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LINK showed multiple signs of the ongoing shift in favor of the long-term. LINK’s on-chain data suggested that the tide of accumulation was growing. Chainlink [LINK] has been quite active lately in terms of developments that are aimed at elevating the state of WEB3. Its position in the industry as an oracle provider is one that makes its native token LINK appear quite attractive. But what does the future hold for LINK? Is your portfolio green? Check out the LINK Profit Calculator LINK could be on the verge of starting its long-term bullish recovery. We must look at its long-term historic performance to fully understand why the Chainlink native token could be in the early stages of a long-term bull run. If we zoom out on LINK’s price action for the last two years an interesting pattern could be noticed. The altcoin has been in an overall downward trajectory from the peak of the 2021 bull run. This observation has subsequently resulted in the formation of a descending support line. However, LINK recently broke through the support line for the first time this year. $LINK The Macro Downtrend is over Chainlink is now going for a retest of the Macro Downtrend to fully confirm its breakout#LINK #Crypto #Chainlink pic.twitter.com/dsrXp49AS2 — Rekt Capital (@rektcapital) October 12, 2023 The above observation also occurred after an important observation regarding LINK came to light. LINK has been trading in a ranging performance since May 2022. This indicated that it may have hit its trend bottom. More importantly, it managed to achieve a new two-year low in May 2023. Where there is smoke, there is fire The above observation suggested that LINK has been stuck within the low range for a while and could finally pave the way for a long-term rally. However, the expected outcome requires various conditions for it to become a reality. The switch from short to long-term will require accumulation near the lower range so as to raise the price floor over longer durations. If we zoom out on LINK’s supply distribution, we find that accumulation has indeed been taking place. Addresses holding between 1,000 and 10 million LINK tokens have been accumulating. This was evident by the growing supply held by those addresses in the last six months. Source: Santiment So why are bulls still struggling to gain the upper hand? Well, it turns out that addresses holding between 10 million and 100 million LINK tokens have been selling in the last six months. Thus, subduing the bulls by absorbing the incoming demand. LINK enthusiasts should also note that its Mean Coin Age, at press time, stood at a six-month high after a steady upside. This signified that more LINK traders were choosing to HODL rather than sell for short-term profits. In other words, there is a growing focus on the long term. Source: Santiment It’s all for the long run The Market Value to Realized Value (MVRV) ratio highlighted zones where the level of profitability rises and falls. The recent sell pressure resulted in a dip in this metric. However, the metrics revealed that the level of profitability was still higher compared to its six-month low in June. How many are 1,10,100 LINKs worth today The MVRV ratio revealed that those who purchased and HODLed since June were still deep in profit. Another sign that the shifting dynamic was in favor of the long-term. Despite this observation, the market was still stuck in a scenario where short-term profit-taking prevailed and helped to maintain a short-term focus.

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As Halloween approaches, it’s the perfect time to delve into the eerie world of cryptocurrencies and explore some of the spookiest coins in existence. Beware! Friday The 13th! Let’s begin by understanding the significance of Friday the 13th. Known for its spooky reputation, Friday the 13th is a day that is believed to bring bad luck or misfortune by some. It is a day associated with darkness, fear, and scary tales.The significance of this date comes from various historical and cultural beliefs. Some associate it with the biblical event of the Last Supper, where 13 people were present, including Judas Iscariot, who betrayed Jesus. Others view the combination of Friday, which is considered an unlucky day in some traditions, and the number 13 as a double dose of bad luck. As a result, Friday the 13th has become associated with superstitions, fear, and negative events.'Some Spooky Coins: Today, we will focus on a selection of cryptocurrencies that are bound to send shivers down your spine but in a thrilling way, thanks to their captivating branding.Pirate Chain (ARRR): Why couldn’t the kids see the pirate movie? It was rated ARRR. Taking inspiration from this age-old pirate joke, Pirate Chain (ARRR) has adopted the pirate symbol as its own. This cryptocurrency has gained significant attention due to its vocal community and dedicated supporters. Pirate Chain focuses on privacy, utilizing zk-SNARKs encryption to ensure transactions remain private and untraceable. This project, driven by an anonymous team, is entirely decentralized and aims to provide the highest level of financial privacy. With fast transaction times and low fees, Pirate Chain is designed for untraceable payments and preserving your financial anonymity.At the time of writing, ARR was up 2% in the last 24 hours, trading at $0.16.Zombie Inu (ZINU): What do you call undead cheese? Zom-brie. And what would you call an undead meme coin? ZINU. According to its official website, ZINU has the potential to be commercialized in apparel, toys, and collectibles. While this coin may have a comical aspect to it, it also aims to provide cryptocurrency enthusiasts with an immersive and memorable experience, capturing the essence of Halloween all year round.ZINU was trading at 7% in the last 24 hours, trading at $0.0008336.SpookySwap (BOO): SpookySwap is an eerie-inspired decentralized exchange (DEX) and automated market-maker (AMM) built on the Fantom Opera network. This platform offers an environment for users to trade tokens without relying on intermediaries or requiring permission. BOO was up 0.25% in the last 24 hours, trading at $0.30.Will The SEC Finally Approve Long-Awaited Bitcoin Spot ETF? secure early bird discounted tickets now!A Stay At The Floating Palace From James Bond's ‘OctopussyHalloween Spooks And Thrills: As Halloween draws near, these three spooky tokens offer a thrill and a sense of adventure in the world of cryptocurrencies. While there are numerous cryptocurrencies out there, these Halloween-themed tokens stand out with their unique branding and purpose. So, embrace the spirit of the season and dive into the dark side of the crypto world, if you dare.Price Action: At the time of writing, apex crypto Bitcoin (CRYPTO: BTC) was trading at $26,787, down 0.56% in the last 24 hours, according to Benzinga Pro. Here’s How Much You Should Invest In Shiba Inu Today For A $1M Payday If SHIB Hits 1 Cent?

