Crypto News Brief 09/30: Bitcoin to Benefit from US Presidential Election with News on Ethereum, Ripple, ETF, Dogecoin, Ethereal, EigenLayer, Bellscoin, Lumia
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From the assessment that Bitcoin will benefit from the upcoming US presidential election, regardless of who the winner is, to the announcement that Binance will list EigenLayer (EIGEN) with the Seed Tag, here are some notable news in the crypto market.
According to CK Zheng, chief investment officer of the ZX Squared Capital hedge fund, the price of Bitcoin will benefit from the upcoming US presidential election, regardless of who the winner is.
Zheng predicts that Bitcoin's halving events will lead to a strong Q4, along with the fact that both US presidential candidates are unable to solve important economic issues.
In the past, Bitcoin's price has increased more than 20,000,000% since 2011, far exceeding the major US stock indices. The Nasdaq 100 index only increased by 541%, while other US indices increased by 282% over the same period. On average, Bitcoin's annual returns are 230%, 10 times higher than the Nasdaq 100.
Previously, Bitcoin has benefited from the instability caused by US presidential elections, and Zheng believes this trend will continue. Data from CoinGlass shows that Bitcoin has increased by more than 50% in Q4 six times since 2013, especially in years with halving events.
In the most recent halving in 2020, coinciding with the US presidential election, Bitcoin increased by 168% in Q4. Zheng predicts that Bitcoin could reach a new all-time high by the end of Q4 or shortly after.
Zheng also notes that if the US Federal Reserve (Fed) cuts interest rates by 50 basis points, this could provide "benefits" for Bitcoin and other risky assets, in the event that the US economy "soft lands". This scenario occurs when central banks adjust interest rates enough to control inflation without causing a recession.
According to recent data, Bitcoin is currently trading around $64,400, down 2% in the past 24 hours.
Vitalik Buterin, co-founder of Ethereum, has once again attracted attention with recent transactions related to a wallet suspected to be his.
Previously, Buterin had stated on social media that: "I have not sold and have held the funds received since 2018. All sales have been to support various projects in the Ethereum ecosystem or the broader community".
However, a recent transaction transferring 649 ETH ($1.72 million) to Paxos yesterday has sparked new speculation.
Notably, on September 19, the "0x556" wallet received 1,300 ETH ($3.21 million) from the "0xd04" wallet, which Buterin had funded with 70,000 ETH in 2022. Over the past 11 days, all 1,300 ETH have been sent to Paxos at an average price of $2,581, worth approximately $3.35 million.
XRP, the sixth-largest cryptocurrency by market capital, has just recorded its best weekly close of the year, maintaining a price above $0.64.
XRP was one of the best-performing top 100 cryptocurrencies on Sunday and is the only altcoin that can compete with the growth of other memecoins.
However, the bulls have been unable to maintain the price above $0.60 since the final court ruling in the Ripple lawsuit in August. Although there has been a short-term price increase, it has not led to a major breakout.
XRP is now preparing for growth after recording an important weekly close, but the US Securities and Exchange Commission (SEC) may still pose challenges for the bulls. The deadline for the SEC to appeal in the Ripple case is October 6.
Last week, from September 23 to September 27, Bitcoin ETF spot funds saw net inflows of $1.11 billion.
The BlackRock ETF IBIT had inflows of $499 million, and the 21Shares Bitcoin ETF ARKB had inflows of $269 million.
Also from September 23 to September 27, Ethereum ETF spot funds saw net inflows of $84.51 million.
Among them, the Grayscale ETHE ETF had net outflows of $127 million, the Blackrock ETHA ETF had inflows of $94.95 million, and the Fidelity FETH ETF had inflows of $64.91 million.
Billy Markus, who collaborated with Jackson Palmer to create the meme-coin DOGE in 2013, has shared his perspective on the 21% price increase of this coin last week.
From Wednesday to Saturday, DOGE surged from $0.10745 to reach a local peak of $0.1308. In response to a user's question, Markus tweeted that he "doesn't know" what drove the massive price increase for his spiritual creation.
While the Dogecoin price saw a significant increase last week, whales have been accumulating billions of these tokens. According to reports, 1.4 billion DOGE, worth around $140 million, were bought back by large holders within 48 hours.
Additionally, an anonymous whale made a purchase of 1.4 billion DOGE over the weekend.
Ethereal Exchange has submitted a proposal to the Ethena governance, seeking community approval to launch a new perpetual and spot decentralized exchange (DEX) integrated with the Ethena liquidity risk management tool.
The proposal introduces Ethereal as a perpetual and spot DEX, using USDe and built on the Ethena Network.
Ethereal is requesting direct integration with Ethena's reserve management from launch, to provide an on-chain venue to manage spot and derivative positions supporting USDe.
As part of the proposal, Ethereal will allocate 15% of any potential future Ethereal governance token distribution to Ethena token holders. This move aims to align the interests of stakeholders in the Ethena community and Ethereal.Binance will list EigenLayer (EIGEN) with the Seed Tag and open trading for the spot trading pairs: EIGEN/BTC, EIGEN/USDT, EIGEN/FDUSD, and EIGEN/TRY at 12:00 (Vietnam time) on October 1, 2024.
Users can now start depositing EIGEN to prepare for trading. The token withdrawal feature will be available at 12:00 on October 2, 2024.
EIGEN (ERC20) smart contract address: 0xec53bF9167f50cDEB3Ae105f56099aaaB9061F83
Binance Pool has officially launched the merged mining feature for Bellscoin (BEL).
Users can mine Litecoin (LTC) and earn rewards in LTC, Dogecoin (DOGE), and BEL. BEL is currently listed and "may" be traded on Binance in the future.
However, the launch of the BEL mining service on Binance Pool does not guarantee the listing of this token on the exchange.
Bellscoin was created 8 days before the creation of Dogecoin, by the same creator - Billy Markus.
Binance will support the mainnet swap and brand name change for Lumia (LUMIA).
The exchange will Delist all existing ORN spot trading pairs and cancel all pending ORN spot orders at 10:00 (Vietnam time) on October 15.
Binance will open trading for the LUMIA/USDT pair at 16:00 on October 18. The total token supply will increase from 92.6 million ORN to 239 million LUMIA after the brand name change.
Lumia is a Layer-2 hyper-liquid network built on PolygonCDK, emphasizing modularity and vertical scalability, focusing on tokenization and end-user RWA trading.
The ORN token is being migrated to LUMIA. The current ORN price is $1.35 with a fully diluted market Capital (FDV) of $135 million.
You can view the coin prices here.
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Viet Cuong
Bitcoin Magazine 
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Disclaimer: The content above is only the author's opinion which does not represent any position of Followin, and is not intended as, and shall not be understood or construed as, investment advice from Followin.
