Ethereum Financial News

The teams behind the Floki protocol and Bitget crypto exchange have accused each other of market manipulation after the protocol’s token, TokenFi (TOKEN), was listed and delisted by Bitget. This is according to an October 31 social media post from the Floki team and a blog post from Bitget. 

Institutional-focused crypto custody firm Bastion has obtained money-transmitter licenses (MTLs) in New Hampshire and Arkansas.

Stablecoin issuer Circle will close out consumer or individual accounts on November 30, according to emails received by Circle customers on October 31. In an email to Cointelegraph, the stablecoin issuer confirmed that it is closing the accounts but confirmed that business and institutional “Mint” accounts will remain available.

The reserves for stablecoin issuer Tether contained approximately 86% cash and cash equivalents as of September 30, according to a new attestation report from accounting firm BDO. This is the highest percentage of cash and cash equivalents that have ever made up Tether’s reserves.

The Ethereum layer-2 ecosystem is likely to continue evolving with diverse technological approaches, according to co-founder Vitalik Buterin.

In the wake of notable collapses, fraud and skepticism — including the notorious FTX fall and subsequent trial of its leader, Sam Bankman-Fried — the cryptocurrency industry found itself under unprecedented scrutiny. Navigating through the aftermath of these crises, the crypto world has undergone substantial reflection and reshaping. Despite the remaining challenges and uncertainties, there emerges a guarded optimism enveloping the sector, symbolizing its resilience and adaptive nature.

The Starknet Foundation has taken a step to acknowledge the early contributors to its network by allocating 50 million STRK tokens. This gesture comes even though these tokens are locked and not yet tradable until April 2024.

Bitcoin was trading 0.18% lower at $34,278, while its largest peer, Ethereum, was trading at $1,797, up 0.44% at around 12.49 p.m. Bitcoin is up 27% in October and looks to close the month above $34,000 with substantial gains. Based on 2019, the previous year before halving, November might encounter a brief pullback to keep the market healthy. $33,200 is the strong support level that Bitcoin must hold to surge ahead. Bitcoin dominance has experienced a minor decline this week as Solana, Polkadot and XRP register gains on the daily, said Vikram Subburaj, CEO of Giottus Crypto Platform. Edul Patel, Co-Founder & CEO of Mudrex, said, «Bitcoin has been hovering at the $34,300 level over the past 24 hours as traders anticipate the US Federal Reserve's decision on interest rates scheduled for Wednesday. For Bitcoin to maintain its upward trajectory, it will need to overcome the $34,700 resistance, or it may risk seeking support near $34,000.»

Billionaire investor Stanley Druckenmiller praised Bitcoin (BTC) for establishing a “brand” over last decade and half — admitting while he doesn’t own any Bitcoin, he ought to.

Crypto exchange-traded products (ETPs) saw their largest weekly inflows in more than a year, according to an Oct. 30 report from asset management platform CoinShares. Inflows were $326 million for the week ending Oct. 27, dwarfing the $66 million recorded over the previous week.

Bitcoin (BTC) price climbed by 15% last week and 10.45% the week before. The S&P 500 Index dropped 2.53% last week and 2.39% the week before. This shows that Bitcoin has decoupled from the S&P 500 Index in the short term and may chart its own course.

The Celestia mainnet, the first modular data availability network, is set to launch tomorrow (14:00 on October 31 UTC). This will also release its native token TIA for trading with an airdrop of 60 million tokens, 6% of the tokens in circulation, for active users on Ethereum Layer 2s Cosmos Hub, and Osmosis, making it one of the biggest airdrops seen in 2023.

Bitcoin has been in a consolidation phase around the $34,000 level following last week's rebound, maintaining its recent gains within a pivotal price range.

Decentralized crypto exchange PancakeSwap now has portfolio manager functionality, according to an October 30 announcement. The feature has been added in partnership with decentralized finance (DeFi) protocol Bril Finance. 

The Web3 Foundation has recently concluded its 19th wave of grants, dedicating over $1.1 million towards 33 different projects under the Web3 Foundation Grants Program. This wave witnessed a submission of 100 applications, marking the highest in over two years. The foundation highlighted its 600th grant and the processing of the 1000th milestone within this period. The burgeoning Polkadot developer community, now ranked second globally after Ethereum, accentuates the innovation and zeal of teams within this ecosystem. The Grants Program remains a pivotal part in fostering these teams and enticing new developers, enhancing Polkadot's reputation as one of the most vibrant communities in the Web 3.0 domain. This initiative is aimed at facilitating the upcoming array of innovations through an accessible, transparent, and open grants program.

Recent market activities indicate a significant movement of LOOM tokens associated with Upbit, a well-known digital asset exchange. Over the past 48 hours, Upbit has escalated the frequency of depositing LOOM to other exchanges, Binance and Bithumb, summing up to over 120 transactions. This movement, involving approximately 19 million LOOM tokens (valued around $6.76 million), coincides with a 35% dip in LOOM's price within the same timeframe, according to Scopescan​.

The Ethereum price has risen to $1,815 today, gaining by 1.5% in 24 hours and 8.5% in the past week amid rising investor positivity.

Stablecoins are essential to cryptocurrency markets, and traditional payment systems, especially cross-border ones, can also benefit from them. Edelcoin sets a new standard for stablecoins, offering low volatility, inflation protection, and zero reserve investment risk. Its verified reserves are 100% locked and secured for EDLC holders only.

Meanwhile, the global cryptocurrency market cap surged 0.7% to around $1.27 trillion in the last 24 hours. Bitcoin was up 0.66% at $34,304 as of 12:30 p.m., while its largest peer, Ethereum, surged 0.54% to above the $1,750 level. Broader markets, including crypto, reflected positive gains as investors prepare for the Fed meeting scheduled for Wednesday, and the release of the U.S. jobs report. The crypto fear and greed index also continues to stay in the greed zone despite a four-point drop; currently at 68/100, said Parth Chaturvedi, Investments Lead at CoinSwitch Ventures.

Open-source protocols have become a mainstay in the tech world and are gaining traction due to the myriad benefits that they offer over their proprietary counterparts.

OKX Ventures, the venture capital subsidiary of notable cryptocurrency exchange and Web3 technology firm OKX, declared its involvement in the Series B funding phase of Celestia Lab today. Celestia stands as the pioneering modular blockchain network which allows developers to utilize its platform as a foundational layer for consensus and data processes. Post this, developers have the liberty to select a virtual machine, such as Ethereum, Solana, or zero-knowledge roll-ups among other compatible smart contract execution layers, to create and launch their distinct blockchain networks. This notion diverges from the earlier blockchain infrastructure generations where Layer-1 chains were responsible for consensus, data operations, and execution collectively, a setup referred to as 'monolithic' by Celestia.