Category: Market Insights

Vietnam Launches National Blockchain Strategy, Aiming to Lead Asia by 2030

Summary

Vietnam has finally revealed its National Blockchain Strategy, which aims to position itself as the leading decentralized country in Asia. This initiative focuses to put Vietnam as a future blockchain leader and a key-player in blockchain research, discovery, innovation and its application.

Blockchain Leadership Goals

On October 22, Vietnam launched its own Blockchain strategy. This carefully crafted plan aims to build atleast 20 globally reputable blockchain brands by 2025. The major motive behind all this by the government is to turn current Vietnam into a regional leader in decentralized technology with international influence in blockchain space.

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Building Blockchain Infrastructure

The key portion of the plan is the establishment of three blockchain testing centers in major cities. The testing centers’ main aim will be to enhance decentralization, digitalization, security, innovation and form a National Blockchain Network. If it is to workout exactly like the speculation, this will boost Vietnam’s ability to compete on global scale.

Vietnam’s 5-Point Blockchain Plan

The government outlined five main actions: improving legal frameworks, enhancing blockchain infrastructure, developing skilled human resources, promoting research, and encouraging global collaboration. Various ministries, like the Ministry of Information and Communications, will oversee these initiatives.

Collaboration and Innovation

To drive success, Vietnam will foster collaboration among local digital technology firms. The Vietnam Blockchain Association will also spearhead projects under the strategy to accelerate the country’s blockchain growth on the global stage.

Vitalik Buterin Calls Michael Saylor’s Bitcoin Comments ‘Insane’

Summary

Ethereum co-founder Vitalik Buterin directly criticized Michael Saylor, the chairman of MicroStrategy over his comment on Bitcoin’s recent activity. Buterin didn’t leave no crumbs and sharply called Saylor’s remarks “batshit insane” in a heated X (formerly Twitter) post.

Buterin Fires Back at Saylor’s Views

Vitalik Buterin took personal issue with the remarks made by Michael Saylor on his recent interview regarding bitcoin’s activity. The activity being the custody, where Saylor firmly believed that Regulated Finance Institutions. However, Buterin rejected this remark saying this goes against the decentralized ethos of crypto and calling out this action to be a push towards “regulatorty capture”.

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Crypto Leaders Side with Buterin

Several crypto famous leaders like Jameson Lopp and Eric Voorhees sided with Buterin. All of them shared the same view regarding involvement of third party on crypto space. Many believe this remark from Saylor as a direct contradiction to the whole concept of decentralization nature of blockchain.

Saylor’s Stance on Bitcoin Custody

In the interview, Saylor suggested the Bitcoin custody to be taken over by too Big to fail banks, believing it would protect assets from being seized. This seemed to contradict his previous vicious advocacy for self-custody. Just a year earlier, after the collapse of FTX, Saylor supported self-custody, stating that people should hold their own private keys. This hypocrisy surprised many, as he appears to favor institutional control over digital assets, a shift that Buterin and others find alarming.

Amid the formation of a bullish pattern, the CAT token gains 37%.

In conclusion, Simon’s Cat (CAT) meme coin recently saw a 37% increase after a bull flag pattern appeared on its daily chart. The increase in investor activity and the addition of new exchange listings could result in further gains for the token.

Bull Flag Pattern Indicates Potential Rally

According to trader Zak, CAT’s price has formed a classic bull flag pattern, often a sign of further upside. The token rose from $0.000024 to $0.000038 by Oct. 21, forming a flagpole before pulling back slightly. Consolidation between $0.000038 and $0.000044 was noted by another trader, Mr. Albert, indicating an impending breakout.

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Investor Activity and Market Performance

Due to a rise in daily trading volume to more than $60 million, CAT’s market capitalization increased from $166 million to $233 million over the past week.The meme coin’s listing on OKX and strong investor interest—including a whale purchase of $26,000 worth of CAT—has driven buying activity. The number of CAT holders also grew, reaching 235,666 by Oct. 28.

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Source: crypto.news

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Mixed Signals Are Shown by Technical Indicators

Technical indicators suggest a possible pause even though CAT’s upward momentum is still present. The MACD is showing a weakening trend, indicating potential short-term consolidation, and the Relative Strength Index (RSI) fell from overbought levels to a neutral 54.

Stripe Acquires Stablecoin Platform Bridge in $1.1B Deal

Summary

Stripe has reportedly accomplished acquisition of stable platform Bridge for $1.1 billion, as per the post done by TechCrunch co-founder Michael Arrington. However, the actual companies have yet to make an official statement.

Deal Confirmed, No Official Announcement Yet

The acquisition of Bridge, founded by former coinbase executives Zach Abrams and Sean Yu in 2022, follows alleged report from last week that the company were in final stage of negotiations. However, neither Stripe nor Bridge have released any official statement except X (formerly twitter) post by Michael Arrington.

