal right to release prisoners early if their release date falls on a weekend or holiday.

In April, Zhao was sentenced to four months in prison for violating the Bank Secrecy Act (BSA) for failing to implement an adequate know-your-customer (KYC) program at Binance. As part of the guilty plea, Zhao also agreed to pay a $50 million fine and step down as CEO of the crypto exchange. The exchange agreed to pay a $4.3 million fine to various U.S. regulators to settle related charges.

While prison sentences for BSA violations are unusual (former BitMEX CEO Arthur Hayes, who pleaded guilty to similar charges in 2022, was only sentenced to probation), Zhao's four-month sentence was lenient compared to the three years sought by federal prosecutors.

The judge who heard Zhao's case, U.S. District Judge Richard Jones of the Western District of Washington, seemed convinced by Zhao's impeccable reputation and sterling record, aided by 161 letters of support from his friends, family and colleagues.

Zhao - formerly known as inmate #88087-510 - served three months in the low-security Lompoc II prison on California's Central Coast. In August, he was transferred to a correctional center in San Pedro, Calif.

His fortune is estimated at $25.3 billion, according to the Bloomberg Billionaires Index. He is believed to be the richest person ever imprisoned in the United States.

Zhao's representative declined to comment when contacted by CoinDesk.

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Earn money from environmental agenda: top ReFi-coins

Regenerative finance (ReFi) is a blockchain-based project that helps regenerate resources that have already been used. Regeneration can concern a wide variety of goods and phenomena - from natural subsoil to social benefits.
What is ReFi

ReFi is quite close in meaning to another concept - environmental, social and corporate governance (ESG). But if the latter is more aimed at minimizing the negative effect of human activity, then regenerative finance, according to the meaning invested in it, goes further - it tries to restore what has been lost.

Some ReFi's favor funding projects that reduce carbon dioxide emissions into the atmosphere. Others contribute to the preservation of cultural heritage by tokenizing various artifacts in the form of non-fungible tokens (NFTs).

In ReFi, as in other fields, fraud is quite prevalent. And many projects also conduct their activities in a non-transparent manner. For example, there is often little information provided directly about the technical side of the issue: blockchain, tokenomics and consensus mechanism. That is, the developers are accidentally or deliberately trying to avoid some of the questions that potential investors often ask.

On the other hand, ReFi projects can be quite a lot of advertising, hype and other information noise about the team's efforts to make the world a better place. That said, developers often appeal to things like Web3, NFT, and DeFi simply to get more attention and fit in with the “mainstream,” not because their projects are incredibly innovative.

Not all ReFi projects are unscrupulous, however. Let's take a look at a few of the most popular ones.

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Hut 8 has leased out AI computing capacity

Mining company Hut 8 has started generating revenue from renting out GPUs to AI companies. This is reported by The Block.

The new service, called GPU-as-a-service, offers customers the processing power they need for high-performance tasks like running artificial intelligence.

Hut 8 has partnered with Hewlett Packard Enterprise and AdvizeX to develop and launch the new computing cluster, which is operated by subsidiary Highrise AI. The five-year partnership includes fixed infrastructure fees and revenue sharing with an unnamed cloud AI developer.

The GPU-as-a-service cluster is hosted in a Chicago data center and includes multiple HPE Cray supercomputers comprised of 1,000 Nvidia H100 GPUs.

“The launch of our GPU-as-a-service vertical further diversifies our computing segment, which now spans artificial intelligence, bitcoin mining and traditional cloud services. [...] The sophisticated AI computing structure will contribute to both financial and strategic growth, revenue diversification and long-term value creation,” commented Hut 8 CEO Asher Genuth.

Earlier, Bernstein experts noted that miners are attractive partners for AI companies and will be moving their capacity into the neural network sector.

Core Scientific's 12-year agreement with AI firm CoreWeave and Coatue Management's $150 million investment in Hut 8 were key catalysts for the sector's development.

As a reminder, artificial intelligence offers 17-25 times more revenue per kWh spent compared to bitcoin mining - $0.17-0.2 vs. $3-5.

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Lookonchain: Memcoin success stories may be a cover for insider trading

Experts at Lookonchain, a company specializing in analyzing trading activity and blockchain data, said that stories about phenomenal returns of traders who invested in little-known memcoins may be a cover for insider trading and designed to attract the attention of unsophisticated crypto investors.

On Sept. 25, Lookonchain analysts discovered a trader who invested 9.8 Solana coins ($1331) in 38.7 million MOODENG memtokens on Sept. 10 - and became a millionaire in just two weeks. This investor made an impressive 2,554 times profits, and his asset value nominally exceeded $3.4 million.

However, this fact has aroused suspicion among Lookonchain specialists. They believe that the staggering rise in the value of MOODENG had no objective market prerequisites and could be the result of insider activity on the part of the developers of the meme coin. Lookonchain's fears are indirectly confirmed by the fact that the liquidity of the MOODENG pool is only $1.8 million, which is half the current market value of the tokens owned by the trader. This will prevent the “successful investor” from cashing out the entire investment at the current market price.

