Daily Market Update 10/27

In Today's Market Update, We Cover Bitcoin "Supply Shock," Goldman Sachs on ETH's Dencun, Bloomberg's SBF Documentary, Craig Wright, Ryder x Yuga, SBF's Testimony, and More.

Author

Jake
October 27, 2023

Your #1 NFT, Crypto, and FinTech News Aggregator. Curated daily by our in-house team of analysts. Listen to our podcast on Spotify or Apple Music.

Top Stories

Matt Weller notes Bitcoin’s exchange balances dropping to a five-year low amid a potential spot ETF primes it for a supply shock

Bloomberg published its feature documentary about SBF, “RUIN: Money, Ego, and Deception at FTX”

Craig Wright won his appeal over the Kleiman estate’s claim to mined Bitcoin

SBF testified to having no knowledge of moving FTX deposits to North Dimension, believed taking FTX deposits through Alameda was legal

Goldman Sachs reports Ethereum’s Dencun upgrade is a step toward ETH becoming a truly scalable settlement layer

Google’s protective AI legal umbrella but does not include Google’s Bard AI

Ryder Ripps, Jeremy Cahen to pay Yuga Labs $1.5M in damages plus legal fees

SBF testified to his rationale for deleting corporate messages during his closed-door testimony, without the presence of the trial’s jury

NFT Market Recap

💰️ Notable Sales:
🎉 Notable Mints:

Han x ArtxCode: 1 of 1 art pieces

1 of 1 art pieces, with the ownership, data and the marketplace functionalities entirely stored on the Ethereum blockchain. Each piece of art exists as a self-executing program, known as smart contract, makes its ownership purchasable directly within the contract itself.

app.mintify.xyz/collection/han-x-artxcode-1-of-1-art-pieces

DigiFineArt: The Keys to L’Atelier

The Keys to L’Atelier collection features 1,000 keys, each serving as your pass to L’Atelier, a private club for art enthusiasts.

app.mintify.xyz/collection/digifineart-the-keys-to-latelier

Marcelo Soria Rodríguez: 'siempre en mí, siempre en ti' on ArtBlocks

siempre en mi, siempre en ti (“always in me, always in you”) is released as part of reGEN, a special charitable auction of generative art to raise funds for Cure Alzheimer’s Fund, curated by Alex Estorick and Foteini Valeonti in collaboration with The Giving Block.

app.mintify.xyz/collection/marcelo-soria-rodriguez-siempre-en-mi-siempre-en-ti-on-artblocks

⬆️ Top by Volume:
⬆️ Top by Sales:
🪅 Biggest Winners:
⛓️ NFT Vol. by Blockchain:

  • ETH: $8M (21% ▽)

  • BTC: $523k (52% ▽)

  • SOL: $1.2M (25% ▲)

  • MATIC: $718k (10% ▽)

  • ZORA: $337 (21% ▽)

🪙 Top Tokens:

  • BTC: $34,149 (0.4% ▽)

  • ETH: $1,792 (1.2% ▽)

  • BNB: $229 (1.6% ▲)

  • XRP: $0.552 (1% ▽)

  • SOL: $32.59 (0.9% ▲)

📊 Market Stats:

  • Global Crypto Market Cap: $1.26T

  • BTC Dominance: 53.31%

  • BTC OI: $9.33B

  • Fear & Greed: 70

💹 Indices (Futures):

  • DOW: $32,833 (0.1% ▽)

  • S&P500: $4,169 (0.3% ▲)

  • NASDAQ: $14,326 (0.8% ▲)

  • FTSE100: $8,855 (0.4% ▽)

  • HSI: $2,213 (0.2% ▽)

Other News

Web3

  • Yuga Labs x Avante Art “10,000 On-Chain” (public) and “Punk-On-Chain” (verify) prints are available until tomorrow

  • Claynosaurz launched its line of plushie Claynos

  • VeeFriends partnered with Chuck E. Cheese to feature VeeFriends content in nearly 500 fun centers across 47 states throughout Nov.

  • DreamOS, a Web3 native OS, has opened applications for beta access

  • Solana Labs’ new incubator program for project development offers fundraising, networking, development, and marketing support

  • Bloomberg published its feature documentary about SBF, “RUIN: Money, Ego, and Deception at FTX”

  • Scammers are using cloned Blockworks and other news publication sites to drain users of their crypto

  • Trezor is looking into a recent phishing campaign following user reports of receiving suspicious emails

  • Fireblocks and UniPass Wallet teamed up to address the first account abstraction vulnerability on ETH

Blockchain

  • Goldman Sachs reports Ethereum’s Dencun upgrade is a step toward ETH becoming a truly scalable settlement layer

  • LayerZero hit with backlash from Lido community after frontrunning Lido governance and deploying wstETH on Scroll, BNB, and Avalanche

  • Floki developers announced the launch of a tokenization platform dedicated to the rising RWA sector in a bid to distance from memecoins

Finance

  • Analysts say a potential US spot Bitcoin ETF may have more hype than demand early on but, over time, is expected to be “pretty successful”

  • Matrixport says Bitcoin could reach $125k by the end of 2024

  • Forex.com’s Matt Weller notes Bitcoin’s exchange balances dropping to a five-year low amid a potential spot ETF primes it for a supply shock

  • Analysts don’t expect FTX liquidations of GBTC to put pressure on price unless its conversion to an ETF is rejected

  • Bitcoin surges to ATH in Turkey, Nigeria amid extreme local fiat inflation

Artificial Intelligence

  • OpenAI is launching a team to assess a range of AI-related risks

  • Google’s protective legal umbrella spans seven products with generative AI attributes but does not include Google’s Bard AI

  • UN established a 39-member advisory committee aimed at tackling matters regarding global regulation of AI

Government

Business

Legal

  • Craig Wright won his appeal over whether the Kleiman estate has a right to half of the billions in Bitcoin he mined

  • CA Judge ordered Ryder Ripps and Jeremy Cahen to pay Yuga Labs $1.5M in damages plus legal fees, relinquish online assets, cease sales and marketing of their counterfeit NFTs, and transfer its smart contract

  • SBF testified to his rationale for deleting corporate messages during his closed-door testimony without the presence of the trial’s jury

  • SBF testified to having no knowledge of moving FTX deposits to North Dimension, believed taking FTX deposits through Alameda was legal

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