By Shikha Singh
$1.6 bn in Bitcoin & Ethereum Options to be Expired.
This week, Bitcoin is set to face a significant options expiry, with $1.61 billion in Bitcoin and Ethereum contracts scheduled to expire.
Data from Deribit shows that 18,271 Bitcoin options contracts are expiring today, with a put-to-call ratio of 0.90 and a maximum pain point at $62,000—approximately $1,500 above Bitcoin’s current price.
For Ethereum, 212,175 contracts are expiring, with a put-to-call ratio of 0.40 and a maximum pain point of $2,450.
Uniswap Labs Introduces Scalability-Focused Ethereum L2.
Unichain, an Ethereum Layer-2 solution from Uniswap Labs, aims to improve user experience. Built as part of Optimism’s Superchain, Unichain aims to reduce costs by 95% compared to Ethereum and achieve one-second block times.
It will also feature subblocks every 250 milliseconds for instant user experiences. Additionally, Unichain will enable faster cross-rollup transactions, allowing liquidity to flow between optimism-based rollups. On October 10, we launched the testnet, anticipating the mainnet later this year.
Dogecoin Becomes Traders’ Champion Over SHIB and PEPE.
IntoTheBlock reports that Dogecoin (DOGE) has become the top choice for short-term traders, attracting 110,000 participants in the past week, far surpassing Shiba Inu (SHIB) and DEGEN, each with about 23,000 traders, and Pepe (PEPE) at 19,000.
Analyst Ali Martinez suggests DOGE may see a 200% increase, following a multi-year descending triangle pattern. Recently, whales accumulated 2.07 billion DOGE, the largest purchase since January. Currently, DOGE is trading at $0.10, up 4.2%, while SHIB is recovering at 4.45% after a decline.
Bitnomial Sues SEC Over XRP Futures.
The Securities and Exchange Commission (SEC) maintains that XRP is a security, despite a recent court ruling in favor of Ripple, which disputed this classification.
The assertion comes after Bitnomial, a crypto derivatives exchange, filed a lawsuit against the SEC regarding its jurisdiction over a proposed XRP US Dollar Futures contract.
Following the filing, the SEC claimed that XRP Futures are “security futures” under its jurisdiction and that Bitnomial would violate federal securities laws by listing them.
SEC Sues Crypto Market Maker Cumberland DRW.
The U.S. Securities and Exchange Commission (SEC) has sued Cumberland DRW, alleging it acted as an unregistered securities dealer by buying and selling cryptocurrencies like Polygon (MATIC), Solana (SOL), and Cosmos (ATOM), which the SEC considers unregistered securities.
The lawsuit claims Cumberland promoted these assets as investments, misleading investors. The SEC seeks a permanent injunction and disgorgement of profits. Cumberland responded that it will not change its operations and remains confident in its compliance practices.
NFT Holders Sue Art Gallery, Alleging It Broke Metaverse Promise.
A group of 36 NFT holders has sued Eden Gallery and artist Gal Yosef, claiming their Meta Eagle Club project was a “rug pull” scam.
Filed on October 9 in New York, the lawsuit alleges that the project failed to deliver promised perks after raising $13 million between February 2022 and November 2023.
The complaint claims that only a few of the promised benefits materialized and that project leaders lacked the necessary blockchain experience.
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