Ethereum Staking Revenues Drop, Validators Increase
Ethereum’s staking revenues have fallen by 30% since their March peak, from $247 million to $174 million in September. This reflects the overall slowdown in on-chain activity and market sentiment. Despite the drop in rewards, the number of validators has exceeded 1.09 million, indicating strong engagement on the network. While Ethereum’s deflation mechanism has been maintained, the ETH supply has been growing and the number of active addresses has been decreasing since April. Balancing validator rewards and maintaining network efficiency will be critical to Ethereum’s future success.
PayPal’s Stablecoin PYUSD Has a Hard Time at Solana
PayPal’s PYUSD stablecoin has fallen 40% to $618 million from a market cap of over $1 billion in late August. The decline is attributed to the supply shortage on Solana and the decline in yield opportunities on platforms like Kamino, Drift, and MarginFi. However, there are signs of recovery as Kamino adds PYUSD to the altcoin market and offers new incentives. Despite the supply reduction on Solana, PYUSD’s total market cap has increased by 375% on a yearly basis, making it the ninth largest stablecoin.
Trump-Backed PAC Raises $7.5 Million in Crypto Fundraising
The Donald Trump-backed “Trump 47” political action committee (PAC) raised $7.5 million worth of crypto between July and September to support his 2024 presidential campaign. The bulk of those donations came from the likes of the Winklevoss brothers and Ripple’s legal chief, with $5.5 million in Bitcoin and $1.5 million in Ether. The PAC, which also counts BitGo, Cardone Digital Ventures, and Chainstone Labs among its donors, has also raised significant funds, as have other crypto-backed PACs like Right For America and Fairshake, demonstrating the growing influence of the crypto industry in U.S. election campaigns.
World Liberty Financial Token Sale Lags Beyond Expectations
Donald Trump-backed DeFi protocol World Liberty Financial (WLF) raised around $11.49 million on the first day of its token sale, just 3.8% of its $300 million target. That amount was reached by selling 766 million WLFI tokens for $0.015 apiece. Despite more than 100,000 whitelisted, only 8,699 unique wallets currently hold WLFI tokens. The plans, detailed in the project’s whitepaper, aim to launch a decentralized finance lending platform and later integrate with exchanges.
Marathon Digital Receives $200 Million Bitcoin-Collateralized Loan
Marathon Digital has secured a $200 million loan using its Bitcoin holdings as collateral. The move allows the company to pursue strategic growth opportunities and cover operational costs without selling Bitcoin. Marathon currently holds the world’s second-largest public Bitcoin holding, with 26,842 BTC worth around $1.8 billion. In September, the company increased its Bitcoin production from 673 BTC to 705 BTC, increasing its hash rate by 5%, and aims to reach 50 exahashes/second by the end of the year.
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BITCOIN (BTC)
As of this morning, BTC is priced at $67,380, down 0.36%. The price has recently risen towards the $67,950 level and is currently fluctuating around the $67,500 level. This resistance level is an important point that limits the price’s upward movement. If BTC manages to break above the $67,950 level, there could be further increases towards the $68,000 and $69,000 levels. Below, there is a solid support area for BTC at $62,360. This support has previously helped the price make a comeback and could offer buying opportunities in possible pullbacks. If the price breaks below this support, a decline to $62,000 and then $61,000 is possible. In general, BTC’s direction will depend on breaking the $67,950 resistance and maintaining the $62,360 support. If the price can break past this resistance, the bullish trend could strengthen. However, losing the USD 62,360 level might prompt the price to continue lower.
ETHEREUM (ETH)
ETH is priced at $2620 with a 0.42% gain as of the morning hours. The price is approaching the important resistance area at 2,575. This level has been a critical obstacle in past price movements and if it is overcome, the price has the potential to rise towards the 2,650-2,750 range. Below, there is a solid support area at 2,461.59. This support level may offer buying opportunities in possible pullbacks. If ETH falls below this support, a decline to 2,338.99 may be experienced. Loss of this level may lead to deeper corrections. In general, the direction of ETH will depend on the 2,575 resistance being overcome and the 2,461.59 support being maintained. If the price can break through the 2,575 resistance, the bullish trend may strengthen. However, if the support level is closed below, deeper declines may be seen.
RIPPLE (XRP)
XRP is priced at $ 0.555 with a 1.26% gain as of the morning hours. The price is testing the resistance zone at 0.5500. This level has been a significant obstacle in the past and if it is overcome, the price can be expected to rise towards the 0.5600 and 0.5800 levels. As can be seen in the chart below, there is a strong support area for XRP at 0.5300. This support can offer buying opportunities during price pullbacks. If XRP falls below this support, a decline to 0.5200 and then 0.5100 levels can be experienced. In general, XRP’s direction will depend on the 0.5500 resistance being overcome and the 0.5300 support being maintained. If the price can break through the 0.5500 resistance, the bullish trend may strengthen. However, if the support level is lost, deeper corrections can be seen.
AVALANCHE (AVAX)
AVAX is priced at $27.56 with a 1.64% loss as of the morning hours. The price is fluctuating in a narrow range between 27.00 and 28.50, and this region has created a significant consolidation area. Above the 28.50 level, there are higher resistance levels such as 29.00 and 30.00; an increase towards these levels can be expected. Below, there is a support area at 27.00. If AVAX falls below this level, a pullback to 26.00 may occur. This support offers a critical area for the price’s upward movements and may provide buying opportunities in possible declines. In general, AVAX’s direction will depend on the 28.50 resistance being overcome and the 27.00 support being maintained. If the price can break through the 28.50 level, the bullish trend may strengthen. However, if the support level is lost, deeper corrections may be seen.
SOLANA (SOL)
SOL is priced at $152.40 with a 1.23% loss in value as of the morning hours. The price fluctuates between 150.00 and 156.00 and is close to the 154.00 level. This area stands out as an important resistance area; if it is exceeded, the price has the potential to rise towards 158.00 and then 160.00 levels. Below, there are strong support areas for SOL at 148.00 and 144.00 levels. If the SOL price falls below these support levels, a pullback to 140.00 may occur. These support areas may offer buying opportunities in possible declines. In general, the direction of SOL will depend on the 156.00 resistance being overcome and the 148.00 support being maintained. If the price can exceed the 156.00 level, the bullish trend may strengthen. However, if the support levels are lost, deeper corrections may be observed.
