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OCT 8, 2023

Week 40 - What's moving the markets?

by Meta Investor

Pro-Crypto House Leader, Ripple Wins Again, Ethereum ETFs
There is so much happening that it's simply impossible to follow everything.
On one side there's the traditional news like the Fear and Greed index coming down to "Extreme Fear".
On the other, we have an endless wave of crypto news.
Let's explore the highlights 👇

For the first time in history, the House of Representatives removed its leader, Kevin McCarthy

  • He is being replaced by a well-known crypto supporter Patrick McHenry.
  • Patrick repeatedly disagreed with SEC’s Gary Gansler over the crypto regulations.
  • He also openly supports the Grayscale case and spot ETF approval.

Another victory for Ripple

  • A U.S. federal judge has rejected the SEC's motion for interlocutory appeal.
  • The judge set another trial date in April 2024.
  • Until then, the SEC still has time to align their statements and prepare solid arguments.
  • $XRP gains +5% on the news.

Ethereum Futures ETFs went live in the U.S. on Monday.

  • On Monday, 9 funds, 5 of which hold only Ether-based futures saw a combined trading volume of just $6.6m.
  • For comparison, the ProShares Bitcoin Strategy ETF (BITO, the first US BTC Futures ETF) made over $1bn in the first 2 days of trading back in 2021.
  • For more on the ETF front, follow @EricBalchunas

People are reporting SIM swap attacks on their Friend.tech accounts

  • SIM Swap attack is when a hacker tricks your service provider into connecting your phone to the hacker’s SIM card
  • @darengb was robbed of 22 ETH and warns that every doxxed Twitter account (you use the real one) with your phone number can be exposed
  • Friend.tech team is trying to work on it, this week introduced new login options

On a similar note, there is a new player entering the #SoFi hype. Welcome Stars Arena.

  • The usage exploded this week and this new network saw 3x more transactions than Friend.tech.
  • After numerous technical challenges and hacks, this hype is fading away.
  • Thanks @CryptoKoryo for the great Dune Dashboard.

Soil pre-sale

  • Hyped RWA project Soil made their pre-sale.
  • It seems they didn’t reach the goal on both Seedify and Enjinstarter → Many influencers are waiting for the price to drop after the pre-sale to enter the project.
  • The listing should happen on the 10th of October.

Token unlocks

  • X2Y2 $195k (4.05%) → 9/10/2023
  • APT $23.76m (1.90%) → 12/10/2023
  • CYBER $6.34m (11.43%) → 15/10/2023

Launchpads

  • OpenFabric IDO on Enjinstarter, Poolz, ChainGPT, and Seedify → 13/10/2023
  • Openfabric AI is a decentralized Layer 1 AI protocol for building and connecting AI applications where we have harnessed the power of blockchain, advanced cryptography, and novel infrastructure to create a new foundation for AI-Apps.

Project launches

  • Big Time Pre-season starts on the 10th of October
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