By Shikha Singh
Bitcoin ETFs See Biggest Outflow In A Month As Middle East Tensions Surge.
Institutional investors are withdrawing from US spot Bitcoin ETFs due to Middle East concerns.
These ETFs saw a $242.6 million outflow on October 1, the highest in almost a month and the third-largest in five months. This occurred after a string of $494 million inflows on September 27.
At $144.7 million, the Fidelity Wise Origin Bitcoin Fund lost the most, while the ARK 21Shares Bitcoin ETF lost $84.3 million.
Other ETFs including Bitwise, VanEck, and Grayscale had outflows. The BlackRock iShares Bitcoin Trust gained $40.8 million, the only ETF to do so.
Geopolitical issues drove bitcoin prices down over $4,000 to $60,315 before rebounding to $61,620.
US spot Ether ETFs lost $48.6 million, mostly due to Grayscale’s Ethereum Trust and Fidelity’s Ethereum Trust.
Bitwise Files for XRP Coin ETF, Confirming the Process.
Bitwise has officially applied for an XRP ETF, filing an S-1 Form with the SEC. This follows a fraudulent BlackRock-related filing last November, which caused XRP’s price to surge briefly before dropping. The SEC’s appeal deadline for the application is set for October 7, but approval is not guaranteed, as seen with recent retractions for SOL Coin. If approved, Bitwise would become the second altcoin ETF holder after ETH. The SEC can delay the final decision for up to six months if the application isn’t withdrawn.
Franklin Templeton Expands Support for APTOS Network.
Franklin Templeton, a major asset management firm, has expanded its tokenized money market fund (FOBXX) to the APTOS network, a smart contract platform developed by the creators of Facebook’s Libra project.
This move makes $435 million in real-world assets (RWA) accessible on APTOS, following Franklin Templeton’s recent support for Avalanche.
Franklin Templeton’s decision was influenced by APTOS’s unique features, and APTOS is seen as an alternative to Solana, despite not yet experiencing a bull market.
Sui Integrates SCION as a First-of-its-Kind Security Protocol for Network Validators.
Sui has become the first blockchain to integrate SCION, a secure network technology that protects against Internet routing attacks like those exploiting the outdated Border Gateway Protocol (BGP). This enhances Sui’s resilience against network hijacking, improves validator uptime, and reduces latency by over 10%. The project, developed with Anapaya Systems and others, strengthens Sui as a secure, high-performance blockchain for critical infrastructure.
PayPal Stablecoin PYUSD Now Purchasable on MoonPay In All Supported Countries Except Canada.
MoonPay now supports PayPal USD (PYUSD), a stablecoin issued by Paxos Trust Company, allowing users to buy it with various payment methods, excluding Canada.
This follows a strategic partnership between MoonPay and PayPal, announced in May 2024, to enable crypto transactions via PayPal accounts.
Stablecoins now 43% of Sub-Saharan Africa crypto Transaction volume.
Stablecoins make up 43% of Sub-Saharan Africa’s crypto transaction volume due to currency devaluation, per Chainalysis.
Nigeria leads with $59 billion in transactions and increased stablecoin use for smaller transfers. Ethiopia’s stablecoin adoption grew 180% as the birr devalued.
Stablecoins have also surpassed Bitcoin as the most received cryptocurrency in South Africa, aiding in liquidity management and reducing currency volatility. Africa’s stablecoin trends offer valuable insights for global markets.
Crypto Startups From 2022 Still Thriving, 80% Still In Operation.
Despite the challenges of the volatile crypto market in 2022, 80% of startups launched that year remain operational.
These companies have shown resilience by focusing on real-world blockchain applications, such as DeFi, NFTs, and Web3 projects, instead of speculative ventures.
Adaptability, cost-cutting, and compliance with regulations have helped them survive. Venture capital has also played a key role in supporting innovation.
Ava Protocol Set To Power Sony’s New Blockchain, Soneium.
EigenLayer’s Ava Protocol will provide automation for Sony’s new layer-2 blockchain, Soneium, enabling creators and developers to manage and monetize their work with no-code solutions. Ava Protocol offers lower computation and storage costs than traditional layer-2 options and simplifies asset bridging between layer-1 and layer-2 networks.
Mpeppe Presale Hits $3 mn As Mpeppe Releases New Telegram Gaming Platform.
Mpeppe (MPEPE), a cryptocurrency project merging online gaming and decentralized finance (DeFi), has surpassed $3 million in its presale, indicating strong investor confidence. The project has also launched a new gaming platform on Telegram, allowing users to earn MPEPE tokens while playing.
Additionally, Mpeppe plans to introduce the Mpeppe Casino, where users can wager MPEPE tokens in a blockchain-powered environment with instant rewards and low transaction fees.
Lamborghini brings cars to Web3 games with Animoca, Motorverse partnership.
Automobili Lamborghini has launched “Fast ForWorld,” a Web3 platform in collaboration with Animoca Brands, allowing its cars to be used in blockchain games. This is Lamborghini’s first interoperable blockchain integration of its vehicles in gaming.
Gamers can buy, sell, and drive Lamborghini cars in various Motorverse games, including Torque Drift 2 and REVV Racing, with the platform’s initial version launching on November 7. The partnership aims to enhance brand engagement in the Web3 space and create interconnected experiences for motorsports fans.
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