Ubisoft, a leading video game developer announced that it would leverage web3 technologies to launch its first game smoothly. Champions Tactics: Grimoria Chronicles will launch on HOME Verse, the layer-2 network that is a component of the Oasys gaming ecosystem, on October 23. With the help of Oasys and double jump.tokyo, Ubisoft is set to launch its first web3 game over a year after the first announcement at IVS Kyoto. Champions Tactics: Grimoria Chronicles is a tactical role-playing game that allows players to explore the mysterious and dark realm of Grimoria while assembling a team of legendary Champions to combat in exhilarating PvP fights. Nicolas Pouard, VP of the Ubisoft Lab stated: A collection of 75,000 Champions—digital collectibles that operate as the main protagonists in Grimoria, a dark fantasy setting—lays the foundation of Champions Tactics. Players can build and refine their ideal squad by using the distinct qualities and skills that each Champion offers. In fierce PvP battles, players may overpower their opponents and take the lead by carefully choosing their team of three Champions. Through the Forge, players may combine special abilities and characteristics from their current collection to create new Champions, opening them many opportunities for strategic mastery. Players may customize their champions with this crafting system, which opens up new skills and improves team dynamics. To hone their roster and take the top spot on the scoreboard, players must use The Forge. The most anticipated mint of Q3, 2023, was Ubisoft’s first 10K PFP collection, The Warlords, and additional records were broken in July 2024 with the 75K Champions mint. More than 100,000 X followers and 50,000 Discord users have joined the Champions Tactics community as anticipation for the game’s release grows. Meanwhile, thousands of players participated in closed alpha and beta testing, which produced positive feedback and improved the game’s mechanics even more. Sylvain Loe-Mie, executive producer for the game stated: Oasys and Ubisoft will work together to guarantee that the blockchain components of Champions Tactics are completely optimized when the company launches its first web-3 game on HOME Verse. Ubisoft’s Champions Tactics will bring together the greatest aspects of both worlds with its combination of improved web3 capabilities and video game-style action, creating an immersive experience that promotes frequent play. Oasys representative director, Ryo Matsubara said:

The crypto ETF market is expanding at an alarming rate, with news of a second XRP Exchange Traded Fund (ETF) filing spreading across the space. Canary Capital, a boutique Sydney investment and corporate advisory firm has just filed an XRP ETF, following Bitwise’s lead. With the new ETF filing, the price of XRP could see a possible change in the future. Canary Capital Files New XRP ETF On Tuesday, October 8, Canary Capital submitted an official S-1 filing for an XRP ETF with the United States Securities and Exchange Commission (SEC). This filing comes just after Bitwise, another top asset management company filed for an ETF on September 30, marking the first ever XRP–based ETF in the crypto market. According to Canary Capital’s new filing, the Trust’s investment goal is to provide direct exposure to the value of XRP, enabling investors to access this cryptocurrency’s market through a brokerage account. Through this method, Canary Capital intends to limit the potential barriers to accessing the market and reduce the risks involved in acquiring and holding XRP. Canary Capital has also stated that it aims to track the performance of XRP in the market, as measured by the Trust’s Pricing Benchmark. This pricing benchmark will utilize a similar methodology to the real-time price of the Chicago Mercantile Exchange (CME) CF Ripple index. While divulging the objectives and risk factors associated with an XRP ETF, Canary Capital failed to disclose the identity of the custodian for its potential XRP ETF. The investment management company also did not provide details on the ticker to be used for its XRP ETF, however, revealed that the Trustee for the investment product would be the Delaware Trust company. Despite the optimism Canary Capital’s new XRP ETF filing has generated in the crypto community, both its application and Bitwise’s still require approval from the SEC before they can launch in the market. Presently, the likelihood of a swift approval appears low, considering Ripple’s ongoing legal battle with the regulator. Earlier this month, the US SEC submitted a new appeal to challenge the court’s July 2023 ruling that programmatic sales of XRP are not considered securities. XRP Price Falls As Regulatory Uncertainty Clouds Optimism Despite Canary Capital’s new XRP ETF filing, the price of XRP has been on a downward trend, showing no signs of moving out of bearish momentum trends. CoinMarketCap’s data shows that XRP has fallen by 0.72% in the last 24 hours and another 0.79% over the past week. The cryptocurrency has been in the red for the past few weeks, only seeing slight gains when market conditions turn significantly favorable. With the new XRP ETF, many would expect the XRP price to rally, as anticipation for the investment product builds in the crypto space. However, XRP is still consolidating around the $0.5 mark, even experiencing a decrease in its 24-hour trading volume. It is clear that XRP’s bullish momentum has been completely overshadowed by regulatory uncertainty and negative sentiment. Despite this, many in the XRP community continue to maintain a positive outlook, expecting the price of XRP to break out to the upside soon.

