Strong US demand for Bitcoin remains stable above $110,000, but revived long-held coins and surging derivatives point to turbulent days ahead. Key takeaways: US spot demand on Coinbase keeps Bitcoin anchored above $110,000. 7,300 dormant BTC moved, hinting at profit-taking. Read more
Anton and James Peraire-Bueno appeared in court this week to address allegations involving a $25 million exploit on the Ethereum blockchain. Opening arguments in the criminal trial for two brothers allegedly responsible for using maximal extractable value (MEV) bots to perpetuate a multimillion-dollar exploit kicked off on Wednesday. Anton and James Peraire-Bueno appeared in a New York courtroom as US attorneys and defense lawyers presented different narratives around the alleged crypto scheme, which resulted in about $25 million being removed. According to reporting from Inner City Press, attorneys for the US government claimed the brothers “tricked their victims” by committing a “high-speed bait and switch.” However, defense attorneys said the “victims here were sandwich bots,” adding that the Peraire-Bueno duo employed a trading strategy and claimed that the profits were not illegal, so there was no related money laundering. Read more
As dollar-pegged tokens like Tether’s USDT and Circle’s USDC continue to dominate, the EUROD joins a growing wave of euro-backed stablecoins entering the market. Franco-German banking group ODDO BHF has launched a stablecoin pegged to the euro under the European Union’s Markets in Crypto-Assets (MiCA) regulation. According to an announcement on Wednesday, the bank will serve as the issuer of the EUROD stablecoin, while market-making platform Flowdesk will provide liquidity and Fireblocks will supply the tokenization infrastructure. Guy de Leusse, deputy chief operating officer at ODDO BHF, said the group “felt it was essential to offer a European solution denominated in euros to provide an alternative to stablecoins denominated in US dollars.” Read more
Bitcoin and several altcoins are facing significant selling pressure on rallies, indicating that the bears are still trying to seize control of the market. Key points: Bitcoin’s recovery is facing selling at higher levels, indicating that the bears remain in control. Several altcoins have turned down from their overhead resistance levels, signaling selling on rallies. Read more
Bitcoin’s remaining October performance depends on Fed rate cut odds, BTC ETF inflows and the path major US stocks chose to take. Key takeaways: Bitcoin is down 4.3% in October despite historically strong monthly returns. The CME FedWatch tool shows a 96.7% probability of a 25% interest rate cut, fueling optimism. Read more