FTX Set to Sell $38 Million Worth of Worldcoin
FTX asset management is auctioning 22.3 million locked Worldcoin (WLD) tokens at a steep discount ranging from 40% to 75%, worth around $37.7 million. Bids for the tokens must be submitted by 8 p.m. ET on Wednesday. Successful bidders will be notified on Thursday. Figure Markets, which initially handled the auction, decided not to offer bids due to liquidity concerns. The tokens will be unlocked daily until 2028, raising concerns about the long lockup period. The asset management previously sold Solana and Metaplex tokens at a discount and now holds $594 million in assets, but $541 million of that is illiquid FTT tokens.
Tron Network Earns $577 Million in Revenue in Q3
The Tron Network reported record revenues of $577 million for Q3 2024, beating Bitcoin and Ethereum in terms of quarterly revenue. The revenue was supported by increased stablecoin activity and new entry into the meme token market. Staking accounted for 74% of revenue, while burns accounted for 26%. Tron currently holds over $62 billion in stablecoins, making it the second-largest blockchain network for stablecoins behind Ethereum. Tether represents 98.3% of stablecoin activity on the Tron network. Additionally, meme token launch platform SunPump has generated $5.4 million in revenue since its launch in August.
Bitcoin’s Open Interest Raises Concerns
Bitcoin’s open interest has surpassed $35 billion, raising concerns about the possibility of the market overheating. Analysts noted that this level coincides with historical local price peaks. Since reaching $35.52 billion on September 27, open interest has fallen by 9%, with Bitcoin’s price falling to $61,629. Despite this pullback, analysts believe that a 5% to 10% drop could wipe out open interest and not disrupt the overall uptrend. Rising tensions in the Middle East are also among the factors adding to market uncertainty.
Fidelity Ethereum ETF Posts Its Biggest Daily Outflows
Fidelity Ethereum Fund (FETH) saw its largest daily outflow since launch and the largest outflow among US-based spot Ether ETFs excluding Grayscale on October 1, recording $25 million in outflows. On the same day, total spot Ether ETF outflows reached $48.6 million across nine issuers, with FETH, Grayscale’s ETHE, and Bitwise’s ETF making the largest outflows. Despite these outflows, FETH remains the second-largest Ether ETF with $453.5 million in total investment, while BlackRock’s iShares Ethereum Trust leads the pack with over $1.14 billion in investment. Similarly, the spot Bitcoin ETF market saw massive outflows of $242.6 million, with Fidelity’s Bitcoin fund losing $144.7 million.
Bitcoin Miners Face Record Low Profits
Bitcoin miners are facing record-low profitability due to the halving in April, rising energy costs, and intensifying competition. The halving reduced miners’ rewards by 50%, which could cost them $10 billion in annual revenue. Additionally, large operators entering the U.S. market have increased competition, making it harder for smaller miners to make a profit. Due to these challenges, shares of leading mining companies Marathon Digital and Riot Platforms have fallen more than 30% and 50% this year, respectively. Geopolitical tensions and volatile market sentiment have further compounded the challenges for miners.
Ripple Gets Dubai License
Ripple has received conditional approval from the Dubai Financial Services Authority (DFSA) to expand its financial services in the United Arab Emirates (UAE). The move strengthens Ripple’s role in the cross-border payments ecosystem in the UAE and aligns with the company’s global expansion strategy. CEO Brad Garlinghouse praised the UAE’s supportive regulatory environment for digital assets. Ripple plans to further strengthen its presence in the UAE after establishing its regional headquarters in Dubai in 2020, aiming to bring its advanced digital payments infrastructure to the region.
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BITCOIN (BTC)
BTC is priced at $61,340 as of the morning hours, up 1.14%. Currently trading at 61,349, the price has previously tested the resistance zone at 62,360 USDT, but has failed to break through. The upper resistance level is 67,000, while the middle resistance level is 64,000. If the downtrend continues, the probability of the price moving towards the lower support levels of 57,000 and 52,555 will increase.
ETHEREUM (ETH)
ETH is priced at $2395 as of the morning hours, gaining 1.3% in value. The price has entered a downtrend by breaking the support area at 2,461.59 and has moved towards the lower support level of 2,338.99. The price, which is currently trading at 2,393.27, could fall to 2,338.99 and below 2,168.07 if the downtrend continues. The upper resistance level is 2,819.69, and the middle resistance level is at 2,680.00, defined as the red zone.
RIPPLE (XRP)
XRP is priced at $0.5372 as of the morning hours, down 0.20%. The price entered a downtrend by failing to break the blue resistance zone at 0.5900, and then broke the orange support zone at 0.5500, falling to 0.5368. If the downtrend continues, the lower support level of 0.5100, the blue zone, can be targeted. The upper resistance zone is at 0.6600, defined as the red zone.
AVALANCHE (AVAX)
AVAX is priced at $25.48 with a 0.59% gain as of the morning hours. The price has entered a downtrend by failing to break the resistance zone at 28.00 and has fallen to the orange support zone at 25.00 in the process. The price, currently trading at 25.49, may target support levels at 24.69 and 22.82 below if the downtrend continues. The upper resistance level of 28.00 poses a significant obstacle to the price’s efforts to rise.
SOLANA (SOL)
SOL is priced at $142.57 with a 1.70% increase in value as of the morning hours. An increase of up to $162 was achieved. The price entered a downtrend by failing to break the orange resistance zone at 148.00 and fell to the green support zone at 144.00 in the process. The price, which is currently trading at 142.50, may target the lower support level of 134 if the downtrend continues. The upper resistance level of 163.70 poses a significant obstacle to the price’s efforts to rise.
OUNCE GOLD
As of the morning hours, ounce gold is priced at $2656 with a 0.09% loss in value. The price is consolidating in the resistance area at 2,660.00. If this resistance area can be broken, an increase towards 2,710.00 can be expected. However, in the event of a possible downtrend, support areas at 2,610.00 and 2,530.00 USDT levels can be targeted. Lower support levels should be monitored at 2,510.00 (blue zone) and 2,477.74 (green zone).
OUNCE SILVER
Silver is priced at $31,648 as of the morning hours, down 0.55%. The price is moving within the ascending channel and testing the resistance zone at 31,191. If this resistance zone is broken, a rise towards 33,000 can be expected. On the other hand, in the event of a possible downtrend, support zones at 30,500 (red zone) and 29,000 (green zone) can be targeted.
