HBO Documentary Claims to Reveal Satoshi Nakamoto's Identity

@newsontheblockchain, 04/10/2024

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🌍 Daily Crypto Market Overview

Global Stats:

• Cryptocurrencies: 2.4M+

• Exchanges: 751

• Market Cap: $2.13T (+1.66%)

• 24h Volume: $74.16B (-20.60%)

• Bitcoin Dominance: 56.9%

• Ethereum Dominance: 13.4%

• ETH Gas Price: 7.22 Gwei

• Fear & Greed Index: 36/100 (Fear)

🪙 Top 5 Cryptocurrencies by Market Cap:

💹 Market Highlights:

• Total DeFi Volume: $4.15B (5.60% of total market)

• Stablecoins Volume: $67.87B (91.52% of total market)

• Coin with highest % change: FTX Token (FTT) +20.37%

📈 Preview On Today’s News:

1. - Ripple Partners with Mercado Bitcoin to Enhance Cross-Border Payments in Brazil

2. - HBO Documentary Claims to Reveal Satoshi Nakamoto's Identity

3. - Banks to Launch Live Digital Asset Trials on SWIFT Network in 2025

🔥Heat Map:

Top 10 News for today:

1)

Ripple Partners with Mercado Bitcoin to Enhance Cross-Border Payments in Brazil

Ripple has partnered with Mercado Bitcoin, one of Latin America's leading crypto exchanges, to launch Ripple Payments in Brazil. This collaboration aims to streamline cross-border payments between Brazil and Portugal by leveraging Ripple's blockchain technology, providing faster and more efficient payment solutions. The service, currently focused on institutional use, will expand to retail and corporate sectors, offering optimized liquidity, lower service charges, and access to over 80 payout markets covering more than 90% of the global FX market. Ripple Payments adheres to strict regulatory standards and provides 24/7 liquidity, positioning itself as a secure and trusted solution for Brazilian businesses.

• Ripple and Mercado Bitcoin’s partnership aims to enhance cross-border payments between Brazil and Portugal using Ripple’s blockchain technology, optimizing liquidity and offering faster, more efficient transactions.

• Ripple Payments provides access to 80+ payout markets covering over 90% of the global FX market, adhering to strict compliance standards, and enabling businesses to quickly integrate the service with minimal friction.

2)

HBO Documentary Claims to Reveal Satoshi Nakamoto's Identity

An upcoming HBO documentary titled Money Electric: The Bitcoin Mystery is set to air next Wednesday, potentially revealing the identity of Satoshi Nakamoto, the pseudonymous creator of Bitcoin who disappeared from the scene in 2010. Created by Cullen Hoback, known for his series Q: Into the Storm, the documentary’s findings could significantly impact the financial markets and even influence the US presidential election, considering former President Donald Trump's support among Bitcoin enthusiasts. With limited details available, the crypto community eagerly anticipates its release and the potential ramifications if the claims are widely accepted.

• Documentary Overview: Money Electric: The Bitcoin Mystery, by Cullen Hoback, claims to have identified Bitcoin's creator, Satoshi Nakamoto, and is scheduled to air next Wednesday at 2 AM CET.

• Potential Impact: If the findings are accepted, it could cause major disruptions in the financial markets and influence the US presidential election, as Donald Trump has garnered support from Bitcoin enthusiasts.

3)

Banks to Launch Live Digital Asset Trials on SWIFT Network in 2025

Starting in 2025, North American, European, and Asian banks will conduct live digital asset transactions on the SWIFT network as part of a broader initiative to integrate digital currencies into traditional financial systems. These trials will showcase how existing SWIFT infrastructure can support transactions involving digital assets and fiat currencies, aiming to resolve the issue of fragmented digital asset networks. By connecting conventional and digital payment systems, SWIFT’s goal is to provide seamless cross-border payment solutions while addressing competition from emerging blockchain platforms like Ripple, which offer faster and cheaper transactions. This move is expected to enhance SWIFT's competitive position in the $190 trillion cross-border payment market.

