According to the soothsayers at DefiLlama, open interest in perpetual futures on decentralized exchanges (DEXs) plummeted from $26 billion to a mere $14 billion. Crypto lending protocols, those modern-day usurers, raked in over $20 million in fees-a record, no less. Meanwhile, the total borrowed across platforms dipped below $60 billion, a figure not seen since the halcyon days of August. 🏦💸
Bitcoin, bless its soul, might just be ready to take a well-deserved nap, and guess who’s stepping in to steal the spotlight? The altcoins! Ethereum, Solana, and Cardano, those little darlings of the crypto world, are already preparing for a thrilling ride. As traders pull their money from the Bitcoin beast, the altcoins are there to catch it-like a hot potato on fire! 🔥 And with this, volume is increasing, and the market is whispering, “More to come!”
Investors, whether fresh-faced rookies or battle-hardened veterans, are nervously clutching their portfolios as the market’s mood swings from optimistic to downright apocalyptic. But while panic spreads like wildfire, long-term holders are still sipping their tea calmly, ignoring the madness. Oh, the joys of patience!
Derivative drama alert: bullish bets piling up toward $0.99, but watch out for profit-taking gremlins sparking sneaky pullbacks. Like, seriously, who invited the sellers to this party? 🙄💸
Bitcoin ETFs? More like “Bye-tcoin” ETFs, am I right? 😂 They bled $326.52 million, according to SoSoValue (what a name, huh?). Fidelity’s Wise Origin Bitcoin Fund (FBTC) lost $93.28 million, while Grayscale’s Bitcoin Trust (GBTC) said “hold my beer” and dumped $145.39 million. 🍻 Ark 21Shares (ARKB) and Bitwise (BITB) also joined the party, losing $21.12 million and $115.64 million, respectively. But hey, BlackRock’s iShares Bitcoin Trust (IBIT) was like, “I’m not like the other ETFs,” and gained $60.36 million. 🎩✨
According to the ever-vigilant Scam Sniffer, our victim was ensnared by the allure of “permit” and “increaseApproval” signatures-a feature so convenient, yet so perilous! These signatures, disguised as the most mundane of approvals, granted third-party contracts unfettered access to their tokens. Oh, the folly of trusting without verifying! 🕵️♂️
So here’s the scoop: Bitcoin fell below $112K – and what spawned this crisis? China’s latest trade measures, of course! It’s like they’re having a trade war, and we’re just the unfortunate bystanders. 😱
On October 14, Maeil Business Newspaper let slip the news that the two companies are planning a smorgasbord of projects. These include developing a shiny new tokenization engine to issue and authenticate stablecoins (because who doesn’t love a fancy engine?), researching money market fund (MMF) tokenization, and even offering blockchain education programs for those poor souls working at Korean banks.
Now, the fine folk at BitMine revealed that their grand total of crypto and cash holdings stood at a staggering $12.9 billion on October 13-nearly all of it being good old ETH. They also managed to accumulate 192 Bitcoin and dabbled in stakes with several crypto-fanfare companies (moonshots, they call them, as if they were preparing for a lunar expedition).
Oh, the drama! The Indian crypto exchange Wazirx, in a twist worthy of a novel, announced on Oct. 13 that the Singapore High Court, in its infinite wisdom, approved the restructuring scheme proposed by Zettai Pte Ltd., the Singapore-based entity of Wazirx, with modifications. The decision, a key development in the crypto exchange’s ongoing recovery process, follows the July 2024 security breach that resulted in an estimated $230 million loss from its wallets. 🤯