Daily Market Update 10/12

Top Stories

NFT Market Recap

💰️ Notable Sales:

• 70 Ξ Autoglyphs #302

• 53 Ξ CryptoPunks #1646

• 20 Ξ Winds of Yawanawa by Yawanawa and Refik Anadol

🎉 Notable Mints:

⬆️ Top by Volume:

• BAYC, floor of 25.5 Ξ (0.2% ▽)

• MAYC, floor of 4.9 Ξ (0.4% ▲)

• Winds of Yawanawa by Yawanawa and Refik Anadol, floor of 7.2 Ξ (4%▲)

⬆️ Top by Sales:

• NARCOS, floor of 0.0034 Ξ (21% ▲)

• Deadmigos, floor of 0.021 Ξ (16% ▽)

• The Pixel Captainz, floor of 0.012 Ξ (36% ▽)

🪅 Biggest Winners:

• Latitudes, floor of 0.07 Ξ (207% ▲)

• Private Jet Pyjama Party First Ladies, floor of 0.18 Ξ (80% ▲)

• Meta Monopoly, floor of 2.5 Ξ (67% ▲)

Other News

Web3

• Immutable partners with AWS for enhanced support, resources, and platforms for developers

• OSF and Mando added 20 rektguys to their vault

• Magic Eden will debut tokenized digital collectibles with the sale of 100 tokenized Pokemon cards on Oct. 18

• Stars Arena announced the recovery of 90% of lost funds after reaching an agreement with the individual responsible for the breach

• Trezor unveils the Trezor Safe 3 hardware wallet, Trezor Keep Metal recovery seed backup, and a limited-edition Bitcoin-only TS3

Blockchain

• BarnBridge DAO has voted to comply with the SEC's demands and pay fines if necessary

• Io.net has developed a testnet for its network that aims to provide a decentralized platform for renting computational power at a fraction of the cost of centralized alternatives

• JPMorgan's Onyx Coin Systems completed a blockchain-based cross-border payments pilot project with First Abu Dhabi Bank

• Lido proposed a 5M $ARB grant from the Arbitrum Foundation to incentivize migration of stETH to the Arbitrum network, but the proposal is faced with opposition due to the large grant size and ongoing centralization concerns

• Lido faces a minimum penalty of 20 $ETH after 20 validators associated with Launchnodes were slashed from the network; Launchnodes cited "infrastructure and web3 signer configuration issues"

• DeCurret Holdings plans to launch a Japanese yen-backed stablecoin in July 2024

• LayerZero reveals a "gas abstraction" tool to facilitate cross-chain NFT swaps available on Ethereum and Polygon, with more chains to come

Finance

• JPMorgan report states the Bitcoin mining industry is at a crucible moment amid the potential spot BTC ETF, record hashrates, and the upcoming block reward halving

• $USDR real-estate-backed stablecoin depegged and fell to $0.53; the team plans to liquidate the token's assets and hold a redemption

• TRM Labs report shows Tornado Cash usage has dropped 90% following US sanctions

• Sept. CPI rose 0.4% vs 0.3% estimates; YoY CPI rose 3.7% vs estimates of 3.6%

Artificial Intelligence

• L'Oréal's new creative hub, Le Visionnaire, where the company uses AI to help monitor trends and inspire new products and experiences

• ChatGPT's GPT-V update is being used to translate cryptic doctor's handwriting, analyze x-rays, estimate meal calories, and more

• CoinMarketCap has launched a novel plugin for ChatGPT, allowing users to ask the LLM a variety of crypto-related questions

Government

• US lawmakers urge the IRS to implement crypto tax reporting requirements for crypto brokers before 2026

• ESMA, responsible for rulemaking under MiCA, is worried about new forms of market manipulation in DeFi and warning of "serious risks"

• UK House of Commons warns soccer clubs from issuing fan tokens, stating their limited practical use underscores the financial dangers they pose to consumers

• European Securities and Markets Authority report states DeFi is still too small to pose sizable risk to overall financial stability but should be monitored

• Chinese court has ruled that crypto lending is an activity outside the protection of the country's legal system

Business

• Xapo secures a European Broker license, allowing it to offer S&P 500 stocks and plans to add Ethereum trading

• Jack Dorsey's Block has acquired "financial rights organization" HIFI

• Alameda engineer Aditya Baradwaj revealed how the firm dealt with multiple security incidents resulting in the loss of hundreds of millions of dollars for the sake of developmental speed, saying, "These decisions allowed us to move at breathtaking speed. Developer velocity that would make any Silicon Valley software engineer shed tears of joy"

Legal

• NY bankruptcy judge has approved a settlement between FTX and Genesis Global Trading, allowing Alameda to receive $175M from GGC

• Circle was allowed to file an amicus brief in the SEC vs Binance lawsuit to provide their perspective on stablecoins

• Caroline Ellison testified she was "in sort of a constant state of dread" and was relieved the lies could end following Alameda and FTX's collapse

• Ellison said SBF was once "freaking out about" getting regulators to crack down on Binance, raising capital from Saudi royalty, and buying Snapchat shares

• Ellison claimed that SBF tried to raise capital from Saudi Crown Prince Mohammed bin Salman roughly two weeks before FTX filed for bankruptcy

• Ellison testified that she had provided SBF with seven options for spreadsheets with misleading information on Alameda's financials to present to Genesis lenders

• Ellison testified that SBF used Thai sex workers and bribes to unfreeze Alameda funds on Huobi and OKX; Ellisons 'bribe' comment was stricken from the record by Judge Kaplan

• Nov. 2022 internal document presented as evidence shows that SBF thought Binance leaked an Alameda balance sheet to the media before publicly announcing their sale of $500M FTT tokens and telling customers to be wary of FTX