The most important cryptocurrency news of October 24, 2024
4 min readOctober 24, 2024, brought several pivotal events to the cryptocurrency space, highlighting regulatory changes, market movements, and technology advancements. As the crypto world continues to evolve, these developments are crucial for investors and enthusiasts alike. Below is a roundup of the most important cryptocurrency news from this date.
1. Bitcoin Derivatives Hit Market Record
Bitcoin derivatives reached a new record in the cryptocurrency market. Data shows that the open interest in BTC futures and options exceeded $70 billion, underscoring the growing institutional interest in hedging and speculating on Bitcoin’s price. The growth in derivatives is often seen as a sign of a maturing market, but analysts caution that it could also increase volatility due to leveraged positions.
2. Ripple Files a New Appeal Against SEC
Ripple has filed a new form as part of its ongoing appeal in its legal battle with the U.S. Securities and Exchange Commission (SEC). The filing focuses on clarifying Ripple’s position regarding whether XRP should be classified as a security. The legal outcome of this case remains a significant point of interest for the broader crypto community, as it could have implications for other altcoins and regulatory frameworks.
3. Solana CEO Pushes for Ethereum-Like Execution Layer
Anatoly Yakovenko, CEO of Solana, announced plans to build an Ethereum-like execution layer on Solana. The idea is to enhance Solana’s infrastructure to handle more complex smart contracts and enable better compatibility with Ethereum’s decentralized applications (dApps). This move could significantly boost Solana’s competitiveness against Ethereum.
4. Aptos Foundation Unveils New AI Tools
Aptos Foundation has launched new AI-based tools aimed at simplifying the development of decentralized applications (dApps). These tools are designed to make blockchain technology more accessible to developers with minimal coding experience, potentially driving mass adoption of blockchain-based applications. Following the announcement of this collaboration, the price of APT has surged by 5.34%, bringing its value up to $10.40.
5. U.S. State Regulators Report Rise in Crypto Investigations
U.S. state regulators reported a sharp increase in investigations related to tech and digital assets, including cryptocurrency fraud and regulatory violations. This uptick reflects growing concerns about the risks posed by unregulated crypto markets. State-level enforcement actions are becoming more common as authorities aim to protect consumers from fraud and illegal schemes.
6. Cardano Integrates Into Bitcoin Ecosystem
Cardano announced its integration with the Bitcoin ecosystem through the BitcoinOS Grail bridge. This move allows Cardano to enhance its scalability and functionality by leveraging Bitcoin’s secure infrastructure. The integration is expected to attract more developers to build on the Cardano network.
7. BRICS Close Membership for 2024, Bitcoin Plan Still On?
The BRICS nations (Brazil, Russia, India, China, South Africa) have closed their membership for 2024, but discussions about adopting Bitcoin as part of a broader financial strategy are still ongoing. This has fueled speculation about Bitcoin’s potential role in international finance, particularly as an alternative to traditional fiat currencies in BRICS member nations.
The alliance has seen significant growth over the past year, beyond its core founding members. Earlier in the year, countries such as the United Arab Emirates (UAE), Iran, Egypt, and Ethiopia officially joined the alliance. In addition to these full members, the group also includes several partner nations, including Nigeria, Turkey, Malaysia, and Thailand. Earlier reports noted that Turkey had already unveiled its plans to join the alliance by June. With the recent decision to block new memberships, there is speculation on what the alliance will focus on for the remainder of the year.
8. Celestia Launches Ginger Network Upgrade
Celestia, a modular blockchain network, unveiled its Ginger Network Upgrade, which aims to increase transaction throughput and reduce gas fees. This upgrade follows a broader trend of Layer 1 blockchains striving to improve their performance to compete with Ethereum. Celestia’s upgrade has already boosted its native token’s price by 6%.
9. Tether Proposes Tokenizing Turkey’s Boron Market
Tether, the issuer of the largest stablecoin, has proposed tokenizing Turkey’s boron market. This initiative would leverage blockchain technology to bring greater transparency and efficiency to boron trading, which is one of Turkey’s key natural resources. This development highlights Tether’s ambitions to expand its influence beyond cryptocurrency and into commodity markets.
10. U.S. Government Sells AAVE Tokens for First Time in 8 Months
The U.S. government conducted its first sale of AAVE tokens in eight months, sparking concerns of a potential selloff. According to data from Arkham Intelligence, this move comes as part of a broader strategy to liquidate seized crypto assets. Traders are now watching closely for any further sales that could impact AAVE’s market price.
𝗨𝗣𝗗𝗔𝗧𝗘: 𝗨𝗦 𝗚𝗼𝘃𝗲𝗿𝗻𝗺𝗲𝗻𝘁 𝗹𝗶𝗻𝗸𝗲𝗱 𝗮𝗱𝗱𝗿𝗲𝘀𝘀 𝗮𝗽𝗽𝗲𝗮𝗿𝘀 𝘁𝗼 𝗵𝗮𝘃𝗲 𝗯𝗲𝗲𝗻 𝗰𝗼𝗺𝗽𝗿𝗼𝗺𝗶𝘀𝗲𝗱 𝗳𝗼𝗿 $𝟮𝟬𝗠.
$20M in USDC, USDT, aUSDC and ETH has been suspiciously moved from a USG-linked address 0xc9E6E51C7dA9FF1198fdC5b3369EfeDA9b19C34c to… pic.twitter.com/UXn1atE1Wx
— Arkham (@ArkhamIntel) October 24, 2024
11. Dogecoin and Shiba Inu Lead in Long-Term HODL Rates
According to data from IntoTheBlock, Dogecoin (DOGE) and Shiba Inu (SHIB) have emerged as the coins with the longest holding periods among crypto users. This demonstrates the strength of community belief in meme coins, despite their high volatility. Analysts speculate that long-term HODLing could help stabilize these assets over time.
Conclusion: The most important cryptocurrency news of October 24, 2024
The cryptocurrency landscape continues to evolve, with October 24, 2024, showcasing diverse developments ranging from legal battles to technological advancements. As the market matures, it is clear that innovation, regulation, and security will play crucial roles in shaping the future of the crypto industry. Investors and enthusiasts alike must stay informed about these rapid changes to navigate the dynamic world of digital assets effectively.
