Market
XRP, FTX Payouts, Satoshi Reveal
The crypto markets are gearing up for a news-packed week, with several key events on the horizon.
Meanwhile, Bitcoin (BTC) flipped green after climbing above $63,000, signaling that “Uptober” might be in play again.
FTX Court Hearing
The deadline for the court hearing related to FTX creditor repayments is on October 7, amid chatter that the exchange will begin distributing $16 billion to its creditors sometime this month. BeInCrypto reported on the controversy, with creditors angry about the abysmal compensation coming their way.
FTX creditor activist Sunil Kavuri explained expectations in a recent post on X. He said that if the court approves the repayment plan, claimants expecting amounts below $50,000 could start receiving payments by late 2024. However, those owed larger sums may have to wait until mid-2025.
Read more: FTX Collapse Explained: How Sam Bankman-Fried’s Empire Fell
However, FTX token FTT recorded significant volatility amidst buzz about the upcoming hearing. Token deposits increased as traders positioned for potential exits amid volatility ahead of a crucial hearing.
OKX Delists These Five Tokens
OKX exchange also makes it to the top crypto news this week, with five tokens up for delisting, according to a late September announcement. On October 8, the exchange will delist spot trading for REN, TAKI, LEASH, ORB, and KINE tokens.
“We advise users to cancel orders on these trading pairs (REN/USDT, REN/USDC, TAKI/USDT, LEASH/USDT, ORB/USDT, and KINE/USDT) before the delisting. Otherwise, the system will automatically cancel these orders. The cancellation may take 1-3 working days,” the exchange said.
Token delisting typically causes a drop in trading volume and liquidity, making it harder for holders to sell at fair prices. It often leads to sharp price declines as investors panic sell or lose confidence in the token. Consequently, holders may face significant losses in the value of their assets.
EIGEN and APT Token Unlocks
EIGEN token holders should brace for volatility ahead of a $35.75 million worth of unlocks on Tuesday. An official announcement from the Eigen Foundation said this unlock event would bring new opportunities for participation across the EigenLayer ecosystem. Notably, this will mark the network’s first cliff unlock event.
On Friday, October 11, the Aptos ecosystem is set to unlock 11.31 million APT tokens, valued at $97 million based on current prices. These tokens will be distributed among the foundation, community, core contributors, and investors.
Tokens allocated to the community and investors may enter the market quickly as holders cash in for short-term profits. This influx could potentially impact APT’s price, creating downward pressure.
HBO’s Big Satoshi Nakamoto Reveal
Satoshi Nakamoto’s identity may become public information this week, with American television network HBO due to premiere its much-awaited documentary on Tuesday. Opinion polls on Polymarket suggest Len Sassaman may be the creator of Bitcoin.
Sassaman, now late, was an American technologist, cryptographer, and privacy advocate, a befitting profile for the pseudonymous Satoshi Nakamoto. He is said to be the biggest crypto billionaire ever, holding 1.1 million BTC tokens worth almost $67.5 billion at current rates.
“Len Sassaman’s wife had direct communication with the “creator” of Bitcoin After he died she was “thinking about” fundamentally altering Bitcoin She still has access to his “old hard drives” which means she has access to 1 million Bitcoin (5% of all Bitcoin, worth nearly$65 billion),” one X user commented.
Stacks Nakamoto Hard Fork
Nakamoto is making headlines twice in crypto news this week, with the second being the upcoming Stacks hard fork on October 9. It is a major upgrade on the Stacks network designed to bring several benefits, the main ones being increased transaction throughput and 100% Bitcoin finality.
With this upgrade, the Stacks blockchain would realize new capabilities and improvements, focusing on key advancements. These include improved transaction speed, enhanced finality guarantees for transactions, mitigated Bitcoin miner MEV (miner extractable value) opportunities that affect PoX, and enhanced robustness against chain reorganizations.
PEPPER Airdrop Snapshot
After the first snapshot on September 30, fan engagement Web3 project Chiliz (CHZ) has another airdrop of its PepperChain (PEPPER) token to CHZ holders on October 10 across major exchanges outside the US.
PEPPER airdrop is part of a continued strategy to expand and diversify the Chiliz ecosystem. The ecosystem is popular for its fan token platform and is deeply involved in the sports and entertainment industries.
Read more: What are Crypto Airdrops?
The addition of PepperChain positions Chiliz for community-centric initiatives that will reward active participation and engagement.
Upbit Suspends MKR and DAI Trading
Korea’s largest exchange, Upbit, will suspend trading pairs for MKR/BTC and DAI/BTC from 14:00 local time on October 11, 2024. This will support brand reshaping as Maker transitions to Sky Protocol and its MKR token changes to Sky.
Similarly, Dai stablecoin will change to USDS. The suspension will last until the rebranding and token exchange is completed.
The DeFi community has its reservations about the rebranding. Some laud the move as a necessary evolution in response to market demands. Meanwhile, others are concerned that it shifts away from the decentralized principles that originally defined MakerDAO.
“MakerDAO was an OG DeFi protocol aiming to build an autonomous, decentralized stablecoin with low volatility against fiat currency, backed by ETH. DAI is now migrating to USDS, a stablecoin that goes against its original vision,” Lumberg, one of the prominent DeFi community members, commented.
Still, others say the change could have long-term effects on the DeFi sector, as introducing USDS and SKY could lead to a centralization trend within the space.
Disclaimer
In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.
Market
Polymarket Faces Ban in France as US Election Betting Ends
According to a report from The Big Whale, the National Gaming Authority (ANJ), France’s gambling regulator, is preparing to block the prediction markets platform Polymarket.
