Most important cryptocurrency news as of October 16, 2024

As of October 16, 2024, the cryptocurrency market experienced several notable shifts. In this article, we will summarize all the key events that shook the cryptocurrency market on this date.

Most important cryptocurrency news as of October 16, 2024

• Bitcoin Liquidations: Bitcoin’s sharp rise to $68,000 triggered over $300 million in liquidations within 24 hours. This reflects the impact of the rally, as many short-position traders were forced to close their positions due to the unexpected surge in Bitcoin’s price​.
• Dogecoin’s Rally: Dogecoin (DOGE) gained 14.66% over the week, moving past key resistance levels. Analysts suggest that it could rally another 20%, potentially reaching $0.135 if the upward momentum continues​.
• Italy’s New Tax Policy: The Italian government is planning to raise its capital gains tax on Bitcoin and other cryptocurrencies from 26% to 42%. This announcement has raised concerns among investors in Italy, who fear it could dampen crypto investments​.
• KuCoin Token Growth: KuCoin Token (KCS) continues its growth trajectory, with predictions indicating it could reach $10.19 by the end of 2024. The KuCoin exchange’s decentralization initiatives are a key driver for the token’s success​.
• Radiant Capital Hack: In a significant cybersecurity breach, Radiant Capital lost $50 million due to a hack. This attack underscores the ongoing vulnerabilities within the DeFi space​.
• Vitalik Buterin Endorses Celo’s Growth: Vitalik Buterin, Ethereum’s founder, praised Celo for its efforts in improving financial inclusion by using Ethereum’s Layer-2 solutions. This has sparked increased investor interest in the CELO token​.
• Sei Blockchain’s Rapid Growth: Sei, a high-speed Layer-1 blockchain capable of handling 20,000 transactions per second, is gaining momentum as it prepares for its Sei v2 upgrade. This upgrade aims to attract more Ethereum developers, positioning Sei as a strong competitor​.
• Ondo Finance’s Tokenization of Real-World Assets: Ondo Finance, a leader in tokenizing real-world assets, is gaining traction with its USDY and OUSG tokens, designed to provide yield through US Treasuries and other financial instruments​.
• Mina Protocol’s Expansion: Mina Protocol, known for its ultra-light blockchain size of just 22kb, is seeing a resurgence with +25% growth over the past year. Analysts predict this could lead to a significant rally in the coming months​.
• Hong Kong Crypto Fraud Bust: Hong Kong authorities uncovered a $46 million crypto fraud linked to romance scams. This highlights the growing sophistication of fraud schemes involving digital assets​.

Cryptocurrency Calendar

• Orion Protocol Airdrop: Orion Protocol launched its GenesisNode Airdrop, offering rewards for node delegators. This is part of its efforts to expand participation in its ecosystem​.
• Listing of DeBridge on Huobi and KuCoin: DeBridge (DBR) is scheduled to be listed on both Huobi and KuCoin on October 17, with trading pairs in USDT​.
• MetaCene’s Game Update: MetaCene will release its latest game update, “Thor’s Wrath,” on October 17, introducing a new server and game features​
• Popcat Listing on SolCex Exchange: Popcat (POPCAT) will be listed on the SolCex Exchange on October 17, expanding its accessibility to new traders​