The US Securities and Exchange Commission (SEC) has stepped up its regulatory scrutiny of the crypto industry by charging Cumberland DRW LLC with operating as an “unregistered dealer”, underscoring the agency’s relentless enforcement approach that has come under increasing criticism from stakeholders and advocates in the digital asset space. Accused Of Trading $2B In Crypto As ‘Unregistered Dealer’ In a statement released on Thursday, the SEC revealed that Chicago-based Cumberland DRW is accused of trading over $2 billion in crypto assets offered and sold as alleged “securities” in violation of federal registration requirements designed to protect investors. The SEC’s complaint alleges that Cumberland has been engaging in these activities since at least March 2018, acting as an “unregistered dealer” by buying and selling crypto assets for its own accounts as part of its regular business operations. According to the firm’s website, it provided “deep, reliable liquidity” in crypto assets, as well as investing in technology, claiming to have decades of experience in the field. Cumberland DRW has publicly positioned itself as “one of the world’s leading liquidity providers” in the digital asset market, operating around the clock and executing trades with counterparties via telephone and its online platform, Marea. Cumberland also offered spot cryptocurrency liquidity, and operations for “dozens” of cryptocurrencies, including stablecoins, for institutional investors in the market. Other services offered by the company included options and futures trading, bilateral crypto options, and non-deliverable forwards. SEC Seeks Penalties Against Cumberland DRW The SEC further alleges that Cumberland has been trading crypto assets treated as investment contracts on third-party exchanges. Jorge G. Tenreiro, Acting Chief of the SEC’s Crypto Assets and Cyber Unit, stated: The SEC’s Head Of the digital assets divison noted that despite industry claims equating crypto asset sales to commodity sales, the SEC’s complaint asserts that Cumberland, the issuers, and investors viewed the transactions as investments in securities. Tenreiro further alleged: The SEC’s complaint was filed in the US District Court for the Northern District of Illinois and charges Cumberland with violating Section 15(a) of the Securities Exchange Act of 1934. The agency is seeking permanent injunctive relief, recovery of ill-gotten gains, prejudgment interest, and civil penalties against the firm. Featured image from DALL-E, chart from TradingView.com

Bitcoin and Cardano’s holders are optimistic that the ongoing positive market sentiment will push prices higher, with many closely watching a potential Bitcoin all-time high (ATH) and promising Cardano (ADA) price predictions. However, while these established cryptos see steady momentum, new projects like BlockDAG are rapidly capturing attention, pulling ahead with significant inflows. As a layer-1 network, BlockDAG is gaining traction, raising over $92 million in its presale and showcasing a strong future-ready ecosystem. The BDAG50 bonus code, ahead of the upcoming rebrand, has heightened demand, setting the project up for further success as anticipation grows. Bitcoin ATH: Approaching the Next Milestone Bitcoin has experienced a consistent upward trend, gaining about 14% by late September, reaching $66,000. Yet, it remains 12.6% below its March all-time high of $73,734. The Bitcoin Fear and Greed Index reflects this growing optimism, hitting a score of 61 by the end of September, shifting from extreme fear to greed. While the positive sentiment is rising, experts suggest the excitement could temporarily slow down the path to the next ATH, as markets often move contrary to collective expectations. Positive social sentiment surrounding Bitcoin is also on the rise. Santiment reports 1.8 bullish posts for every bearish one, and Casa’s Jameson Lopp noted an increasingly positive shift in mainstream media coverage. However, a cautious approach may be necessary as the market builds up toward new price levels. Cardano (ADA) Price Prediction: Testing Critical Support Cardano is currently testing a key support level at $0.364, a crucial point that could determine its next price movement. If this support holds, ADA could see a 22% surge, potentially reaching its daily resistance level at $0.444. The Relative Strength Index (RSI) currently sits at 56, indicating a slowdown in upward momentum, but if the RSI rises above 60, it could signal stronger bullish activity. On-chain data reflects an optimistic outlook, with a favorable long-to-short ratio of 1.10, indicating more traders betting on price gains. Over 133,350 addresses have accumulated 1.25 billion ADA tokens between $0.370 and $0.382, marking this zone as a strong support area. However, if ADA dips below $0.342, the positive trend could be invalidated, with the potential for a further decline to retest $0.304. BlockDAG’s Rebrand Sparks Excitement in the Crypto Community As the cryptocurrency market experiences its typical fluctuations, BlockDAG is emerging as a standout newcomer. With the successful launch of its testnet in September 2024, BlockDAG is preparing for a pivotal mainnet release. The introduction of the BlockDAG Blockchain Explorer, which includes features such as transaction tracking and Ethereum Virtual Machine (EVM) compatibility, positions BlockDAG as a forward-thinking network designed for scalability and efficient functionality. BlockDAG’s presale has generated significant momentum, raising over $92 million and delivering substantial gains for early participants. The rapid growth of this presale has been further accelerated by the BDAG50 bonus code, which offers a 50% bonus on all coin purchases until October 14, driving even greater interest and strengthening its growth trajectory. Community engagement and transparency have been key components of BlockDAG’s rise in popularity. During the testnet phase, users had the opportunity to explore BlockDAG’s blockchain, engaging with its smart contract capabilities, minting NFTs, and participating in staking activities. With a comprehensive brand refresh on the horizon, excitement is building. The upcoming updates to BlockDAG’s website and ecosystem are expected to enhance its appeal, sparking conversations about its potential to surpass other major cryptocurrencies. On the technological front, BlockDAG is designed to handle large-scale applications, as demonstrated during its testnet. Its blockchain explorer, paired with real-time transaction monitoring and EVM support, ensures a smooth, user-friendly experience. These developments highlight BlockDAG’s goal of establishing a solid foundation for long-term growth, far beyond just another presale event. Key Insights As Bitcoin continues to dominate the market and Cardano draws attention with its key technical markers, BlockDAG is quickly gaining traction as a top contender in the crypto space. With over $92 million raised during its presale and early participants seeing substantial returns, BlockDAG’s innovative approach is drawing considerable interest. The highly anticipated rebrand, alongside the popular BDAG50 bonus code, is expected to fuel further expansion. As the crypto market searches for its next major player, BlockDAG is positioned to make a significant impact, while the community continues to watch Bitcoin’s progress toward new milestones and the evolving forecasts for Cardano (ADA). Join BlockDAG Presale Now: Website: https://blockdag.network Presale: https://purchase.blockdag.network Telegram: https://t.me/blockDAGnetworkOfficial Discord: https://discord.gg/Q7BxghMVyu Disclaimer: TheNewsCrypto does not endorse any content on this page. The content depicted in this Press Release does not represent any investment advice. TheNewsCrypto recommends our readers to make decisions based on their own research. TheNewsCrypto is not accountable for any damage or loss related to content, products, or services stated in this Press Release.