Polymarket, the decentralized platform that allows users to bet on the outcome of political events, sports, and other occurrences using cryptocurrency, has gained popularity in recent months, especially with bets surrounding the US presidential election. More than $3.2 billion was reportedly wagered on the platform during this high-stakes period, with a record-breaking $294 million in volume on November 5 alone.
France Users May No Longer Access Polymarket
According to The Big Whale, a French website that covers the crypto industry, the ANJ’s impending ban comes after a French trader placed a $30 million bet on a Trump victory, reportedly attracting the regulator’s scrutiny.
The trader’s wager positioned him to make approximately $19 million in profits, a sum that has intensified concerns over Polymarket’s compliance with French gambling laws. A source close to the ANJ stated that despite Polymarket’s use of blockchain and cryptocurrency, its activities are akin to gambling, making it subject to restrictions under French law.
“We are aware of this site and we are currently examining its operation as well as its compliance with French gambling legislation,” The Big Whale reported, citing an ANJ spokesperson.
Read more: What is Polymarket? A Guide to The Popular Prediction Market
Legal expert William O’Rorke from ORWL Avocats explained that although Polymarket does not specifically target French users, its activities fall squarely under gambling regulations.
“Polymarket involves betting money on uncertain outcomes, which aligns with the legal definition of gambling,” O’Rorke noted.
Against this backdrop, the ANJ is well within its mandate to block the platform’s access in France. Accordingly, the French regulator may enforce the ban by blocking Polymarket’s domain name in France. It amy also pressure third-party players, like media outlets and online directories, to limit access to Polymarket links.
However, French users may still circumvent this by using virtual private networks (VPNs). This is because Polymarket’s crypto-based infrastructure allows for relatively anonymous participation.
France’s looming ban is not the first regulatory roadblock Polymarket has encountered. In 2022, the US Commodity Futures Trading Commission (CFTC) fined Polymarket $1.4 million for failing to register as a designated contract market. The CFTC also challenged Kalshi’s operations due to questions about betting on political events.
Polymarket’s Fate After US Elections
Meanwhile, the US election was a significant catalyst for Polymarket. It drove the platform to new heights in user engagement and bet volume. Polymarket’s election-related markets have been featured on major financial platforms, including Bloomberg, highlighting the platform’s appeal to mainstream finance.
As BeInCrypto reported, Polymarket’s election betting topped $3 billion, reflecting unprecedented participation. The platform, however, faces a crossroads in its path forward. Following the climax of the US election on Wednesday, data from Dune Analytics shows a steep decline in Polymarket’s activity.
Daily active addresses and transaction volumes, which soared in the election lead-up, have notably dwindled as election-related betting winds down. For instance, Polymarket’s open interest, a key indicator of active betting engagement, dropped from $350 million to $268 million after the polls closed. Similarly, monthly new accounts have also dropped by over 41% between October and November.
Against this backdrop, Polymarket may need to diversify its market offerings or potentially embrace a new model to maintain user interest. This is considering election-related activity comprised the majority of the prediction market’s volume.
Rumors are circulating about a potential move toward a decentralized governance token, which could distribute control over Polymarket’s operations to its community. This shift would reduce the liability of the central authority by decentralizing decision-making, though it remains theoretical, with no clear timeline.
Read More: How To Use Polymarket In The United States: Step-by-Step Guide
Polymarket’s fast ascent and regulatory challenges highlight broader industry tensions between innovation and compliance. With election predictions no longer a draw and an impending ban in France, Polymarket’s future remains uncertain.
Its long-term viability may depend on how well it adapts to evolving regulatory landscapes and whether it can maintain popularity beyond election season peaks.
Disclaimer
In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.
Market
XRP Price Ready to Rally? Signs Point to a Bullish Move
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Market
Solana (SOL) Rallies Strongly, Setting Sights on $200
Solana started a fresh increase above the $172 support zone. SOL price is rising and might soon aim for a move toward the $200 level.
- SOL price started a fresh increase after it settled above the $165 level against the US Dollar.
- The price is now trading above $172 and the 100-hourly simple moving average.
- There was a break above a key bearish trend line with resistance at $162 on the hourly chart of the SOL/USD pair (data source from Kraken).
- The pair could continue to rise if it clears the $192 resistance zone.
Solana Price Starts Fresh Rally
Solana price formed a support base and started a fresh increase above the $162 level like Bitcoin and Ethereum. There was a strong move above the $165 and $172 resistance levels.
There was a break above a key bearish trend line with resistance at $162 on the hourly chart of the SOL/USD pair. The price even cleared the $185 level. A high is formed at $192 and the price is now consolidating gains. It is trading above the 23.6% Fib retracement level of the upward move from the $155 swing low to the $192 high.
Solana is now trading above $172 and the 100-hourly simple moving average. On the upside, the price is facing resistance near the $192 level. The next major resistance is near the $195 level.
The main resistance could be $200. A successful close above the $200 resistance level could set the pace for another steady increase. The next key resistance is $212. Any more gains might send the price toward the $220 level.
Another Dip in SOL?
If SOL fails to rise above the $192 resistance, it could start a downside correction. Initial support on the downside is near the $188 level. The first major support is near the $180 level.
A break below the $180 level might send the price toward the $172 zone or the 50% Fib retracement level of the upward move from the $155 swing low to the $192 high. If there is a close below the $172 support, the price could decline toward the $165 support in the near term.
Technical Indicators
Hourly MACD – The MACD for SOL/USD is gaining pace in the bullish zone.
Hourly Hours RSI (Relative Strength Index) – The RSI for SOL/USD is above the 50 level.
Major Support Levels – $188 and $185.
Major Resistance Levels – $192 and $200.
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