WhaleFin Weekly — Crypto “Can’t Be Stopped”

WhaleFin

8 min readOct 13, 2022

Learn about the most recent trends and updates in the crypto industry.

Fewer Newcomers Enter the Crypto Space — Messari

Google search trends show that searches for the term “Bitcoin” during the 2021 crypto bull run did not reach levels previously seen during its peak in 2017.
This seems to be implying that not as many new users joined the crypto space during the more recent market cycle.

Source: Messari Data

Dow Jones Is Now Officially More Volatile Than Bitcoin

On Oct 7, the Dow’s 10-day realized volatility increased beyond Bitcoin’s, as the BTC price remained in a tight range for several weeks.

Source: Bitcoinist

About Capital Will Acquire Crypto Exchange Huobi Global

Crypto exchange Huobi Global, one of the biggest token trading outposts in the Asian markets, announced that it has agreed to be purchased by Hong Kong-based investment company About Capital Management’s M&A fund.
About Capital stated that the transition will have no impact on Huobi’s core operation and business management teams.

Source: Business Insider

India’s Central Bank Crystalizes CBDC Vision

The recently initiated Fintech Department of the Reserve Bank of India published a 50-page concept note for the introduction of a central bank digital currency.

Source: Yahoo Finance

U.S. Cybersecurity Bill to Include Mechanism for Crypto Firms to Report Potential Threats

United States Senators Marsha Blackburn and Cynthia Lummis have introduced proposed changes to a 2015 bill that would allow “voluntary information sharing of cyber threat indicators among cryptocurrency companies.”
Under the proposed amendment, the legislation would be renamed the Cryptocurrency Cybersecurity Information Sharing Act.
The amendments to the cybersecurity bill would provide a means for crypto firms to “report bad actors and protect cryptocurrency from dangerous practices,” given potential illegal uses.

Source: Tech Crunch

Russia to Allow Crypto Mining in Regions With Hydroelectric and Nuclear Power

The Central Bank of Russia and the Ministry of Finance recently agreed on legislation designed to regulate the mining of cryptocurrency. It is supposed to be adopted by the end of this year.
Lawmakers stated that it should be allowed only in regions producing more electricity than they need.

Source: Bitcoin.com

Dubai: Dewa Becomes First Local Government Organization to Launch Platform on Metaverse

Dubai Electricity and Water Authority has launched its ‘DEWAVerse’ platform, and thus became the first local government organization to launch a metaverse platform to provide its services to customers, employees, and citizens.

Source: Dewa.gov

Spain’s Largest Telco Allows Purchases With Crypto

Telefónica, Spain’s largest telecommunications company, is enabling the purchase of products on its technology marketplace with cryptocurrencies.
Telefónica has also invested in Bit2Me. More details will be released soon.

Source: Yahoo Finance

Stablecoin Issuer Makerdao to Invest $500M in U.S. Treasuries, Corporate Bonds

The community governing MakerDAO, the decentralized autonomous organization behind the stablecoin DAI, has allocated $500 million for investing in U.S. Treasuries and corporate bonds as stablecoin collateral.

Source: Coindesk

DeFi yield aggregator Launches Yearn Vaults on Optimism

DeFi yield aggregator Yearn announced that it launched Yearn Vaults on Ethereum rollup Optimism, with farming opportunities for vaults such as DAI, WBTC, WETH, USDC, and sUSD.

Source: Token Insight

Second Crypto Group Objects to CFTC’s Use of Chat Bot to Serve Legal Papers

The DeFi Education Fund, a Washington, D.C.-based lobbying group focused on DeFi issues, has joined a group of crypto lawyers in arguing that the Commodity Futures Trading Commission (CFTC) should not be allowed to serve the defendants of a lawsuit merely by posting on a website.

Source: Coindesk

NFT Industry

Origin Protocol to Launch Real Estate NFT Marketplace in Partnership With Roofstock
Build-A-Bear Enters WEB3 With Swarovski Crystal-Encrusted Toy
Applovin Launches First NFT Marketplace for App Developers to Monetize Mobile Gaming
Dapper Labs and Spanish Soccer League Laliga Launch Laliga Golazos NFT Platform Capturing Memorable Moments
Hugo Boss to Launch NFT and “360-Degree Metaverse Experience” With Imaginary Ones
Oneof, eBay and Polygon Launch Stan Lee’s Anti-super Hero Character-Themed NFT
F1 Grand Prix Top VIP Club Amber Lounge Partners With So-Col to Launch NFT for Lifetime Membership

Senator Lummis Calls on U.S. Leaders to Welcome Bitcoin as It “Can’t Be Stopped”

During an interview on September 28, United States senator for Wyoming Cynthia Lummis suggested Bitcoin has the potential to solve existing financial sector challenges like inflation.
According to Lummis, Bitcoin “can’t be stopped,” and it offers users an alternative to the devaluation of the dollar in the wake of the rising national debt and inflation.

Source: Finbold

French Central Banker Warns Complex Crypto Regulations Could Create an “Uneven Playing Field”

The governor of France’s central bank, François Villeroy de Galhau, has urged EU regulators to “avoid adopting diverging or contradictory regulations, or regulating too late.” He warned that doing so “would be to create an uneven playing field, risking arbitrage and cherry picking.”

Source: Bitcoin.com

Bitcoin ‘Might Double in Price’ Under CFTC Regulation, Its Chairman Says

The chairman of the Commodity Futures Trading Commission (CFTC) Rostin Behnam said the crypto industry has “a massive opportunity for institutional inflows that will only occur if there’s a regulatory structure”.

Growth might occur if we have a well-regulated space,” Behnam said, adding, “Bitcoin might double in price if there’s a CFTC-regulated market.

Source: NASDAQ, Coindesk

Sentiment Heavily Bearish on Solana, Tron, and BNB — Santiment

Many are bearish on Solana (SOL), Tron (TRX), and BNB, which might signal a bottom is near, according to the crypto analytics platform Santiment.
Heavy bearish sentiment is sometimes a signal for an imminent upswing in price.

Source: Daily Hodl

BTC Will Continue Falling as Long as the Federal Reserve Remains Hawkish — Nicholas Merten

Popular crypto analyst Nicholas Merten says Bitcoin’s price could fall lower as long as the U.S. Federal Reserve remains hawkish.
He warned that Bitcoin could see new bear market lows as the Federal Reserve continues to pursue tight monetary policies.

Source: Daily Hodl

SEC Chair Insists Most Crypto Tokens Are Securities

Gary Gensler, the chairman of the U.S. Securities and Exchange Commission (SEC), has reiterated that most crypto tokens are securities, emphasizing that “the law is clear on this.”
However, the CFTC has asked Congress for authority over crypto spot markets and several bills have been introduced in Congress this year to provide the CFTC with the necessary authority.

Source: Bitcointalk

Hikes in Sight: Investors believe that the Federal Reserve will continue with its aggressive rates hikes, especially since a recent report showed that the unemployment rate fell to 3.5% in September, lower than the expectations of 3.7%.
Binance’s Exploit: The entire Binance Smart Chain halted, following an exploit that transferred over $400 million worth of BNB tokens from the Smart Chain token hub to a new address. More than $100M was successfully transferred to other chains. USDT coins in the attacker’s wallet were blacklisted by Tether, shortly after the hack happened. BSC will adopt on-chain governance votes to determine further actions.
Multiple Hacks: Since July 2021, 11 large cross-chain bridge attacks have occurred, involving more than $2B.

Weekly High

BTC: $20,420
ETH: $1,383

Weekly Low

BTC: $19,180
ETH: $1,290

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