The Essential Weekly Crypto Briefing
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The Essential Weekly Crypto Briefing Welcome to this weekâs CMC Market Pulse newsletter! We'll serve up a concentrated dose of alpha that cuts right to the chase in under 5 minutes. No fluff - just straight facts and analysis on the crypto markets. Let's dive into this week's action! â TL;DR: - Bitcoin tumbles 7.3% and Ethereum falls 11.2% as market fears escalate over geopolitical tensions in the Middle East. ð
- Daily crypto liquidations spike in October with over $530 million wiped out. Can the markets rebound? ð¥
- PayPal makes its first $PYUSD stablecoin transaction with Ernst & Young. ð³
- US lawmakers propose a national Bitcoin reserve. Could this propel the US into a crypto leadership role? ðºð¸ â MARKET OVERVIEW ð [Bitcoin] Bitcoin
$61,385.13
--------------------------------------------------------------- % CHANGE 7D ▼6.41% 30D ▲8.25% [Ethereum] Ethereum
$2,383.22
--------------------------------------------------------------- % CHANGE 7D ▼10.58% 30D ▼0.55% The crypto marketâs momentum has reversed following recent geopolitical tensions in the Middle East. Bitcoin is down 7.3% over the last week, while Ethereum has dropped 11.2%. Over $530 million in liquidations occurred on October 1st alone, most of it in long positions. Here are some key insights: - Bitcoin funding rates have dropped to 8%, while Ethereumâs is at 4%, signaling some cautious optimism.
- $1 billion in open interest has been wiped from Bitcoin, and TOTAL3 is down 5.6%, erasing two weeks of growth. On the bright side, a few tokens like Wormhole and Sui managed to resist the broader market downturn. [Read the full story!](~/AAQRxQA~/RgRo4is5P0R0aHR0cHM6Ly9jb2lubWFya2V0Y2FwLmNvbS9hY2FkZW15L2FydGljbGUvY21jLW1hcmtldC1wdWxzZS1nZW9wb2xpdGljYWwtdW5jZXJ0YWludHktZnVlbHMtbWFzcy1mZWFyP2xpZD1wb2lwNDU1b2ZncDdXA3NwY0IKZvg6pv9mF3MAJFIbdHJpc3RyYW1iYWxkd2luOTJAZ21haWwuY29tWAQAAAMc) â NARRATIVE OF THE WEEK ð° - Escalating tensions between Iran and Israel led to a broad market sell-off, impacting risk-on assets like crypto.
- Former Binance CEO Changpeng Zhao was released early from custody.
- HBOâs new documentary on Satoshi Nakamoto claims to reveal his identity. Premieres October 8, 2024. The fear and greed index has now dropped to 36, one of its lowest readings this year, reflecting market-wide fear. [Read the full story!](~/AAQRxQA~/RgRo4is5P0R0aHR0cHM6Ly9jb2lubWFya2V0Y2FwLmNvbS9hY2FkZW15L2FydGljbGUvY21jLW1hcmtldC1wdWxzZS1nZW9wb2xpdGljYWwtdW5jZXJ0YWludHktZnVlbHMtbWFzcy1mZWFyP2xpZD1ncndmaTB2NXc5N2JXA3NwY0IKZvg6pv9mF3MAJFIbdHJpc3RyYW1iYWxkd2luOTJAZ21haWwuY29tWAQAAAMc) â MAJOR PROJECT UPDATES ðï¸ - Ethereum competitor Sui unlocked 64.19 million tokens, increasing its circulating supply by 2.3%.
- Eigenlayer's token EIGEN is now tradeable and listed across major exchanges.
- The Trump-backed DeFi project, World Liberty Financial, launched its KYC process ahead of the token sale.
- Asset manager Bitwise filed an S-1 for an XRP exchange-traded product (ETP), receiving mixed reactions. These updates highlight how expanding token supplies and DeFi adaptation to regulation are shaping market dynamics. [Read the full story!](~/AAQRxQA~/RgRo4is5P0R0aHR0cHM6Ly9jb2lubWFya2V0Y2FwLmNvbS9hY2FkZW15L2FydGljbGUvY21jLW1hcmtldC1wdWxzZS1nZW9wb2xpdGljYWwtdW5jZXJ0YWludHktZnVlbHMtbWFzcy1mZWFyP2xpZD0xNnQ5MGtrOWdydGZXA3NwY0IKZvg6pv9mF3MAJFIbdHJpc3RyYW1iYWxkd2luOTJAZ21haWwuY29tWAQAAAMc) â DEFI BRIEF ð¦ - TRON reports a 43% increase in Q3 revenue compared to Q2, bringing in $1.66 billion in the last year.