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Binance is on the deep foot with the SEC in the regulatory mess. The recent exposure of Binance’s role in leaking sensitive data and CZ’s controversial tweet is making the plot thicken for Binance as it may not affect their current case. Still, in a later stage, the SEC can entangle all the loopholes. Let’s focus on Circle’s involvement in the case now – one doomed entity will help the other. How? Circle’s Amicus Curiae Entry, How and Why it’s Relevant? In the run-up to the pivotal hearing on October 12 concerning the SEC’s lawsuit against Binance, a notable development has emerged involving Circle, the issuer behind the widely-used stablecoin, USD Coin (USDC).District Judge Amy Berman Jackson of the US District Court for the District of Columbia presided over the court and has taken several critical measures in anticipation of the upcoming hearing. One of these measures addressed pending motions related to the SEC’s legal action against Binance. Among these motions, Circle’s amicus brief stands out. This decision adds a new layer of complexity to the already closely-watched case involving the SEC vs Binance.Circle has been approved as amicus curiae in the #SEC vs. @binance lawsuit. Before the key hearing today, the judge greenlit Circle's amicus curiae brief. @circle had filed a motion on Sept 29, asserting assets pegged to the US dollar, like USDC, aren't securities.An amicus… pic.twitter.com/ObeyfCDzY3— Andres ₿ Meneses (@andreswifitv) October 12, 2023 Circle’s amicus brief, filed on September 29, asserts a fundamental viewpoint: that assets like USDC, which are pegged to the US dollar, should not be considered securities. They argue that buyers of stablecoins do not anticipate making profits from their purchases, as these coins primarily serve as a medium of exchange. According to Circle, stablecoins lack the attributes that would classify them as “investment contracts.”Binance’s ReactionJudge Jackson’s acceptance of Circle as an amicus curiae signifies that the company can provide its perspective on the case without bias towards either Binance or its CEO, Changpeng Zhao, in their respective attempts to dismiss the lawsuit. However, Circle’s participation in oral arguments will require explicit permission from the court.Judge’s Key OrdersAdditionally, Judge Jackson granted several attorneys pro hac vice status, allowing them to participate in the case even though they are not licensed to practice in the specific jurisdiction. However, these attorneys must complete electronic filing training and adhere to related requirements.What’s Coming Next? In related news, crypto research firm Paradigm filed an amicus brief in the same lawsuit, opposing the SEC’s stance. Paradigm accused the commission of governmental overreach and attempted to rewrite the law by leveraging “disturbing allegations” against Binance and its co-defendants.Previously, Binance had taken action against the SEC by filing a joint motion to dismiss the lawsuit, including Bam Management Holdings Inc., affiliated with Binance.Binance’s alleged involvement in the collapse of FTX is also stirring the wheels in the opposite direction for Binance. Only time will tell if Binance overcomes or falls into the SEC trap.!function(f,b,e,v,n,t,s) if(f.fbq)return;n=f.fbq=function()n.callMethod? n.callMethod.apply(n,arguments):n.queue.push(arguments); if(!f._fbq)f._fbq=n;n.push=n;n.loaded=!0;n.version='2.0'; n.queue=[];t=b.createElement(e);t.async=!0; t.src=v;s=b.getElementsByTagName(e)[0]; s.parentNode.insertBefore(t,s)(window,document,'script', ' fbq('init', '887971145773722'); fbq('track', 'PageView');

