As Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) inches closer to its all-time high, experts predict a bullish momentum for the leading cryptocurrency, while (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/xrp/usd">XRP</a>) is mired in regulatory uncertainty due to the ongoing <a href="https://www.benzinga.com/markets/cryptocurrency/24/10/41157465/gary-genslers-sec-appeals-2023-ruling-against-ripple-labs-xrp-tanks-10-just-prolongs-compl">SEC appeal against Ripple</a>.



What Happened To Bitcoin: Market analysts from Bitget and Hashdex have weighed in on the diverging futures of Bitcoin and XRP, citing regulatory and market factors shaping their trajectories.



Bitcoin is only 9% away from its all-time high of $73,500, and analysts believe the cryptocurrency is on the brink of a significant price rally. 



In a note shared with Benzinga, Pedro Lapenta, Head of Research at Hashdex, highlighted the perfect storm of favorable conditions for Bitcoin. 



&#8220;We're roughly 180 days past the last halving date, and if historical patterns hold, we may be due for an explosive price action in the coming months,&#8221; Lapenta stated.



&#8220;This will be the first cycle where we have regulated products like <a href="https://www.benzinga.com/topic/bitcoin-etf">Spot ETFs</a>, making it the perfect timing for institutional investors to gain exposure,&#8221; he added.



Lapenta also emphasized that the global liquidity environment is creating a positive outlook for Bitcoin. With the Federal Reserve expected to <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/10/41434510/us-economy-eyes-3-4-growth-in-q3-is-a-soft-landing-turning-into-a-reacceleration">reduce interest rates</a> to address inflation, Bitcoin is expected to benefit from increased money supply and rising global liquidity.



&#8220;Historically, Bitcoin&#8217;s price action follows global liquidity, and we expect this trend to continue,&#8221; he noted.



<figure class="wp-block-image size-full"><a href="https://www.benzinga.com/events/digital-assets/ "><img loading="lazy" decoding="async" width="300" height="250" src="https://editorial-assets.benzinga.com/wp-content/uploads/2024/03/29155259/905735A6-57D3-4874-9AA1-75D037842DB3-2.gif" alt="Benzinga Future of Digital Assets conference" class="wp-image-270548"/></a></figure>



Also Read: <a href="https://www.benzinga.com/markets/cryptocurrency/24/10/41434026/mark-cuban-dismisses-polymarket-election-odds-as-meaningless-most-of-the-money-is-foreign">Mark Cuban Dismisses Polymarket Election Odds As Meaningless: &#8216;Most Of The Money Is Foreign&#8217;</a>



What Happened To Ripple: While Bitcoin enjoys favorable market sentiment, XRP faces a more precarious future. 



Speaking with Benzinga, Ryan Lee, Chief Analyst at Bitget Research, warned that XRP could experience significant price volatility depending on the outcome of the SEC&#8217;s appeal in its case against Ripple Labs. 



The <a href="https://www.benzinga.com/markets/cryptocurrency/24/06/39434425/california-judge-advances-civil-securities-lawsuit-against-ripple-sets-stage-for-trial">SEC&#8217;s appeal</a> challenges a previous ruling in Ripple's favor, raising concerns about the long-term prospects for XRP.



"The SEC's appeal in the XRP case has attracted market attention, raising concerns about its potential effects on both XRP's price and overall market sentiment," Lee explained. 



He added that if the appeal results in a negative outcome for Ripple, it could trigger a decline in XRP's price. &#8220;Should the appeal overturn the previous decision, XRP may face significant price pressure.&#8221;



However, Lee acknowledged that if Ripple continues to present a strong case and wins legal battles, XRP&#8217;s price could remain stable or even see a boost. 



&#8220;A favorable ruling or positive investor sentiment around Ripple&#8217;s case could stabilize XRP's position or lead to a price increase,&#8221; he said.



Lee also pointed out that XRP's long-term prospects are deeply tied to the regulatory environment. 



&#8220;XRP's future depends heavily on regulatory updates and how Ripple navigates this landscape. As a bellwether for regulatory action in the crypto space, XRP's performance could have wider implications for the entire industry.&#8221;



The broader regulatory environment in the U.S. is a key factor influencing both Bitcoin and XRP. 



While the SEC has targeted established companies like Ripple and Coinbase, the upcoming U.S. elections may bring more clarity to the regulatory framework surrounding cryptocurrencies. 



Both analysts agree that clearer regulations could benefit both assets, especially as institutional investors await regulatory certainty.



Lapenta also noted that both major U.S. presidential candidates seem <a href="https://www.benzinga.com/markets/cryptocurrency/24/10/41319364/kamala-harris-unveils-crypto-regulatory-framework-as-part-of-outreach-toward-black-male-vo">more open to the crypto sector</a>, which may result in more favorable regulations after the elections.



&#8220;The upcoming U.S. elections will be crucial for providing regulatory clarity, impacting token regulation and broader adoption,&#8221; he said.



What&#8217;s Next: Both assets are set to be major topics of discussion at the Benzinga <a href="https://www.benzinga.com/events/digital-assets/agenda/">Future of Digital Assets</a> event on Nov. 19, where industry leaders will explore how regulatory clarity and institutional interest will shape the future of digital assets.



Read Next: 



<ul>
<li><a href="https://www.benzinga.com/markets/cryptocurrency/24/10/41432761/bitcoin-etf-inflows-surge-to-over-2-billion-amid-rising-trump-election-odds">Bitcoin ETF Inflows Surge To Over $2 Billion Amid Rising Trump Election Odds</a></li>
</ul>



Image: Shutterstock

Bitcoin Vs XRP: One Is Poised For Growth, But The Other Is Facing Uncertainty

Optimism's (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/">OP</a>) price has decreased 3.24% over the past 24 hours to $1.71, continuing its downward trend over the past week of -3.0%, moving from $1.77 to its current price. 
The chart below compares the price movement and volatility for Optimism over the past 24 hours (left) to its price movement over the past week (right). The gray bands are Bollinger Bands, measuring the volatility for both the daily and weekly price movements. The wider the bands are, or the larger the gray area is at any given moment, the larger the volatility.
<img src="https://www.benzinga.com/files/images/story/2024/1729537423_0.png" alt="price_chart" />

The trading volume for the coin has tumbled 9.0% over the past week while the circulating supply of the coin has risen 0.19%. This brings the circulating supply to 1.26 billion, which makes up an estimated 29.22% of its max supply of 4.29 billion. According to our data, the current market cap ranking for OP is #48 at $2.15 billion.
<img src="https://www.benzinga.com/files/images/story/2024/1729537423_1.png" alt="supply_and_vol" />

<a href="https://www.coingecko.com/en/api">Powered by CoinGecko API</a>
This article was generated by Benzinga's automated content engine and reviewed by an editor.

