Golden Weekly is a weekly blockchain industry summary column launched by Jinse Finance, covering the week's key news, market and contract data, mining information, project dynamics, technological progress and other industry dynamics. This article is a project weekly, taking you to see the progress of this week's mainstream projects and star projects.
Bitcoin
US SEC Chairman Gary Gensler: Bitcoin is not a security
According to Watcher.Guru’s disclosure on the X platform, Gary Gensler, chairman of the U.S. Securities and Exchange Commission, said that Bitcoin is not a security. Gary Gensler also said that for the crypto industry, not liking rules is different from not having rules.
BlackRock's head of cryptocurrency business: Bitcoin is already a "safe haven asset"
Mitchnick, head of BlackRock Group's cryptocurrency business, believes that Bitcoin has become a "safe-haven asset."
Matrixport: Bitcoin is likely to see a sharp price rebound in early October
Matrixport reports that Bitcoin is likely to rebound at the end of the year, surprising many market participants. The report states that although Bitcoin has been in a state of consolidation since reaching an all-time high in March 2024, the year-to-date return rate has reached +49%, which is comparable to the +47% return predicted based on historical data. Based on Bitcoin's performance over the past decade, if this historical trend continues, it is very likely that the price will rebound sharply in early October. The coming weeks and months will be an exciting and transformative period for all participants in the crypto asset space. In addition, Ethereum mining fees have rebounded slightly, indicating that the summer consolidation phase of crypto assets is expected to end. Whether the rebound momentum will continue requires a more detailed and rigorous analysis of Ethereum revenue and mining fee trends. Closely monitoring these indicators can provide insight into whether the recent rebound is sustainable. If it is not sustainable, it means that the logic of market activities may have changed.
Cantor Fitzgerald CEO: Bitcoin should be treated like gold and oil
The CEO of Cantor Fitzgerald, a financial services company that manages $13.2 billion in assets, expressed his views on Bitcoin in an interview. He said, "Bitcoin should be treated like gold and oil. When you truly understand Bitcoin, it is difficult to look at it any other way."
10x Research: Bitcoin is expected to hit a new all-time high in the short term
According to the latest report released by 10X Research, Bitcoin's strong rise since the Fed's mid-September rate cut and China's stimulus plan has helped it break out of its downward trend. As Bitcoin breaks through $65,000, 10x Research expects it to quickly rise to $70,000 and then hit a record high in the short term. Markus Thielen, founder of 10X Research, said that the amount of stablecoin minting increased sharply after the Fed's July meeting, when the Fed announced at the meeting that it would maintain interest rates unchanged, but hinted that it might relax policies in September. In the following weeks, the amount of stablecoin minting approached $10 billion, injecting liquidity into the cryptocurrency market and significantly exceeding the spot ETF flow. It is particularly noteworthy that Circle's USDC accounts for 40% of the recent stablecoin inflows, which is much higher than normal, as the minting of USDC may indicate an increase in DeFi activity. Markus concluded that the market is very likely to rise strongly in Q4, and it may be in the early stages of the rise. A sharp rise may be coming, triggering more FOMO in the cryptocurrency field. (Coindesk)
Analyst: Bitcoin is expected to break through in Q4, institutional demand and innovation will drive the rise of cryptocurrencies
As the fourth quarter of 2024 approaches, some analysts predict that Bitcoin and the broader cryptocurrency market will continue to rise, driven primarily by institutional adoption and macroeconomic factors. Gabriel Selby, chief research analyst at CF Benchmarks, said in the report that digital assets are expected to continue to grow in the fourth quarter against the backdrop of macro changes and institutional adoption, as sovereign balance sheets face pressure and investors will seek long-term hedging tools like Bitcoin. Selby said that after the November 5 presidential election, the US regulatory landscape may change significantly, creating a good environment for cryptocurrency innovation. We see conditions that enhance investor confidence and promote capital formation. Ryan Lee, chief analyst of Bitget Research, is equally bullish on Bitcoin's performance in the last quarter. He said that Bitcoin is expected to outperform in October than in September, with a target price range of $58,000 to $72,000. Lee pointed out that there are multiple eye-catching signs in the derivatives market, including multiple negative funding rates in Bitcoin futures in September, and the Fear and Greed Index is still hovering in the extreme fear zone. Historically, these factors have often heralded the arrival of major rebounds.
