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🚀 Daily Crypto News Recap🌐
What a day for crypto! Regulatory breakthroughs, massive airdrops, and institutional adoption are driving the market.
🏛️ Regulatory & Institutional Integration
The crypto world is becoming "woven into the fabric" of traditional finance.
🔯Fed & Crypto Firms: Federal Reserve Governor Christopher Waller proposed "skinny master accounts" to give eligible crypto firms direct access to Fed payment rails, a major policy shift.
🔯Legislation Push: Senator Cynthia Lummis called October 22 a "big day in Washington for digital asset market structure," as Coinbase CEO Brian Armstrong and other key figures met with lawmakers to advance legislation.
🔯Global Adoption: Russia agreed to legalize cryptocurrency for foreign trade settlements, opening new pathways for cross-border transactions.
🔯Prediction Markets Go Mainstream: The NHL signed multi-year licensing deals with crypto prediction platforms Kalshi and Polymarket, a move that puts pressure on traditional sportsbooks. This highlights the growing institutional interest in crypto prediction markets.
🔯Hong Kong's Solana ETF: Hong Kong's securities regulator approved the first Solana ETF, a significant step for crypto investment products in Asia.
💰 Market Movements & Key Metrics
The total crypto market cap stands at approximately $3.75 trillion.
🔯Bitcoin Volatility: Bitcoin briefly dropped below $108,000 after peaking near $114,000 following the Fed news, but recovered slightly to trade around $108,200. The Fear & Greed Index for Bitcoin is at 25, indicating fear.
🔯Options Outpace Futures: Bitcoin options open interest has surpassed futures by $40 billion, signaling increased market maturity and a shift toward options trading for hedging and speculation.
Whales Shift to ETFs: Some Bitcoin whales are converting their BTC holdings into spot Bitcoin ETF shares, citing increased liquidity and easier access to crypto exposure.
🔯Top Performers: Zcash (ZEC) was a top performer, rising 10%. Other tokens like SUI (+8.1%) and LINK (+7.78%) also posted notable daily gains.
🎁 Airdrop Mania & Ecosystem Growth
Airdrop strategies are evolving, with projects competing for user engagement.
🔯Monad's "True Airdrop": Monad ($MON) is generating excitement by sending tokens directly to eligible wallets without requiring claims, with registration open until November 3rd.
🔯Limitless Launch: Limitless ($LMTS) launched its token with airdrop claims now live, with users reporting substantial rewards.
🔯BNB Chain Airdrop: BNB Chain and Four Meme completed the second batch of a $45 million Reload Airdrop, distributing over $15.5 million to nearly 80,000 memecoin traders.
🔯Wallchain Rewards: @wallchain "Quacks" reward system is gaining traction, allowing users to earn tokens for creating crypto content based on their "X Score" influence metrics.
🔯Stablecoins vs. Bitcoin:
Stablecoins are becoming the most-used digital currency globally, with their 24-hour volume ($146B) more than doubling Bitcoin’s ($63.8B) on October 6, highlighting their transactional dominance. 0 reply
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