As the crypto market struggles to shake off the weakness of last week, the latest sentiment data from Santiment shows that token holders and traders are bearish on some of the top altcoins. According to their recent analysis, token holders are bearish the most on Chainlink–a middleware solution that powers DeFi and NFTs, Ethereum, Solana, and Bitcoin. Out of their assessment, it is interesting to note that these coins on focus are those in the top 10, except for Chainlink that is still perched outside the top 20. While Chainlink tops the list, others, mainly Ethereum, Solana, and Bitcoin, are in the top 5. Chainlink Struggling Despite CCIP Success, Ethereum Disappoints Although Santiment didn’t provide a reason to explain why the community is bearish on these tokens, there are fundamental factors that prop up this outlook. Despite being a leader in DeFi through their Oracle solution and Cross-Chain Interoperability Protocol (CCIP), Chainlink still struggles for momentum. LINK, the native token, rose to as high as $22, which is below the 2021 highs and is currently down 53% from the 2024 highs. Considering its role in DeFi and NFTs, holders expected the token to float higher, outperforming the market. This was especially so after the launch of the CCIP solution, which has found adoption among some of the top DeFi and TradFi platforms. Pessimism about Ethereum’s outlook could also stem from disappointment following the approval of the first batch of spot Ethereum ETFs. Unlike Bitcoin, whose prices ripped higher, breaking above $70,000 to as high as $74,000, spot Ethereum ETFs have not been as successful. As of October 10, Soso Value shows that all issuers in the United States managed just over $6.6 billion. Even so, there are massive outflows from Grayscale’s ETHE, heaping massive pressure on ETH prices. The second most valuable coin is still trading below $2,800 and is moving sideways in a possible distribution. Solana Suffers As Meme Coin Momentum Fades, Impact Of FTX Asset Distribution Solana, on the other hand, is also under pressure. The success of Pump.fun, which saw hundreds of thousands of meme coins deployed, supported prices. However, as Tron gains market share, the momentum is fading, negatively impacting prices. Moreover, in the coming few months, FTX trustees will distribute nearly $16 billion of assets to victims. Even though some might continue to HODL, others will choose to liquidate–a negative for the coin.

Solana (SOL) is currently trading at the lower end of a monthly range that began in March, positioning the asset at a pivotal level that will dictate its price action in the coming months. As the broader crypto market faces uncertainty, analysts and investors closely monitor whether this range represents an accumulation phase that could precede a significant rally. Top analyst and investor Mister Crypto recently shared a technical analysis comparing Solana’s current price structure to its 2021 performance, highlighting similarities that suggest a potential bullish breakout. His analysis reflects optimism amid market anxiety, with many believing Solana may be on the verge of another strong upward movement. While caution remains, investors await confirmation that Solana’s recent range-bound trading is laying the foundation for a sustained rally. The outcome in the next few weeks could significantly impact Solana’s trajectory for the rest of the year. Solana Price Action: Accumulation Or Bull Trap? Solana (SOL) has been trading within a range of $210 to $110 since mid-March, and while some investors are starting to believe this could be a bull trap rather than accumulation, others remain cautiously optimistic. A growing sentiment suggests that Solana’s prolonged sideways movement may not lead to the much-anticipated breakout but could lead to further declines. Despite these concerns, prominent analyst Mister Crypto provides a more bullish perspective. In his latest analysis, Mister Crypto compares the current market sentiment around Solana to that of 2021, just before the asset soared to new all-time highs. He highlights the similarities in market fear and uncertainty that preceded Solana’s previous explosive rally. According to him, such fear-driven consolidation is often a signal of bullish patterns taking shape, with the potential for substantial gains once the market recovers. Mister Crypto refrains from setting a specific price target but suggests that Solana’s next major move could surpass its all-time high of $260. While the current mood remains cautious, his analysis provides hope that Solana may be preparing for another significant upward move, as historical patterns have shown similar price behavior before major surges. The coming weeks will likely be decisive for Solana as traders and investors wait to see if it will break out of its range or continue to face downside pressure. SOL Key Levels To Watch Solana (SOL) is currently trading at $138, following a 9% retrace from its daily 200 moving average (MA) at $152. This drop marks a significant loss of momentum, as the price also fell below the daily 200 exponential moving average (EMA) at $140—a crucial support level. Losing the 200 EMA raises concerns for further downside potential in the coming weeks. For bulls to regain control, the price must reclaim the 200 MA and EMA, and push above the critical resistance level at $160. A surge above this threshold would indicate renewed bullish momentum and the potential for Solana to rally higher. However, if SOL fails to recover these key indicators, it could signal a deeper correction. If the price continues to decline, traders may see SOL head toward lower demand zones around $110, a level that has acted as strong support in previous months. Investors and analysts are watching closely to see if Solana can hold its current levels or face more downside pressure in the near future. The next few days will be pivotal for SOL’s price action and overall market direction. Featured image from Dall-E, chart from TradingView

