Crypto Jazz ⚡️World Crypto News💰

⚡️Dubai, Oct 23, 2024 - The 13th edition of the Blockchain Life Forum, the premier gathering for cryptocurrency leaders worldwide, recently concluded with an astounding attendance of over 12,119 participants. The forum showcased over 200 esteemed speakers, featuring industry pioneers and executives from top companies, including OKX, CoinMarketCap, Bitmain, Bybit, Binance, Animoca Brands, Circle, BingX, ICP, Kraken, TON, and many more. 🌎The exhibition of crypto companies featured 125 amazingly beautiful booths. Major players such as OKX, Bitmain, BingX, KuCoin, Bitget, Listing.Help, and Uminers. 🔥As a spectacular finale to the forum, participants enjoyed the Legendary AfterParty at one of the world’s premier clubs, SKY2.0. The early bird tickets and sponsorship application for Blockchain Life 2025 are already open – follow the link: https://blockchain-life.com

Weekly Cryptocurrency Overview 🟨During the week from October 18 to 25, 2024, the cryptocurrency market showed mixed trends. Bitcoin lost about 1% of its value but maintained optimistic sentiment due to a drop in U.S. jobless claims, which may indicate a potential rate cut by the Federal Reserve—a positive sign for crypto investors. 🟨In the spot ETF market, inflows reached nearly $3 billion over ten days, and holdings by large Bitcoin holders hit a historical high of 670,000 BTC. Meanwhile, Ethereum’s price dropped by 5.84%, reflecting a decrease in interest, and Avalanche also declined by 5.12%, despite developer activity. Overall, while the week was negative for cryptocurrencies, there are some slight positive trends on the horizon. https://crypto-jazz.com/weekly-cryptocurrency-overview/

Bitcoin: Accumulation by Major Players 🟩According to data from Santiment, the number of whales holding 100 or more bitcoins has increased by nearly 2% over the past two weeks, which could signal a potential market uptrend. 🟩When large investors increase their positions while retail traders reduce risk, it often serves as a buying signal. Additionally, Bitcoin recently climbed above the $67,000 level and the 200-day moving average, supporting a potential price increase. The Relative Strength Index (RSI) is at 67, indicating moderate buyer pressure. 🟩If Bitcoin remains above the $68,000 support level, the upward trend is likely to continue. A sustained push above $69,045 could lead to further growth toward the key psychological level of $70,000. https://crypto-jazz.com/bitcoin-accumulation-by-major-players/

“Tether Investigation” 🟦Cryptocurrency prices dropped following a Wall Street Journal report that the U.S. is investigating Tether, the stablecoin issuer, for potential violations of sanctions and anti-money laundering regulations. 🟦Stablecoins are a type of cryptocurrency pegged to another asset, typically the U.S. dollar. With a market capitalization exceeding $120 billion, Tether (USDT) is the most widely used stablecoin. 🟦Earlier in the session, cryptocurrency prices had been rising, with Bitcoin (BTC) approaching the $69,000 level. However, after the Tether news, Bitcoin fell to a low, decreasing by nearly 2%. Shortly after the story emerged, Tether’s Chief Technology Officer Paolo Ardoino remarked that the WSJ was “recycling old noise,” adding that there are no signs Tether is under investigation. https://crypto-jazz.com/tether-investigation/

Theft of Digital Assets 🟥Hackers have stolen around $20 million in digital assets from U.S. government wallets. The incident involved the compromise of a cryptocurrency address used to transfer funds from nine other wallets associated with asset seizures in the Bitfinex case. 🟥The digital assets began being moved through Binance and Switchain, indicating attempts at money laundering. This incident once again highlights the vulnerabilities in government structures involved in cryptocurrency asset seizures. Analyst ZachXBT confirmed the gravity of the theft and the movement of funds for further laundering. https://crypto-jazz.com/theft-of-digital-assets/

New Rules for Miners 🟦The government will gain new powers, allowing it to prohibit mining in specific regions and establish procedures for implementing such bans. The registry of miners will be transferred from the Ministry of Digital Development to the Federal Tax Service (FNS). Companies and individual entrepreneurs will be required to register, while private miners will only need to register if they exceed the energy consumption limit. Hosting providers will be prohibited from offering services to miners who are not registered or have been removed from the registry. 🟦More government bodies will gain access to miners’ cryptocurrency wallet addresses. 🟦A corporate income tax will be introduced for data center mining, while other types of mining will be subject to a simplified tax regime with a variable rate. Data centers will have a two-stage tax calculation: an advance payment upon receiving cryptocurrency and a… https://crypto-jazz.com/new-rules-for-miners/

The Future of Bitcoin: Currency or Store of Value? 🟧Ki Young Ju, founder and CEO of CryptoQuant, shared his expectations for Bitcoin’s future, predicting that in six years, Bitcoin will be used as an actual currency. 🟧Ju noted a 378% increase in Bitcoin mining difficulty over the past three years, indicating that mining is becoming increasingly complex and dominated by large companies. 🟧Additionally, Bitcoin’s volatility is gradually decreasing, and its adoption by financial institutions is growing, increasing Bitcoin’s potential as a low-volatility currency. 🟧A crucial date will be April 2028, when the next Bitcoin halving is set to take place. Ki Young Ju believes this event will spark serious discussions about Bitcoin’s potential use as a currency. https://crypto-jazz.com/the-future-of-bitcoin-currency-or-store-of-value/

New Record for Solana Blockchain 🟢The daily economic value of the Solana blockchain, which includes transaction fees and MEV (Maximum Extractable Value) tips, has reached a record $7.93 million. The real economic value has been growing since the end of September. 🟢Over 90% of the network’s value comes from commissions (Jito) and priority fees. Stakers received 41.6% of the total revenue, validators 30.1%, SOL Burn 25.8%, and Jito Labs only 2.4%. 🟢Data from Blockworks Research shows that the primary economic value of Solana lies in commissions and priority fees, making the Solana blockchain one of the most in-demand and promising projects in the cryptocurrency space. https://crypto-jazz.com/new-record-for-solana-blockchain/

Memecoins Outperform Bitcoin and Stocks 🟩Statistics from the past year show that investments in meme tokens have been more profitable than those in Bitcoin and stocks. The S&P 500 and NASDAQ indices increased by 39% and 43%, respectively, while Bitcoin rose by 103%. Meanwhile, the Memecoin Index surged by 160%. This means that meme tokens outperformed stocks in returns by four times and surpassed Bitcoin by 55%. 🟩Among the meme tokens in the Memecoin basket, only one—Dogelon Mars (ELON)—experienced a 38% drop in value. This indicates that long-term investments in popular meme-related cryptocurrencies carry relatively low risk of financial loss. https://crypto-jazz.com/memecoins-outperform-bitcoin-and-stocks/

Cryptocurrencies and U.S. Elections 🟨The cryptocurrency market is gaining momentum ahead of the U.S. elections. Over 50 million American voters are already involved in the digital asset market, and the next president could be influenced by voters’ stance on cryptocurrencies. 🟨The platform Polymarket shows that Trump’s chances of winning are estimated at 63%. Some crypto traders are betting on Bitcoin’s growth if Trump wins, but experts warn of a possible “sell the news” scenario. Institutional investors are preparing for a Bitcoin rally, seeing its potential and drawing parallels with gold. https://crypto-jazz.com/cryptocurrencies-and-u-s-elections/