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While we're used to the volatility of crypto, we often don't have the stomach for the frighteningly unpredictable nature of the geopolitical landscape. This week saw the worrying escalation of the conflict in the Middle East after Iran launched 200 missiles into Israel, which has since vowed to retaliate with Prime Minister Netanyahu warning that Iran "made a big mistake" and will face consequences.
Unless you're an arms dealer, war is not a good business, and as much as Bitcoin has been touted as "digital gold," it once again demonstrated that it's more of a "risky asset" than a hedge by plummeting alongside its stock market counterparts.
Meanwhile, in the West, the US presidential elections draw ever closer. Although the Vice President debate between Tim Walz and JD Vance failed to trigger any momentum in the markets, Donald Trump still caught the attention of degens by reiterating his vow to "save" Silk Road creator Ross Ulbricht.
Getting deeper into bed with crypto folk, Trump has also been busy promoting World Liberty Financial - the crypto project he backed. This week, the project revealed that its whitelist has had "thousands" sign up since going live on Monday.
For better or worse, the global political and economic landscape will change under Trump, while Harris keeping the status quo is equally as troubling for the crypto industry.
But whether it's WWIII on the cards or US hegemony changing its flavor, geopolitical influences are beyond the control of the crypto market, and any market for that matter; it's simply a matter of how we can adapt to the changing tides.
As mentioned, Bitcoin hasn't had the best of weeks, dropping 6.22%. However, Ethereum holders are even worse off, with the cryptocurrency dropping more than 10%.
Risk appetites have slipped from intensified from last week's 62, "Greed," to 41, "Fear."
The Fear & Greed Index uses 5-6 measurements to assess the current sentiment of the market and then rates that level of emotion on a scale of 1-100 – 1 is extreme fear and 100 is extreme greed.
But fear not, as BRN analyst, Valentin Fournier believes that it's still not the worst time to be holding Bitcoin and Ethereum.
"The unemployment rate, due later today, is expected to introduce volatility to the broader risk-asset market, which has been in a holding pattern for the last 48 hours," he warns but nonetheless recommends "a heavy allocation to both BTC and ETH, with reductions only if the unemployment rate exceeds 4.3%" (data to be released at 8:30 am UTC-4).
Bitcoin has demonstrated stability over the past two days, with decreasing volatility. Investors appear to be waiting for the release of the unemployment rate data to make more informed decisions about Bitcoin's future direction. (1/5)
— BRN (@thebrn_co) October 4, 2024
Top Stories (In No Particular Order)
PayPal Conducts Its First Commerical Transaction With PYUSD
In another sign of digital asset payment gaining traction, PayPal has completed its first commercial transaction with its stablecoin PYUSD.
According to Bloomberg, PayPal paid an invoice to Ernst & Young on 23 September using PYUSD, relying on an SAP SE platform to complete the transaction.
Perion Lim
SWIFT To Commence Digital Asset Transactions Starting 2025
Global financial institutions will soon be able to utilize SWIFT's global platform to test transactions for the settlement of digital assets and currencies, Swift announced on Thursday.
Although it plays a crucial role in the worldwide payment system, SWIFT solely functions as a platform for exchanging messages and does not handle funds.
Perion Lim
Taiwan Tightens Crypto Regulations, Introduces Registration Deadline and Special Law
In a move to regulate the burgeoning cryptocurrency market, Taiwan's Financial Supervisory Commission (FSC) has announced that all virtual asset service providers (VASPs) operating in the country must register with the regulator by the end of September 2025.
Failure to comply could result in severe penalties, including imprisonment of up to two years and fines of up to NT$5 million (approximately $155,000), Radio Taiwan International reported.
Blockhead
Binance Labs Invests in Sophon to Boost Entertainment, Gaming, AI
Binance Labs has invested in Sophon's ecosystem of entertainment applications across gaming, social, AI, and prediction markets.
