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Crypto Market Updates: Top News on October 26, 2024

2 min read

Key News Highlights

  • US September Core CPI Month-over-Month (Seasonally Adjusted): 0.2%.
  • Trump nominates SEC Crypto Working Group's Chief Legal Counsel, Michael Selig, as CFTC Chairman.
  • Polymarket CMO confirms POLY token launch and airdrop.
  • Binance Wallet adds "x402" list to its market section.
  • Tether anticipates its profits will approach $15 billion this year.
  • Binance to list Giggle Fund (GIGGLE) and SynFutures (F) and add Seed Tag.
  • x402 protocol token PING market cap retracts after exceeding $70 million, with a 24-hour increase of 327%.
  • Yuga Labs announces the Otherside Metaverse will launch on November 12th.

Fraud Cases and Investigations

Shanghai prosecutors revealed a virtual currency fraud case, with an 8-person group sentenced for inducing investors with full margin trading. Thai regulators raided iris scanning points of the digital identity project World.

Economic Data

US September Core CPI Month-over-Month (Seasonally Adjusted) came in at 0.2%, while the US September Core CPI Year-over-Year (Not Seasonally Adjusted) was 3%.

Market Performance and Moves

US major indexes advanced, with Coinbase and Circle gaining over 9%. Binance plans to list Giggle Fund (GIGGLE) and SynFutures (F) and add Seed Tags. The x402 token PING saw significant gains before retracing.

Analyst Views

JPMorgan Chase suggests Coinbase launching a Base token could unlock as much as $34 billion in value. Tom Lee believes continued on-chain activity on Ethereum provides a strong basis for a significant year-end rally.

Project Developments

Animoca Brands secures in-principle approval from Dubai's VARA to enter the crypto brokerage space. Polymarket CMO confirmed the launch of the POLY token and an airdrop. Aster plans to allocate 70%-80% of S3 transaction fees to repurchase ASTER tokens.

Binance Announcements

Binance will adjust fair mode fee structure initially to combat sniper bots. Binance Wallet added "x402" list in the market section.

Tether Updates

Tether expects profits to approach $15 billion this year and plans to launch US-compliant stablecoin USAT in December.

Rating Adjustments

Citi lowered the price target for Gemini to $23 and raised the price target for Bullish to $77.

Other Developments

Yuga Labs announced the Otherside Metaverse will launch on November 12th. A whale bought a significant amount of SOL in the past 4 days. Address cohorts holding between 100 and 10,000 ETH increased their holdings in the past week. Bitcoin spot ETFs experienced net inflows, while Ethereum spot ETFs saw net outflows.


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