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Do Kwon-founded Terraform Labs has again pointed the finger at market maker Citadel Securities for its role in an alleged “concerted, intentional effort” to cause the depeg of its stablecoin in 2022.On Oct. 10, Terraform Labs filed a motion in the United States District Court in the Southern District of Florida to compel Citadel Securities LLC to produce documents relating to its trading actions in May 2022, around the time its stablecoin, now known as TerraUSD Classic (USTC), depegged. Screenshot from filing from Terraform compelling Citadel to provide additional documents. Source: courtlistenerIt contends the May 2022 depeg, when the asset crashed from $1 to $0.02, was caused by "certain third-party market participants” intentionally shorting the stablecoin, as opposed to instability in its algorithm. “Movant [Terraform] contends that the market destabilization that occurred did not result from instability in the algorithm underlying the UST stablecoin,” said the firm in its motion. “Instead, Movant contends that the market was destabilized due to the concerted, intentional effort of certain third party market participants to “short” and cause UST to depeg from its one dollar price.” The motion also cites “publicly available evidence” suggesting that Citadel head Ken Griffin intended to short the stablecoin around the time of the depeg. “There is publicly available evidence suggesting that the head of the Citadel Entities, Ken Griffin, intended to short UST at or about the time of the May 2022 depeg.”The filing cited a screenshot from a Discord channel chat in which a pseudonymous trader had lunch with Griffin, who allegedly said “They were going to Soros the f*** out of Luna UST,” presumably in reference to George Soros' trading strategies — centered around highly leveraged, one-way bets.Citadel Securities has however previously denied trading the TerraUSD stablecoin in May 2022, according to Forbes. Cointelegraph contacted Citadel for additional comment but did not receive an immediate response.In its motion, Terraform argues that the documents are crucial for its defense in the lawsuit filed by the U.S. Securities and Exchange Commission in February, which alleges Terraform Labs and its founder, Do Kwon, had a hand in “orchestrating a multi-billion dollar crypto asset securities fraud.”“This defense will be substantially impaired if Citadel Securities is successful in withholding this limited information,” it stated. If the court refuses to compel Citadel to produce the trading documents, Terraform requested the matter be transferred to the U.S. District Court for the Southern District of New York for decision by Judge Rakoff. In July, Terraform Labs sought permission from a judge to subpoena data from bankrupt crypto exchange FTX, also claiming the information could help its defense.

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Decentralized finance (DeFi) protocol Platypus Finance has suffered yet another flash loan exploit that resulted in the loss of over $2 million. Blockchain security firm PeckShield was the first to alert the community about the hack on October 12th, shortly after which the platform announced temporarily suspending all pools. On-chain data also suggest that the perpetrators specifically target the AVAX-sAVAX liquidity pool. According to CertiK’s investigation, two malicious entities stole approximately $1.3 million worth of wrapped AVAX (WAVAX) and around $913,000 in liquid-staked AVAX (sAVAX). The DeFi protocol is yet to release a post-mortem report and verify the amount of digital assets stolen but has revealed initiating an investigation into the matter. “Due to suspicious activities in our protocol, we have taken the proactive measure of temporarily suspending all pools. Further updates will be communicated to the community in a timely manner. Thank you for your patience and understanding during this time.” Platypus is an Automated Market Maker (AMM) protocol that operates on the Avalanche blockchain, primarily designed for the exchange of stablecoins. The platform secured $3.3 million in funding during a round spearheaded by Three Arrows Capital in 2021, which has since declared bankruptcy. This isn’t the first time the protocol fell victim to a flash loan attack. In February, Platypus Finance experienced a devastating loss of more than $8.5 million. During this incident, the attackers exploited a vulnerability within Platypus Finance’s native stablecoin’s USP solvency check mechanism, deceiving the smart contracts into believing that USP was fully backed. By September, the team behind the DeFi protocol had successfully recovered approximately 61.7% of the initial losses suffered by their liquidity pools during the USP exploit. To further compensate, they accessed a reserved treasury and initiated a second phase of recovery on September 26.

