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The Essential Weekly Crypto Briefing ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌     ͏ ‌       [CoinMarketCap Logo](~/AAQRxQA~/RgRo9JxrP0QraHR0cHM6Ly9jb2lubWFya2V0Y2FwLmNvbS8_bGlkPWpxc3djdG9pbTRndVcDc3BjQgpnDmsXEmeRtWBrUht0cmlzdHJhbWJhbGR3aW45MkBnbWFpbC5jb21YBAAAAxw~) 18 Oct 2024 08:05 UTC CMC Market Pulse: The Essential Weekly Crypto Briefing Welcome to this week’s CMC Market Pulse newsletter! The crypto markets made impressive gains this week, with altcoins taking a back seat to the renewed strength in Bitcoin. Let’s dive into the action and uncover the highlights from the world of blockchain!   TLDR: - Bitcoin surged 12.34% this week, with the total crypto market cap rising 9% to hit $2.411T. - Tesla moved $760M in BTC to fresh wallets for the first time in two years. - Grayscale filed a new cryptocurrency ETF proposal, including Bitcoin, Ethereum, Solana, and more. - Robinhood expanded its platform to support Bitcoin futures and index options trading.   MARKET OVERVIEW 📈 [Bitcoin] Bitcoin $67,952.73 --------------------------------------------------------------- % CHANGE 7D ▲12.08% 30D ▲12.43% [Ethereum] Ethereum $2,643.39 --------------------------------------------------------------- % CHANGE 7D ▲9.9% 30D ▲13.4% Crypto markets experienced significant gains this week, driven by positive momentum over the weekend. Total Crypto Market Cap rose more than 9%, now sitting at $2.411T. Bitcoin saw a remarkable rise of 12.34%, while Ethereum gained 8.91%. Here are some of the key stats: - Short liquidations peaked at $205M on Monday, but long and short liquidations balanced out later in the week. - BTC funding rates surged toward 10%, while ETH funding rates dipped — signaling a short-term decline in Ethereum’s appeal among traders. Key events this week included: - Tesla moved $760M in Bitcoin, marking its first transaction in two years - Grayscale filed for a new ETF with the SEC, proposing a mix of assets including Bitcoin, Ethereum, and Solana - Robinhood launched Bitcoin futures trading, expanding its app to include index options Why does it matter? After a week of uncertainty around geopolitical conflicts and inflation fears, the market responded positively to news of higher Chinese stimulus. Additionally, Trump's rising odds on prediction platform PolyMarket convinced many investors to front-run a potential victory. Despite doubts around the accuracy of these predictions, the market saw BTC dominance rise by 1.6%, while altcoins took a hit, with TOTAL3 falling over 5%. [Read the full story!](~/AAQRxQA~/RgRo9JxrP0RtaHR0cHM6Ly9jb2lubWFya2V0Y2FwLmNvbS9hY2FkZW15L2FydGljbGUvY21jLW1hcmtldC1wdWxzZS10aGUtZmlyc3Qtb24tY2hhaW4tYWktbWlsbGlvbmFpcmU_bGlkPTUxcm9hYzludWw0NVcDc3BjQgpnDmsXEmeRtWBrUht0cmlzdHJhbWJhbGR3aW45MkBnbWFpbC5jb21YBAAAAxw~)   NARRATIVE OF THE WEEK 📰 This week, the Sui blockchain was at the center of attention, with heated debates comparing it to Solana’s previous success. - Lightcrypto shared a bearish thesis on Sui, citing concerns about insider token dumping of $400M in SUI - SuiLend’s founder compared building on Sui vs. Solana, sparking discussions about developer and user experience on both chains - Sui refuted claims of insider dumping, stating that neither team members nor investors sold the $400M in tokens Why does it matter? As the crypto bull market progresses, Sui and other new