Sophon's vision of transforming how users "live, play, create, and connect" is achieved through the use of ZK Stack, utilizing "native account abstraction" for a gasless experience.
Blockhead
New VARA Rules Are Making Dubai's Crypto Hub Stricter
Under the amended marketing standards for virtual assets proposed by Dubai's crypto regulator, a new warning outlining the dangers of investing in virtual assets is now required.
A "prominent" warning saying that "virtual assets may lose their value in full or in part, and are subject to extreme volatility" will be required of enterprises wishing to market virtual assets in the United Arab Emirates starting from October 1, according to Thursday's announcement from the Virtual Assets Regulatory Authority.
Blockhead
Singapore Gulf Bank Announces Executive Appointments Ahead of November Launch
Singapore Gulf Bank (SGB), an emerging player in the digital assets banking sector, has announced two significant executive appointments as it prepares for its launch in November 2024.
Ali AlShamma has been appointed chief financial officer (CFO), while Elaine Leong joins as chief operating officer (COO), according to an announcement on Thursday. These strategic appointments bring seasoned C-suite experience to bolster SGB’s global expansion plans.
Blockhead
Robinhood Launches Crypto Transfers in Europe
Robinhood Crypto, the crypto arm of trading platform Robinhood, is launching crypto transfers for its customers in Europe.
The US exchange launched its crypto trading service in the EU in December of last year but it did not allow users to move their cryptocurrencies from the platform to a self-custodial wallet or third-party platform.
Blockhead
UK's Elite Tax Drives Investors to Swiss Crypto Hub
The latest indication of unrest among Britain's wealthy elite is that Christian Angermayer has departed from England for a crypto centre in Switzerland in response to the government's intentions to increase taxes on the offshore riches of wealthy Britons.
The investor in cryptocurrencies, biotech, and psychedelics told Bloomberg in a statement that he relocated from London to Lugano this month. Businesses and people in Lugano can pay using Bitcoin or the stablecoin Tether.
Blockhead
Trump Vows to "Save" Ross Ulbricht, Attracts "Thousands" to World Liberty Financial
Donald Trump has pledged his support for Silk Road creator Ross Ulbricht while pushing crypto project World Liberty Financial.
Just weeks away from the US presidential election, Trump is pulling out all the stops to appeal to degens. Responding to Ulbricht's post about starting his twelfth year in prison, Trump stated he would "SAVE ROSS ULBRICHT" on Truth Social.
Blockhead
Franklin Templeton Expands Money Market Fund to Aptos Blockchain; Seeks Approval for Crypto Index ETF
Asset manager Franklin Templeton's On-Chain U.S. Government Money Fund (Nasdaq: FOBXX) has become the first money market fund on the Aptos blockchain, the Layer 1 blockchain announced Wednesday.
"This integration represents a key milestone in merging TradFi with decentralized technology, further positioning Aptos as the leading network for secure, performant, and interoperable financial solutions. TradFi is coming to Aptos," Aptos said on Twitter/X.
Blockhead
$250M Wiped From Crypto as Iran Launches 200 Missiles at Israel – Bitcoin Fails as Digital Gold Again
Bitcoin has failed once again to prove itself as a digital version of gold as Iran's missile attack on Israel has sent the cryptocurrency market into freefall.
Overnight, Iran launched around 200 missiles at Israel in response to the killing of Hezbollah leader Hassan Nasrallah and others. Many of the missiles were intercepted by Israel's iron dome defense system but some hit the ground, including in West Bank.
Blockhead
Is New PM Shigeru Ishiba the Trump or Harris of Japan's Crypto Industry?
Japan has appointed Shigeru Ishiba as its new prime minister, marking the official end of Fumio Kishida's three-year term, but what does it mean for crypto?
Although members of the same party, Ishiba is expected to usher in a new wave of policies that will directly impact the crypto industry. Known for his conservative stance, Ishiba is likely to raise taxes on income and investments with a preference for increasing spending on defense and tackling deflation.