Cryptocurrency Optimism Down More Than 3% Within 24 hours

Over the past 24 hours, Aave's (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/aave/usd">AAVE</a>) price has fallen 3.1% to $152.81. This continues its negative trend over the past week where it has experienced a 6.0% loss, moving from $162.87 to its current price. 
The chart below compares the price movement and volatility for Aave over the past 24 hours (left) to its price movement over the past week (right). The gray bands are Bollinger Bands, measuring the volatility for both the daily and weekly price movements. The wider the bands are, or the larger the gray area is at any given moment, the larger the volatility.
<img src="https://www.benzinga.com/files/images/story/2024/1729537354_0.png" alt="price_chart" />

The trading volume for the coin has fallen 42.0% over the past week, moving in tandem, directionally, with the overall circulating supply of the coin, which has decreased 0.03%. This brings the circulating supply to 14.96 million, which makes up an estimated 93.48% of its max supply of 16.00 million. According to our data, the current market cap ranking for AAVE is #46 at $2.28 billion.
<img src="https://www.benzinga.com/files/images/story/2024/1729537355_1.png" alt="supply_and_vol" />

<a href="https://www.coingecko.com/en/api">Powered by CoinGecko API</a>
This article was generated by Benzinga's automated content engine and reviewed by an editor.

Cryptocurrency Aave Decreases More Than 3% Within 24 hours

Over the past 24 hours, Immutable's (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/">IMX</a>) price has fallen 5.46% to $1.55. This continues its negative trend over the past week where it has experienced a 5.0% loss, moving from $1.64 to its current price. 
The chart below compares the price movement and volatility for Immutable over the past 24 hours (left) to its price movement over the past week (right). The gray bands are Bollinger Bands, measuring the volatility for both the daily and weekly price movements. The wider the bands are, or the larger the gray area is at any given moment, the larger the volatility.
<img src="https://www.benzinga.com/files/images/story/2024/1729537345_0.png" alt="price_chart" />

The trading volume for the coin has tumbled 18.0% over the past week along with the circulating supply of the coin, which has fallen 0.14%. This brings the circulating supply to 1.64 billion, which makes up an estimated 81.89% of its max supply of 2.00 billion. According to our data, the current market cap ranking for IMX is #42 at $2.54 billion.
<img src="https://www.benzinga.com/files/images/story/2024/1729537346_1.png" alt="supply_and_vol" />

<a href="https://www.coingecko.com/en/api">Powered by CoinGecko API</a>
This article was generated by Benzinga's automated content engine and reviewed by an editor.

Cryptocurrency Immutable Decreases More Than 5% Within 24 hours

Stacks's (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/stx/usd">STX</a>) price has decreased 4.67% over the past 24 hours to $1.83, continuing its downward trend over the past week of -0.0%, moving from $1.82 to its current price. 
The chart below compares the price movement and volatility for Stacks over the past 24 hours (left) to its price movement over the past week (right). The gray bands are Bollinger Bands, measuring the volatility for both the daily and weekly price movements. The wider the bands are, or the larger the gray area is at any given moment, the larger the volatility.
<img src="https://www.benzinga.com/files/images/story/2024/1729537277_0.png" alt="price_chart" />

Stacks's trading volume has climbed 6.0% over the past week, moving in tandem, directionally, with the overall circulating supply of the coin, which has increased 0.26%. This brings the circulating supply to 1.50 billion, which makes up an estimated 82.36% of its max supply of 1.82 billion. According to our data, the current market cap ranking for STX is #39 at $2.73 billion.
<img src="https://www.benzinga.com/files/images/story/2024/1729537277_1.png" alt="supply_and_vol" />

<a href="https://www.coingecko.com/en/api">Powered by CoinGecko API</a>
This article was generated by Benzinga's automated content engine and reviewed by an editor.

Cryptocurrency Stacks Decreases More Than 4% Within 24 hours

Over the past 24 hours, Polkadot's (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/dot/usd">DOT</a>) price has fallen 3.57% to $4.37. This continues its negative trend over the past week where it has experienced a 0.0% loss, moving from $4.36 to its current price. 
The chart below compares the price movement and volatility for Polkadot over the past 24 hours (left) to its price movement over the past week (right). The gray bands are Bollinger Bands, measuring the volatility for both the daily and weekly price movements. The wider the bands are, or the larger the gray area is at any given moment, the larger the volatility.
<img src="https://www.benzinga.com/files/images/story/2024/1729537206_0.png" alt="price_chart" />

Polkadot's trading volume has climbed 7.0% over the past week, moving in tandem, directionally, with the overall circulating supply of the coin, which has increased 0.04%. This brings the circulating supply to 1.43 billion. According to our data, the current market cap ranking for DOT is #20 at $6.23 billion.
<img src="https://www.benzinga.com/files/images/story/2024/1729537206_1.png" alt="supply_and_vol" />

<a href="https://www.coingecko.com/en/api">Powered by CoinGecko API</a>
This article was generated by Benzinga's automated content engine and reviewed by an editor.

