Daily Market Update 10/20

Top Stories

NFT Market Recap

💰️ Notable Sales:

• 160 Ξ CryptoPunks #9611

• 52.98 Ξ Azuki #0

• 41 Ξ BAYC #7018

🎉 Notable Mints:

⬆️ Top by Volume:

• BAYC, floor of 26.2 Ξ (1% ▲)

• Winds Of Yawanawa By Yawanawa And Refik Anadol, floor of 10 Ξ (12% ▲)

• Pudgy Penguins, floor of 5.1 Ξ (3% ▽)

⬆️ Top by Sales:

• Owls Of Fortune, floor of 0.009 Ξ (13% ▽)

• Forge Day 0 Badges, floor of 0.042 Ξ (0.3% ▽)

• RaW Pass, floor of 0.058 Ξ (57% ▲)

🪅 Biggest Winners:

• Michelin 3xplorer Club, floor of 0.11 Ξ (93% ▲)

• Blips, floor of 0.15 Ξ (52% ▲)

• CryptoNinjaPartners, floor of 0.66 Ξ (20% ▲)

Other News

Web3

• Avant Arte and CryptoPunks, in collaboration with Yuga Labs, will release "10,000 On-Chain," a special print edition for the collection

• Jack Butcher teased a potential Opepen x Squiggles collaboration

• Deca introduced Mint on Demand, allowing artists to mint art only when a bid meets their price, alongside other updates

• Ready Player Me is launching branded character skins from IP and brands like Angry Birds, “The Voice,” and Warner Music Group

• Binance has restored fiat euro services with a new provider

• Analysts note some Reddit mods sold discontinued community MOON tokens minutes before the official announcement

Blockchain

• Coinbase open-sourced Base network's code

• Circle released an upgrade to its programmable wallet, allowing merchants to pay their customers' transaction fees

Finance

• Bank of America's Oct. survey notes that "long big tech" remains the most crowded trade

• JPMorgan report estimates the SEC will approve a spot BTC ETF before Jan 10, 2024; Bloomberg estimates 90% chance in January

• Google Trends data indicates spot BTC ETF interest is widespread

• Matrixport report estimates Bitcoin price surging to between $42k and $56k if BlockRock's BTC ETF is approved

• Maker Protocol's annualized revenue surged to a new ATH of $203M

• SynFutures, a perpetual futures DEX, raised a $22M Series B

• Upland secures a $7M Series A ahead of its $SPARK token drop

Artificial Intelligence

• Spirit of Satoshi novel LLM is trained on Bitcoin resources to drive education and power BTC-related products and services

• McKinsey & Co. analysts estimate the apparel, fashion, and luxury sectors' operating profits could see a $275B boost in the next three to five years due to generative AI

• Meta chief AI scientist Yann LeCun, says labeling AI as an existential risk is "premature" and "preposterous"

• Tim Draper warned that scammers are using AI to replicate his voice

Government

• US Treasury announced its plan to issue a blanket designation that all crypto mixers are considered money-laundering hubs

• US Federal Communications Commission opened up the 6 GHz frequency band to "very low power devices," including the likes of "wearable technologies and augmented and virtual reality"

• EU data regulators urge for anonymity in smaller CBDC transactions

• Argentine Central Bank will introduce CBDC peso "as soon as possible"

Business

• BlackRock amended its Bitcoin ETF filing to include acknowledgment of competition and detailed explanations of the product

• Grayscale filed to list $GBTC on the NYSE Arca

• Google Cloud teams up with MultiversX to boost its Web3 presence

• Tether will publish real-time data on its USDT reserves in 2024

• DTTC, who settled $2.5q in securities in 2022, signed an agreement to acquire Securrency digital asset infra developer

• XTAGE will shut down; users have until Dec. 15 to withdraw digital assets; remaining assets will be sold and deposited on Banco XP

Legal

• SEC voluntarily dismissed charges against Ripple CEO and Executive Chairman

• Over two dozen former Consensys employees filed a lawsuit against founder and CEO Joseph Lubin, claiming he diluted employee equity

• SEC has won default judgement against Thor and founder

• Former Fugees member Pras Michel filed for a fresh trial, claiming the AI tool used and his previous team were ineffective

• Grayscale awaits a federal court to formalize the SEC's defeat and when the SEC will be instructed to continue its next steps

• Former FTX general counsel Can Sun testified that SBF asked him to craft "legal justifications" to explain why billions in customer funds were missing

• Sun testified he believed customer funds were segregated from company funds, and he "never approved" FTX lending customer funds to sister firm Alameda

• SBF's defense and prosecutors filed their proposed jury instructions for after witness testimony wrap-up over the coming weeks

• Prosecutors request the judge inform the jury that SBF's affective altruism should not serve as a legitimate defense