Market update

Cointree Crypto Market Update - October 30th 2024

Market report for traders

🔮 BTC and altcoins

Over the last 7 days, Bitcoin ends at AU$110,238, reaching an AUD All Time High of $112,188, and moving +9.58% at the time of writing.

Meanwhile, Ethereum ends at AU$3,997 moving +1.89% week-on-week. On the Altcoin side, Solana continues to rise +9.14%, Cardano +0.52%, and XRP +0.38%.

Over the last 7 days, Bitcoin ends at AU$110,238, reaching an AUD All Time High of $112,188, and moving +9.58% at the time of writing. Meanwhile, Ethereum ends at AU$3,997 moving +1.89% week-on-week. On the Altcoin side, Solana continues to rise +9.14%, Cardano +0.52%, and XRP +0.38%.

🚀 Bitcoin Pumps: Market Sees Significant Gains

Bitcoin has surged recently, bringing renewed optimism to the crypto market. The leading cryptocurrency climbed above AU$112,000, marking a notable increase over the past week. Analysts attribute this upswing to growing institutional interest and positive developments in the blockchain space.

Key Highlights:

AU$110,000: Current Bitcoin price after the surge.
9.5%: Percentage increase in Bitcoin's value over the last seven days.
AU$2.19 Trillion: Global crypto market capitalisation approaches this milestone again.

🗞 What’s happening in the news?

📡 Hacker Exploits Truth Terminal Founder’s X Account, Nets AU$940,000

In a startling security breach, the X (formerly Twitter) account of Truth Terminal founder Andy Ayrey was hacked. The attacker used the compromised account to promote a fraudulent token, leading unsuspecting investors to pour funds into it. The token's market cap skyrocketed to over AU$39 million before crashing by 98%, as the hacker sold off holdings and walked away with approximately AU$940,000.

Ayrey temporarily regained control of his account and indicated that the breach resulted from a SIM swap attack targeting his mobile carrier. He stated:

"The hacker socially engineered my mobile carrier. Sorry about that."

However, suspicious activities continued on his account, suggesting it may still be compromised. This event highlights the critical importance of robust security measures, especially for influential figures in the crypto space.

🚨 DWF Labs Dismisses Partner Amid Serious Spiking Allegations

Crypto trading firm DWF Labs has taken swift action by dismissing one of its partners following serious allegations that surfaced on social media. While the firm did not disclose the individual's name, they released a statement saying:

"We are aware of the recent and deeply concerning allegations involving one of our partners. While the matter is under investigation, DWF Labs has decided to dismiss the said partner from management and operational roles effective immediately."

The allegations involve claims of inappropriate behaviour, which have reportedly been filed with local authorities.

📉 MetaMask Developer Consensys Cuts 20% of Workforce

Consensys, the company behind the popular MetaMask wallet, announced it is laying off 20% of its workforce. CEO Joseph Lubin cited challenging macroeconomic conditions and regulatory uncertainties as key reasons for the decision. He explained:

"To stay competitive, we need to reshape ourselves to be more agile, more effective, and even higher-performing."

Affected employees will receive generous severance packages and an extended stock options window. This move comes as Consensys navigates an evolving regulatory landscape, including ongoing legal discussions with authorities over its services.

📖 What we’ve been reading

Bitcoin miners cut costs, embrace AI post-halving

Miners including Cormint and TeraWulf are among the lowest-cost producers of Bitcoin, an important advantage amid tightening margins, CoinShares said.