Arrington’s Oct. 20 X post.

Bridge’s Role in Stablecoin Market

Bridge provides further features and facilities such as creation, transfer and storage of stablecoins making the system smoother for Stripe. A $40 million funding round for bridge was conducted in August which was conducted by major investing companies like Sequoia and Ribbit, which was followed by the negotiation deal.

Stripe’s Growing Crypto Ambitions

Stripe’s acquisition of Bridge fits its strategy to re-enter the crypto sector. After first introducing Bitcoin payments in 2014 and discontinuing them four years later, Stripe re-entered the market with stablecoin payments in 2024, citing demand for faster and cheaper blockchain transactions.

Rising Demand for Stablecoins

The use of Stablecoin is continously growing, reaching a market height of $173 billion in Q3 2024. This initiative positions Stripe on a favourable position to capitalize on the booming market, which has potential of hitting $3 trillion by 2030. Traditional Financial giants like Paypal and Visa have also started to enter this digital space.

Solana’s AI Crypto Flávia Hits $40M Market Cap Within 9 Hours of Launch

Summary

Flávia memecoin is making tides on the crypto scene as its market value has already exceeded 40 million US dollars in just nine hours of its launch.

Flávia is a solana-based AI memecoin is a recently added entity in the crypto market. It has been seeing constant increase in price since its release. It crossed an impressive 40 million USD in just nine hours of its launch. Reportedly, its current transaction volume has exceeded 64.8 million US dollars.

People believe this to be some sort of miracle, according to a report by LookOnChain, one guy turned $668 into $1.79 million in a matter of just 10 hours. That is a 2693 times return, this is nothing short of a miracle. Some believe this to be pure luck while there is also an argument of him being an insider. Reports also suggest Flavia being related to Trevor, the founder of virtual internet celebrity startup Brud, and may be a product trained by Trevor using Anthropic’s computer use.

According to solscan, top 10 Flávia holders collectively own 211,172,782.99 tokens which is 21.12% of the total available tokens. As of October 23 2024, the price of Flávia on Raydium is $0.04083 which indicates 61,364% increase in the last 24 hour. Its 24 hour trading volume is estimated to be around $89.44 million. It is interesting to see how far this token can reach.

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GT Protocol Enhances User Experience with Cutting-Edge AI Assistant Features

Summary

GT protocol is using advanced AI tech to level up its platform. It has made it easier and more functional for users. Additionally, they are also offering financial perks to bring in more users.

AI is becoming more and more mainstream following the success of OpenAI’s chatGPT, nearly every industry is investing on artificial intelligence intersections and integrations to drive interest. GT protocol is one of those platforms bringing AI and crypto together. Their platform allows users to trade and manage portfolios directly through an AI powered chatbot, making things a lot easier. After the impressive 150% surge in GTAI’s value in September 2024, the team has rolled out major updates aimed at improving user accessibility even further.

Reportedly, they disclosed that their project is about using AI model training tools like Google Vertex AI, IBM Watsonx Assistant, and Microsoft AI Builder and making it more accessible and robust. They announced new features such as speech-to-text which will allow users to talk with AI chatbot and image recognition which helps users make precise analysis using screenshots. The platform claims to be completely autonomous which can perform tasks while boasting better access to real-time data thanks to partnerships with several centralized exchanges and projects like Tron and Avalanche. Furthermore, the project also seeks to attract more users with its financial incentives.

GT protocol is also trying different tactics to make itself known in the crypto market. For one, the project has partnered up with AI powered decentralized physical infrastructure network (DePIN) project Shieldeum which will allow GTAI holders to receive points for project’s airdrop. Simultaneously, has disclosed plans to conduct a GTAI airdrop for CoinMarketCap users.GT Protocol CEO Peter Lonov expressed excitement about the project’s progress while hinting at more initiatives. However, despite this it is yet to see any improvements. At the time of writing, the project’s market capitalization is only about $27 million, making it the 735th-largest asset by market cap.

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Bitcoin, Ethereum Surge After Major Short Liquidations

Summary

Bitcoin and Ethereum are experiencing bullish momentum due to recent liquidation. Data provided by Coinglass states that over $138 million are in liquidation with $95 million coming from shorts position.

Ethereum Leads Liquidations and Gains

Ethereum showed exponentially good results at charts with $27.69 million in liquidation of which $23.84 million were from shorts position. This growth has also boosted ETH’s value by 3.1%, reaching $2,730. Ethereum’s trading value has also skyrocketed by 117% with grand total value of $17.4 billion as investors interest has been gathered. Notably, the largest single liquidation order was on Binance, worth $6.64 million in the ETH/USDT pair.

Bitcoin Follows Close Behind

Bitcoin saw $25 million in liquidations, with $21 million coming from shorts. This short squeeze helped BTC reach a four-month high of $69,460, though it corrected slightly and is now trading at $68,700. BTC’s daily trading volume spiked by 74%, climbing to $24 billion.

