The Block
Since the Federal Reserve’s 50-basis point rate cut last month, Bitcoin has outpaced Ethereum, driven by stronger institutional adoption and higher market demand, analysts said.However, Solana has increased in value over the past 24 hours amid a wider market downturn, as increased stablecoin liquidity signals strong purchasing power that could further fuel altcoin growth, according to an analyst.
Quick Take Transak, a Miami-based fiat-to-crypto payment gateway used by major blockchain platforms, disclosed on Sunday it suffered a data breach affecting 1.14% of its users. Stormous ransomware gang, which claims responsibility for hacking web3 identity solution Fractal ID, also says it is behind the Transak exploit.
Quick Take Bank for International Settlements (BIS) report highlights tokenization’s benefits, including reduced transaction costs and faster transactions. Governance, legal, and liquidity risks are key concerns for central banks with tokenized assets. Major financial institutions are trialing tokenized deposits for improved settlement efficiency and programmability.
Quick Take Bitcoin options traders are increasingly positioning for a bullish outcome following the U.S. election and the Federal Reserve’s interest rate decision, targeting strike prices above $80,000 for options expiring in mid to late November. However, a slowdown in daily spot bitcoin exchange-traded fund inflows at the end of last week was noted as a potential signal of weakening momentum, according to an analyst.
Legal & General Investment Management is exploring ways to tokenize its funds using blockchain technology, following global asset managers like BlackRock and Franklin Templeton.“Fund tokenization has great potential to revolutionize how our industry operates,” LGIM previously stated.
Quick Take MetaMask and Space ID have announced an integration aimed at making crypto transactions and accessing wallets simpler. Users will be able to register a Space ID domain name and “map those to all their crypto public addresses.”
Quick Take CUDIS has integrated the World App to enable users to verify and secure their data using World’s proof-of-human technology. The smart ring startup is also launching a limited edition ring for World ID holders.
Digital asset investment products brought in $2.2 billion worth of net inflows globally last week — the largest since July — according to CoinShares.The positive flows were driven by optimism over a potential Republican U.S. election win, Head of Research James Butterfill reiterated.
Bitcoin attempting another breakout above $70,000, rising odds that Donald Trump will win the White House and pro-crypto policies from the Harris campaign are helping to fuel bullish sentiment, according to Bernstein.Bitcoin ETF inflows, crypto equity markets and memecoins boosting retail participation add to a market that is “screaming risk-on,” the analysts said.