• Live Digital Asset Trials on SWIFT Network: In 2025, banks in North America, Europe, and Asia will conduct live digital asset transactions using SWIFT’s network to integrate digital and traditional payment systems.

• Competition with Ripple: While SWIFT aims to enhance its cross-border payment solutions, it faces growing competition from Ripple, which provides faster and more cost-effective transactions through its blockchain technology.

4)

Ripple Faces New SEC Appeal as XRP Price Drops Amid Legal Uncertainty

Ripple is confronting a new legal battle after the SEC filed an appeal, causing XRP’s price to drop 11% to $0.5375. The appeal targets a July 2023 ruling that found Ripple in violation of federal securities law, resulting in a $125 million penalty for institutional sales. Ripple is considering a cross-appeal to challenge this penalty, while the SEC’s Enforcement Director, Gurbir Grewal, resigned just hours before the appeal was filed, adding further complications to the case. Despite the legal turmoil, analysts remain divided on the long-term impact on XRP’s market trends.

• Ripple is considering a cross-appeal against a $125 million penalty following the SEC’s latest appeal, which caused XRP to drop 11%.

• The SEC’s Enforcement Director resigned, creating uncertainty around the case’s future, while analysts are split on its impact on XRP’s market trends.

5)

CFTC's Consideration of Digital Assets as Trading Collateral

The United States Commodity Futures Trading Commission (CFTC) is considering a proposal to allow digital assets as trading collateral, which, if approved, could pave the way for wider adoption of blockchain-based assets in commodities and derivatives trading. This proposal, recommended by a subcommittee of the CFTC’s Global Markets Advisory Committee, would enable brokers to accept tokenized assets like BlackRock’s BUIDL token through market-integrated systems. Currently, such practices are limited to large firms like BlackRock and JP Morgan. If the recommendation progresses, it could mark a significant milestone in the mainstream adoption of digital assets in traditional finance, though it still requires approval from the CFTC's main committee. Meanwhile, US spot Bitcoin ETFs, led by BlackRock’s fund, saw strong inflows in September, demonstrating the growing interest and value of digital assets in traditional finance.

• Key Consideration: The CFTC is assessing a proposal to allow digital assets as trading collateral, which, if approved, could mainstream the use of blockchain-based assets in derivatives trading.

• Market Implications: The move aligns with the increasing popularity of digital assets, as shown by the high inflows into US spot Bitcoin ETFs, with BlackRock’s fund leading the trend.

6)

Family Cryptocurrency Scam in India: 19 Accused in $119K Fraud Case

In Thane district, Maharashtra, India, 19 family members have been accused of defrauding two brothers of over $119,000 through a cryptocurrency scam. The victims were lured with promises of high returns, claiming the ability to multiply their investments by 12 times. The brothers invested a total of $109,000 and $30,600 between March 2022, but the returns never materialized. After threats and links to prominent personalities, the case was reported, leading to the identification of suspects, including Sabir Yakub Ghachi (50), Shakir Yakub Ghachi (45), and Ruhiha Shakir Ghachi (39). No arrests have been made yet, and the case is registered under India’s Bharatiya Nyay Sanhita and Maharashtra Protection of Interest of Depositors Act, 1999.

• Accusation Details: The scam involved 19 family members promising high returns, resulting in a loss of $119K for two brothers. Threats and connections to prominent figures were used to intimidate victims.

• Legal Action: The case was filed under Indian financial fraud laws, identifying multiple suspects, but no arrests have been made as of yet.

7)

Spot Bitcoin ETF Outflows Continue Amid Market Decline

The spot Bitcoin exchange-traded funds (ETFs) experienced a three-day streak of net outflows totaling $361.2 million, with ARK 21Shares’ ARKB fund leading the withdrawals at $57.97 million. Fidelity's FBTC followed closely with $37.21 million in outflows, while BlackRock’s IBIT recorded $35.96 million in inflows, bucking the trend. Total trading volume across all 12 Bitcoin ETFs dropped to $1.13 billion on October 3. Additionally, U.S. spot Ethereum ETFs also saw net outflows, with Grayscale's ETHE losing $14.69 million.

