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Geopolitical tensions contribute to a $4.69 Billion loss in crypto market |
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Key points: |
The crypto market faced a significant drop, losing $4.69 billion in market capitalization in just three days, particularly impacting AI and big data tokens. As of 3 October, the market cap decreased from $38.82 billion to $34.13 billion, challenging the expected "UPtober" recovery trend.
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News - The cryptocurrency market has experienced a sharp downturn in October, with artificial intelligence and big data-related tokens losing billions of dollars in market capitalization. This reversal of the traditional "UPtober" trend has raised concerns among investors. |
Near Protocol, a leading AI and big data token, has suffered the most, with a 14.88% decline in the past week. Other prominent tokens like Bitensor and Internet Computer have also seen substantial losses. |
What about the AI tokens? The broader AI and big data market has been impacted, with tokens like Render and Artificial Superintelligence Alliance experiencing double-digit declines. |
The downturn can be attributed to various factors, including geopolitical tensions, regulatory challenges, and macroeconomic concerns. While the long-term outlook for Bitcoin and the broader crypto market remains optimistic, short-term volatility can be expected in October. |
SWIFT to launch digital asset trials in 2025, uniting global banking networks |
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Banks across North America, Europe, and Asia are gearing up to take part in digital asset trials organized by SWIFT, set to begin in 2025. SWIFT announced on 3 October that the trials will explore transactions involving various digital currencies and assets.
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News - The Society for Worldwide Interbank Financial Telecommunication (SWIFT) is set to revolutionize the digital asset landscape with its upcoming trials. |
Banks in North America, Europe, and Asia are gearing up to participate in these experiments, which will explore the use of multiple digital currencies and assets on the SWIFT network. |
What's more? The trials aim to provide banks with a unified platform to access various digital asset classes and currencies. |
Initial focus areas include payments, foreign exchange, securities, and trade, facilitating multi-ledger delivery-versus-payment and payment-versus-payment transactions. |
SWIFT recognizes the fragmentation in the digital asset economy, which is hindering global adoption. By connecting disparate networks and enabling seamless transactions between digital and traditional forms of value, SWIFT aims to bridge this digital divide and simplify the process for banks and their customers. |
Tron network hits record $577M in Q3 revenue, surpassing Bitcoin and Ethereum |
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The Tron Network achieved a remarkable $577.2 million in revenue for Q3, surpassing major blockchains like Bitcoin and Ethereum. A significant portion of Tron's revenue—74%—came from staking, while the remaining 26% was derived from burning activities.
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News - The Tron Network has set a new milestone with a staggering $577.2 million in revenue for the third quarter, surpassing major blockchains like Bitcoin and Ethereum in quarterly earnings. |
According to data from Tronscan, 74% of Tron's revenue came from staking activities, while the remaining 26% was generated through token burning. |
This impressive performance is primarily attributed to the network's increasing stablecoin transactions and a recent expansion into the memecoin sector. |
More details - Data from Token Terminal indicates that Tron's combined fees and revenues eclipsed those of its larger competitors, with Bitcoin and Ethereum reporting approximately $56.3 million and $256 million in revenue, respectively. |
Tron is now the second-largest blockchain in terms of stablecoin volume, holding nearly 35% of the $172 billion stablecoin market cap. |
This growth is significantly driven by Tether, which accounts for 98.3% of all stablecoin transactions on the network. Justin Sun's venture into the memecoin arena, through the SunPump platform, has also contributed to Tron's revenue, generating $1 million shortly after its launch. |
Binance flags five altcoins for potential delisting amid increased scrutiny |
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Binance has placed five altcoins on its Monitoring Tag list. The flagged tokens are Bluzelle (BLZ), CLV (CLV), SelfKey (KEY), Prosper (PROS), and VITE (VITE).
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News - The world's largest crypto exchange, Binance, has sent shockwaves through the market by flagging five altcoins for potential delisting. |
BLZ, CLV, KEY, PROS, and VITE have been added to Binance's Monitoring Tag list, a sign of increased scrutiny due to their volatility and associated risks. |
Tokens with the Monitoring Tag are at risk of being delisted if they fail to meet Binance's stringent listing criteria. This announcement has triggered a sharp decline in the prices of these altcoins, with VITE experiencing the most significant drop. |
A good news - However, not all altcoins have suffered equally. KEY and BLZ initially saw price declines but later recovered, demonstrating some resilience. |
In a contrasting move, Binance has removed the Seed Tag from PENDLE and SEI. This indicates that these tokens have stabilized and are now considered less risky. The Seed Tag typically marks newer projects that carry greater volatility. |
Investors engaging with tokens under the Monitoring Tag or Seed Tag are required to pass specific quizzes every 90 days to ensure they are aware of the associated risks. |
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More stories from the crypto ecosystem |
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Interesting facts |
Over the past few years, the number of cryptocurrency and blockchain wallet owners has experienced a remarkable surge. As reported by Statista, the count of blockchain wallet owners exceeded 81 million by 2022. Each year, 22 May commemorates the anniversary of the first Bitcoin transaction, where a Florida man famously used 10,000 Bitcoin to purchase two pizzas. In August 2018, the World Bank introduced bond-i, marking the world's inaugural global bond leveraging blockchain technology. The Commonwealth Bank of Australia facilitated this groundbreaking blockchain bond issuance, initially raising A$110 million. A subsequent offering, known as the second tranche, raised an additional $50 million.
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Top 3 coins of the day |
Binance Coin (BNB) |
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Key points: |
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What you should know - BNB has shown a bearish trend recently, dipping from a high near $625 to its current value around $539. The price is moving within a descending wedge pattern. The 50-day and 100-day exponential moving averages (EMAs) at $566.2 and $553.8 are acting as resistance, keeping the price below these key levels. The Awesome Oscillator (AO) indicator shows declining momentum, reinforcing the bearish sentiment. Additionally, the price is nearing a support line around $500, which could serve as a pivotal point for a rebound if held. However, a breakdown below this level may open doors for further declines. Traders should closely monitor the $550 resistance and $500 support levels for signs of a breakout or further downside. |
Tron (TRX) |
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News - TRX is trading within a symmetrical triangle pattern, signaling potential price consolidation before a breakout. Currently priced at $0.1540, TRX is facing resistance near the upper boundary of the triangle around $0.1571, as indicated by the Bollinger Bands. The narrowing bands suggest that volatility is decreasing, indicating that a breakout may be imminent. The Relative Strength Index (RSI) is hovering around 54.59, which is neutral but slightly leaning towards bullish territory. This suggests that while buying momentum is not particularly strong, there is still room for upside potential. A decisive break above $0.1571 could propel the price toward $0.1650, while a downside break below the support at $0.1472 could push TRX lower toward $0.1400. Traders should monitor the triangle pattern closely for confirmation of the breakout direction. |
Avalanche (AVAX) |
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What you should know - AVAX is experiencing a bearish movement, currently trading at $24.71, down by 2.45%. The price is about to break below the symmetrical triangle pattern, signaling potential downside pressure. The Simple Moving Average (SMA) at $27.64, acting as resistance, indicates that AVAX is struggling to regain bullish momentum. The Moving Average Convergence Divergence (MACD) is bearish, with the MACD line below the signal line, reinforcing the downward trend. This suggests that sellers are currently dominating the market. If the price continues to fall, the next key support lies around $23, where AVAX could find buying interest. A failure to hold this level may lead to further declines toward $20. On the upside, bulls need to reclaim $28 to reverse the current bearish outlook. |
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