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Solana is correcting gains from the $25 resistance against the US Dollar. SOL price could accelerate lower if there is a break below the $21 support. SOL price started a fresh decline after it failed to clear the $25 resistance against the US Dollar. The price is now trading below $22.00 and the 100 simple moving average (4 hours). There is a key bearish trend line forming with resistance near $22.00 on the 4-hour chart of the SOL/USD pair (data source from Kraken). The pair could break the $21 support and accelerate lower toward $18.80. Solana Price Visits Key Support After a steady increase, Solana struggled to clear the $25 resistance zone. SOL formed a high at $24.77 and recently started a fresh decline. There was a move below the $24.00 and $23.50 levels. The bears pushed the price below the 50% Fib retracement level of the upward move from the $18.75 swing low to the $24.77 high. There is also a key bearish trend line forming with resistance near $22.00 on the 4-hour chart of the SOL/USD pair. SOL is now trading below $22.00 and the 100 simple moving average (4 hours). It is also showing bearish signs below $22, like Bitcoin and Ethereum. However, the bulls are now protecting the $21.00 support. It is near the 61.8% Fib retracement level of the upward move from the $18.75 swing low to the $24.77 high. On the upside, immediate resistance is near the $22.00 level and the trend line. Source: SOLUSD on TradingView.com The first major resistance is near the $22.50 level. A clear move above the $22.50 resistance might send the price toward the $23.50 resistance. The next key resistance is near $24.00. Any more gains might send the price toward the $25.00 level. More Losses in SOL? If SOL fails to recover above the $22.00 resistance, it could continue to move down. Initial support on the downside is near the $21.00 level. The first major support is near the $20.30 level. If there is a close below the $20.00 support, the price could decline toward the $20.00 support. In the stated case, there is a risk of more downsides toward the $18.80 support in the near term. Technical Indicators 4-Hours MACD – The MACD for SOL/USD is gaining pace in the bearish zone. 4-Hours RSI (Relative Strength Index) – The RSI for SOL/USD is below the 50 level. Major Support Levels – $21.00, and $20.30. Major Resistance Levels – $22.00, $22.50, and $24.00.

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Bitcoin and crypto markets are highly cyclical, and patterns have emerged that have repeated every cycle so far. Bull markets have followed halving events, but a large pullback has come in the period just before them, which is about now.  With around six months to go to the next Bitcoin halving in April or May next year, analysts are looking for signals from previous cycles. Bitcoin Halving Cycles Repeat On October 13, crypto trader and analyst ‘Rekt Capital’ posted a rather bleak reminder of what happened at the same point in previous cycles.  With less than 190 days to go before the event, it could give us an indication of where prices are going for the rest of this year. In 2015, BTC prices retraced 25% around six months before the 2016 halving.  Furthermore, BTC prices dumped a whopping 38% in late 2019, which was also around six months before the 2020 halving.  BTC pre-halving price action. Source: X/@rektcapital A similar retrace during this pre-halving period could send BTC prices plunging back to the $20,000 level. Moreover, the notion of a November dump has been echoed by several analysts recently.  Earlier this week, technical analyst ‘CryptoCon’ compared previous market cycles in the runup to the halving.  The past two had similar six-month sideways trading periods leading up to the end of the year. In 2023, crypto markets have been sideways for the past seven months.  However, November saw prices retreat to lows, which became the pivot for the next bull market. He said, “We’re still waiting for the one date when these cycles lined up perfectly… November 21.” Bitcoin halving cycles compared. Source: X/@CryptoCon History Rhymes  Crypto trader and analyst ‘Mags’ made a similar observation, noting how much BTC was down from its peak six months before the halving.  In 2015, BTC was 65% below its all-time high at this time in the cycle. In 2019, BTC was around 60% below its ATH and in 2023, BTC is currently 61% below its ATH. The asset is currently trading flat on the day at $26,789 at the time of writing. However, it has dropped around 4% since the weekend.  There is solid support at $26,000, where it spent a month from mid-August, so this is likely to be its next move.  If the cycles are destined to repeat, it could quickly fall much lower. 

