Headlines
▌BTC Breaks $65,600
The market shows that BTC has broken through $65,600, currently trading at $65,608, with a 24-hour decline of 0.06%. The market is highly volatile, please manage your risks accordingly.
▌FTX Bankruptcy Distribution Plan Not Yet Approved, No Compensation Payout on September 30
According to the FTX bankruptcy administrator, compensation payout will not begin on September 30, and the related rumors are untrue. The restructuring compensation plan has not yet been approved by the court, with the confirmation hearing scheduled for October 7, 2024. If the plan is approved, creditors with claims under $50,000 are expected to receive compensation by the end of 2024, while larger claimants may have to wait until 2025. Some creditors have requested compensation in crypto assets instead of cash, which has faced some opposition.
Market
As of the time of writing, according to Coingecko data:
BTC last traded at $65,526.84, with a daily change of -0.5%;
ETH last traded at $2,656.54, with a daily change of -0.8%;
BNB last traded at $595.00, with a daily change of -1.0%;
SOL last traded at $158.48, with a daily change of +0.9%;
Doge last traded at $0.1241, with a daily change of -3.4%;
XRP last traded at $0.6432, with a daily change of +4.6%.
Policy
▌Legal Experts: SEC's Lawsuit Against Green United Mainly Targets Specific Fraudulent Behavior
According to Decrypt, the U.S. Securities and Exchange Commission's (SEC) lawsuit against the crypto company GreenUnited has recently drawn industry attention. The SEC alleges that Green United defrauded investors of $18 million through the sale of so-called "GreenBoxes" mining equipment. Last week, a federal judge denied GreenUnited's request to dismiss the case, sparking speculation on social media that the sale of crypto mining hardware could be considered a security. However, several legal experts have stated that there is currently no reason for excessive concern. IshmaelGreen, a partner at DiazReus law firm, pointed out that as long as the mining equipment is sold with the understanding that the final user will be mining, there should be no issue. "In the Green United case, the issue is that the mining equipment sales agreement stated that Green United would control and operate the systems," said Hadas Jacobi, a consultant at ReedSmith law firm. While the SEC did not explicitly mention custodial mining, this could have an impact on custodial mining services. Although Green United tried to portray the case as the SEC's misunderstanding of custodial mining, the judge denied its request to dismiss the case. The judge has only decided to hear the case and has not yet ruled on the SEC's arguments.
Blockchain Applications
▌Coinbase App Downloads Have Rebounded to Rank 385th
According to data from the analysis account Bitcoindata 21, Coinbase's downloads often rank among the top 500 apps in the Apple App Store. After declining earlier this month, its popularity has risen again, with Coinbase now ranking 385th.
The chart shows that download volume is closely related to Bitcoin price performance, with Coinbase's ranking reaching the top 175 during bull markets. Currently, with Bitcoin prices rebounding, user interest has increased. Santiment analysis points out that while positive comments have reached their highest level of the year, a new all-time high is still awaiting.
Cryptocurrencies
▌The Salvadoran Government Address Has Received 7 BTC in the Past Week
Data shows that the Salvadoran government address has received a net inflow of 7 BTC in the past week, worth approximately $458,996.02.
▌FTX Plans to Allocate $230 Million to Shareholders, Angering Creditors
FTX plans to allocate $230 million from the seized assets to certain preferred shareholders, a decision that was only disclosed after the creditors' vote, angering the creditors. FTX claims this is to avoid litigation and delays, although creditors should typically be prioritized for compensation. The confirmation hearing for the restructuring plan is scheduled for October 7.
▌Nearly 94% of Bitcoin Addresses Are in Profit
According to Bitcoin Magazine on the X platform, nearly 94% of Bitcoin addresses are in profit.
▌Sui: TVL Has Reached $1 Billion
Sui stated on the X platform that the total value locked (TVL) on the Sui mainnet has reached $1 billion in less than two years since its launch.
▌Ripple CTO Questions Evernode's New Token Plan, Warns of XRPL Network Fee Increase Risk
Evernode plans to introduce Hooks and a new token called Codii on the XRP Ledger (XRPL) to enhance programmability, which has been questioned by Ripple's Chief Technology Officer, David Schwartz. Schwartz believes the plan is overly complex and offers no clear benefits, and warns that it could increase the transaction fees for the entire network due to increased resource demands. Evernode co-founder Scott Chamberlain proposed that the Codii token would be used to pay for Hooks execution fees, but Schwartz argued that XRP should be used directly to simplify the system and avoid unnecessary fee increases.
▌Analysis: FTX Repayment Plan May Drive Further Market Uptrend
FTX may repay creditors in October, with users potentially recovering 10% to 25% of their crypto assets. The plan will be finalized after the court hearing on October 7. Analysts believe the repayment plan may prompt creditors to reinvest their funds back into the market, further fueling the current bullish trend.
▌Bitcoin Miner Hash Price Rebounds, Profitability Outlook Optimistic
Over the past 30 days, the Bitcoin hash price has increased by 10.33%, with an 8.93% rise in the past four days alone. The current hash price is $47.42, which represents the daily estimated earnings per 1 PH/s of Bitcoin hash power. Miner earnings have been driven by both the rise in Bitcoin prices and the 4.6% difficulty reduction on September 25.
Important Economic Dynamics
▌The Probability of a 50BP Rate Cut by the Fed in November is 52.8%
According to the CME "Fed Watch": the probability of a 25BP rate cut by the Fed in November is 47.2%, while the probability of a 50BP rate cut is 52.8%. The probability of a cumulative 50BP rate cut by December is 21.6%, a 75BP cut is 49.8%, and a 100BP cut is 28.6%.
Jinse Encyclopedia
▌What is Thought Algorithm (AoT)?
Thought Algorithm (AoT) is a groundbreaking approach in the field of Artificial Intelligence (AI), fundamentally changing the way AI models think and reason. AoT was developed by the Microsoft Research Institute, introducing a new paradigm to enhance the reasoning capabilities of Large Language Models (LLMs) to solve complex problems. It aims to combine the best of both worlds: the nuanced, intuitive understanding of human thought processes and the structured, systematic approach of algorithmic methods.
Disclaimer: Jinse Finance, as a blockchain information platform, the content of the articles published is for reference only and does not constitute actual investment advice. Please everyone establish the correct investment concept, and must improve risk awareness.