- Spot Bitcoin ETFs have faced significant outflows over three days, totaling $361.2 million, with ARK 21Shares’ ARKB fund experiencing the largest withdrawals.

- BlackRock’s IBIT ETF recorded inflows, while total Bitcoin ETF trading volume declined to $1.13 billion; Ethereum ETFs also recorded outflows, led by Grayscale’s ETHE fund.

8)

TeraWulf Sells 25% Stake for $92M to Expand AI and Bitcoin Mining Operations

TeraWulf, an infrastructure-focused Bitcoin mining company, announced the sale of its 25% stake in the Nautilus cryptomine to Talen Energy for $92 million. The transaction includes $85 million in cash and $7 million worth of mining equipment. TeraWulf aims to utilize these funds to expand its AI and Bitcoin mining activities at its Lake Marnier facility, which is expected to yield strong financial returns, reduce risk exposure, and enhance overall operational efficiency. The company plans to update its mining fleet with the latest S21 Pro miners in November 2024 and further bolster its capacity with an additional 14,400 units in early 2025. With the completion of this transaction, TeraWulf projects a 3.4x return and increased liquidity for future growth.

• Key Details: TeraWulf sold its 25% stake in Nautilus to Talen Energy for $92 million, comprising $85 million in cash and $7 million in mining equipment, to support AI and Bitcoin mining expansion.

• Strategic Impact: The funds will enhance TeraWulf’s Lake Marnier facility, support the deployment of new S21 Pro miners, and aim for a projected 3.4x return, boosting operational efficiency and growth potential.

9)

Crypto Market Overview: Binance's Decline, New Developments, and Trending Updates

Binance, one of the largest cryptocurrency exchanges, has experienced a significant drop in its market share and trading volume, hitting a four-year low in September 2024. Its spot market share fell to 36.6% from 42.7% at the start of the year, while derivatives trading dropped to 40.7%. The decline follows a series of legal challenges, including lawsuits and penalties for alleged money laundering, impacting Binance’s market dominance. In other news, Franklin Templeton has proposed a Bitcoin and Ethereum index ETF, while the global NFT market saw a 400% surge in trading volume. CryptoPunk #1536 broke records, selling for over $56 million, reigniting interest in NFTs.

• Binance’s Market Decline: Binance's trading volume and market share hit a four-year low, attributed to legal issues and market shifts, with a 17% decline in overall centralized exchange spot trading volumes in September 2024.

• Other Crypto Highlights: Franklin Templeton proposed a Bitcoin and Ethereum ETF, global NFT trading spiked by 400%, and CryptoPunk #1536 set a record with a $56 million sale, indicating a resurgence in NFT interest.

10)

Bitcoin Price Analysis: Coinbase Premium Signals Potential Short-Term Recovery

Recent analysis from CryptoQuant suggests that Bitcoin’s price may experience a short-term recovery due to strong demand from US-based investors. This conclusion is drawn from observing the “Coinbase Premium,” a metric that compares the BTC/USD price on Coinbase against Binance’s BTC/USDT equivalent. When the daily moving average of this premium forms a "golden cross" over the weekly moving average, it historically indicates bullish momentum. Despite a recent price correction, the sustained positive premium highlights strong US demand, suggesting potential upward price pressure for Bitcoin.

• Key Insights: The Coinbase Premium Index, which measures demand from US investors, shows a bullish "golden cross" pattern, suggesting potential short-term recovery for Bitcoin’s price.

• Market Impact: Despite recent downturns, strong US demand reflected through the Coinbase Premium is supporting Bitcoin’s price stability, indicating a possible upward trend.

That’s all for today folks, see you tomorrow. 👋

Disclaimer

The information provided in this overview is based on our data findings and opinions. It is intended for informational purposes only and should not be considered financial advice. Cryptocurrency investments carry significant risk, and it is important to conduct your own research and consult with a qualified financial advisor before making any investment decisions. We are not responsible for any financial losses or gains you may incur as a result of using this information.