Tether Eyes Traditional Finance, $500M Altcoin Unlocks Loom, and BTC Breaks $65K - October 15, 2024
A quick and digestible recap of yesterday’s crypto news.
TL;DR: Market Insight in Seconds
BTC: Breaks the $65K mark.
Altcoin: Over $500M in token unlocks are scheduled this week.
Tether: CEO reveals plans to venture into commodities trading and traditional finance.
WLF: Hits 100K whitelist signups and adds Paxos co-founder.
Kamala Harris: Promises support for crypto regulatory framework.
Crypto Funds: Republican momentum drives $407 million in inflows.
Price Update
Bitcoin Breaks $65K, Strengthened by U.S. Election Cycles
Bitcoin has surged past $65,000, reflecting patterns observed in previous U.S. election cycles. The rally has also been fueled by strong bullish sentiment in the Bitcoin futures market, with funding rates hitting multi-month highs. Bitcoin’s rise above $64K has coincided with a rebound in Chinese equities and investors reacting to the move. Analysts are watching closely to see if the current market performance will mirror previous election-year trends, which have historically been positive for Bitcoin.
$500 Million in Token Unlocks This Week May Impact Prices
Nearly $500 million worth of tokens will be unlocked this week, which could put downward pressure on prices. Notable unlocks include over $80 million in Worldcoin (WLD), $51 million in Arbitrum (ARB), and nearly $40 million each for Eigenlayer (EIGEN) and Axis Infinity (AXS), according to TokenUnlocks data. Around $200 million of the total unlocks will be released all at once in a "cliff."
Business Developments
Tether Eyes Commodities Trading and TradFi Opportunities
Tether’s CEO, Paolo Ardoino, announced that the company is exploring new opportunities in commodities trading and traditional finance. These ventures, managed through Tether’s separate investment arm, will not affect the reserves backing its stablecoin. Tether has been diversifying, with plans to invest over $1 billion within 12 months.
World Liberty Financial Hits 100K Whitelist Signups, Adds Paxos Co-Founder
World Liberty Financial, backed by Donald Trump, has announced over 100,000 whitelist signups ahead of its public token sale. The project has also onboarded Paxos co-founder Rich Teo, demonstrating growing interest in its upcoming launch.
Don’t Miss Anything
Kamala Harris Promises Support for Crypto Regulatory Framework
U.S. Vice President Kamala Harris has vowed her support for a robust crypto regulatory framework as part of a more comprehensive plan aimed at supporting Black men in the U.S. Harris emphasized the need for clear rules to guide the growing crypto sector, which aligns with increasing political focus on cryptocurrency regulation.
Republican Momentum Drives $407 Million into Crypto Funds
Crypto funds saw a surge of $407 million in net inflows last week, according to CoinShares. James Butterfill, CoinShares' Head of Research, suggests that a shift towards Republicans has fueled these inflows. U.S. funds dominated the inflows, contributing $406 million. Bitcoin-based investment products led with $419 million in net inflows, while short-bitcoin funds saw $6.3 million in outflows.
Bitcoin’s latest rally above $65K, driven by U.S. election cycle trends and bullish futures sentiment, shows renewed market optimism. However, with $500M in altcoin unlocks looming, selling pressure could dull the market. Tether’s exploration of TradFi opportunities and growing political focus on crypto regulation underscore the industry’s expanding reach into traditional markets. 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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