On September 26, a Lookonchain columnist witnessed another enrichment of a trader who made a 1,000 percent profit. The trader invested $95 in the INCEPT token, on which he was able to earn about $97,000 in 12 hours. Lookonchain noted that according to the blockchain data, most of the cryptocurrency wallet addresses that made similar-sized profits from the INCEPT investment during this period were created just four days ago and only traded the asset in question - which could also be evidence of insider trading.

Earlier, Manhattan District Court Judge Alvin Hellerstein dismissed a class action lawsuit against Tesla CEO Elon Musk, accusing the billionaire of defrauding investors by promoting the DOGE cryptocurrency, manipulating its rate and insider trading.

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The Middle East accounts for 7.5% of global cryptocurrency volume

According to a report by Chainalysis analysts, the Middle East and North Africa accounted for 7.5% of the total volume of cryptocurrency transactions in the world between July 2023 and June 2024. The amount of transfers totaled about $338.7 billion, with institutional and professional investors accounting for the vast majority of transactions.

According to analysts, almost 93% of transactions were for $10,000 or more.

Network traffic in the region is mainly through centralized exchanges. However, the report also noted a “high interest” of investors from the United Arab Emirates and Saudi Arabia in decentralized platforms.

Chainalysis experts emphasized the UAE's growing influence as a global cryptocurrency hub, primarily due to transparent regulation of digital assets and the authorities' forward-thinking stance towards the industry. For example, in August 2024, Dubai's Court of First Instance ruled that employees can be paid in cryptocurrency.

In September 2024, UAE financial regulators took another step towards digital asset adoption by allowing virtual asset providers licensed in Dubai to offer their services to users across the country.

And more recently, the Central Bank of the United Arab Emirates approved insurance to protect financial institutions and their customers from losses arising from hacking, internal fraud and damage to storage infrastructure.

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Solana's (SOL) rise to $160 threatened by an aggressive whale

The recent actions of the Solana whale, which has pulled out of steaking and selling its assets on Binance, has raised concerns about the sustainability of the current SOL price rise

In the past, sales of the Solana whale have caused SOL to fall by double digits. We dissect whether history will repeat itself again, or whether retail investors will be able to protect the current price rise.

Whale Solana has decided to lock in profits

According to Solscan, the Solana whale recently took 100,000 SOL tokens out of steaking and transferred them to cryptocurrency exchange Binance. This comes just three days after the same investor withdrew 100,000 SOL tokens from steaking and transferred the assets to the same exchange.

Whale's decision to move his SOL assets to Binance is likely due to a desire to capitalize on the current price increase. The coin has risen in value by 9% over the past seven days.

However, this growth could face resistance if Whale continues to sell off. Historically, his sales have had a significant impact on the SOL price, as was the case between June 7 and July 7, when he dumped 1.2 million SOLs worth $178 million, causing the price to drop from $170 to $128.

Nevertheless, positive indicators still prevail. The Parabolic Stop and Reverse (SAR) indicator points below the SOL price, indicating a strong uptrend. In addition, the Chaikin Money Flow (CMF) indicator at 0.27 indicates high buyer interest and confirms the bullish bias on Solana.

SOL Outlook: Whale vs. the rest

Sustained buying pressure from other market participants may offset the impact of the whale's actions. If the bullish momentum continues, Solana could rise to the resistance level of $160.09. Successfully overcoming this critical level will open the way for SOL to reach $188.74.

However, if the whale continues to sell its assets for profit, history could repeat itself. In this case, the price may fall by 27%, to the neighborhood of $110.

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Americans are actively taking out loans secured by bitcoins and Ethereum

Employees of the financial company Ledn reported that commercial institutions in the United States have become active in issuing loans secured by cryptocurrencies.

US institutions are using Ledn's platform to approve loans secured by bitcoins and Ethereum (ETH). The loans are granted at a maximum of 13.4% per annum. This is quite low because the rate for loans taken out in the US with credit cards is as high as 28.4%.

In the first half of 2024, Ledn customers received $1.2 billion in loans secured by digital assets. The vast majority of loans were issued by financial institutions earning up to 10% APR.

To borrow money, Ledn users need to make a deposit in bitcoins or Ethereum worth 50% of the loan amount. In addition, customers of the service are offered to double their savings in BTC by using the B2X product, which allows them to borrow bitcoins against BTC collateral. Notably, transactions of $2,000 or more are automatically approved and digital assets are issued instantly.

According to the research company HFT Market Intelligence, the amount of outstanding loans issued against the pledge of bitcoins on all existing platforms reaches $8.5 billion. Analysts predict an increase in demand for this type of financial services and believe that by 2030 the value of loans received against the pledge of BTC will increase to $45 billion.

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