Polkadot Down More Than 3% Within 24 hours

V3V Ventures, a $20 million VC fund that invests in start-ups and cutting-edge technologies in crypto, NFTs, and Web2 and Web3, has invested in a number of <a href="https://www.benzinga.com/topic/telegram">prominent Telegram usernames.</a>



The fund has invested $5 million acquiring usernames such as: @buzz, @trade, @startups, @ether, @trading, @venture, @insta, @anime, @freelancer, and @trade. V3V regards these "bluechip" or "vanity plate" usernames as a solid investment because they are easier to remember and promote to gain large numbers of followers.



This reminds us of speculators who purchase desirable URLs – a speculative way to try to turn a profit, though it can be effective. However, according to Mr. Buzz, the undoxxed spokesperson for V3V, the goal is to build some of these addresses into effective sources of news and information to reach crypto users. Mr. Buzz's eponymous Telegram <a href="https://t.me/buzz">group</a>, which shares investment and lifestyle insights from a self-described whale and VC crypto investor, has over 5.5 million followers.



How many crypto enthusiasts use Telegram?



According to a survey by CoinGecko, 73.8% of crypto users get their blockchain information primarily from social media. Twitter (X) is the leader, with 41.7% of those surveyed spending most of their time there, followed by Telegram at 21.5% and YouTube at 20.8%. Crypto news websites lag behind with just 5%



As of late August 2024, there were 950 million Telegram <a href="https://www.demandsage.com/telegram-statistics/">users</a> and 5 million premium Telegram users. According to the report, 58% are between ages 25 and 44, and 53.2% are male.



Telegram was already demographically aligned with key users for crypto, but with the rise of The Open Network (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/">TON</a>) blockchain, and the integration of stable coins and in-app transactions on Telegram, the platform has grown as a home for crypto enthusiasts. According to TON Stat, TON Blockchain supports 7,734,371 transactions <a href="https://www.coindesk.com/opinion/2024/09/05/telegram-is-driving-crypto-adoption-despite-bad-news/#:~:text=Usage%20of%20TON's%20blockchain%2C%20based,million%20per%20day%2C%20on%20average.">daily</a> on average.



Also Read: <a href="https://www.benzinga.com/markets/cryptocurrency/24/10/41427013/dogecoin-up-28-over-the-past-week-and-major-bitcoin-move-could-send-it-beyond-0-50-says-ve">Dogecoin Up 28% Over The Past Week And Major Bitcoin Move Could Send It Beyond $0.50, Says Veteran Trader</a>



Is Telegram content an effective business?



Although Telegram groups offer no promise of objectivity, they effectively command an audience&#8217;s attention.



V3V Ventures acquired Metaverse.sg for $3 million and has turned it into one of the most popular and fast-growing digital Web3 communities in Asia. On Metaverse.sg, founders can showcase their projects to an engaged audience that, according to V3V, has an aggregate portfolio value of greater than $650 million—a figure drawn from the complete digital holdings value aggregated from members' digital wallets.



Benzinga spoke to Mr. Buzz from V3V who said that his channel is focused on addressing user needs in a non-prescriptive way.



"We started from scratch by actively listening to user feedback to understand user needs. We've adapted our content accordingly, which led to strong organic growth through word-of-mouth. Unlike other channels that focus on ‘signals,' we provide analysis and our take on the news, allowing users to draw their own conclusions. This independent, non-prescriptive approach seems to resonate with the audience," Mr. Buzz said.



Mr. Buzz explained that neutrality is a goal of his channel.



"Our content aims to maintain neutrality by focusing on general market insights and trends rather than promoting specific investments. It's a mix of personal insights and industry analysis, allowing readers to interpret the content without overt biases."



Benzinga asked where the majority of users in his group are located geographically, but he explained Telegram doesn't provide geo statistics, though from their own observations the majority of users are located in Asia. He said there are differences in the interests of Asian vs. U.S. and European audiences.



"The U.S. audience on Telegram tends to be more interested in politics-related content, while the Asian audience prefers financial news, especially related to Singaporean startups, funds, and investments."



In reference to building the channel audience, Mr. Buzz said: "It took about six months to build a large audience. We invested heavily in creating quality content and developing a strong brand. In particular, we invested in ads and acquired search traffic usernames that helped generate organic growth."



V3V intends to expand the content offered by their crypto news and information channels on Telegram.



"V3V is planning to expand the editorial team and experiment with new content formats, including interactive engagement options. Telegram offers a lot of opportunities, and we aim to test what resonates best with our audience."



Ultimately, they see their channels as alternatives to traditional crypto news sources. They believe that since Telegram already has such a large portion of the audience and so many ways to interact and even transact on the platform, this will be a winning equation for the fund.



"We believe Telegram channels have unique advantages, such as direct engagement and community-driven content, which can compete with traditional media and influencers."



Read Next:



<ul>
<li><a href="https://www.benzinga.com/markets/cryptocurrency/24/10/41436082/bitcoin-equities-etf-inflows-surge-as-price-moves-above-67-000">Bitcoin Equities, ETF Inflows Surge As Price Moves Above $67,000</a></li>
</ul>



Photo: Shutterstock

V3V Ventures Invests $5 Million In Premium Telegram Usernames, Seizing 'Unique Advantages' To Build Crypto Channels

Ripple (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/xrp/usd">XRP</a>) Labs co-founder Chris Larsen has made a significant financial contribution to Kamala Harris&#8216; presidential campaign, donating nearly $10 million to support the Vice President's run for<a href="https://www.benzinga.com/personal-finance/24/10/41427941/study-reveals-both-trump-and-harris-plans-add-to-the-national-debt-but-trumps-proposal-will-infl"> the White House</a>.



What Happened: This <a href="https://x.com/chrislarsensf/status/1848405676776952186">comes</a> just weeks before the highly anticipated election between Harris and Donald Trump.



According to a report by Fox Business journalist Eleanor Terrett, Larsen made three separate donations in September to Future Forward, the Super PAC backing Harris, totaling close to $10 million. 



This donation adds to an earlier contribution of $1 million in XRP to the same PAC in August. 



Larsen has confirmed these contributions, underscoring his confidence in Harris&#8217; vision for the future of the cryptocurrency industry.



