Bitcoin Eyes $63K, Scroll Airdrop Disappoints Farmers, and WLF Preps Token Sale - October 14, 2024
A quick and digestible recap of yesterday’s crypto news.
TL;DR: Market Insight in Seconds
Bitcoin: Bounces above $63K.
Scroll: Highly anticipated airdrop leaves some token farmers unhappy with their allocation.
WLF:: Public sale for WLFI tokens starts on October 15.
BSSC: Introduces board of directors.
Off The Grid: Crypto game tops Epic Games Store.
Karate Combat: To launch UP platform and KARATE tokens.
Mt. Gox: Repayment deadline delayed to 2025.
WLD: Partners with Dune to improve transparency.
Price Update
Bitcoin Bounces Back Above $63K as Traders Eye China’s Stimulus
Bitcoin surged 7% to surpass $63,000 as China's fiscal stimulus announcement underwhelmed market expectations. The lack of specifics on boosting domestic consumption disappointed investors. This reduced the probability of a capital shift into Chinese equities, benefiting cryptocurrencies like Bitcoin. Bitcoin failed to maintain momentum, dipping to $62,400. A breakout above the current trendline could indicate a rally toward $69,000, with key support at $58,890.
New Web3 Projects
Crypto-Focused Game Tops Epic Games Store
"Off the Grid," a battle royale game featuring planned crypto integrations, has grabbed the top spot on the Epic Games Store. The game’s success is a perfect example of the growing interest in blockchain-based gaming, and its crypto features are expected to attract more players to the Web3 space.
Karate Combat To Launch “UP” Platform and KARATE Tokens
Karate Combat, a professional sports league integrating Web3 technology, is set to launch "UP," a layer-2 blockchain and crypto-native software licensing platform on Hedera in early 2025. The platform includes a software stack that allows $KARATE token holders to earn more tokens by predicting fight outcomes. In just a year, the platform has gained 100,000 users.
Business Developments
Scroll Airdrop Allocation Met with Dismay from Token Farmers
Scroll’s airdrop allocation has sparked criticism among airdrop farmers, with many upset over the distribution of SCR tokens. While 15% of the total 1 billion tokens are set aside for future airdrops, 5.5% of those are allocated to Binance Launchpool users, leading to concerns that the system favors larger Binance holders. Farmers feel the 7% allocated for early adopters is insufficient given their efforts. Scroll defended its decision, highlighting Binance’s global reach, especially in emerging markets, as essential for growth.
World Liberty Financial Public Token Sale Kicks Off October 15
World Liberty Financial is gearing up for the public sale of its WLFI tokens, set to begin on October 15. This event will offer investors an opportunity to purchase WLFI tokens, as the project seeks to establish a foothold in the crypto-financial services space.
Mt. Gox Repayment Deadline Delayed to 2025
The long-awaited Mt. Gox repayment process has been pushed back once again, with the deadline now set for 2025. Creditors of the defunct exchange will have to wait longer to recover their funds.
Worldcoin Partners with Dune Analytics for Transparency
Worldcoin has teamed up with Dune Analytics to improve transparency ahead of the launch of its WorldChain mainnet. This collaboration seeks to provide clearer insights into the project’s data, addressing ongoing concerns about transparency and data security.
Don’t Miss Anything
Blockchain Security Standards Council Introduces Board of Directors
The Blockchain Security Standards Council (BSSC) has revealed its inaugural board of directors, bringing together industry leaders from its founding organizations. Frieder Weichelt, the Chief Information Security Officer (CISO) of Anchorage Digital, will serve as President. Annalea Ilg, CISO at Figment, has been named Vice President, and Adrienne Allen, Head of Security GRC and Privacy at Coinbase, will act as Secretary. Other board members include Riyaz Faizullabhoy from Bastion, Shahar Madar from Fireblocks, Ruth Sandescu from Kraken, and Sigal Mandelker from Ribbit Capital.
Bitnomial Exchange Sues SEC, Accuses Regulator of Overstepping Authority
Bitnomial, a crypto exchange, has filed a lawsuit against the U.S. SEC, claiming the agency exceeded its authority. Bitnomial argues that XRP futures fall solely under CFTC jurisdiction. The SEC, however, maintains that XRP is a security, meaning its futures contracts would require additional compliance and registration as a national securities exchange.
Bitcoin’s movement is being carefully watched, expecting a breakthrough that indicates a rally. Meanwhile, the Scroll’s airdrop disappointment and the upcoming WLFI token sale are keeping the altcoin space busy. With the Mt. Gox repayment delay and growing interest in crypto-gaming, the broader crypto ecosystem remains dynamic and full of potential. As the market evolves, being informed and adaptable is crucial for investors and participants. Stay tuned for tomorrow’s newsletter to get the latest insights and updates in the market.
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