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MKR was down 15% after dropping from $1600 to a press time value of $1350 MKR’s long-term price trend was negative and offered sellers a market edge Maker [MKR] dropped 15% from its 2023 high of $1600 to a press time value of $1350. However, the pullback faced a key price imbalance and a bullish level that could make it attractive to buyers.  Is your portfolio green? Check out the MKR Profit Calculator  Bitcoin [BTC] dropped below $27k and exerted more bearish pressure across the crypto-market on 11 October.  However, a key price imbalance on MKR’s price chart held further bearish pressure, as of press time.  Will the pullback stop at these levels? Source: MKR/USDT on TradingView A price imbalance and FVG (Fair Value Gap) existed on the daily chart at $1326 – $1403 (white). The aforementioned area prevented MKR’s extra price plunge since 2 October. A daily bullish order block (OB) of $1261 – $1306 (cyan) existed below the price imbalance.  So, the two aforemarked areas could resist extra price drops. If so, a possible recovery from the area could present a long position, with a potential 10% gain if the rally hits the recent lower high level of $1488.  However, a drop below the daily bullish OB of $1261 will invalidate the aforementioned bullish bias.  Meanwhile, the RSI faced rejection at the mid-level of the 50-mark and projected a downtick. The movement underscored a spike in selling pressure in the past few days.  However, spot market demand for MKR has declined since August, as illustrated by the retreating OBV over the same period.  Long-term price trend flipped negative Source: Coinalyze The Futures market data at hand wasn’t inclined towards the said bullish idea. In particular, the Accumulative Swing Index (ASI) turned negative, indicative of a negative long-term price trend. Put differently, MKR was on a downtrend, making the said bullish idea a risky proposal.  How much are 1,10,100 MKRs worth today?  Besides, the increased sellers’ market edge further confirmed the bearish grip, as highlighted by the negative CVD (Cumulative Volume Delta). Additionally, the Open Interest rates fluctuated and could favor sellers more.  It meant that the said long idea would be a risky setup. So, tracking BTC’s price action will be vital for risk mitigation. 

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Ethereum price is moving lower toward the $1,500 support against the US dollar. ETH could correct higher, but upsides might be limited above $1,565. Ethereum is struggling to start a recovery above $1,550. The price is trading below $1,565 and the 100-hourly Simple Moving Average. There are two bearish trend lines forming with resistance near $1,555 and $1,570 on the hourly chart of ETH/USD (data feed via Kraken). The pair could correct higher, but the bears might remain active near $1,565. Ethereum Price Extends Losses Ethereum remained in a bearish zone below the $1,580 resistance zone. ETH failed to stay above the key $1,550 support and extended its decline, unlike Bitcoin. The price traded to a new weekly low at $1,521. It seems like the price is slowly moving lower after it settled below $1,600. There are also two bearish trend lines forming with resistance near $1,555 and $1,570 on the hourly chart of ETH/USD. Ethereum is now trading below $1,565 and the 100-hourly Simple Moving Average. There was a minor increase above the 23.6% Fib retracement level of the recent decline from the $1,595 swing high to the $1,521 low. On the upside, the price might face resistance near the $1,555 level and the first trend line. The first major resistance is near the second trend line, $1,565, and the 100-hourly Simple Moving Average. It is close to the 61.8% Fib retracement level of the recent decline from the $1,595 swing high to the $1,521 low. Source: ETHUSD on TradingView.com A clear move above the $1,570 resistance might send the price toward the key resistance at $1,600. In the stated case, Ether could rise and recover toward the $1,665 resistance. Any more gains might open the doors for a move toward $1,750. More Losses in ETH? If Ethereum fails to clear the $1,565 resistance, it could continue to move down. Initial support on the downside is near the $1,520 level. The next key support is $1,500. A downside break below the $1,500 support might send the price further lower. In the stated case, the price could drop toward the $1,440 level. Any more losses may perhaps send Ether toward the $1,420 level. Technical Indicators Hourly MACD – The MACD for ETH/USD is gaining momentum in the bearish zone. Hourly RSI – The RSI for ETH/USD is now below the 50 level. Major Support Level – $1,500 Major Resistance Level – $1,565