Larsen's support aligns with a broader trend among crypto leaders advocating for more favorable regulatory policies under Harris.



<figure class="wp-block-image size-full"><a href="https://www.benzinga.com/events/digital-assets/ "><img loading="lazy" decoding="async" width="300" height="250" src="https://editorial-assets.benzinga.com/wp-content/uploads/2024/03/29155259/905735A6-57D3-4874-9AA1-75D037842DB3-2.gif" alt="Benzinga Future of Digital Assets conference" class="wp-image-270548"/></a></figure>



Also Read: <a href="https://www.benzinga.com/markets/cryptocurrency/24/10/41432761/bitcoin-etf-inflows-surge-to-over-2-billion-amid-rising-trump-election-odds">Bitcoin ETF Inflows Surge To Over $2 Billion Amid Rising Trump Election Odds</a>



However, despite this substantial backing, Harris&#8217; odds of winning the election have not seen a significant boost. 



Polymarket, a popular prediction market, currently <a href="https://polymarket.com/event/presidential-election-winner-2024/will-donald-trump-win-the-2024-us-presidential-election?tid=1729066955778">shows</a> Donald Trump with a 62.5% chance of winning, compared to Harris&#8217; 37.5%.



The cryptocurrency community remains divided over the best candidate for the industry. While Larsen supports Harris, other prominent figures like Cardano (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/ada/usd">ADA</a>) founder Charles Hoskinson back Donald Trump, citing his plans to remove SEC Chairman Gary Gensler as a potential game-changer for the industry.



What&#8217;s Next: As discussions around crypto regulation continue to heat up, Larsen&#8217;s donation will likely be a topic of interest at the upcoming Benzinga <a href="https://www.benzinga.com/events/digital-assets/agenda/">Future of Digital Assets</a> conference on Nov. 19.



Read Next: 



<ul>
<li><a href="https://www.benzinga.com/markets/cryptocurrency/24/10/41434026/mark-cuban-dismisses-polymarket-election-odds-as-meaningless-most-of-the-money-is-foreign">Mark Cuban Dismisses Polymarket Election Odds As Meaningless: &#8216;Most Of The Money Is Foreign&#8217;</a></li>
</ul>



Image: Shutterstock

Ripple Co-Founder Donates $10 Million To Kamala Harris' Campaign

Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) could be knocking on the door <a href="https://www.benzinga.com/markets/cryptocurrency/24/10/41420178/bitcoin-ethereum-dogecoin-on-the-rise-as-uptober-may-be-finally-here-analysts-predict-bull">of $70,000 soon</a>, propelled by positive market sentiment and robust support from ETF inflows and crypto miners, according to Bernstein analysts.



What Happened: Last week alone, <a href="https://www.benzinga.com/markets/cryptocurrency/24/10/41432761/bitcoin-etf-inflows-surge-to-over-2-billion-amid-rising-trump-election-odds">Bitcoin ETFs saw $2 billion</a> in new purchases, bringing the total yearly inflows to $20.5 billion and pushing assets under management past the $63 billion mark. This surge in ETF investments is contributing significantly to Bitcoin's spot market demand.



The spike in ETF inflows is tied to growing optimism around a potential Republican victory in the upcoming U.S. presidential election, with Republicans seen as more favorable toward the digital asset space.



Bitcoin-centric miners have outperformed AI-focused stocks in October. Riot Blockchain Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/RIOT#NASDAQ">RIOT</a>) has surged 37%, CleanSpark Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CLSK#NASDAQ">CLSK</a>) has climbed 43% and Marathon Digital Holdings Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MARA#NASDAQ">MARA</a>) gained 21% over the past month.



<figure class="wp-block-image size-full"><a href="https://www.benzinga.com/events/digital-assets/ "><img loading="lazy" decoding="async" width="300" height="250" src="https://editorial-assets.benzinga.com/wp-content/uploads/2024/03/29155259/905735A6-57D3-4874-9AA1-75D037842DB3-2.gif" alt="Benzinga Future of Digital Assets conference" class="wp-image-270548"/></a></figure>



Also Read: <a href="https://www.benzinga.com/markets/cryptocurrency/24/10/41425592/bitcoin-at-68-000-remains-an-uptrending-machine-technical-analyst-expects-one-of-these-two">Bitcoin At $68,000 Remains &#8216;An Uptrending Machine:&#8217; Technical Analyst Expects One Of These Two Scenarios Next</a>



Bernstein analysts also highlighted the performance of Robinhood Markets (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/HOOD#NASDAQ">HOOD</a>), which saw a 10% quarter-over-quarter growth in its active trader base, signaling a "risk-on" sentiment among retail investors. Robinhood's equity revenues rose by about 50% year-over-year, with crypto trading revenues soaring by 160%.



Additionally, meme coins have been drawing new retail investors, with their combined market cap tripling to approximately $66 billion in the last six months. The report also underscored the growing intersection of AI and crypto, such as an AI bot endorsing a token, which drove notable market cap growth.



What&#8217;s Next: The influence of&nbsp;<a href="https://www.benzinga.com/money/is-bitcoin-a-good-investment" target="_blank" rel="noreferrer noopener">Bitcoin as an institutional asset class</a>&nbsp;is expected to be thoroughly explored at Benzinga&#8217;s upcoming&nbsp;<a href="https://www.benzinga.com/events/digital-assets/agenda/" target="_blank" rel="noreferrer noopener">Future of Digital Assets</a>&nbsp;event on Nov. 19.