L1s are starting to challenge Solana's dominance. With Sui’s TVL increasing by over 50% to breach the $1B mark, many wonder if it will follow in Solana’s footsteps or if it will struggle to establish its place in the L1 hierarchy. [Read the full story!](~/AAQRxQA~/RgRo9JxrP0RtaHR0cHM6Ly9jb2lubWFya2V0Y2FwLmNvbS9hY2FkZW15L2FydGljbGUvY21jLW1hcmtldC1wdWxzZS10aGUtZmlyc3Qtb24tY2hhaW4tYWktbWlsbGlvbmFpcmU_bGlkPXBzM2xrcHVrdGxndlcDc3BjQgpnDmsXEmeRtWBrUht0cmlzdHJhbWJhbGR3aW45MkBnbWFpbC5jb21YBAAAAxw~)   MAJOR PROJECT UPDATES 🗓️ - Tether announced plans to diversify into traditional finance lending and commodities trading. - Circle’s USDC can now be used as a gas token on the Base L2, improving user experience on the network. - Fuel Network launched Fuel Ignition, an Ethereum L2 focused on home validation. - Celestia completed its Shwap Upgrade, making data availability sampling 12x faster. - Sonic (formerly Fantom) released a litepaper introducing its new tokenomics, including a 6% supply mint for a future airdrop. - SingularityDAO, Cogito Finance, and SelfKey proposed a merger to create an EVM L2 for AI tokenization. - Sony-backed Soneium unveiled 30 winners in its incubation program, focusing on DeFi, NFTs, and gaming. Why does it matter? The integration of USDC as a gas token on Base is a major milestone for the chain’s goal of onboarding the next billion users. However, if more L2s follow suit, it could diminish the role of ETH as the main gas token in the Ethereum ecosystem. [Read the full story!](~/AAQRxQA~/RgRo9JxrP0RtaHR0cHM6Ly9jb2lubWFya2V0Y2FwLmNvbS9hY2FkZW15L2FydGljbGUvY21jLW1hcmtldC1wdWxzZS10aGUtZmlyc3Qtb24tY2hhaW4tYWktbWlsbGlvbmFpcmU_bGlkPXh1bHE0a2s1cWh3elcDc3BjQgpnDmsXEmeRtWBrUht0cmlzdHJhbWJhbGR3aW45MkBnbWFpbC5jb21YBAAAAxw~)   DEFI BRIEF 🏦 - Donald Trump kicked off the token sale for World Liberty Finance, raising $12.5M out of a $300M target. - Ethena proposed adding SOL to its list of backing assets, sparking debate about SOL’s price stability. - Radiant Capital was exploited on Arbitrum and Binance Smart Chain, losing $51M. - Jupiter Exchange launched Ape Pro, a mobile interface for memecoin trading with advanced MEV protection. Why does it matter? The Trump-backed World Liberty Finance token sale struggled, raising only $12.5M in the first 24 hours. The sale’s lack of success is partly due to non-transferability of the token and poor timing just ahead of the Presidential Elections. [Read the full story!](~/AAQRxQA~/RgRo9JxrP0RtaHR0cHM6Ly9jb2lubWFya2V0Y2FwLmNvbS9hY2FkZW15L2FydGljbGUvY21jLW1hcmtldC1wdWxzZS10aGUtZmlyc3Qtb24tY2hhaW4tYWktbWlsbGlvbmFpcmU_bGlkPXJjaWUxaHA3bGRtN1cDc3BjQgpnDmsXEmeRtWBrUht0cmlzdHJhbWJhbGR3aW45MkBnbWFpbC5jb21YBAAAAxw~)   MEME COIN MADNESS 🚀 Price 24H% [Dogecoin] [Dogecoin](~/AAQRxQA~/RgRo9JxrP0QuaHR0cHM6Ly9jb2lubWFya2V0Y2FwLmNvbS9jdXJyZW5jaWVzL2RvZ2Vjb2luL1cDc3BjQgpnDmsXEmeRtWBrUht0cmlzdHJhbWJhbGR3aW45MkBnbWFpbC5jb21YBAAAAxw~) $0.13 ▲10.38% [Shiba Inu] [Shiba Inu](~/AAQRxQA~/RgRo9JxrP0QvaHR0cHM6Ly9jb2lubWFya2V0Y2FwLmNvbS9jdXJyZW5jaWVzL3NoaWJhLWludS9XA3NwY0IKZw5rFxJnkbVga1IbdHJpc3RyYW1iYWxkd2luOTJAZ21haWwuY29tWAQAAAMc) $0.0 ▲3.77% [Pepe] [Pepe](~/AAQRxQA~/RgRo9JxrP0QqaHR0cHM6Ly9jb2lubWFya2V0Y2FwLmNvbS9jdXJyZW5jaWVzL3BlcGUvVwNzcGNCCmcOaxcSZ5G1YGtSG3RyaXN0cmFtYmFsZHdpbjkyQGdtYWlsLmNvbVgEAAADHA~~) $0.0 ▲2.23% [dogwifhat] [dogwifhat](~/AAQRxQA~/RgRo9JxrP0QvaHR0cHM6Ly9jb2lubWFya2V0Y2FwLmNvbS9jdXJyZW5jaWVzL2RvZ3dpZmhhdC9XA3NwY0IKZw5rFxJnkbVga1IbdHJpc3RyYW1iYWxkd2luOTJAZ21haWwuY29tWAQAAAMc) $2.63 ▲2.86% [Bonk] [Bonk](~/AAQRxQA~/RgRo9JxrP0QraHR0cHM6Ly9jb2lubWFya2V0Y2FwLmNvbS9jdXJyZW5jaWVzL2JvbmsxL1cDc3BjQgpnDmsXEmeRtWBrUht0cmlzdHJhbWJhbGR3aW45MkBnbWFpbC5jb21YBAAAAxw~) $0.0 ▼0.09% - An AI agent funded by Marc Andreessen launched a memecoin, GOAT, which reached a market cap of $300M. - - Vitalik Buterin continued selling off memecoins sent to his wallet, dumping 257 ETH worth of tokens, including POPCAT and ETH6900.   