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Litecoin extended its range formation, with the price heading towards a range low Market speculators remained uncertain with little movement in Open Interest Litecoin’s [LTC] bullish rebound from the $57-support level faltered around the $68-price zone. This extended LTC’s range-bound movement between $57 and $70. The 5.4% drop over the last 24 hours saw Litecoin trade at $60, as of press time. Read Litecoin’s [LTC] Price Prediction 2023-24 With Bitcoin [BTC] dropping from $27.2k to $26.7k within the same period, a retest of the $57-support level could be a possibility in the near term. Sellers kept bulls suppressed Source: LTC/USDT on Trading View The 12H timeframe revealed the extended Litecoin price range which began in mid-August. Bears and bulls alike have been unsuccessful in trying to break out of the range. However, LTC’s recent price action hinted at a retest of the $57-support level. This could lead to either a bearish break of the level or a sustained bullish rally. Either outcome would lead to a breakout from the range. A look at the on-chart indicators suggested momentum could be with the sellers in the long term. The RSI (Relative Strength Index) remained under neutral-50 and stood at the edge of the oversold zone. The bearish advantage could’ve also been helped by the negative capital inflows over the last few days, as demonstrated by the CMF’s (Chaikin Money Flow) reading of -0.13. Muted reaction in derivatives market Source: Coinalyze, Data from Coinalyze revealed a lack of commitment by market speculators. The OI (Open Interest) remained around the $205 million-zone, with no significant movement in open contract positions. How much are 1,10,100 LTCs worth today? Similarly, the spot CVD continued to trend lower. This underlined a lack of demand for Litecoin which could further aid sellers in the long term.

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The most significant flash loan attack in the BNB Chain was reported on Oct. 11 when an MEV bot made a massive arbitrage profit of $1.575 million. The attack, which passed through the Pancakeswap DEX network, only cost the perpetrating bot a fee of $4.16, leaving them with humongous profits. Large Single Flash Loan Attack on BNB Chain As per reports, the MEV Bot with address 0x216Ccf on the BNB Chain emerged as the record holder of the most significant single arbitrage profit in the chain’s history. EigenPhi, a leading blockchain data analysis firm, revealed the details, confirming that the enormous profit resulted from a well-planned price manipulation attack on the BH token. Essentially, the attacker exploited a shortcoming in the system for about $1.27 million, immediately transferring the funds to the popular mixer Tornado Cash. This attacker borrowed a large amount of USDT using the function ID 0x33688938 and added USDT to the contract. Under normal conditions, the liquidity ratios for the contract are around 1 USDT:100 BH. The attacker then manipulated the system by instantly swapping USDT for BH via pair and later removed the liquidity with the transaction ID 0x4e290832. This swap affected the ratio of liquidity removal drastically, changing to approximately 1 USDT:2 BH, allowing them to withdraw even more USDT. The series of transactions was later confirmed by Beosin, a renowned blockchain security company, emphasizing its deliberate nature. The attacker profited a total of $1.575 million in the entire process. $BH token on BNB Chain was exploited for ~$1.27M due to suspected price manipulation. The profits were sent into Tornado Cash. Attacker: 0xFDbfcEEa1de360364084a6F37C9cdb7AaeA63464 The attacker flashloaned a large amount of $USDT, then called 0x33688938() to add $USDT to the… pic.twitter.com/POppQswi7u — Beosin Alert (@BeosinAlert) October 11, 2023 The MEV Bot address 0x216Ccf was possibly created on Oct. 6 and has been inactive since then, up to the date of the flash loan attack. The counter address, 0xFDbfcE, has been active and currently holds about 1,000 BNB tokens valued at $205.8K. The Flash Loan Attack Conundrum Flash loan attackers will mainly exploit the flash loan mechanism to steal users’ funds, as in the case of BH tokens. In its bare meaning, a flash loan is not an attack but a system allowing people to benefit from arbitrage trading. In the 24 hours preceding the writing of this report, EigenPhi‘s data suggests that there were about 278 flash loans within the Ethereum network. The number has been 2,435 and 9,721 in the past 7 and 30 days, respectively. Over $2.2 billion in transaction value has been flash loans in the past 30 days, suggesting the extended use of this mechanism. However, many scammers have been leveraging flash loans to cripple cryptosystems and steal from investors, as in the case mentioned above. In June this year, a DeFi protocol dubbed Sturdy Finance lost 442 ETH worth $800K through different hacks, including a flash loan attack.