Read Next:&nbsp;



<ul>
<li><a href="https://www.benzinga.com/markets/cryptocurrency/24/10/41422079/jpmorgan-boss-jamie-dimon-doubts-bitcoins-21m-supply-cap-despite-5-lines-in-source-code-im">JPMorgan Boss Jamie Dimon Doubts Bitcoin&#8217;s 21M Supply Cap Despite 5 Lines In Source Code Imposing The Hard Limit: &#8216;You Guys All Believe That?&#8217;</a></li>
</ul>



Image: Shutterstock

Bitcoin Equities, ETF Inflows Surge As Price Moves Above $67,000

<ul>
	<li>Bitcoin erases 2% of its value on Monday and hovers around $67,000.&nbsp;</li>
	<li>Ethereum holds above $2,600, down nearly 3% on Monday.&nbsp;</li>
	<li>XRP trades near $0.55 as holders digest developments in lawsuit appeal and Elon Musk’s reaction to the altcoin.&nbsp;</li>
</ul>

<h2 class="fxs_headline_medium">Bitcoin, Ethereum and XRP updates</h2>

<ul>
	<li><a href="https://www.fxstreet.com/cryptocurrencies/news/crypto-today-main-tokens-gain-as-bitcoin-is-less-than-10-away-from-all-time-high-202410181327" target="_blank">Bitcoin</a> trades above $67,000 on Monday. The largest <a href="https://www.fxstreet.com/cryptocurrencies/news/solana-price-forecast-sol-eyes-12-gains-even-as-altcoin-gears-up-for-unlock-this-week-202410211458" target="_blank">cryptocurrency</a> by market capitalization lost 2% of its value on Monday even as Spot Bitcoin ETFs note seven consecutive days of positive flows.&nbsp;</li>
	<li>Ethereum trades at $2,669, down 3% as the altcoin suffers a correction.&nbsp;</li>
	<li>XRP corrects less than 1% and holds above $0.55 on Monday as traders digest the Securities &amp; Exchange Commission’s (SEC) appeal in the Ripple lawsuit and Elon Musk’s response to being asked about the altcoin.&nbsp;</li>
	<li>Elon Musk commented on the decentralized nature of cryptocurrencies and said he does not endorse XRP when asked about the token.&nbsp;</li>
</ul>

<h2 class="fxs_headline_medium">Chart of the day: Cosmos (ATOM)</h2>

Cosmos (ATOM) has been in a downward trend since its March 7 peak at $14.585. Technical indicators, the Awesome Oscillator (AO) and the Moving Average Convergence Divergence (MACD) show ATOM price could gain.&nbsp;

The green histogram bars on MACD show there is underlying positive momentum in the ATOM price trend. Green bars on the Awesome Oscillator shows there is potential in ATOM.&nbsp;

<img alt="ATOM" src="https://editorial.fxstreet.com/miscelaneous/ATOMUSDT_2024-10-21_19-38-20-638651289217848951.png" style="width: 950px; height: 650px;">

ATOM/USDT daily chart

ATOM could find support at the 10-day Exponential Moving Average (EMA) at $4.582. In the event of a correction, ATOM could sweep liquidity at the October 10 low of $4.043.&nbsp;

<h2 class="fxs_headline_medium">Market updates&nbsp;</h2>

<ul>
	<li>Stripe, a payments processing firm, finalized a deal to buy the stablecoin platform Bridge for $1.1 billion.&nbsp;</li>
	<li>Bitcoin reached closer to $70,000 on Monday. Traders speculate on the likelihood of the token’s return to its all-time high of $73,777.&nbsp;</li>
	<li>Open Interest (OI) in USD-denominated Bitcoin futures surpassed $40 billion, an all-time high, according to data from Coinglass.</li>
</ul>

<a href="https://editorial.fxstreet.com/miscelaneous/GaZqon3WQAA5Zzc-638651289650052484.jpeg" target="_blank"><img alt="Bitcoin" src="https://editorial.fxstreet.com/miscelaneous/GaZqon3WQAA5Zzc-638651289650052484.jpeg" style="width: 950px; height: 286px;"></a>

Bitcoin futures open interest

<h2 class="fxs_headline_medium">Industry updates&nbsp;</h2>

<ul>
	<li>Coinbase Assets announces that Flare (FLR), Injective Protocol (INJ), The Sandbox (SAND) and Stacks (STX) are now available to New York residents on the iOS and Android applications.&nbsp;</li>
	<li>VanEck, an asset management firm, announces that its Solana Exchanged Traded Note (ETN) now comes with a staking function. Users will receive the staking rewards in their token equity and this will be reflected in the daily terminal value.&nbsp;</li>
</ul>

<div class="twitter_cke fxs_external">
<blockquote align="center" class="twitter-tweet" data-dnt="true">
VanEck EU Enables Staking for the <a href="https://twitter.com/search?q=%24VSOL&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$VSOL</a> Solana ETP (AUM= $73M) 
 
&gt; Rewards Accrue &amp; Re-Invested Daily 
 
&gt; Staking Rewards Included in End-of-day NAV Daily. 
 
&gt; VanEck to Manage Staking Exposure to Ensure Daily Liquidity<a href="https://twitter.com/vaneck_eu?ref_src=twsrc%5Etfw">@vaneck_eu</a> 
 
⬇️ <a href="https://t.co/ynDZytbf5i">pic.twitter.com/ynDZytbf5i</a>
— matthew sigel, recovering CFA (@matthew_sigel) <a href="https://twitter.com/matthew_sigel/status/1848323468531544409?ref_src=twsrc%5Etfw">October 21, 2024</a></blockquote>
<script async="" charset="utf-8" src="https://platform.twitter.com/widgets.js"></script></div>

<ul>
	<li>Crypto veterans debate Ethereum vs. Solana in a YouTube video, concluding that Ethereum is the money of the internet.&nbsp;</li>
</ul>

<div class="youtube_cke fxs_external">
<div><iframe allowfullscreen="" frameborder="" height="360" src="https://www.youtube.com/embed/VHpxrjqIJDc?rel=0" width="640"></iframe></div>
</div>

&nbsp;

Crypto Today: Bitcoin, Ethereum lose gains, XRP corrects on Monday, traders brace for $400 million unlocks

Crypto analyst Murad Mahmudov argues that meme coins represent a new digital asset paradigm, driven by community belief rather than <a href="https://www.benzinga.com/markets/cryptocurrency/24/10/41383239/crypto-hits-unprecedented-growth-7-major-findings-from-2024-report">utility or technology</a>.