VC FUNDRAISES AND AIRDROPS 💰 - Solv Protocol raised $25M from investors including Blockchain Capital and Binance Labs. - Praxis Nation raised $525M in a round led by GEM Digital and Arch Lending. - Opacity Network secured $12M in a seed round led by Archetype and Breyer Capital. - Ithaca, spun off from Paradigm, raised $20M to build Odyssey, an open-source Layer 2 testnet. - Azra Games raised $42.7M in Series A funding led by Pantera Capital. - Predicate raised $7M from investors, including Polygon's Sandeep Nailwal. - Hyperliquid announced their upcoming HYPE airdrop. Users must review the Genesis Event Terms by Nov 11 to be eligible. - Puffer Finance opened claims for the PUFFER airdrop, allowing users to participate in governance and reward boosting. - DeBridge started distributing DBR airdrops to 491K wallets. - Grass will launch its airdrop checker for AI data layer on October 21. - Elixir teased a snapshot, hinting at a potential upcoming airdrop. [Check out the full list of fundraisers and airdrops here.](~/AAQRxQA~/RgRo9JxrP0RtaHR0cHM6Ly9jb2lubWFya2V0Y2FwLmNvbS9hY2FkZW15L2FydGljbGUvY21jLW1hcmtldC1wdWxzZS10aGUtZmlyc3Qtb24tY2hhaW4tYWktbWlsbGlvbmFpcmU_bGlkPXpldDdrdHI4cmt4aFcDc3BjQgpnDmsXEmeRtWBrUht0cmlzdHJhbWJhbGR3aW45MkBnbWFpbC5jb21YBAAAAxw~)   TWEET OF THE WEEK 📝 [Tweet of the week] "Find yourself a KOL who works for their bags as hard as the terminal of truths."   Thank you for reading this week’s edition of CMC Market Pulse. Stay informed, stay secure, and we’ll see you next week for more insights!   [Apple Store](~/AAQRxQA~/RgRo9JxrP0Q6aHR0cHM6Ly9hcHBzLmFwcGxlLmNvbS9hcHAvY29pbm1hcmtldGNhcC9pZDEyODIxMDcwOTg_bHM9MVcDc3BjQgpnDmsXEmeRtWBrUht0cmlzdHJhbWJhbGR3aW45MkBnbWFpbC5jb21YBAAAAxw~) [Google Play](~/AAQRxQA~/RgRo9JxrP0RQaHR0cHM6Ly9wbGF5Lmdvb2dsZS5jb20vc3RvcmUvYXBwcy9kZXRhaWxzP2lkPWNvbS5jb2lubWFya2V0Y2FwLmFuZHJvaWQmaGw9ZW5fVVNXA3NwY0IKZw5rFxJnkbVga1IbdHJpc3RyYW1iYWxkd2luOTJAZ21haWwuY29tWAQAAAMc) [Twitter](~/AAQRxQA~/RgRo9JxrP0QyaHR0cHM6Ly90d2l0dGVyLmNvbS9Db2luTWFya2V0Q2FwP2xpZD1wMnl0ZzA4YWwwanFXA3NwY0IKZw5rFxJnkbVga1IbdHJpc3RyYW1iYWxkd2luOTJAZ21haWwuY29tWAQAAAMc) [Telegram](~/AAQRxQA~/RgRo9JxrP0QraHR0cHM6Ly90Lm1lL0NvaW5NYXJrZXRDYXA_bGlkPXNjYTZ3ZmI5ZTFseFcDc3BjQgpnDmsXEmeRtWBrUht0cmlzdHJhbWJhbGR3aW45MkBnbWFpbC5jb21YBAAAAxw~) [Facebook](~/AAQRxQA~/RgRo9JxrP0Q3aHR0cHM6Ly93d3cuZmFjZWJvb2suY29tL0NvaW5NYXJrZXRDYXA_bGlkPXRnMjB2Yjl2NnkzN1cDc3BjQgpnDmsXEmeRtWBrUht0cmlzdHJhbWJhbGR3aW45MkBnbWFpbC5jb21YBAAAAxw~) [Instagram](~/AAQRxQA~/RgRo9JxrP0Q5aHR0cHM6Ly93d3cuaW5zdGFncmFtLmNvbS9jb2lubWFya2V0Y2FwLz9saWQ9azI4NXB1dmEyMWF5VwNzcGNCCmcOaxcSZ5G1YGtSG3RyaXN0cmFtYmFsZHdpbjkyQGdtYWlsLmNvbVgEAAADHA~~) [LinkedIn](~/AAQRxQA~/RgRo9JxrP0RAaHR0cHM6Ly93d3cubGlua2VkaW4uY29tL2NvbXBhbnkvY29pbm1hcmtldGNhcC8_bGlkPXNvM3R6MDZldm9nN1cDc3BjQgpnDmsXEmeRtWBrUht0cmlzdHJhbWJhbGR3aW45MkBnbWFpbC5jb21YBAAAAxw~) 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. 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