Market update

Cointree Crypto Market Update - October 9th 2024

Market report for traders

🔮 BTC and altcoins

Over the last 7 days, Bitcoin ends at AU$91,603, moving +3.29% at the time of writing. Meanwhile, Ethereum ends at AU$3,609 moving +1.00% week-on-week. On the Altcoin side, Solana pumps +0.98%, Cardano +4.81%, and XRP -9.79%.

🗞 What’s happening in the news?

🔥 Major Exchange Takes on the SEC to Safeguard Crypto's Future

Crypto[.]com has filed a lawsuit against the United States Securities and Exchange Commission (SEC).

CEO Kris Marszalek announced on X (formerly Twitter) on 8th October:

"This unprecedented action by our company against a federal agency is a warranted response to the SEC’s regulation by enforcement regime, which has hurt more than 50 million American crypto holders."

The lawsuit comes after Crypto[.]com received a Wells notice from the SEC—a notification that the agency is planning to bring enforcement actions against them. The exchange aims to protect not just itself but the industry as a whole.

Crypto[dot]com also mentioned that it's petitioning both the US CFTC and the SEC to clarify the categorisation of crypto derivative products. Marszalek emphasised:

"We are doing so to protect the future of the crypto industry in the US, joining a series of our peers who are actively defending themselves and taking action against a misguided federal agency acting beyond its authorisation under the law."

This legal battle is significant, considering there are over 50 million American crypto holders affected by these regulatory uncertainties.

🕵️‍♂️ Bettors Shuffle Odds on Bitcoin's Mysterious Creator Ahead of Bitcoin Documentary

The identity of Satoshi Nakamoto, Bitcoin's elusive founder, has always been a subject of intense speculation. Recently, the odds have been shifting wildly on Polymarket, a popular betting platform, ahead of an documentaryset to airTuesday.

Initially, the late Len Sassaman was a frontrunner, with odds as high as 55% over the weekend. However, after his wife, Meredith L. Patterson, stated he was not Satoshi and that HBO hadn't approached her for the documentary, his odds plummeted to 14%. She states:

"I kind of wonder whether I’m screwing with the prediction markets by answering honestly when people ask me questions”

Other contenders include Adam Back, CEO of Blockstream, and smart contracts pioneer Nick Szabo. As of Tuesday afternoon in Hong Kong, "Other/Multiple" leads with over 56%, Sassaman at 13%, and Back just over 11%. Over AU$20 million (approx. USD$13 million) has been wagered on this question in the past 24 hours!

🎮 Blockchain Gaming Takes Centre Stage: Games Moving On-Chain

The world of gaming is evolving rapidly, and blockchain technology is at the forefront of this transformation. Games are increasingly moving on-chain, utilising blockchains like Avalanche and The Open Network (TON) to offer players new experiences.

One game "Off the Grid", developed by Gunzilla Games, is available on a variety of popular gaming console. The game leverages Avalanche's blockchain to let players optionally mint rare weapons and items as NFTs, which can be traded and sold. This integration opens up a new economy built around the in-game tokens.

Similarly, on TON, games like "Hamster Kombat" are making waves, integrating crypto elements directly into gameplay and rewarding players in innovative ways.

Will blockchain be what revolutionises the gaming industry? With real ownership of in-game assets and decentralised economies, the possibilities seem to be endless!

📖 What we’ve been reading

Experts hint Donald Trump consider Robinhood exec to lead SEC: Report

Dan Gallagher, a former SEC commissioner, was one name former regulators reportedly said a Trump administration may consider to chair the securities regulator.