What Happened: During an <a href="https://www.youtube.com/watch?v=Ko4d_vlE9lE&amp;ab_channel=TheBlockcrunchPodcastwithJasonChoi">interview</a> on The Block Crunch podcast, Mahmudov referred to meme coins as &#8220;tokenized vessels of faith,&#8221; stating that they absorb societal discontent, especially among younger generations facing economic hardships.



Drawing comparisons between Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) and successful meme coins, Mahmudov pointed out that both foster &#8220;hardcore community&#8221; and &#8220;cult-like&#8221; followings. He tweeted a list of meme coins he believes are poised for significant growth, including SPX6900 (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/">SPX</a>), Dogwifhat (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/">WIF</a>), Giga (CRYPTO: GIGA) and Mog Coin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/">MOG</a>).



<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"><div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="500" data-dnt="true">Most are not prepared for this. <a href="https://t.co/ZgYpICekZ1">pic.twitter.com/ZgYpICekZ1</a>&mdash; Murad &#x1f4b9;&#x1f9f2; (@MustStopMurad) <a href="https://twitter.com/MustStopMurad/status/1848037793932410955?ref_src=twsrc%5Etfw">October 20, 2024</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



Mahmudov downplayed the importance of utility for meme coins in bull markets, stating, &#8220;Utility creates a floor but also a ceiling.&#8221; Instead, he emphasized that community-building and "free cult labor" are the key drivers of success for these coins, predicting the meme coins that will thrive are those that generate the most dedicated community engagement.



<figure class="wp-block-image size-full"><a href="https://www.benzinga.com/digital-assets"><img loading="lazy" decoding="async" width="300" height="250" src="https://editorial-assets.benzinga.com/wp-content/uploads/2024/03/29155259/905735A6-57D3-4874-9AA1-75D037842DB3-2.gif" alt="Benzinga Future of Digital Assets conference" class="wp-image-270548"/></a></figure>



Also Read: <a href="https://www.benzinga.com/markets/cryptocurrency/24/10/41389439/this-trader-netted-over-5m-with-4-different-meme-coins-heres-how">This Trader Netted Over $5M With 4 Different Meme Coins: Here&#8217;s How</a>



Why It Matters: Mahmudov's perspective represents a shift in the perception of meme coins, elevating them from mere speculative assets to cultural phenomena. He estimates that 20-25 meme coin &#8220;cults&#8221; could reach multi-billion-dollar valuations. He analyzes coins with at least six months of survival, those that have weathered significant price drops, and coins with strong, decentralized communities.



Mahmudov also warned about &#8220;cabal coins&#8221; controlled by small groups, advocating for organic, decentralized communities instead. He predicts a transition from animal-themed meme coins to more serious &#8220;movement coins&#8221; that could evolve into global ideologies.



While acknowledging the speculative nature of meme coins, Mahmudov argues they may achieve the decentralized autonomous organization (DAO) vision &#8220;even though they don&#8217;t have a treasury,&#8221; powered by holders&#8217; belief and dedication.



For Popcat (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/">POPCAT</a>), Mahmudov stated that the current market is still in the accumulation phase, predicting the coin could soon <a href="https://x.com/MustStopMurad/status/1848109720676007968">reach</a> $5. He <a href="https://x.com/MustStopMurad/status/1847755451745575385">called</a> SPX the "Biggest Movement of this Cycle" and believes Giga is massively undervalued, <a href="https://x.com/MustStopMurad/status/1847720750221840625">forecasting</a> a parabolic rise by 2025.



What&#8217;s Next: The influence of meme coins expected to be thoroughly explored at Benzinga&#8217;s upcoming <a href="https://www.benzinga.com/events/digital-assets/agenda/" target="_blank" rel="noreferrer noopener">Future of Digital Assets</a> event on Nov. 19.



Read Next:&nbsp;



<ul>
<li><a href="https://www.benzinga.com/top-stories/24/10/41362947/memecoin-supercycle-trader-shares-5-tips-reveals-giant-2025-winners-list-that-skips-dogecoin-shiba-i">&#8216;Memecoin Supercycle&#8217; Trader Shares 5 Tips, Reveals &#8216;Giant 2025 Winners&#8217; List That Skips Dogecoin, Shiba Inu For Newer Memes</a></li>
</ul>



Image: Shutterstock

'Memecoin Supercycle' Analyst Thinks 20-25 Meme 'Cults' Can Join Dogecoin, Shiba Inu And Reach Billion-Dollar Valuations

Billionaire investor and entrepreneur Mark Cuban expressed skepticism about the significance of Polymarket's election odds, which have shown growing support for <a href="http://Donald Trump's Polymarket Odds Rise To 61.3% After McDonald's Appearance">former President Donald Trump</a>.



What Happened: In an <a href="https://www.cnbc.com/video/2024/10/21/watch-cnbcs-full-interview-with-billionaire-investor-and-entrepreneur-mark-cuban.html">interview </a>with CNBC, Cuban stated that he does not believe Polymarket&#8217;s odds are indicative of anything meaningful, pointing out the influence of foreign money and questionable legality for U.S. participants.



&#8220;I&#8217;m an indirect investor in Polymarket through a fund that I&#8217;m in, a crypto fund that I&#8217;m in,&#8221; Cuban revealed, but quickly added, &#8220;I don't think it's an indication of anything.&#8221; 



He highlighted that much of the money flowing into Polymarket likely comes from foreign sources, and U.S. citizens are technically not allowed to bet on the platform. 



&#8220;From all indications, most of the money coming into Polymarket is foreign money, so I don't think it's an indication of anything,&#8221; he said.



Cuban&#8217;s remarks come as prediction markets like Polymarket have seen a surge in bets favoring Trump in the upcoming U.S. election.



As the 2024 U.S. presidential election draws closer, Trump continues to pull ahead of Vice President Kamala Harris in Polymarket <a href="https://polymarket.com/event/presidential-election-winner-2024/will-donald-trump-win-the-2024-us-presidential-election?tid=1729066955778">bets</a>, steadily increasing his favorite status to over 61% at the time of writing.



