Are you curious about the latest in the crypto world? Here’s a rundown of today’s key trends and events affecting Bitcoin prices, blockchain technology, DeFi, NFTs, Web3, and crypto regulations.
ZachXBT Accuses Chinese Trader of Laundering Millions Stolen by Lazarus Group
Crypto investigator ZachXBT has accused Chinese over-the-counter (OTC) trader Yicong Wang of participating in the laundering of crypto assets stolen by the Lazarus Group, a notorious North Korean hacking organization. According to ZachXBT, Wang has allegedly facilitated the laundering of tens of millions of dollars worth of stolen cryptocurrency since 2022.
The Lazarus Group is infamous for its large-scale cyberattacks, with a track record of stealing and laundering hundreds of millions of dollars in cryptocurrency.
In his investigation, ZachXBT known for exposing crypto scams, presented a detailed flowchart tracing the movement of funds through wallet addresses linked to Wang. The findings reveal transactions connecting Wang to hacked accounts and illicit funds, suggesting his involvement in helping the Lazarus Group launder stolen assets.
Trump election victory could push Bitcoin to $92K, says Bitwise exec
Jeff Park, head of alpha strategies at crypto asset manager Bitwise, has predicted that Bitcoin (BTC) could rally to as high as $92,000 if Donald Trump wins the U.S. presidency in November 2024.
In an October 22 post on X (formerly Twitter), Park explained that by analyzing Bitcoin’s price trends alongside Trump’s election odds on the decentralized betting platform Polymarket and applying “merger arbitrage-style probability math” there is a strong possibility of Bitcoin surging following a Trump victory. “I project a Trump victory could push BTC to ~$92,000,” Park stated.
Park’s bullish forecast aligns with similar predictions from other market analysts. Bitcoin millionaire Erik Finman recently told Cointelegraph that Bitcoin could reach $100,000 if Trump wins, saying, “His policies will ignite the crypto market, fueling massive growth across the board.”
The upcoming election has closely tied the performance of crypto assets to its outcome, with Trump’s pro-crypto policies serving as a key pillar of his 2024 campaign.
Crypto Is Betting Big on Trump. Polls Aren't as Sure. Barrons.com
Some investors in crypto-tied stocks appear to be acting as if Donald Trump’s return to the White House is inevitable. While such an outcome is far from guaranteed, recent market movements suggest that investors may be pricing in the possibility prematurely.
This month, crypto-related investments have seen impressive gains. The Valkyrie Bitcoin Miners exchange-traded fund (ETF), which holds companies like Riot Platforms and Hut 8, has jumped 14%. Meanwhile, Coinbase Global has climbed 12%, and MicroStrategy, a company known for borrowing billions to invest in Bitcoin, has surged by 27%.
These gains come as Trump’s election odds have soared on Polymarket, a decentralized betting platform where users place wagers using cryptocurrency. As of October 1, Trump’s odds of defeating Vice President Kamala Harris in the 2024 election rose from 48.9% to 62.9% by mid-October.
Even more strikingly, the odds of a Republican sweep control of the White House, Senate, and House of Representatives have increased by nearly 20 percentage points, reaching 48%. Such a political outcome would significantly improve Trump’s ability to pass crypto-friendly legislation, potentially fueling market enthusiasm.
BRICS Summit 2024: China, Russia, Iran Urge for Crypto Payments in De-Dollarization Effort
The sixteenth annual BRICS Summit has commenced in Kazan, Russia, with discussions on de-dollarization efforts. Russia, China, and Iran leaders emphasized the need for new digital platforms to reduce reliance on the U.S. dollar in global trade and finance.
At the BRICS Business Forum held before the summit, Russian President Vladimir Putin underscored the importance of using crypto assets and central bank digital currencies (CBDCs) to enable more secure cross-border payments.
The proposed BRICS Pay system is at the heart of this strategy, a blockchain-based payment platform designed to integrate CBDCs across member countries. Although the system is still under development, it has long been discussed as a cornerstone of BRICS' efforts to move away from dollar-dominated trade.
During the summit, a mockup of a potential new currency to support this platform was also unveiled, highlighting the bloc’s commitment to exploring alternative financial solutions in its bid to reshape the global payment infrastructure.
Ripple ‘made a mistake’ not talking to regulators early, says CEO
Ripple Labs CEO Brad Garlinghouse admitted that the company should have engaged with U.S. regulators earlier, noting that Ripple and the broader crypto industry are struggling to catch up after facing enforcement actions.
“I’ve made far more trips to DC in the past few years than before,” Garlinghouse remarked during an October 23 appearance at DC Fintech Week.
Ripple is among several U.S.-based crypto firms locked in legal battles with the Securities and Exchange Commission (SEC), a regulator many industry leaders claim has been overly harsh toward crypto businesses. Earlier this year, the SEC secured a partial victory in its lawsuit against Ripple, with a judge ruling that XRP, Ripple’s native token, was sold as an unregistered security to institutional investors.
However, the court found that XRP is not a security when traded by retail investors on crypto exchanges, a decision that the SEC has recently appealed. Ripple has vowed to fight the appeal in higher courts.
During his remarks in Washington, Garlinghouse criticized the U.S. for lagging behind other nations in crypto regulation. He attributed the current challenges to what he described as SEC Chair Gary Gensler’s "reign of terror" over the industry and accused Senator Elizabeth Warren of spreading misinformation about cryptocurrency.
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