Strengths
Among the cryptocurrencies tracked by CoinMarketCap, Catin a Dog’s World was the best performing cryptocurrency this week, rising 36.37%. Bitcoin’s rise has gained attention in part because some investors see it as a sign that the market expects Bitcoin to win, Bloomberg writes. There is. Donald Trump, the Republican candidate for the US presidential election who is pro-cryptocurrency. The digital asset has gained about 13% over the past seven days, significantly outperforming global stock indexes and gold. Billionaire Stanley Druckenmiller cited cryptocurrencies as one of the indicators that the market is pricing in a victory for the former president, the article continues.
Cryptocurrency enthusiasts sent an additional $7.5 million in digital currency to President Donald Trump’s campaign between July and the end of September, Bloomberg reported. The numbers show the momentum among Trump supporters to dump their crypto holdings and send them to the Republican presidential candidate.
Weakness
Among the cryptocurrencies tracked by CoinMarketCap, MANTRA was the worst performer this week, dropping 6.30%. FTX’s former head of engineering has asked a judge not to send him to prison for the cryptocurrency exchange’s collapse. According to an article written by Bloomberg, Nishad Singh’s lawyers wrote in a memo to a federal judge in Manhattan that he deserves leniency given his limited role in the FTX implosion. said. Italy plans to raise capital gains tax on Bitcoin from 26% to 42% as part of an effort to reduce the budget deficit while funding expensive election promises, Bloomberg writes. Italy’s announcement comes as the EU prepares to fully implement comprehensive crypto regulation, known as MiCA, at the end of the year.
opportunity
Stripe, the payments company founded by billionaire brothers Patrick and John Collison, is in talks to acquire venture-backed fintech platform Bridge. Stripe is in talks to acquire the San Antonio, Texas-based company, which will allow businesses to create, store, send, and accept stablecoins like Tether’s USDT and Circle’s UDSC. By design, Bloomberg writes. Bitcoin bulls have once again set their sights on the all-time highs reached in March on the back of riskier assets and optimism surrounding the looming US election. On Wednesday, Bitcoin rose as much as 2.9% to $68,376, before continuing to trade around $67,800, Bloomberg writes. Cryptocurrency exchange Kraken has launched a wrapped Bitcoin token kBTC. The token will be available on both Ethereum and OP mainnet and will be backed 1:1 with Bitcoin. Bitcoin tokens will be stored at Kraken Financial, the exchange’s U.S.-certified custody solution, Bloomberg writes.
threat
Video game developer FractureLabs has accused Jump Trading, one of the crypto industry’s largest market makers, of “fraud and deception” by manipulating the price of tokens used in online games. filed a lawsuit. According to the complaint, Jump concealed its true intention to use DIO’s initial offering as an opportunity to “pump and dump” the token along with HTX, Bloomberg writes. Bitcoin miner MARA warns that AI is a reflection of the internet boom of the 2000s. According to Bloomberg, in a recent interview with an analyst at research and brokerage firm Bernstein, Fred Thiel, CEO of Bitcoin Miner, said that the current AI environment is similar to the internet boom of the early 2000s. He said many companies, especially small ones, risk overbuilding infrastructure without sufficient demand. I will report it. In order to effectively compete with the traditional financial system and gain widespread adoption, DeFi infrastructure will need to evolve significantly. According to Bloomberg, decentralized finance has great potential, but current platforms lag in key aspects such as liquidity, speed, and cross-chain compatibility.
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