- Solana's DeFi scene continues to grow, with five $1 billion+ TVL protocols now on the network.
- SoLayer Labs introduces a yield-bearing stablecoin on Solana backed by U.S. Treasury bills. Ethereum's dominance in DeFi is being challenged, with platforms like Solana, BNB Chain, and Sui seeing TVL growth in September. [Read the full story!](~/AAQRxQA~/RgRo4is5P0R0aHR0cHM6Ly9jb2lubWFya2V0Y2FwLmNvbS9hY2FkZW15L2FydGljbGUvY21jLW1hcmtldC1wdWxzZS1nZW9wb2xpdGljYWwtdW5jZXJ0YWludHktZnVlbHMtbWFzcy1mZWFyP2xpZD03Z3FreGRnMmo2YjNXA3NwY0IKZvg6pv9mF3MAJFIbdHJpc3RyYW1iYWxkd2luOTJAZ21haWwuY29tWAQAAAMc) â MEME COIN MADNESS ð Price 24H% [Dogecoin] [Dogecoin](~/AAQRxQA~/RgRo4is5P0QuaHR0cHM6Ly9jb2lubWFya2V0Y2FwLmNvbS9jdXJyZW5jaWVzL2RvZ2Vjb2luL1cDc3BjQgpm-Dqm_2YXcwAkUht0cmlzdHJhbWJhbGR3aW45MkBnbWFpbC5jb21YBAAAAxw~) $0.11 ▲4.43% [Shiba Inu] [Shiba Inu](~/AAQRxQA~/RgRo4is5P0QvaHR0cHM6Ly9jb2lubWFya2V0Y2FwLmNvbS9jdXJyZW5jaWVzL3NoaWJhLWludS9XA3NwY0IKZvg6pv9mF3MAJFIbdHJpc3RyYW1iYWxkd2luOTJAZ21haWwuY29tWAQAAAMc) $0.0 ▲4.37% [Pepe] [Pepe](~/AAQRxQA~/RgRo4is5P0QqaHR0cHM6Ly9jb2lubWFya2V0Y2FwLmNvbS9jdXJyZW5jaWVzL3BlcGUvVwNzcGNCCmb4Oqb_ZhdzACRSG3RyaXN0cmFtYmFsZHdpbjkyQGdtYWlsLmNvbVgEAAADHA~~) $0.0 ▲1.37% [dogwifhat] [dogwifhat](~/AAQRxQA~/RgRo4is5P0QvaHR0cHM6Ly9jb2lubWFya2V0Y2FwLmNvbS9jdXJyZW5jaWVzL2RvZ3dpZmhhdC9XA3NwY0IKZvg6pv9mF3MAJFIbdHJpc3RyYW1iYWxkd2luOTJAZ21haWwuY29tWAQAAAMc) $2.17 ▲4.34% [Bonk] [Bonk](~/AAQRxQA~/RgRo4is5P0QraHR0cHM6Ly9jb2lubWFya2V0Y2FwLmNvbS9jdXJyZW5jaWVzL2JvbmsxL1cDc3BjQgpm-Dqm_2YXcwAkUht0cmlzdHJhbWJhbGR3aW45MkBnbWFpbC5jb21YBAAAAxw~) $0.0 ▼2.63% - Former BitMEX CEO Arthur Hayes promotes the cult-like meme coin Smoking Chicken Fish ($SCF), now at a $71 million market cap.
- Moo Deng is down 42% from its peak, currently at a $195 million market cap.
- $POCHITA, once a $16 million meme coin, crashed to under $1.2 million in under 24 hours. â VC FUNDRAISES AND AIRDROPS ð° - AI and XR Metaverse platform SecondLive raised $12 million in a private sale led by Crypto.com Capital.
- MeshMap, a token-incentivized mapping platform, raised $4 million from a16z and others.
- Mind Network, focused on encryption layers, raised $10 million in pre-Series A funding.
- TRONâs Justin Sun sold his EIGEN airdrop tokens at an average price of $4.03.
- Keyrockâs research finds that airdrops have an 11% success rate, with deep liquidity and fair distribution models key to long-term success.
