gm 29/10

Summary
gm, Citi partnered with Coinbase to enhance institutional crypto payment capabilities across 94 global markets. Circle launched its Arc blockchain testnet with participation from over 100 major companies including BlackRock, Visa, and Goldman Sachs. In a breakthrough for crypto ETFs, the first U.S. spot Solana ETF (BSOL) began trading on the NYSE, alongside ETFs for Hedera and Litecoin, with Bitwise's Solana Staking ETF attracting $69.5 million on its debut day. Meanwhile, Western Union announced plans to launch a dollar-backed stablecoin (USDPT) on Solana by 2026, reinforcing the growing trend of traditional financial giants embracing blockchain technology for cross-border payments.

News Headlines
🔄 Trump Media to Join With Crypto.com in Prediction Market Push

• Trump Media and Technology Group is partnering with Crypto.com to launch Truth Predict, a prediction market platform that will allow users to bet on events including sports games and elections through the Truth Social platform.
• The initiative follows Crypto.com's recent legal setback regarding state gaming regulations and aims to capitalize on growing consumer interest in prediction markets, with a beta testing phase expected to commence soon.

🧩 MegaETH Attracts $350M in Token Sale, Valuing MEGA at $7 Billion

• MegaETH, an Ethereum layer-2 scaling network, raised $350 million in its initial coin offering which was quickly oversubscribed, leading to a hypothetical fully diluted valuation of $7 billion, though the actual FDV will be $999 million once allocations are finalized.
• The ICO is designed to sell 5% of the total 10 billion token supply, with significant demand evidenced by 819 addresses contributing the maximum amount of $186,282 in USDT within the initial hours of the sale.

🎮 Bored Ape Metaverse Game 'Otherside' Launching With Amazon NFT Drop

• Yuga Labs announced the launch of the Koda Nexus, a key social hub in its Otherside metaverse, scheduled for November 12, coinciding with an Amazon Gaming collaboration featuring a co-branded NFT avatar called 'Boximus'.
• The Nexus will facilitate an open-world experience and initiate game mode trials, laying groundwork for future game layers and the Otherside Development Kit for creators, alongside a limited edition collection of interactive digital artworks in collaboration with artist Daniel Arsham.

🚀 Pump Acquires Padre Trading Terminal, Promises Token Compensation

• Pump has acquired the trading terminal Padre, which holds around 4% of the market share on Solana, causing frustration among PADRE token holders as the acquisition left the token without utility.
• In response to community backlash, Pump announced it would compensate PADRE token holders with PUMP tokens based on a specific snapshot value, though this compensation represents only a fraction of the company's implied equity value.

🗽 Statue of Binance Founder Changpeng Zhao Coming to DC After Trump Pardon

• A 14-foot-tall gold statue of Binance founder Changpeng "CZ" Zhao will be unveiled in Washington, D.C., funded by an anonymous collective of four individuals who contributed around $50,000 following his recent pardon by former President Trump.
• The statue will feature Zhao's signature gesture of holding four fingers up and will briefly grace the area outside the U.S. Capitol before being gifted to Zhao or potentially auctioned for his nonprofit Giggle Academy.

Market Metrics

Fundraising & VC
1. Bron (Undisclosed, $15M) - Self-custody platform
2. ZAR (Undisclosed, $12.9M) - Digital wallet enabling users to convert cash into digital dollars

Regulatory
🏦 Bank of Korea Warns on Stablecoin Depeg Risks

• The Bank of Korea has raised concerns about won-denominated stablecoins, emphasizing that private issuers lack the institutional trust necessary to maintain stable currencies.
• The central bank is advocating for a "bank-first approach" to stablecoin issuance, citing historical precedents of currency failures and potential vulnerabilities when stablecoins are not backed by reliable reserves.

⚖️ Kalshi Sues New York Regulators Over Prediction Markets

• Prediction market platform Kalshi has filed a federal lawsuit against New York regulators to prevent the state from categorizing its sports prediction markets as illegal gambling.
• By filing proactively, Kalshi aims to frame the legal battle around federal jurisdiction rather than the legality of the contracts themselves, arguing that CFTC oversight should supersede state gambling regulations.

🏛️ Congressman Proposes Crypto Trading Ban for Politicians

• Rep. Ro Khanna (D-Calif.) plans to introduce legislation banning elected officials from owning or creating cryptocurrencies, citing concerns about conflicts of interest following President Trump's pardon of Binance founder Changpeng Zhao.
• Khanna connected this initiative to earlier efforts to prevent lawmakers from trading stocks while in office, framing both as necessary measures to restore public trust in government.

🏦 Australia Updates Crypto Regulatory Guidance

• Australia's Securities and Investments Commission (ASIC) has released updated guidance on how financial services laws apply to digital assets, replacing "crypto-assets" terminology to encompass a broader range of tokenized products.
• The guidance clarifies that Australian law applies to overseas platforms serving local users and establishes new custodial obligations, including net tangible asset thresholds for firms holding client assets.

💰 China Maintains Crypto Scrutiny While Asia Embraces Stablecoins

• China's central bank continues strict enforcement against domestic crypto operations while monitoring stablecoin development in other countries, citing risks to monetary sovereignty and anti-money laundering concerns.
• Meanwhile, other Asian countries are advancing their stablecoin projects, with Japan launching JPYC and South Korea issuing KRW1, creating a contrasting regulatory landscape in the region.

Technical Analysis
Bitcoin - Bitcoin is within an approximate horizontal trend channel in the short term. This indicates that investors are uncertain and waiting for signals of further direction. A break upwards will be a positive signal, while a break downwards will be a negative signal. The currency has support at points 109600 and resistance at points 115500. Negative volume balance indicates that sellers are aggressive while buyers are passive, and weakens the currency. The currency is overall assessed as technically neutral for the short term.

Ethereum - Ethereum is in a falling trend channel in the short term. Falling trends indicate that the currency experiences negative development and falling buy interest among investors. The currency is moving within a rectangle formation between support at 3798 and resistance at 4638. A decisive break through one of these levels indicates the new direction for the currency. The currency is approaching support at 3970 points, which may give a positive reaction. However, a break downwards through 3970 points will be a negative signal. Volume has previously been low at price tops and high at price bottoms. Volume balance is also negative, which confirms the trend. The RSI curve shows a rising trend, which is an early signal of a possible trend reversal upwards for the price as well. The currency is overall assessed as technically negative for the short term.