Although the Bitcoin price faces challenges in breaking out significantly from its support level of $60,000, recent on-chain data reveals a fascinating shift in sentiment among Bitcoin enthusiasts. Despite the ongoing price corrections, it appears that long-term holders remain undeterred. In fact, about 15,917 BTC, valued at approximately $987 million, has been withdrawn from various cryptocurrency exchanges over the past week. Bitcoin Exits Crypto Exchanges In Droves According to a previous report by NewsBTC, Bitcoin’s recent dip to $60,000 can largely be attributed to the actions of short-term holders. On-chain data reveals that this particular group of traders decided to exit their positions after Bitcoin’s performance failed to meet expectations in early October, further intensifying the selling pressure. However, long-term holders have taken full advantage of this increased selling pressure. Rather than follow the short-term market sentiment, many long-term investors seized the opportunity to add more Bitcoin to their portfolios. As data would have it, long-term holders seem to have capitalized on the selling pressure, with many of them taking the opportunity to add to their holdings. According to on-chain data highlighted by crypto analyst Ali Martinez, the Bitcoin reserves on cryptocurrency exchanges have been in a steady decline since October 3. On that day, the total Bitcoin balance across exchanges stood at 2.5825 million BTC. What’s notable is that this figure was a result of several consecutive days of BTC inflows to exchanges, beginning on September 28 and continuing until October 3. During this time, the price of Bitcoin fell from $66,230 to $60,047, marking a decrease of about 9.3% as many traders sold on exchanges. However, in an interesting turn of events, long-term holders have seen this influx of BTC into exchanges as an opportunity to acquire more tokens. As a result, there has been a consistent decline in the total Bitcoin balance on exchanges since October 3. Numbers show that 15,917 BTC were withdrawn from exchanges between October 3 and the time of writing, bringing the total Bitcoin exchange reserve to about 2.5667 million BTC. What Does This Mean For Bitcoin? The outflow of BTC from exchanges is generally seen as positive for the cryptocurrency’s price moving forward, as it reduces the amount of BTC available for sale. During this outflow period, Bitcoin retested the $64,000 price level on October 7. However, it has since reversed and is approaching the $60,000 price floor again. As of the time of writing, Bitcoin is trading at $60,912, marking a 2.1% decline over the past 24 hours. This dip shows the importance of long-term holders and bullish investors continuing to accumulate BTC from exchanges. The onus now is on long-term holders to keep accumulating Bitcoin from exchanges in order to help prevent further price declines.

San Francisco, USA / California, October 10th, 2024, Chainwire Constellation Network’s “HyDef ‘24” conference will take place on Thursday, October 24, 2024, featuring a free daylong virtual event combined with a live in-person event for a nominal fee at 1 Hotel in San Francisco. Constellation Network is a unique Web3 framework with new open-source tooling that empowers companies and individuals to build blockchain networks for Big Data, creating trust and transparency around data collection, validation, and transacting. Nicknamed “America’s Blockchain,” Constellation Network actively works with entities such as the U.S. Military, The Digital Chamber, the Texas Blockchain Association, Space ISAC, and the National DigiFoundry. Constellation has been validated and approved by the U.S. Department of Defense through the Air Force Research Laboratory (AFRL) as a, “Scalable, Secure and Defense-Approved Blockchain technology.” Constellation’s HyDef ‘24 conference will deliver a jam-packed day of ground-breaking insights. Conference sessions cover secure information-sharing in a zero-trust world, the future of finance and blockchain, the evolving regulatory environment, government and blockchain, and much more. Hackathon-winning projects will be showcased at the event where developers have leveraged Constellation’s big data transaction and validation capabilities to build apps that gather and validate data at scale. These apps feed the data into AI or causal models to give businesses and individuals insights based on more input than we’ve heretofore been able to process. Another HyDef highlight will be the long-awaited reveal of the details of the working relationship between Constellation and Panasonic. The work the two companies are doing together has the potential to bring Constellation’s technology and blockchain-secured edge computing to the world en masse in a meaningful way. The in-person event will be held at the 1 Hotel in San Francisco and will require a nominal $150 fee. Attendees include representatives from Panasonic, the Greer Institute at Intel, Forward Edge AI, venture capitalists, The Digital Chamber, the Constellation leadership team, along with Stardust Collective community leaders. The virtual event is free to attend with access via livestream to all keynote speeches, panel discussions, and hackathon showcases in real time. Virtual attendees can engage directly with speakers and panelists through Q&A and live chat features, and may connect with other attendees in virtual event spaces. To find out more about the event and register, users can visit stardust’s event site at https://stardust-collective.org/HyDef-Conference About Constellation Network Constellation Network, founded in 2017, is a Blockchain ecosystem powered by the Hypergraph Transfer Protocol (HGTP), designed to secure, validate, and process data for Web3 applications. HGTP enables seamless and secure Blockchain communication, akin to how HTTP functions for the web. Constellation’s tools support building Blockchain networks for big data, fostering trust and transparency. Validated by the U.S. Department of Defense via the Air Force Research Laboratory (AFRL), Constellation is recognized as a scalable and secure Blockchain solution. Website: www.constellationnetwork.io Twitter: https://twitter.com/Conste11ation Telegram: https://t.me/constellationcommunity Contact Constellation co-founder, Head of Community, and conference organizer Altif Brown Constellation Network, Inc. [email protected]