- The Humanity Protocol launched its incentivized testnet, with speculation about a future airdrop. [Check out the full list of fundraisers and airdrops here.](~/AAQRxQA~/RgRo4is5P0R0aHR0cHM6Ly9jb2lubWFya2V0Y2FwLmNvbS9hY2FkZW15L2FydGljbGUvY21jLW1hcmtldC1wdWxzZS1nZW9wb2xpdGljYWwtdW5jZXJ0YWludHktZnVlbHMtbWFzcy1mZWFyP2xpZD1jaHZjbTB4d3R1ZTJXA3NwY0IKZvg6pv9mF3MAJFIbdHJpc3RyYW1iYWxkd2luOTJAZ21haWwuY29tWAQAAAMc) â TWEET OF THE WEEK ð [Tweet of the week] The meme coin market never sleeps, always ready with the next viral sensation. â Thank you for reading this weekâs edition of CMC Market Pulse. Stay informed, stay secure, and weâll see you next week for more insights! â [Apple Store](~/AAQRxQA~/RgRo4is5P0Q6aHR0cHM6Ly9hcHBzLmFwcGxlLmNvbS9hcHAvY29pbm1hcmtldGNhcC9pZDEyODIxMDcwOTg_bHM9MVcDc3BjQgpm-Dqm_2YXcwAkUht0cmlzdHJhbWJhbGR3aW45MkBnbWFpbC5jb21YBAAAAxw~) [Google Play](~/AAQRxQA~/RgRo4is5P0RQaHR0cHM6Ly9wbGF5Lmdvb2dsZS5jb20vc3RvcmUvYXBwcy9kZXRhaWxzP2lkPWNvbS5jb2lubWFya2V0Y2FwLmFuZHJvaWQmaGw9ZW5fVVNXA3NwY0IKZvg6pv9mF3MAJFIbdHJpc3RyYW1iYWxkd2luOTJAZ21haWwuY29tWAQAAAMc) [Twitter](~/AAQRxQA~/RgRo4is5P0QyaHR0cHM6Ly90d2l0dGVyLmNvbS9Db2luTWFya2V0Q2FwP2xpZD13M2E2a2tzZ3ZvZGZXA3NwY0IKZvg6pv9mF3MAJFIbdHJpc3RyYW1iYWxkd2luOTJAZ21haWwuY29tWAQAAAMc) [Telegram](~/AAQRxQA~/RgRo4is5P0QraHR0cHM6Ly90Lm1lL0NvaW5NYXJrZXRDYXA_bGlkPXNhYzg1MzJsNzh1cVcDc3BjQgpm-Dqm_2YXcwAkUht0cmlzdHJhbWJhbGR3aW45MkBnbWFpbC5jb21YBAAAAxw~) [Facebook](~/AAQRxQA~/RgRo4is5P0Q3aHR0cHM6Ly93d3cuZmFjZWJvb2suY29tL0NvaW5NYXJrZXRDYXA_bGlkPXR6YmNlZXBjbzloYlcDc3BjQgpm-Dqm_2YXcwAkUht0cmlzdHJhbWJhbGR3aW45MkBnbWFpbC5jb21YBAAAAxw~) [Instagram](~/AAQRxQA~/RgRo4is5P0Q5aHR0cHM6Ly93d3cuaW5zdGFncmFtLmNvbS9jb2lubWFya2V0Y2FwLz9saWQ9d2xqNHFqdXhoNGR4VwNzcGNCCmb4Oqb_ZhdzACRSG3RyaXN0cmFtYmFsZHdpbjkyQGdtYWlsLmNvbVgEAAADHA~~) [LinkedIn](~/AAQRxQA~/RgRo4is5P0RAaHR0cHM6Ly93d3cubGlua2VkaW4uY29tL2NvbXBhbnkvY29pbm1hcmtldGNhcC8_bGlkPXFuemg2aGp0cmxoYlcDc3BjQgpm-Dqm_2YXcwAkUht0cmlzdHJhbWJhbGR3aW45MkBnbWFpbC5jb21YBAAAAxw~) DISCLAIMER: Please be aware that CoinMarketCap is NOT a cryptocurrency exchange and does NOT facilitate the buying, selling, withdrawal or trading of crypto/token assets. The Portfolio feature is for tracking purposes only and does NOT act as a cryptocurrency wallet. You were sent this email because you subscribed to CoinMarketCap. To update your email preferences, [click here](~/AAQRxQA~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-Dqm_2YXcwAkUht0cmlzdHJhbWJhbGR3aW45MkBnbWFpbC5jb21YBAAAAxw~). To unsubscribe from all CoinMarketCap emails, [click here](~/AAQRxQA~/RgRo4is5P4TCAWh0dHBzOi8vMDUuZW1haWxpbmJvdW5kcHJvY2Vzc2luZy5jb20vZW5jX3VzZXIvdW5zdWJzY3JpYmU_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-Dqm_2YXcwAkUht0cmlzdHJhbWJhbGR3aW45MkBnbWFpbC5jb21YBAAAAxw~). © 2024 Coin Market Cap Ltd
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