Blockhead
Vitalik Buterin Wants Ethereum Alignment Represented By Specific Metrics
Ethereum founder Vitalik Buterin has proposed an overhauling Ethereum alignment.
In a post, Buterin shared that one of the key challenges facing the ecosystem is integrating decentralization with cooperation among the different groups of people.
Perion Lim
Gemini to Close All Customer Accounts in Canada By Year-End
Gemini has announced that it will close all customer accounts in Canada by the end of the year.
In an email to Canadian customers, the crypto exchange said accounts will be closed by 31 December and that users have 90 days to withdraw assets from the platform.
Blockhead
Australian Bank ANZ Joins Singapore's Project Guardian
ANZ is the latest entity to join the Monetary Authority of Singapore’s (MAS) Project Guardian.
Through the deal, the Australian bank will partner with Chainlink Labs and ADDX to explore tokenised RWAs in financial markets and interoperability between private blockchains to exchange RWAs.
Blockhead
Bitcoin's Best September So Far
Wall Street is being swallowed up by the multitrillion-dollar boom in risky assets that has been going on all year, and now international policymakers are fueling their support.
Following the Federal Reserve's dovish shift, previously unpopular market segments are seeing fresh rallies, propelled by the most recent "Goldilocks" economic data.
Blockhead
Matrixport Acquires Swiss Crypto Asset Manager
Matrixport has expanded its European presence with the acquisition of Crypto Finance (Asset Management) AG (CFAM), a licensed Swiss crypto asset manager, in an all-cash deal from Deutsche Börse Group-owned Crypto Finance Group, the Singapore-headquartered crypto financial services platform announced today.
This strategic move strengthens Matrixport's position in the institutional crypto market and brings a FINMA-approved crypto fund under its umbrella.
Blockhead
No One Cares About Money Laundering as Crypto Industry Celebrates CZ's Release
Binance founder, Changpeng Zhao (CZ), has completed his four-month stint behind bars.
Released two days ahead of his scheduled release, CZ walked out of the halfway house in Long Beach as a free man. According to the US Bureau of Prisons (BOP), prisoners can leave prison early if their release date falls on a weekend or public holiday.
Blockhead
Blockcast
We spoke to Kash Razzaghi, New York-based Chief Business Officer at Circle, who discussed business and market trends in Asia and beyond, including cross-border payments and decentralized finance, and the stablecoin issuer's including its recent tie-up with Sony's blockchain unit.
Speaking to Gemini's APAC Lead, Saad Ahmed, we learned how the collapsed crypto exchange pulled a full 180 by returning $2.18 billion to its users following the Genesis bankruptcy. Ahmed shared how Gemini plans to restore its credibility, regrow, and more importantly, which Winklevoss twin would win in a crypto boxing match.
Finally, we caught up with Chiliz CEO, Alex Dreyfus, who shed light on the relevancy of fan tokens and how entwined they are with the official football clubs. He discussed how Chiliz is overcoming Web2 scepticism and why they were parading Fabio Cannavaro around Token2049 this year.
Blockhead
Events
GeckoCon (Bangkok, 11 November 2024)
GeckoCon returns, and this year we're diving into the revolutionary world of Web3 Gaming! Discover how the fusion of blockchain and traditional gaming is creating a whole new entertainment layer.Don't miss out—visit CoinGecko now to secure your spot in our first ever Hybrid Conference set to take place in Bangkok, Thailand. Or from the comforts of your home!
Get your tickets now with Blockhead's 40% code: BHGC24
[Limited to 30 redemptions, expires 31 October 2024]
[Redacted] (Bangkok, 9-11 November 2024)
The [REDACTED] conference is bringing together the brightest minds in technology for a transformative three-day event from November 9-11, 2024, at the Avani Riverside hotel. This gathering will take place just ahead of Devcon and promises to be a pivotal moment for the convergence of artificial intelligence and Web3.
Interested readers can apply for free tickets here, and sign up for the hackathon here.
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