Moonveil, a gaming-focused layer-2 has disclosed a significant investment from Polygon Labs as well as information about their impending node sale. The Moonveil community will have access to 50,000 nodes beginning on October 22. $1 million of the investment will be used to quicken the development of AggLayer-related initiatives in Moonveil’s quickly growing gaming ecosystem. Built on Polygon CDK, Moonveil’s recently released Layer-2 will also integrate with the AggLayer to provide a smooth cross-chain link that opens up new gaming innovation possibilities. Polygon Labs CEO Marc Boiron stated: Moonveil CEO MJ stated: Through a two-phase launch that includes a Whitelist Round on October 22 and a Public Round on October 24, 50,000 nodes are made available to the public. Through participation in AMAs, Moonveil campaigns, and partner initiatives, applicants may get a seat on the whitelist. Moonveil Nodes will be in sync with Polygon CDK’s Gitbook updates and will be essential to the platform’s gradual decentralization approach. Operators of nodes will aid in the decentralization of transaction sequencing, proof verification, and data availability. While node activation is planned for Q1 2025, 25% of the tokens held by node operators will be unlocked after the TGE, with the remaining 70% to be dispersed over a three-year period. Community rewards with a 5% reserve have been scheduled to begin soon after the TGE. With its ZK-powered network, Moonveil’s L2 will enable games from both proprietary and third-party developers, offering players experiences that are unmatched.

South Korea’s FSC is planning to lift the spot ETF ban. The deposits from Upbit make about 20% of all the deposits into K-bank. South Korea’s Financial Services Commission (FSC) is reconsidering the possibility of lifting its long-term ban on spot exchange-traded funds (ETFs). It further allows institutional accounts on local crypto exchanges. The Virtual Asset Committee will evaluate approving the virtual asset spot ETFs and allowing the corporate virtual asset accounts. Since 2018, the strict guidelines of FSC have kept South Korea‘s institutional investors away from the cryptocurrency market. Moreover, the FSC Chairman, Kim Byung-hwan mentioned that apart from reviewing the ETF policies, a detailed study of the monopolistic structure of virtual exchanges will be held in South Korea. Upbit dominates over 61% of the trading volume among the licensed exchanges in the country. Moreover, it’s crucial to note the financial connection of Upbit with K-bank, one of the first digital banks to debut in South Korea. Reportedly, the deposits from Upbit make about 20% of all the deposits into K-bank. On the other hand, the exchange is one of the five licensed exchanges in the nation with over $1.17 billion daily transactions. In addition, its market share has increased by 80%, as per CMC data. Highlighted Crypto News Crypto Captivates 47% of Hedge Funds Worldwide

VARA issued cease-and-desist orders and fines to seven unlicensed crypto entities. VARA emphasizes consumer protection and compliance in its regulatory framework. Dubai’s Virtual Assets Regulatory Authority (VARA) has taken significant action by issuing cease-and-desist orders against seven cryptocurrency entities. These firms operated without the necessary licenses and violated marketing regulations. As a result, VARA imposed fines ranging from AED 50,000 to AED 100,000 (approximately $13,600 to $27,200) on each entity. This enforcement illustrates VARA’s commitment to maintaining a secure and regulated virtual asset environment. Moreover, VARA has not revealed the names of the entities involved, stating that investigations are ongoing in collaboration with local authorities. This approach allows VARA to gather more information and ensures accountability for those violating regulations. The authority emphasized the importance of compliance within Dubai’s expanding crypto market, which seeks to position itself as a global hub for virtual assets. Consumer Protection in Dubai’s Crypto Market VARA issued a public warning against engaging with unlicensed firms. The authority stresses that interacting with these entities poses significant financial and reputational risks to consumers. Stakeholders must recognize that engaging with unlicensed entities can lead to severe consequences. In recent developments, Dubai has granted full regulatory approvals to prominent crypto exchanges, including OKX, Binance, and Crypto.com. Additionally, the UAE has exempted cryptocurrency transactions from value-added tax (VAT), encouraging further growth in the sector. Earlier this year, a court ruling also lent some legitimacy to the use of cryptocurrency as compensation for employees, signaling a broader acceptance of digital assets within the region. Furthermore, VARA’s marketing regulations focus on transparency and consumer protection. These regulations ensure that firms operating in Dubai adhere to high standards of integrity and compliance. By targeting unlicensed operations, VARA sends a clear message that adherence to regulations is essential for all crypto-related activities. This proactive approach helps build a secure environment for investors and fosters trust within the community. Highlighted Crypto News Today 21Shares Expands European Offering with Future of Crypto ETP

Bybit, the world’s second-largest cryptocurrency exchange by trading volume, is pleased to announce the successful completion of bbSOL’s first month, a significant milestone in the quest to improve token staking on the Solana blockchain. With its innovative marketing approach and smooth integration across centralized and decentralized platforms, bbSOL—the first exchange-backed liquid staking token (LST) on Solana—has quickly garnered traction. Because of its distinct position at the nexus of decentralized finance (DeFi) and centralized finance (CeFi), bbSOL has been a standout in the Solana ecosystem since its introduction. Key Milestones of bbSOL’s First Month: TVL (total value locked) exceeds 85 million: The fact that bbSOL has outperformed other exchange-backed staking tokens in TVL demonstrates both its enormous user appeal and its expanding power inside the Solana ecosystem. This spike in TVL is a result of both Bybit’s dedication to provide outstanding staking possibilities and the token’s widespread acceptance. Increased Accessibility: On October 10, 2024, at 10 AM UTC, bbSOL will be listed on Bybit Spot, giving users more access to trading possibilities and liquidity benefits across a variety of ecosystems. Token holders may benefit from a simplified experience thanks to bbSOL, which connects Bybit’s centralized exchange with the larger DeFi ecosystem. Strategic Alliances: bbSOL has collaborated with Jupiter Exchange, the top swap aggregator in Solana, in addition to being available on Bybit Spot. This partnership improves liquidity options and expands bbSOL’s functionality for users who want to trade effectively inside the Solana ecosystem. Emily Bao, Head of Spot and Web3 at Bybit stated:

21Shares launches FUTR, its first megatheme crypto ETP in Europe. FUTR offers exposure to six major trends in the crypto economy. 21Shares, a leading issuer of cryptocurrency exchange-traded products (ETPs), has introduced its 44th crypto ETP, the Future of Crypto Index ETP (FUTR), in Europe. The new product, designed as a “megatheme” ETP, offers investors exposure to six major sectors within the evolving crypto economy, including payments, social, gaming, decentralized finance (DeFi), artificial intelligence (AI), and smart contract blockchains. Listed on both Euronext Paris and Euronext Amsterdam, the FUTR ETP is fully backed by underlying crypto assets held in secure cold storage to ensure investor protection. It targets retail customers seeking broad exposure to trends driving the future of the digital asset market. This launch represents an expansion of 21Shares’ portfolio. And aligns with the strategy of offering innovative investment opportunities beyond traditional assets like Bitcoin (BTC) and Ethereum (ETH). “Next Evolution” – Hany 21Shares’ CEO, Hany Rashwan, described the product as a crucial step for investors exploring the next phase of crypto evolution. “FUTR represents the next evolution of the firm’s European product lineup,” he said, emphasizing the ETP’s focus on leading assets from each sector. It is while avoiding high-risk investments such as meme tokens and privacy coins. The ETP focuses on projects with a minimum liquidity threshold of $2 million, ensuring a balanced and secure portfolio. Moreover, in collaboration with MarketVector Indexes and Flow Traders, 21Shares has created a market-capitalization-weighted index to track the top assets across these six sectors. The index aims to adjust to keep pace with emerging trends, offering flexibility in a rapidly shifting market. This launch follows 21Shares’ recent call for the European Securities and Markets Authority (ESMA) to update regulations. It makes it easier for crypto assets to be included in UCITS funds, which cater to retail investors across Europe. Despite regulatory challenges, 21Shares strives to strengthen its European presence with this latest offering. Highlighted News Of The Day Crypto Captivates 47% of Hedge Funds Worldwide

South Korean law now allows married couples to divide cryptocurrency holdings during a divorce settlement. This follows a 2018 ruling by South Korea’s Supreme Court, which classified cryptocurrencies as property due to their economic value. Married couples in South Korea can now include cryptocurrency holdings in the division of assets during divorce proceedings. This comes after the clarification by the South Korean law firm IPG Legal, which explained that under the country’s legal framework, both tangible and intangible assets, such as cryptocurrency, are subject to division when a couple parts ways. According to Article 839-2 of the Korean Civil Act, either spouse can request the division of marital assets accumulated during the marriage, which now includes cryptocurrencies like Bitcoin (BTC). A landmark ruling by the South Korean Supreme Court in 2018 confirmed that virtual assets like cryptocurrency are recognized as property, owing to their economic value. The Process of Investigating and Dividing Crypto Holdings If a spouse suspects their partner has cryptocurrency holdings, they can request a court investigation to assess the value of these assets. Blockchain technology makes it easier to track crypto investments compared to traditional assets, as all transactions are recorded permanently. Financial records like bank withdrawals can also be used to uncover hidden cryptocurrency holdings. When dividing these assets, couples have two main options. They can either cash out the cryptocurrency and split the proceeds, or they can directly share the cryptocurrency itself, based on its current market value. Settlement options also allow for more flexibility, including payment plans or offsets of other assets. This update is a notable step in adapting legal processes to the growing influence of digital assets in modern financial life and might ensure fair distribution in the divorce settlement. Highlighted Crypto News Crypto Captivates 47% of Hedge Funds Worldwide

47% of the traditional hedge funds have exposure to cryptocurrencies. Out of 100 hedge funds, 42% were focused on traditional assets. The hedge funds have focused on traditional asset classes and have exposure to the cryptocurrency market. Approximately 50% of the hedge funds have allocated capital to digital assets, marking an increase compared to previous years. Reportedly, 47% of the hedge funds invested in traditional asset classes have ventured into cryptocurrencies in 2024, up from 29% in 2023 and 37% in 2022. It was driven by more defined regulatory frameworks and the launch of spot cryptocurrency ETFs in the United States and Asia. Moreover, 67% of these funds intend to keep the current capital in digital assets. Meanwhile, the remaining 33% are to increase capital allocation by the end of 2024. All the hedge funds are not involved in the digital asset space, as per the survey. Around 76% of hedge fund managers who are currently not invested in cryptocurrencies will continue not to invest in the asset class over the next three years. The figure has risen from 54% in 2023. Besides, two-thirds of the traditional hedge funds have no plans to include spot Bitcoin ETFs in their digital asset strategies. On the other hand, 42% of the 100 hedge funds were focused on traditional assets. The remaining 58% were invested in cryptocurrencies. The survey was conducted in the second quarter of 2024. Evaluating the Market Performance The crypto market cap has drastically increased over the past year. In October 2023, the overall market cap was staying at $1.06 trillion. At press time, it has increased to $2.13 trillion. Meanwhile, the market cap breakdown observed over the past year for BTC was marked at $1.23 trillion and ETH at $293 billion. Whereas stablecoins and other tokens stayed at $165 billion and $478 billion, respectively. In addition, the largest cryptocurrency, Bitcoin (BTC), reached its all-time high in March. Currently, the asset trades at $61K, with its trading volume staying at $28.35 billion, gaining over 8% over the last 24 hours. Highlighted Crypto News How the FBI Initiated Its Crypto Token Operation to Bust Fraud?

