This week was bursting in interesting news with some shocking taste. Although crypto enthusiasts had much to celebrate, general attitude is far from sunny and bright. Law enforcement severe attack against market makers this week was sensational. And everyone is curious about the future developments in this field.
Also Satoshi Nakamoro identity was kind of revealed this week (actually, not) in a pretentious HBO documentary, which made waves around the market.
These are ten most significant crypto news yellow.com posted this week.
Market Makers Under Fire: What Does FBI's Phenomenal Fake Token Operation Mean For Crypto Industry?
In an amazing turn of events, FBI developed a fake token to identify several fraudsters among market makers. Obviously, the story is worth an epic Hollywood film.
A judge just unsealed a broad-ranging criminal case brought by the Department of Justice against eighteen individuals and businesses accused of manipulating crypto markets and artificially boosting tokens.
There is a constant risk of manipulation by market makers on cryptocurrency exchanges. This kind of market manipulation is the most common in the cryptocurrency industry, according to the FBI. Experts believe that over 50% of all market making may be fraudulent.
They also see the FBI’s operation as a potential sign of harsh times coming for market makers. And this could have a serious impact on crypto markets all over the world.
Cardano Sees Unprecedented $24 Billion Weekly Whale Movements
Cardano (ADA) has experienced a notable price rebound, coinciding with a significant increase in large-scale transactions. The cryptocurrency's value has risen by 4% in the past 24 hours, following a week-long downtrend. All thanks to whales.
ITB's Large Transaction Volume metric, which tracks transfers valued at $100,000 or more, indicates a weekly transaction volume of $24.18 billion. This marks a substantial increase from the previous week's figures. The majority of these transactions occurred within a three-day period, with $6 billion moved on October 11 and $5.8 billion on October 10. The spike in whale activity appears to correlate with ongoing developments in the Cardano ecosystem.
Memecoins Will Be Bigger Than Expected, Crypto Veteran Predicts
Meme coins are set to dominate the cryptocurrency market in a way nobody expects. This is according to Chris Burniske, a veteran investor in the space.
Burniske believes meme coins will exceed expectations in the current market cycle. He cites their "tendency to trigger" as a key factor. This refers to their ability to spark sudden, viral interest. "The cultural relevance some NFT collections garnered in 2021 will be surpassed by some meme coins," Burniske stated. He added, "Not here to endorse a horse, but the trend is clear."
Who Created Bitcoin? Sensational HBO Documentary Upholds One Satoshi Nakamoto Conspiracy Theory, Debunks Another
A new HBO documentary claims to have uncovered the true identity of Satoshi Nakamoto, Bitcoin's elusive creator. This announcement has reignited speculation about the cryptocurrency's origins.
Leading rival American cryptographer and computer scientist Nick Szabo has emerged as a leading contender. But Peter Todd, a Canadian crypto expert, was also portrayed as a potential candidate with even chances to be real Satoshi. Another intriguing possibility is also in sight - the NSA theory.
Ethereum Faces Market Uncertainty as Whale Activity Fluctuates
Ethereum, the second-largest cryptocurrency by market capitalization, is navigating turbulent waters. Recent on-chain metrics reveal a market grappling with uncertainty. Exchange flows and whale behavior paint a complex picture of investor sentiment.
Over the past month, Ethereum's net transfer volume to and from exchanges has shown significant volatility. On September 19, inflows peaked at 140,000 ETH. This surge suggested increased selling pressure. However, subsequent weeks saw considerably lower volumes.
Mid-September and early October witnessed notable outflows. Large quantities of ETH moved away from exchanges during these periods. Such movements typically indicate a preference for long-term holding over immediate selling. Yet, substantial inflows also occurred. A significant influx was observed on September 12 and these conflicting signals contribute to the overall market uncertainty.
Bitcoin Bull Run: Analyst Predicts Resurgence Despite Market Fears
Crypto analyst Bob Loukas has addressed growing concerns about Bitcoin's market performance. In a recent video analysis, he argues that the current consolidation phase is a precursor to a significant upward movement.
Bitcoin has been languishing near its previous cycle's highs for eight months. This has sparked fear in the market. Traditional assets are thriving, with stocks and gold reaching new peaks, meanwhile, Bitcoin remains stagnant and altcoins are struggling. Loukas views this consolidation as bullish. "Eight months of consolidation is actually pretty bullish if the timing is right in the four-year cycle," he states, noting that sentiment has reset and fundamentals appear strong.
Super AI Coin Worth $7.5bn? SingularityNET, Fetch.ai, and Ocean Protocol Consider Token Merger
SingularityNET, Fetch.ai, and Ocean Protocol are in discussions to merge their cryptocurrency tokens. The move aims to develop a decentralized artificial intelligence platform. Sources familiar with the matter say the combined entity could be valued at approximately $7.5 billion at full dilution.
The proposed deal hinges on approval from each project's community. If successful, it would create a new token called ASI, standing for "artificial superintelligence". The token would have a total supply of about 2.63 billion and an initial price of $2.82.
Despite the token merger, the three platforms would maintain their separate identities. The consolidation seeks to establish an open, decentralized AI infrastructure at scale. This approach contrasts with existing systems that often obscure their inner workings from the public. It represents a growing trend among AI-focused platforms to pioneer decentralized AI technology.
TON Network Faces Sharp Decline as Hamster Kombat Airdrop Frenzy Fades
The Open Network (TON) is experiencing a significant downturn in user activity. This comes in the wake of the highly publicized Hamster Kombat (HMSTR) airdrop.
Recent data paints a stark picture. Daily active wallets on TON have plummeted by 65% since September 30: the number fell from 1.47 million to just 52,951 on October 7. This decline coincides with the Hamster Kombat airdrop on September 26. The event was rolled out over several days.
On-chain wallet activations show an even steeper drop. They're down 75% from their peak of 284,246 on September 19. By October 7, this figure had dwindled to 70,704.
UAE Eliminates Crypto VAT, Marking Revolutionary Shift in Policy
The United Arab Emirates has announced a significant tax exemption for cryptocurrency transactions. According to The Federal Tax Authority (FTA), from November 15, 2024, all cryptocurrency exchanges and conversions will be exempt from Value Added Tax (VAT).
The move aims to attract both individual and institutional investors. It marks a departure from previous regulations: crypto transactions were subject to a 5% VAT rate.
This tax was seen as a barrier to entry for many potential investors. The removal of this taxation is expected to open up the market. It may also invite newcomers to explore the digital asset space. "The UAE has exempted cryptocurrency transfers and conversions from value-added tax," the FTA stated. This positions the UAE as a more crypto-friendly jurisdiction for digital asset transactions. The measure is designed to boost the sector and establish the UAE as a leader in blockchain innovation.
Google Integrates Ethereum Name Service: Wallet Balances Now Visible in Search Results
Ethereum Name Service (ENS) is now officially incorporated into Google Search, and users can query .eth domains and view associated Ethereum balances directly in search results.
This move is part of Google's broader blockchain support strategy. It follows earlier initiatives such as Ethereum wallet tracking and blockchain event celebrations. "Google has officially integrated ENS, allowing users to search for any .eth name and check associated balances directly within Google Search," ENS.ETH announced on X. The feature, initially launched for select users, is now available globally.