October 29, 2024, brought significant developments across the cryptocurrency landscape, with updates from major platforms, legal news, and technological advancements. Here’s a rundown of the most impactful cryptocurrency news from the day.

1. Coinbase Unveils AI-Driven Crypto Agent Tool

Coinbase has launched a new AI tool designed to help users manage cryptocurrency transactions, track portfolio performance, and receive real-time trade recommendations. The AI-powered tool is expected to streamline user experiences on Coinbase, helping users make better-informed decisions amid market volatility. This tool is aimed at both beginner and experienced investors, reflecting the growing integration of AI in the crypto space.

Introducing Based Agent: create AI agents with full onchain functionality on @base in less than 3 minutes.

The era of Autonomous Onchain Agents is here

Built with @CoinbaseDev SDK, @OpenAI , and @Replit

oh, and you can make it an @X bot too 😉 pic.twitter.com/RgbXp290bV

— lincoln.base.eth (@MurrLincoln) October 26, 2024

2. Bitcoin Price Approaches $84,200 Amid Bullish Momentum

Bitcoin rallied close to $73,500, fueled by strong ETF inflows and positive sentiment around institutional participation. Market analysts attribute this to growing interest from hedge funds and asset managers, who view Bitcoin as a hedge against inflation and economic uncertainty. This recent milestone has strengthened confidence in Bitcoin’s potential to test new highs, especially if institutional support continues.

3. Uniswap Migration Sparks Concerns for Ethereum

Ethereum’s leading decentralized exchange, Uniswap, is reportedly considering migrating to other blockchains to avoid high fees, raising questions about Ethereum’s long-term user retention. Ethereum’s high gas fees have been a persistent issue, and Uniswap’s potential migration could significantly impact Ethereum’s Layer 1 ecosystem. This news has intensified discussions on Ethereum’s competitiveness against other Layer 1 solutions.

4. Ripple’s Chris Larsen Backs Kamala Harris for Pro-Crypto Policies

Ripple’s co-founder Chris Larsen publicly endorsed Kamala Harris in the upcoming presidential election, citing her potential to implement balanced crypto regulation. This endorsement has spurred political debate, with Larsen highlighting Harris’ open stance on fostering innovation while protecting investors. As crypto regulations become a key issue, such endorsements underline the role of politics in shaping crypto policy.

5. Solana Hits 3-Month High, Aiming for a Rally Beyond $200

Solana’s price reached a 3-month high, nearly touching the $200 mark, driven by rising DeFi and NFT activities on its network. With its faster transaction speeds and low fees, Solana has become an attractive alternative to Ethereum. The recent rally reflects the network’s continued growth, positioning it as a strong contender in the blockchain ecosystem.

6. Lazarus Group Exploits Chrome Vulnerability in Fake NFT Game Attack

The North Korean Lazarus Group launched a phishing attack using a fake NFT game, exploiting a zero-day Chrome vulnerability. This sophisticated attack targets unsuspecting crypto users, showing the continued security risks in the NFT and DeFi spaces. As these attacks increase, the crypto community is urged to enhance security measures.

7. U.S. Treasury Highlights Digital Assets in Financial Inclusion Strategy

The U.S. Treasury included digital assets in its latest financial inclusion strategy, acknowledging crypto’s potential to provide access to financial services for underserved populations. This marks an important shift in the government’s stance on crypto, reflecting its growing recognition of blockchain technology in the financial sector.

8. Circle Raises USDC Redemption Fees for Institutions

Circle announced an increase in USDC redemption fees for high-volume institutional transactions, aiming to balance operational costs. This change may affect institutional adoption of USDC in large-scale transactions, particularly for firms relying on USDC for liquidity. The revised fees start at 0.03% per transaction and can rise up to 0.1% for withdrawals exceeding $15 million.

9. Hong Kong Speeds Up Licensing for Crypto Exchanges

The Hong Kong Securities and Futures Commission accelerated the licensing process for crypto exchanges, aligning with the city’s goal to become a leading crypto hub. This move aims to attract global crypto firms and strengthen Hong Kong’s position in the digital asset market.

10. Solayer and OpenEden Launch Treasury-Backed Stablecoin on Solana

Solayer, in collaboration with OpenEden, launched a U.S. Treasury-backed stablecoin on Solana, allowing users to mint sUSD with as little as $5 in USDC. This addition to Solana’s DeFi ecosystem offers a secure, yield-bearing option for users. Named sUSD, this stablecoin marks the first of several tokenized real-world assets (RWAs) that Solayer aims to launch on the Solana blockchain.

11. Binance’s Market Share Declines Amid DEX Popularity

Binance has seen a slight decline in market share as decentralized exchanges (DEXs) gain traction, reflecting a growing user preference for decentralized trading amid regulatory scrutiny on centralized exchanges. This trend highlights the changing dynamics within the crypto trading space. Recent data indicates a 13% year-over-year decline in Binance’s spot trading volume, which has led to a significant reduction in its market share—from 52.5% in October 2023 down to 39.5%.

Decentralized exchanges (DEXs) are increasingly challenging centralized exchanges (CEXs), with monthly DEX trading volumes surpassing $250 billion in both March and June 2024—the highest levels since December 2021. As of October 29, DEX spot trading volumes represented 13.6% of CEX trading volumes, highlighting the shift towards decentralized trading options.

Conclusion: The most important cryptocurrency news of October 29, 2024

October 29, 2024, highlighted the dynamic nature of the cryptocurrency market, featuring technological advancements, policy shifts, and market movements. As crypto adoption increases, these developments underscore the need for investors and enthusiasts to stay informed. From rising institutional interest to regulatory debates, the crypto world continues to evolve, shaping the future of digital finance.