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.
$100 Million SUI Token Unlock May Trigger Hotter-Than-Expected Rally
The Layer-1 blockchain Sui (SUI) will unlock 64 million tokens on October 1, representing 2.40% of its total circulating supply. As the cryptocurrency community anticipates this event, SUI has attracted increased investor interest.
While token unlocks often lead to significant volatility and potential price drops, this analysis suggests that SUI may not experience a substantial decline. There are reasons to predict a higher value for the token following the release.
Over the past 30 days, SUI’s price has risen by 115%, largely due to Grayscale’s decision to launch the SUI Trust. Additionally, the project’s Total Value Locked (TVL) has reached a new all-time high, reflecting growing confidence in the altcoin's future.
On Tuesday, October 1, the project will unlock 64.19 million tokens worth over $100 million. Token unlocks involve releasing previously restricted coins into circulation.
While such events often result in volatility, the Bull Bear Power (BBP) indicator, which assesses the strength of buyers versus sellers, shows that the bulls currently hold the upper hand.
Trump-backed World Liberty Financial opens up KYC verification on website
World Liberty Financial, a cryptocurrency project backed by the Trump family, has initiated KYC (Know Your Customer) verification on its official website. Several times on Monday morning, the website was temporarily unavailable due to maintenance.
According to a statement on the WLF homepage: "Additional information about World Liberty Financial is intended only for individuals who have completed the KYC process and been pre-qualified. In the U.S., this information is restricted to those verified as accredited investors. This page is not intended as an offer to sell or a solicitation to buy tokens in any jurisdiction."
In a Telegram announcement, the project stated, "Due to outdated policies and regulations in the U.S., one whitelist is reserved for accredited U.S. investors, while another is available for non-U.S. persons. We advocate for changes so all Americans can participate in World Liberty Financial and join the financial revolution."
Coinbase Challenges SEC: Judges Question the Regulator's Crypto Rulemaking Rejection
The U.S. Court of Appeals for the Third Circuit has raised concerns regarding the Securities and Exchange Commission's (SEC) decision to deny a rulemaking petition submitted by Coinbase, the largest cryptocurrency exchange in the U.S. Coinbase has criticized the SEC for failing to provide clear regulatory guidelines for the crypto industry.
The ongoing legal dispute between Coinbase and the SEC is before the U.S. Court of Appeals for the Third Circuit. In 2022, Coinbase submitted a petition requesting that the SEC establish specific crypto asset rules to clarify how securities laws apply to digital platforms.
The SEC rejected this petition in December 2023, prompting Coinbase to seek legal action to force the SEC to reconsider. The court’s panel of judges expressed doubts about the SEC’s brief, which consisted of only two pages denying Coinbase’s request.
Paul Grewal, Coinbase's Chief Legal Officer, criticized the SEC’s approach to the petition. In a post on the social media platform X, Grewal stated that the SEC has failed to provide a reasonable explanation for its denial while continuing to enforce regulations against cryptocurrency companies aggressively.
Crypto Poll: U.S. Voters More Serious About Demanding Candidates With Know-How
A new industry-funded poll highlights the growing importance of cryptocurrency in the minds of likely voters for the 2024 U.S. elections. The fact that both major party presidential candidates have mentioned digital assets suggests that campaigns are aware of this trend.
The recent survey, conducted by Harris Poll and funded by crypto firm Grayscale, shows a steady rise in voters considering a candidate's knowledge and stance on cryptocurrency when deciding whom to support. Of the more than 1,800 likely voters surveyed, 77% believe presidential candidates should be informed about innovative technologies like artificial intelligence and cryptocurrency. Additionally, 56% said they are more inclined to vote for candidates who stay informed on crypto-related issues, though top concerns remain inflation, national security, and foreign policy.
The poll also indicates a perception that Republicans have a slight but growing advantage over Democrats in terms of being more favorable to crypto investors.
Grayscale has conducted similar polls since last year, and during that time, an increasing number of respondents, now at 46%, agree that cryptocurrency and blockchain represent the "future of finance."
Crypto Investment Inflows Reach $1.2 Billion as Bitcoin Breaks September Curse
Crypto investment inflows reached $1.2 billion last week, marking three consecutive weeks of growth since September 9. This surge is driven by increasing optimism in the market, supported by favorable macroeconomic conditions and other value-enhancing developments in the financial sector.
September defied its usual trend of underperformance, providing a solid foundation for Bitcoin and the broader cryptocurrency market as they move into October.
Crypto Inflows Reach $1.2 Billion Amid Market Optimism
Digital asset investment products experienced inflows of $1.2 billion last week, with Bitcoin leading the way, recording $1.07 billion in positive flows. Short-Bitcoin investment products also saw inflows totaling $8.8 million. Ethereum, after five weeks of outflows, saw a resurgence with inflows of $87 million, reflecting renewed positive sentiment.
The U.S. accounted for $1.17 billion of the total inflows from a regional perspective. According to the latest CoinShares report, these inflows are attributed to positive economic data in the country.
Comments