Markets limped into the evening but found a few bright spots. Bitcoin (BTC) flirted with a potential short squeeze as spot inflows steadied and the Coinbase premium ticked higher ahead of Friday’s CPI print. A sharp drop in gold added fuel to the rotation narrative, with some analysts arguing even a modest reallocation could push Bitcoin past 160,000, though it remains about 11 percent below its all time high. Elon Musk’s SpaceX moved 2,495 BTC between wallets without selling, its first major on chain activity since July, a reminder that large holders can still jolt sentiment even in a choppy tape. Ethereum’s (ETH) day was dominated by governance drama and big balance sheets. Senior builders vented frustration with the Ethereum Foundation’s process and pace, with Polygon’s Sandeep Nailwal weighing in on how layer 2 contributors like Polygon (MATIC) and its new POL token (POL) feel underappreciated. Vitalik Buterin responded, but the rift underscored the growing pains of a maturing ecosystem. Meanwhile, BitMine Immersion Technologies scooped up another 203,800 ETH, lifting its stash to 3.24 million ETH, roughly 2.7 percent of supply, with an eye on 5 percent. SharpLink Gaming, led by Ethereum co founder Joseph Lubin, also added to its treasury, now holding about 859,853 ETH. The accumulation wave could tighten liquid supply and heighten the impact of macro flows on price, even as developers spar over roadmap and recognition. Coinbase kept its foot on the gas. It bought the UpOnly NFT for 25 million dollars, turning a meme offer into a media strategy to revive the UpOnly podcast with eight fresh episodes. In a separate deal, Coinbase agreed to acquire investment platform Echo in a cash and stock transaction near 375 million dollars, aiming to bolt fundraising tools directly into its platform for founders and retail investors. On the policy front, Coinbase urged the US Treasury to modernize AML rules using AI, blockchain analytics, and digital IDs to meet increasingly sophisticated laundering tactics, and joined other industry leaders on Capitol Hill as Senate Democrats and Republicans continued talks on a comprehensive crypto framework. Policy and plumbing were front and center elsewhere too. The Federal Reserve scheduled a late October conference on digital assets and payment innovation as it studies how crypto rails intersect with the broader financial system. The Fed’s exploration of skinny master accounts could offer a more direct path to banking services for firms like Ripple, lowering friction without loosening safeguards. A consortium of crypto, fintech, and retail groups pushed regulators to defend open banking, warning that big banks charging for data access could cut off digital wallets and stablecoins from the financial fabric users rely on. Across the Pacific, Asia’s regulatory map continued to diverge. South Korea is leaning into central bank oversight for stablecoins while Japan is threading crypto into mainstream finance, with the FSA weighing rules that would let banks buy, hold, and trade Bitcoin (BTC) like traditional assets. Not every jurisdiction is opening doors. British Columbia moved to permanently bar new crypto mining hookups to its power grid, arguing that scarce electricity should go to higher job growth industries. Tether said it surpassed 500 million users and a 182 billion dollar USDT market cap (USDT), a striking marker of stablecoin scale and financial inclusion. XRP stayed in headlines for both price and politics. The token rose about 5 percent to 2.46 over the past day even after a 42 percent slide last week. A swift sale by Ripple co founder Chris Larsen, who moved 50 million tokens worth roughly 120 million dollars in an hour, stirred the usual insider chatter but barely budged the market. More structurally, Ripple backed Evernorth plans to merge with a SPAC and assemble the largest publicly traded XRP treasury, seeking over 1 billion dollars in the process. The near term catalyst could be Washington, where the expected end of the government shutdown would free the SEC to resume work on pending XRP ETF files, resetting timelines that had drifted in recent weeks. On Solana, the builder energy stayed strong. Co founder Anatoly Yakovenko open sourced Percolator, a minimal perpetual futures DEX, challenging developers to iterate toward faster, more scalable DeFi on Solana (SOL). In equities tied to the ecosystem, Solana Company, formerly Helius Medical Technologies, began unlocking shares from a 500 million dollar PIPE even as the stock fell more than 55 percent, signaling confidence in its treasury strategy despite market turbulence. Meme majors found their footing. Dogecoin (DOGE) climbed 9.4 percent since Friday and another 2.6 percent on the day, while Shiba Inu (SHIB) rebounded 47 percent off recent lows as exchange inflows and an elevated burn rate hinted at short term liquidity squeezes. Under the surface, the October washout still loomed large, with roughly 370 billion dollars erased from total market cap at the worst point. Relief rallies are real, but positioning remains fragile into macro data and earnings. DeFi continued to court institutions. Aave (AAVE) and Maple Finance partnered to pipe real world assets into Aave’s lending markets, another step in the steady convergence of on chain liquidity with off chain credit. Hardware security caught some limelight too, as Trezor unveiled the Safe 7 wallet featuring a transparent secure element and a design pitched as quantum ready for long run resilience. Finally, not everyone made it through the storm. Kadena (KDA) said it would wind down operations, sending its token down more than 60 percent and reminding investors that market cycles can be unforgiving to projects without clear product market fit or runway. As the day closes, the setup is equal parts policy and price. CPI is the near term macro arbiter, the Fed is convening the right rooms on payments and digital assets, and lawmakers are finally listening again as the shutdown cloud lifts. Builders keep shipping, treasuries keep accumulating, and markets remain one headline away from either a squeeze or another shakeout.
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📈💰The Federal Reserve announced today that it will maintain its current interest rates, citing a strong job market and moderate economic growth. This decision comes as no surprise to those in the crypto community, as many have been anticipating this outcome for weeks. However, this news may have some investors feeling slightly disappointed, as they were hoping for a rate cut to boost the market.💸💻Crypto tickers such as BTC, ETH, and XRP have been trending upwards in recent weeks, with many investors hoping for a continued bull run. However, with the Fed's decision to keep interest rates steady, some may be wondering if this will have a negative impact on the market. While it's impossible to predict the exact effect on crypto prices, it's important to remember that the Fed's decision is based on a variety of factors and not solely on the crypto market.📉🌎The Fed's decision also has implications for the stock market, with many investors closely watching the anno...
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