Broader Market Impact

The international crypto market has been on three-month high of $2.49 trillion. However analyst believe if this is to continue there’s a possibility of tides turning the other way, triggering sell-offs as traders and investors scramble to limit their potential loss. Conclusively, the surge of liquidation does shine a positive light on crypto space but further surge might cause potential problems.

Chainlink Merges AI, Blockchain, and Oracles to Deliver Real-Time Market Data On-Chain

Summary

Chainlink combined AI, blockchain and oracles to create an unstructured market data on-chain and published its results and honestly it looks like a huge success. It has successfully showed how artificial intelligence, oracles and blockchains can solve decade long unstructured data challenges in finance.

Blockchain oracle provider chainlink has posted the results of an experiment on improving corporate actions data reporting using artificial intelligence and blockchain. This initiative involved many big players such as Euroclear, Swift, UBS, Franklin Templeton and Sygnum Bank and the blockchain ecosystem partners included Avalanche, ZKsync, and Hyperledger Besu network.

The research concluded that corporate actions processing is the most complex areas of post-trade operations, plus the processing costs of regional businesses can also go as high as $5 million annually. However, automating and standardizing this data could help reduce operational inefficiencies significantly due to errors and manual data processing and that’s exactly what chainlink is doing.

Chainlink has proposed a technical solution that combined large language models (LLMs), its own decentralized oracle networks (DONs), and multiple blockchains. The AI models it used were OpenAI’s ChatGPT 4, Google Gemini 1.5 Pro, and Anthropic’s Claude 3.5 Sonnet. The project successfully processed corporate actions across equity and fixed-income securities and achieved 100% consensus on fixed-income events.

Chainlink’s LINK Price Outlook

As of October 23, the price of one LINK token is $11.74 with a 24 hour trading volume of  $520,527,318. It has increased by 3.45% in the past seven days, however, considering 24 hours, it has decreased by 8.88%. With a circulating supply of huge 630 million LINK, it is valued at a market cap of almost $7,365,503,495. It is easily top 18th crypto platform and with this current initiative its price is speculated to go even higher.

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D3 Global Unveils .APE Domain Names for ApeCoin Community

Summary

D3 Global has released .APE domain names providing ApeCoin holders to create a new web3 identity through newly created ApeChain. This initiative is part of an effort to make an interoperable name service for for the Apecoin ecosystem.

.APE Domains Go Live on ApeChain

D3 Global, which is a worldly known company for their specialization in web3 domain has officially launched .APE domain names for ApeCoin community which started as a memecoin. This initiative was announced on October 22, these domains will allow ApeCoin users to create their own tokenized web3 identities with the help of ApeChain layer-2 network.

Proposal Backed by ApeCoin Community

The launch follows a community-approved proposal that is in symmetry with the Internet Corporation for Assigned Names and Numbers (ICANN)‘s rollout of new generic top level domains (TLD)s. This effort is part of a larger initiative to enhance the utility and branding of ApeCoin users.

Multiple Uses for Tokenized .APE Names

ApeCoin holders can use these tokenized .APE names for several purposes, including email addresses, wallet addresses, decentralized identifiers, and as usernames across web3 platforms. This brings added functionality and personalization to ApeCoin’s growing ecosystem.

Building the Future of Web3

Gerard Hernandez of the APE Foundation expressed his excitement about the partnership with D3 Global stating:

“There is an imminent need for a comprehensive, all-in-one name solution that not only facilitates the growth of the APE brand and community, but also ensures futureproof utility for users.”

The domains will be available first to ApeCoin holders, with public availability set to follow soon.

Revolve Labs Proposes $60M Bitcoin Mining Data Center in Minnesota

Summary

A Colorado–based mining company, Revolve Labs is planning to build a $60 million data center in Glencoe, Minnesota. This facility aims to boost bitcoin production and processing capacity, address noise concerns and support local blockchain ecosystem.

Plans for a New Data Center

Colorado-based Revolve Labs is planning to establish $60 million data center in Glencoe, Minnesota. This project will have various features including AI data centers, cooling system, backup generator and lower noise concerns.

X ( formerly Twitter) post about AI Data Center.

Project Scope and Employment

The proposed facility is in early planning stages and will cost between $40 million and $60 million. It is expected to create 10 jobs and sit on a 6.2-acre site, also housing a new power substation.

Noise Concerns from Bitcoin Mining

Locals have raised an issue about possible noise pollution from mining, with reports of equipment noise reaching upto 85 decibels. This is not new for Revolve Labs as it has already faced similar complaints in other locations.

Economic Impact on Glencoe

Despite the noise issues, Revolve Labs’ operations have brought in $500,000 in net annual revenue, supporting local infrastructure projects and keeping electrical rates steady for residents.

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