By Shikha Singh
Acurx Pharmaceuticals to Add Up to $1 mn in Bitcoin For Treasury Reserve.
Acurx Pharmaceuticals’ board approved the purchase of up to $1 million in Bitcoin to hold as a Treasury reserve asset, citing Bitcoin’s limited supply and inflation-resistant characteristics as a store of value.
CEO David P. Luci emphasized that this strategy does not affect the company’s drug development plans. The decision mirrors MicroStrategy’s approach, which began acquiring Bitcoin as a primary Treasury reserve asset in 2020.
Bitcoin adoption by corporate treasuries is growing, with companies like Tesla, Block, and Semler Scientific following suit.
Bitcoin’s price has surged 122% this year, and with regulatory changes expected under President-elect Donald Trump, Bitcoin’s corporate adoption could increase.
Bitcoin Approaches $2 tn Market Cap as CME Futures Open Interest Reaches New Heights.
A surge in prices and record open interest in CME Bitcoin futures, now at $21.3 billion, are driving Bitcoin’s market cap towards $2 trillion. Active traders in the futures market are leading this growth, up 33% since the U.S. presidential election.
Bitcoin’s volatility has decreased, with realized volatility dropping from over 100% to 40%, signaling market maturity.
The shift to cash-margin contracts, using stablecoins and U.S. dollars, is reducing volatility risks and contributing to stability. CME now dominates 33% of the futures market, while crypto-margined contracts have fallen to 16%.
Pennsylvania Passes Bitcoin Rights Bill, Proposes Strategic Reserve.
Pennsylvania is advancing its role in the digital asset economy with the passage of House Bill 2481, known as the “Bitcoin Rights” bill, on October 23, 2024.
The bipartisan bill, passed 176-26, secures the rights of individuals and businesses to self-custody digital assets, run blockchain nodes, and transact without interference from local ordinances.
It reflects growing bipartisan support for blockchain technology, although 26 Democratic representatives opposed it.
Shanghai Court Declares Cryptocurrency Legal Property in China.
Judge Sun Jie of the People’s Court in Shanghai clarified that cryptocurrency is considered a legal commodity with property rights in China, meaning individuals can legally own virtual currencies.
However, China prohibits commercial entities from investing in or issuing tokens. This judgment comes from a 2017 business dispute and highlights that while ownership is legal, China’s regulations on cryptocurrency remain strict, especially regarding exchanges and transactions.
Despite this, experts argue that China needs to adapt to the growing digital economy as global interest in cryptocurrencies, such as Bitcoin, continues to rise.
Crypto Liquidations Top $450 mn as Bitcoin Price Eyes $100,000.
Bitcoin’s price surge toward $100,000 has triggered significant liquidations in the crypto market, totaling over $452 million in 24 hours, with 160,022 traders affected.
Bitcoin led the liquidation charge, with short traders losing $91.85 million compared to $26.11 million for long traders.
Ethereum followed with $66.31 million in liquidations. Despite hitting a new all-time high of $97,862.63, Bitcoin has slowed slightly to $96,987.24, maintaining a 3.99% gain.
Analysts predict further price increases, particularly as companies like MicroStrategy continue to accumulate Bitcoin, potentially leading to more liquidations for short traders.
DEX Activity on Solana is Catching Up With Ethereum.
Solana’s decentralized exchange (DEX) activity has surged in 2024, reaching 57% of Ethereum’s levels, driven by a meme token boom.
Raydium, Solana’s top DEX, is now competing with Uniswap, handling $4.5B in 24-hour volume and generating up to $15M in daily fees.
Despite a smaller lending sector, Solana is seeing growth, with apps like Jupiter and Meteora adding volume.
Solana’s token SOL recently broke $230, raising speculation about its undervaluation compared to Ethereum as it captures increasing DEX activity and bot-driven trades.
However, Solana still lags in stablecoin supply and total value lock, with bot usage dominating its network.
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