<figure class="wp-block-image size-full"><a href="https://www.benzinga.com/digital-assets"><img loading="lazy" decoding="async" width="300" height="250" src="https://editorial-assets.benzinga.com/wp-content/uploads/2024/03/29155259/905735A6-57D3-4874-9AA1-75D037842DB3-2.gif" alt="Benzinga Future of Digital Assets conference" class="wp-image-270548"/></a></figure>



Also Read: <a href="https://www.benzinga.com/markets/cryptocurrency/24/10/41297376/bitcoin-will-hit-250k-raoul-pal-says-why-the-gurus-top-5-crypto-predictions-matter-if-your">Bitcoin Will Hit $250K, Raoul Pal Says: Why The Guru&#8217;s Top 5 Crypto Predictions Matter If &#8216;You&#8217;re A Wage Slave&#8217;</a>



Why It Matters: Cuban's comments on Polymarket come amid his recent expressions of interest in becoming the next <a href="https://www.benzinga.com/24/09/41075742/mark-cuban-as-treasury-secretary-no-head-of-the-sec-is-the-job-hed-take-because-gary-gensler-has-bee">Chair of the U.S. Securities and Exchange Commission</a> (SEC).



In an interview with Fox News, Cuban voiced his dissatisfaction with the agency&#8217;s current leadership, specifically targeting its handling of cryptocurrencies and regulatory oversight.



&#8220;Head of the SEC. That&#8217;s the job I would take,&#8221; Cuban stated, as he criticized current SEC Chair Gary Gensler's approach, which he described as "awful." 



Cuban believes the SEC's policies are stifling business growth, especially in the burgeoning crypto sector, which he feels has the potential to drive significant economic innovation.



"We&#8217;ve seen the number of public companies just be decimated," Cuban said, pointing to what he views as an over-regulated environment that hampers businesses from going public. 



He has also voiced concerns that the SEC's actions are holding back financial technologies like blockchain and digital assets, and he believes more effective oversight is needed to support growth in these sectors.



What&#8217;s Next: The upcoming Benzinga <a href="https://www.benzinga.com/events/digital-assets/agenda/" target="_blank" rel="noreferrer noopener">Future of Digital Assets</a> event on Nov. 19 will explore how political outcomes might shape the future of the cryptocurrency market.



Read Next: 



<ul>
<li><a href="https://www.benzinga.com/markets/cryptocurrency/24/10/41274733/in-2022-bitcoin-helped-to-humble-anthony-pompliano-a-look-at-how-his-price-predictions-hav">In 2022, Bitcoin &#8216;Helped To Humble&#8217; Anthony Pompliano: A Look At How His Price Predictions Have Evolved</a></li>
</ul>



Image: Shutterstock

Mark Cuban Dismisses Polymarket Election Odds As Meaningless: 'Most Of The Money Is Foreign'

Ethereum Price Forecast: Demand boost is needed to extend gains

Digital asset investment products saw inflows surge to $2.2 billion last week, marking the largest weekly increase since July 2023. 



What Happened: The surge is being attributed to growing optimism surrounding a potential Republican victory in the upcoming <a href="https://www.benzinga.com/markets/cryptocurrency/24/10/41424841/donald-trumps-polymarket-odds-rise-to-61-3-after-mcdonalds-appearance">U.S. presidential election</a>, as Republicans are generally perceived to be more favorable toward the digital asset sector, according to a Coinshares <a href="https://coinshares.com/corp/resources/market-activity/fund-flows-21-10-24/">report</a>.



Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) was the main beneficiary, recording an impressive $2.13 billion in inflows.



According to the report from CoinShares, this comes as trading volumes in digital asset investment products increased by 30%. 



Price appreciation and inflows have brought total assets under management (AUM) in the crypto market close to the $100 billion threshold.



Speaking with Benzinga, Pedro Lapenta, Head of Research at Hashdex said that with BTC only 9% away from its all-time high price, the market stands at a very interesting moment for long-term investing and if historical patterns hold, we may be on the cusp of explosive price action in the coming months.



Ethereum (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/eth/usd">ETH</a>), the second-largest cryptocurrency, saw inflows of $58 million, and smaller gains were reported for altcoins like Solana (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/sol/usd">SOL</a>), Litecoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/ltc/usd">LTC</a>) and Ripple (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/xrp/usd">XRP</a>). However, multi-asset products broke a 17-week streak of consecutive inflows, seeing outflows of $5.3 million last week.



The U.S. accounted for the bulk of the inflows, with $2.3 billion entering the market, while other regions experienced minor outflows, likely due to profit-taking.



<figure class="wp-block-image size-full"><a href="https://www.benzinga.com/digital-assets"><img loading="lazy" decoding="async" width="300" height="250" src="https://editorial-assets.benzinga.com/wp-content/uploads/2024/03/29155259/905735A6-57D3-4874-9AA1-75D037842DB3-2.gif" alt="Benzinga Future of Digital Assets conference" class="wp-image-270548"/></a></figure>



Also Read: <a href="https://www.benzinga.com/markets/cryptocurrency/24/10/41424841/donald-trumps-polymarket-odds-rise-to-61-3-after-mcdonalds-appearance">Donald Trump&#8217;s Polymarket Odds Rise To 61.3% After McDonald&#8217;s Appearance</a>



The most notable outflows were seen in Canada ($20 million), Sweden ($18 million), and Switzerland ($15 million). 



CoinShares analysts noted that the optimism around a potential Republican victory in the U.S. elections is driving much of this inflow, as a change in leadership could result in more favorable regulatory policies for digital assets.



Highlighting the significance of the upcoming U.S. elections for the cryptocurrency market, Lapenta said, &#8220;the upcoming U.S. elections will be crucial for providing regulatory clarity, impacting token regulation and broader industry adoption." 



Both major U.S. presidential candidates are viewed as more open to the sector, which could lead to regulatory reforms that ease concerns, particularly among institutional investors and banks.



Lapenta pointed out that the market is roughly 180 days past the last halving, a key event that typically triggers explosive growth in Bitcoin prices. "If historical cycles repeat, October may be the last month before we experience the next bull phase for BTC," he said. 