Ethereum
Ethereum Foundation sells another 100 ETH at $2,640
According to Ai Yi, an analyst on the chain, the Ethereum Foundation sold another 100 ETH at $2,640, equivalent to about $260,000. Since September, the Ethereum Foundation has sold a total of 1,050 ETH, with a total value of about $2.53 million, with the lowest price being $2,301 and the highest price being $2,645.
An Ethereum ICO participant address deposited 3,510 ETH into Kraken after being dormant for 2 years
According to Lookonchain monitoring, an address that participated in the Ethereum ICO and received 150,000 ETH (about 389 million US dollars) deposited 3,510 ETH into Kraken 7 hours ago after being dormant for 2 years.
Analysis: Ethereum outperforms Bitcoin after Fed rate cut, market sentiment turns bullish
Since the Federal Reserve cut the federal funds rate by 50 basis points last Wednesday, Ethereum has outperformed Bitcoin. This upward momentum coincides with a sharp rise in the ETH open interest weighted perpetual futures funding rate, indicating stronger demand for long positions and growing optimism among traders that ETH prices may rise. (TheBlock)
Matrixport: Ethereum gas fee increase reflects surge in network activity
Matrixport released a research report today saying that after the recent Federal Reserve interest rate meeting (FOMC), Ethereum's gas fee has increased, indicating a significant increase in network activity. This may mean that the cryptocurrency market is undergoing important changes. Although affected by negative news, ETH prices have rebounded. At present, the crypto market may be experiencing a round of high-beta, high-volatility rising market. Existing trends show that this momentum is expected to continue until the fourth quarter.
Santiment: Traders don’t care much about Ethereum network fees, and the current fee growth may be driven by DeFi activities
According to Santiment's social traffic, there has been no significant surge in conversations about Ethereum fees, suggesting that traders are not particularly sensitive to these changes. This may be because the average fee of $3.23 is still relatively low compared to the higher fees seen earlier this year, with fees in March surging to over $15 during market highs. One of the main contributors to these fees is WETH, and WETH's dominance in fee contributions shows that traders are using DeFi platforms in large numbers, suggesting that the current fee increase may be driven by an increase in DeFi activity, which is generally a positive sign for the health of the ecosystem.
Other Projects
Visa: Spanish bank BBVA participates in tokenized asset platform sandbox development and plans to launch a pilot on Ethereum next year
Payment giant Visa said on Wednesday that Spain's BBVA has been participating in the new Visa Tokenized Asset Platform (VTAP) sandbox development this year. The bank is testing the issuance, transfer and redemption of bank tokens on the network blockchain and plans to launch an initial pilot with selected customers on the Ethereum blockchain in 2025.
Regolith Labs Launches Steel: A Modular Framework for Solana Smart Contract Development
On September 27, Hardhat Chad, founder of Solana's on-chain mining project Ore, announced on the X platform that Regolith Labs launched Steel, a new modular framework designed for building smart contracts on Solana. Steel enables developers to build programs with minimal boilerplate code while providing flexible functional options. The framework aims to improve contract performance, simplify the development process, and bring more positive contributions to the Solana community.
Bounce Brand: Plans to launch Telegram Launchpad to support TON ecosystem projects
Bounce Brand announced that its Telegram Launchpad will be launched soon. The platform will provide users with a convenient way to participate in the launch of TON (Telegram Open Network) ecological projects through Telegram robots. Bounce said that users can participate in the projects on TON Launchpad through this upcoming Telegram robot.
Solana Labs partners with Google Cloud to launch Web3 API called Gameshift
Solana Labs has partnered with Google Cloud to launch a Web3 API called Gameshift, which aims to provide traditional Web2 game developers with convenient blockchain and digital asset management tools. The API was released at the 2024 Solana Breakpoint conference and is now available on the Google Cloud Marketplace. Gameshift simplifies the process for developers to integrate Web3 elements such as NFTs into existing games, helping game studios overcome technical complexities. Jack Buser, director of Google Cloud Gaming, said Gameshift provides simplified technical solutions for overloaded developers and accelerates the application of Web3 technology in the gaming industry. This release continues the ongoing collaboration between Solana Labs and Google Cloud, with the two parties launching new collaboration projects at the Solana conference every year starting in 2022.
SlowMist launches Web3 project incident response service
Crypto security company SlowMist announced that it has launched an incident response service designed for Web3 projects. The service covers a full range of incident response activities, from in-depth on-chain and off-chain analysis to tracking stolen assets, thereby enhancing the security of projects and preventing future incidents.