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India’s central bank, the Reserve Bank of India (RBI), has begun testing its CBDC (Central Bank Digital Currency) in the call money market. The call money market is a market where banks can borrow or lend short-term funds, usually for one day. India’s digital currency program began in November 2022 with nine banks participating in the pilot. Those same banks are also a part of this latest test. The call money market test has launched on schedule, just as RBI Executive Director Ajay Kumar Choudhary had said it would. India, along with China, are at the forefront of testing their respective CBDC programs. However, China is ahead in terms of testing the digital yuan with citizens as well as tourists. Mastercard unveils new use cases for the Australian CBDC Source: Paytm Mastercard has unveiled new use cases for Australia’s Central Bank Digital Currency, which can now be used across multiple blockchains for commerce. The development has been made in partnership with Cuscal and Mintable. Moreover, it is a part of the Reserve Bank of Australia (RBA) and DFCRC’s (Digital Finance CRC) research project The new use case aims to increase the security of the currency while easing its use. According to Mastercard, in a live environment, the CBDC could be used to purchase NFTs (Non-fungible tokens) on the Ethereum (ETH) blockchain. The process will “lock” the amount on the RBA platform and mint an equal amount of wrapped ETH. Additionally, according to Richard Wormald, Division President, Australasia at Mastercard, clients demand to participate across multiple blockchains. He stated, “Mastercard has seen demand from consumers to participate in commerce across multiple blockchains.” Although CBDC programs have seen an uptick all around the world, many have raised privacy concerns. Some worry that central bank digital currencies will allow the government to spy on our spending, and may even block certain transactions at their will.

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One of the longest-running animated comedies is “South Park,” which premiered in 1997 and continues to air after 25 years.To kick off its newest season, the show is taking on one of the biggest trending topics for the stock market.What Happened: The world of cryptocurrency was targeted in 2022 by “South Park” creators Matt Stone and Trey Parker, with a made-for-streaming movie poking fun at the sector.To kick things off in 2023, “South Park” will take a critical look at the growth of artificial intelligence.A new trailer for “South Park: Joining the Panderverse” teases the streaming special about how artificial intelligence has turned the “world upside down,” as shared by The Hollywood Reporter.This streaming special is the fifth from “South Park” and it will air on Paramount+, a streaming platform from Paramount Global PARAPARAA.“Cartman’s deeply disturbing dreams portend the end of the life he knows and loves. The adults in South Park are also wrestling with their own life decisions as the advent of AI is turning their world upside down,” a description for the special reads.Viewers can tune into the streaming special beginning Oct. 27 in the U.S. and Canada with other territories getting access later.[embed]https://www.youtube.com/watch?v=Q9b67g2bopI[/embed]Why It’s Important: The teaser from “South Park” shows characters mentioning they are becoming different genders, ages, and races, which could mean the controversial topic of gender identity could also be discussed in the special.The 2022 special “The Streaming Wars Part 2” mocked the crypto industry and the celebrities that were used in advertisements, like Matt Damon.Instead of promoting Bitcoin BTC/USD in the streaming special, Damon promotes recycled water called Pipi Water.Cryptocurrency was also targeted in the 2021 “South Park” special movie episode “Post COVID.”“South Park” creators Parker and Stone signed a deal with Paramount in 2021 for six more seasons of the show, which also includes the addition of 14 movies for Paramount+. The duo said new streaming platforms made it easier to make new movie content for the show.  

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Ethereum has struggled alongside Bitcoin through the current bear market climate but this has not stopped bullish predictions for the digital asset. The most recent bullish prediction comes from British multinational bank Standard Chartered which believes that the Ethereum price could climb higher than  $8,000. Factors That Could Trigger The Rise Geoff Kendrick, Head of Digital Assets Research at Standard Chartered Bank has revealed his forecast for the Ethereum price in a research note. According to the researcher, he sees big things in the future of the digital asset which could climb higher than $8,000 in the coming years. Talking about the asset’s valuation, Kendrick points toward the many use cases for Ethereum that have emerged over the years but also sees more use cases emerging as time goes on. One of those is the much-coveted gaming and asset tokenization sector. Also, the Standard Chartered researcher said that they expect that Ethereum will see more growth than the pioneer cryptocurrency, Bitcoin. While he expects Bitcoin to rise 3.5x, they believe Ethereum will rise 5 from current levels. “We think the path higher for ETH prices may take longer than for BTC, but we see ETH eventually reaching a higher price multiple than BTC relative to current levels (5.0x versus 3.5x),” the researcher said. He also believes that Ethereum would go on to further register its dominance in the space, especially with the Layer 2 blockchains such as Arbitrum that have popped up to enhance the network. This, he believes, would lead to an increase in the Ethereum profit-earnings ratio (P/E ratio). ETH price succumbs to bear pressure | Source: ETHUSD on Tradingview.com Ethereum Could Climb Above $8,000 In terms of actual dollar values, $8,000 is not the only figure that the researcher dropped for the Ethereum price. The expectations for the digital asset exceed this four-digit figure right into the five-digit territory as Kendrick believes ETH could rise to anywhere between $26,000 and $35,000. As for when this might happen, the researcher seems to be targeting the next bull market as he expects the factors that will drive this value growth to happen between 2025-2026. “We see the $8,000 level as a stepping stone to our long-term ‘structural’ valuation estimate of $26,000-$35,000,” he said in the note. Then beyond this, the researcher expects the price to continue to rise. This is not the first time that Kendrick has released a bullish prediction for cryptocurrencies. He previously said he expects the price of Bitcoin to reach $120,000 and the entire crypto market to rise as well. However, it seems the researcher is much more bullish on ETH. Not everyone has provided bullish forecasts for ETH though. One crypto analyst actually believes that the digital asset is set for more decline. In the analyst, FieryTrading suggests that Ethereum’s price could fall as low as $900.