He also noted that this will be the first cycle where regulated products like <a href="https://www.benzinga.com/topic/bitcoin-etf">Bitcoin spot ETFs</a> are widely available, providing institutional investors with new avenues for exposure.



Bitcoin&#8217;s price action has traditionally followed global liquidity patterns, and as the Federal Reserve is expected to reduce interest rates to combat inflation, cryptocurrencies like Bitcoin are likely to benefit. 



Lapenta emphasized the role of the global liquidity cycle in Bitcoin&#8217;s price movements, saying, "BTC's price action tends to follow global liquidity, which is expanding, and this could further support the market."



What&#8217;s Next: The upcoming Benzinga <a href="https://www.benzinga.com/events/digital-assets/agenda/">Future of Digital Assets</a> event on Nov. 19 will be an important platform for industry leaders to discuss how the evolving regulatory landscape, including the potential outcomes of the U.S. election, will impact the digital asset market.



Read Next: 



<ul>
<li><a href="https://www.benzinga.com/markets/cryptocurrency/24/10/41376991/esma-pushes-for-stronger-crypto-regulations-under-mica-framework">ESMA Pushes For Stronger Crypto Regulations Under MiCA Framework</a></li>
</ul>



Image: Shutterstock

Bitcoin ETF Inflows Surge To Over $2 Billion Amid Rising Trump Election Odds

A new <a href="https://www.benzinga.com/markets/cryptocurrency/24/02/37270136/if-you-invested-1-000-in-bitcoin-when-the-ecb-said-its-irrelevant-heres-how-much-you-would">European Central Bank (ECB) report</a> has stirred controversy by suggesting that Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) adoption results in a redistribution of wealth from latecomers to early investors.



What Happened: The <a href="https://t.co/u0lqpTuyMl">paper</a>, titled &#8220;The distributional consequences of Bitcoin,&#8221; contends that even if Bitcoin&#8217;s price continues to rise indefinitely, only early adopters would benefit while latecomers and non-holders would suffer significant consequences. 



Authors Ulrich Bindseil and Jürgen Schaaf argue that Bitcoin&#8217;s original vision as a global payment system has failed, leading to its repositioning as an investment asset.



The economists assert that Bitcoin &#8220;does not generate any cash flow (like real estate), interest (like bonds) or dividends (like stocks), cannot be used productively (like commodities).&#8221; This makes traditional valuation methods ineffective for Bitcoin.



They argue that Bitcoin&#8217;s potential for perpetual price increases, promoted by celebrities and business leaders, creates a zero-sum game. Early adopters benefit at the expense of latecomers and non-holders, leading to &#8220;a corresponding impoverishment of the rest of society, endangering cohesion, stability and ultimately democracy.&#8221;



The paper suggests that non-holders have compelling reasons to oppose Bitcoin and advocate for legislation against it. &#8220;Latecomers and non-holders and their political representatives should emphasize that the idea of Bitcoin as an investment relies on redistribution at their expense,&#8221; the authors state.



This stance has drawn criticism from crypto investors. Bitcoin analyst Tuur Demeester <a href="https://x.com/TuurDemeester/status/1847512241173582058">called</a> it &#8220;the most aggressive paper to come from authorities&#8221; in his years of monitoring the space.



Marc van der Chijs, a prominent investor, expressed alarm over these developments on social media.



&#8220;Europe seems to be preparing a war on Bitcoiners,&#8221; he <a href="https://x.com/marcvanderchijs/status/1847630643766972887">said</a>, citing the ECB report and recent regulatory changes as evidence of growing hostility towards Bitcoin holders in Europe.



&#8220;The Overton window is quickly shifting against Bitcoiners (and against wealthy people in general),&#8221; Van der Chijs added.



He noted that some Bitcoin holders in the Netherlands have expressed worry about changing regulations.



<figure class="wp-block-image size-full"><a href="https://www.benzinga.com/digital-assets"><img loading="lazy" decoding="async" width="300" height="250" src="https://editorial-assets.benzinga.com/wp-content/uploads/2024/03/29155259/905735A6-57D3-4874-9AA1-75D037842DB3-2.gif" alt="Benzinga Future of Digital Assets conference" class="wp-image-270548"/></a></figure>



Also Read: <a href="https://www.benzinga.com/markets/cryptocurrency/24/10/41297376/bitcoin-will-hit-250k-raoul-pal-says-why-the-gurus-top-5-crypto-predictions-matter-if-your">Bitcoin Will Hit $250K, Raoul Pal Says: Why The Guru&#8217;s Top 5 Crypto Predictions Matter If &#8216;You&#8217;re A Wage Slave&#8217;</a>



Why It Matters: The ECB has previously <a href="https://www.benzinga.com/markets/cryptocurrency/24/02/37262900/is-bitcoins-future-doomed-european-central-bank-says-yes-offers-stark-warning">voiced criticism</a> of Bitcoin, saying its fair value is &#8220;still zero&#8221; and its transactions inconvenient, slow and costly&#8221; in a blog post in February.



Its position also aligns with recent regulatory developments in Europe.



Italy has implemented <a href="https://www.benzinga.com/markets/cryptocurrency/24/10/41367903/italy-eyes-drastic-tax-hike-on-bitcoin-profits-42-looming-in-2025-shocking-countrys-crypto#:~:text=Italy%20plans%20to%20raise%20capital,jurisdictions%20for%20their%20cryptocurrency%20holdings.">higher capital gains taxes on Bitcoin</a>, while the Netherlands has proposed an exit tax for cryptocurrency holders.



Read Next: 



<ul>
<li><a href="https://www.benzinga.com/markets/cryptocurrency/24/10/41274733/in-2022-bitcoin-helped-to-humble-anthony-pompliano-a-look-at-how-his-price-predictions-hav">In 2022, Bitcoin &#8216;Helped To Humble&#8217; Anthony Pompliano: A Look At How His Price Predictions Have Evolved</a></li>
</ul>



Image: Shutterstock

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