Ethereum Prices Soar Above $20,000, Then Dip Again
Prices for Ethereum, the world's second-largest cryptocurrency by market capitalization, surged above $20,000 at one point during volatile trading before pulling back slightly.
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- The payments-focused cryptocurrency XRP surged past its 200-day moving average while the maker (MKR) hit a three-week high in anticipation of the US inflation figure release. While the figure came in higher than expected, it was not enough to inject significant volatility into the markets.
- The fintech app Eco is set to launch a new service that will allow users to convert their balances from US dollars to USDC, a stablecoin backed by the US dollar. The service will be powered by the digital settlement-service platform Zero Hash, which will custody the stablecoins. The move could make it easier for users to hold and use stablecoins for payments and other transactions.
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- Bitcoin's bullish seasonality may be muddled this year by the continued slide in the USD liquidity index. In eight of the past 12 years, Bitcoin has had positive performance in October. However, this year the bullish seasonality may not play out, thanks to the declining USD liquidity.
- In a series of text messages released as part of ongoing litigation over the failed Twitter deal, it is revealed that billionaire Elon Musk was considering creating a social media platform that would charge users to put short messages on a blockchain. This vision for a blockchain-based social media firm would have been a direct competitor to Twitter. It is unclear if Musk ever seriously pursued this idea, but it is clear that he saw the potential for a blockchain-based social media platform well before he made his unsuccessful offer to buy Twitter.
- The US Trustee's office has recommended that the crypto lending platform Celsius not reopen custody withdrawals, and has also requested that the judge deny the platform's motion to liquidate its $23 million in stablecoin holdings. This is a potentially troubling development for crypto lending platforms, as it could set a precedent that would make it more difficult for them to operate in the future. It is also a reminder of the importance of choosing a reputable and trustworthy platform when lending or borrowing digital assets.