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In recent days, a marked uptick in on-chain activity surrounding the leading stablecoin Tether ($USDT) has been seen, with data showing that nearly $10 billion worth of the stablecoin is now sitting on exchanges, the highest level seen in roughly seven months. According to data from on-chain data analytics platform Santiment, this means that cryptocurrency investors’ “buying power” is now at its highest level since March 2023, with the firm’s chart showing that USDT reached a record high of $16.96 billion on exchanges in August 2022, but fell to a low of $7.12 billion by June 2023, dropping by over 58%. The cryptocurrency, according to another post form Santiment on the microblogging platform X (formerly known as Twitter), which reveals that Tether’s on-chain activity has grown to see active addresses hit a 3-month high “largely due to increases in exchange deposits.” Per the firm, wallets holdings between $1 million and $10 million in USDT have been accumulating, with the trend showing growing appetite for forthcoming acquisitions of digital assets. As CryptoGlobe reported, long-term Bitcoin ($BTC) holders have kept on accumulating the flagship cryptocurrency at a rapid pace, despite the current sideways market that has seen BTC’s volatility plunge over time as its price stays around the $27,000 mark. According to data from blockchain analytics firm Glassnode, long-term Bitcoin holders have been accumulating approximately 50,000 BTC, worth over $1.35 billion, every month for at least 155 days. The figures comes from the firm’s HODLer net position change metric. The metric measures how fast wallets that keep coins for at least 155 days are increasing their cryptocurrency holdings. Currently, long-term holders own more than 14.859 million Bitcoin, which is 76% of the available BTC supply, according to the data. As CryptoGlobe reported Arthur Hayes, the former CEO of BitMEX, recently predicted that the price of BTC will reach a valuation between $750,000 and $1 million by the year 2026. He attributed this bullish forecast to a variety of economic factors, including government intervention, inflation, and the state of the global economy. Recently, however, analyst Nicholas Merten warned his substantial following that Bitcoin could see a significant decline if the U.S. economy enters a recession. He attributes this potential fall to the Federal Reserve’s hawkish stance, which he believes could lead to a prolonged economic downturn in the United States.

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In a recent report, JPMorgan predicted that Bitcoin’s (BTC) hash rate will fall 20% after its halving event in April 2024. The bank estimates as much as 80 EH/s to be removed from the BTC network. The reason behind the forecast is the decommissioning of old and less efficient machines. As per the report, the Bitcoin (BTC) mining industry is at a “crucible moment.” JPMorgan also states that Bitcoin’s (BTC) four-year block rewards opportunity is around $20 billion. Although the prediction is based on BTC’s current price, it has dropped by around 72% in the last two years. The report states, “For context, this figure peaked at roughly $73 billion in April ‘21 and has fluctuated between $14 billion and $25 billion over the past year.” Furthermore, in its report, JPMorgan lists several BTC mining firms. However, the bank named CleanSpark as its preference. The report states, “We believe CLSK, our top pick, offers the best balance of scale, growth potential, power costs, and relative value.” JPMorgan on spot Bitcoin ETF Source: CoinGape According to the bank’s report, the approval of a spot BTC ETF (Exchange-Traded Fund) could be the catalyst for a new rally. However, the rally would take place on the backdrop of falling hash rates and block rewards. Nonetheless, the bank did not give an opinion on whether the U.S. SEC (Securities and Exchange Commission) will approve the spot BTC ETF applications or not. The SEC has decided to postpone its decision on all applications, and many expect the decision to come out sometime next year. It is possible that the partial defeat in the Ripple lawsuit may have led the SEC to rethink its strategy. It is possible that the agency does not feel competent at the moment to roll out a decision on spot BTC ETFs. However, some industry experts believe that the financial watchdog will eventually have to approve a spot BTC ETF in the U.S.