EIGEN drops 11% to $3.52 with a market cap of $657 million. Whale transferred 365,303 EIGEN to Binance, fueling market unease. EigenLayer (EIGEN) is currently trading at $3.52, reflecting a 12.57% decrease over the past 24 hours. The market capitalization stands at $657 million, positioning EIGEN at #96 among cryptocurrencies. Trading volume has also dropped significantly, falling by 45% to $253 million, which ranks it at 25 in daily volume. This sharp decline in both market cap and trading activity signals a potential bearish sentiment, as investors and traders react to recent market developments. The cryptocurrency market has experienced heightened activity, particularly due to a large transaction involving a crypto whale. On October 10, it was reported that 365,303 EIGEN coins, valued at approximately $1.34 million, were transferred to Binance by this whale. This move attracted attention, as the whale had previously received an airdrop of 536,053 EIGEN coins in September. With 159,423 EIGEN coins, worth around $588,000, remaining in the whale’s wallet, speculation about further selling has stirred unease among market participants. The recent whale activity has contributed significantly to EIGEN’s price drop. Following the transfer, the price fell by 12.57%, causing concern among investors. Impact of Whale Activity and Crucial Price Zones Large transfers like this often trigger market volatility, and many traders fear that continued selling from the whale could increase selling pressure across the market. Consequently, the actions of this whale in the coming days will likely influence EIGEN’s short-term market direction, as traders remain cautious of potential further sell-offs. From a technical analysis standpoint, EIGEN faces critical support and resistance levels. The immediate support is seen at $3.50 and $3.40, while resistance stands at $3.80 and $4.00. These levels are crucial for determining whether the price will continue to decline or begin to recover. Additionally, the Relative Strength Index (RSI) hovers around the neutral zone, suggesting indecision in market momentum. Highlighted Crypto News Today US Regulators Sue Gotbit and Other Fraudulent Crypto Firms

Ripple launches crypto custody services for banks and fintech firms. XRP whales move 73M tokens amid regulatory uncertainty and market speculation. Ripple has launched new crypto custody services aimed at helping banks and fintech firms store digital assets. Announced on Thursday, the services are part of the company’s Ripple Custody division, offering features such as integration with Ripple’s XRP Ledger blockchain, enhanced anti-money laundering (AML) monitoring, and an improved user interface. Notably, Ripple is known for its XRP cryptocurrency and RippleNet, a blockchain-based payment settlement platform. This move into custody services allows Ripple to diversify beyond payments and enter a nascent yet rapidly growing market. The crypto custody sector is forecasted to reach $16 trillion by 2030, according to the Boston Consulting Group. Ripple’s major clients, including HSBC and Societe Generale, have already adopted the new services. Meanwhile, Ripple faces continued challenges over XRP’s regulatory status. Last week, the U.S. Securities and Exchange Commission (SEC) appealed a 2023 court ruling that stated XRP is not a security when sold to retail investors. Amid these legal tensions, XRP whales moved over 73 million tokens in the past 24 hours, sparking speculation of a cross-appeal by Ripple. Ripple Effect On XRP Whale movements, paired with Ripple’s legal battle, have heightened market volatility. XRP’s price recently dipped to $0.5266, with its value fluctuating in response to legal developments. Additionally, speculation has grown around the launch of an XRP exchange-traded fund (ETF), with Canary Capital filing for a U.S. spot XRP ETF on October 8. Market observers, such as Nate Geraci of ETF Store, believe an XRP ETF approval is likely but dependent on regulatory clarity, which may only emerge after the U.S. elections. Ripple continues to maintain that XRP should not be classified as a security, as it prepares for a potential cross-appeal against the SEC. XRP technical indicators suggest that it is in bearish momentum. Its 9-day EMA is at $0.5389. The daily RSI stands at 46, showing that it is nearing an oversold condition. If demand holds, it could break resistance at $0.5463 and push toward $0.5788. However, slowing accumulation could lead to a drop in price to the support level of $0.5118 and $0.4885.

As of Q3 2024, CryptoRank stated that 3 million addresses were active every day on NEAR Protocol, making it a major player in the blockchain world. This huge number is higher than both Tron (2 million daily active addresses) and Solana (2.4 million daily active addresses) during the same time period. The growth of NEAR is in line with a larger trend in the AI cryptocurrency market. This shows that blockchain and AI are becoming more and more intertwined. This point of contact is driving more and more technological progress and user engagement across these channels. Surge In The AI-Cryptocurrency Sector One of the most important factors influencing user engagement on NEAR is the rapid growth in AI-related decentralized applications or dApps. As DappRadar reported, AI dApps increased by 70% compared with the previous quarter in Q3. The survey indicated that AI dApps garnered 4.3 million daily unique active wallets, illustrating the growing interest in this sector of the cryptocurrency industry. NEAR Protocol has swiftly leveraged this trend by establishing collaborations with major corporations such as Nvidia and Alibaba to augment its AI capabilities. With this further integration with AI, in addition to NEAR’s strong growing ecosystem, the network finds itself at the helm of innovation in this emerging blockchain landscape. Although the ecosystem is still experiencing positive growth, market sentiment remains cautious as the price of the protocol decreased by 2.36% to $4.87, along with a more than 30% decrease in trading volume. NEAR Protocol: Price Fluctuations Amid Market Ambiguity The current price difficulties of NEAR can be ascribed to overarching market conditions rather than the protocol’s intrinsic value. Despite the optimistic outlook suggested by daily active addresses and collaborations, recent data indicates a 0.4% reduction in NEAR’s circulating supply, now totaling 1.11 billion tokens. The protocol’s market capitalization now stands at $5.42 billion, ranking it 23rd overall in the market. Price Forecast Indicates Rebound Potential The medium-term prognosis for NEAR is predominantly favorable. Technical analysis forecasts an upward trend in the forthcoming seven days, with the token presently trading 220% beneath its projected value for the subsequent month. During a three-month interval, the price is anticipated to rise by 240%, indicative of favorable market sentiment and heightened adoption. Prolonged projections are similarly positive, with a six-month growth anticipated at 178% and a one-year projection indicating a 165% increase. Although short-term price fluctuations may indicate general market instability, the long-term prospects for NEAR are clear. Investors must keep tabs of forthcoming ecosystem advancements and AI trends to assess the protocol’s price trajectory. Featured image from Pexels, chart from Avark

