Here is what happened yesterday in the crypto market:
Bitcoin Reaches Record Highs Amidst Inflows
Bitcoin surged to a new record high of over $125,000, extending its weekly gain to 11% following substantial demand for U.S.-listed spot exchange-traded funds (ETFs), with $3.2 billion in spot BTC inflows. This rally has led analysts to predict a continued accumulation phase aiming for $150,000 by year-end, with some attributing the surge to macroeconomic factors and the potential for a U.S. government shutdown. While Bitcoin has seen a slight correction from its peak, traders are closely monitoring potential bounce levels.
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Fed’s October Rate Decision and Government Shutdown Risks
The Federal Reserve’s upcoming October rate decision poses a significant risk to U.S. stocks and Bitcoin. The uncertainty surrounding a potential partial federal government shutdown further complicates the market outlook, creating a scenario that could unexpectedly derail investor confidence and asset prices.
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SWIFT’s Foray into Blockchain for Stablecoins and Global Banks
SWIFT, the fundamental network for global financial messaging, is advancing its integration with blockchain technology. The organization recently announced plans to develop a shared blockchain infrastructure, which could significantly impact stablecoins and traditional global banking, facilitating more efficient and secure cross-border transactions.
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Solana’s Architectural Overhaul and Wall Street Interest
Solana is gearing up for a significant architectural upgrade designed to enhance its speed and ease of operation. This development comes as Bitwise’s Chief Investment Officer predicts Solana will become the preferred network for stablecoins and real-world asset tokenization for Wall Street, despite concerns about new investor interest slowing down, which could impact its price reaching $250.
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Challenges and Exploits in the DeFi Space
The decentralized finance (DeFi) sector continues to face challenges, with a survey revealing that 77% of Bitcoin holders have not yet engaged with BTCFi, highlighting a significant adoption gap. Furthermore, the DeFi project Abracadabra recently suffered its third exploit, resulting in a loss of approximately $1.7 million, raising ongoing concerns about security within the DeFi ecosystem. Separately, DeFiLlama is delisting perpetual futures volume data for the Aster DEX due to data integrity issues.
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