Levi Rietveld, a popular crypto analyst with 122,000 followers on X, has released a new video detailing how XRP could potentially surge to $60 overnight by capturing a fraction of SWIFT’s transaction volume. “XRP will hit $60 overnight with this SWIFT news! Here’s the math!!” he teased via X. How XRP Could Skyrocket To $60 Overnight In his analysis, Rietveld delves into the mechanics of SWIFT, the global financial messaging network that processes a significant portion of international payments. He highlights that SWIFT handles approximately $7 trillion per day, amounting to about $1.5 quadrillion annually. “If XRP was to eat into just 5% of SWIFT’s business, it would allow an increase of 1,252 times in volume for XRP compared to what we are seeing right now,” Rietveld explains. “This could translate into an over 9,000% increase for XRP, potentially pushing its price to around $50 per coin.” Rietveld further extrapolates that if the cryptocurrency were to capture 10% or 20% of SWIFT’s volume, the cryptocurrency’s price could soar to $100 or even exceed $200 per coin, respectively. “The amount of price impact that we are able to see for XRP if we eat into just a very small portion of SWIFT’s overall volume is insane,” he emphasizes. He argues that the crypto asset offers significant advantages over traditional SWIFT transactions, including faster settlement times, lower fees, and the elimination of the need for banks to hold large reserves in multiple currencies. “It’s cheaper, it’s faster, it’s more reliable, and it costs businesses a lot less money to use overall because they don’t need to hold these massive reserves of every single currency that exists—they just hold XRP,” Rietveld notes. Rietveld also discusses the potential for a supply shock if institutions begin accumulating the crypto asset. He points out that a substantial portion of the token is locked in escrow, and institutional demand could exceed the available public supply. “That’s not enough, frankly speaking. That’s not enough XRP for all these institutions, so they’re going to have to buy from the public supply—the XRP that me and you are buying,” he says. “With how limited the XRP supply is already, it’s going to allow us to see XRP’s price just catapult to levels never seen before.” Looking ahead, Rietveld is optimistic about long-term prospects. “I could literally see this thing going to $200 per coin very easily, and I think this is something that we could actually see happen within the next 10 years—not in the next five, but in the next 10 years,” he predicts. “This next year, though, I do think that XRP is going to be going above $10—not a doubt in my mind.” At press time, XRP traded at $0.5266.

Solana is once again in the headlines, this time for having a major surge in development activity, keeping it ahead of its competition with Arbitrum and Avalanche. According to Santiment, the development activity regarding Solana has increased by 10.7% just within the last week, and the signal is clear that developers and projects alike are interested in this space. Meanwhile, based on the recent Solana price estimate by CoinCodex, the cryptocurrency might experience a potential increase of 14% by November 9, 2024, and hit the $159 level. Despite the fact that this is a bullish view, the technical numbers suggest that the market is now experiencing a negative vibe. Investors are experiencing a level of worry that is 39 on the Fear and Greed Index. Although both Arbitrum and Avalanche showcased some positive growth, as well—both 5.2% growth—Solana’s is more significant, which would easily place it ahead of its peers in terms of developers’ involvement and any further growth of the platform anytime soon. Solana’s growing network activity spells that this is now the preferred destination for new blockchain ideas and decentralized applications programs (dApps). Solana: Surge In Development Activity More developers are choosing to build dApps, test new features, and deploy the overall functionality of the blockchain on Solana. Now, that’s not only interest but investment in the long-term potential of the platform. Even without the introduction of new projects in this space, Solana’s ecosystem is already a stand-out through its scalability and speed. New projects on these lines could bring even more promising advancements. Whether it is transaction speeds or the development of DeFi tools, growth in activity usually presents large-scale improvements that are soon going to hit the blockchain platforms. Competition With Arbitrum And Avalanche Things are getting close to the knifing stage as Blockchain platforms continue to fight for dominance. Arbitrum and Avalanche also continued their steady growth rates but, of course, Solana outperforms in this last week and marks its potential as a leader in the near future. Regarding investments, things are rather more complicated. Recently, Solana’s price charts displayed a so-called “3 White Soldiers” pattern—a traditional signal of a bearish to a bullish trend reversal. Given macroeconomic elements like monetary policy and the influence of elections on the broader market, this could indicate an upward movement in the near future. But even when it reaches the level of the positive development and charts, technical indicators are still sounding a cautious note. The Fear & Greed Index, for example, is still at 39, which suggests that investors are still jittery about the market. Solana’s performance in the last month was rather mixed, with only 14 out of 30 days showing positive gains. Even though the CoinCodex prediction might turn north, the 5.62% volatility depicts that this market is really unpredictable and investors must consider these factors before a premature investment. So far, there’s great momentum for the development of Solana but what this could become in terms of sustained price increases is yet to be known. Featured image from DL News, chart from TradingView