Weekly Market Insight: October Week 5

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Market Updates

28 Oct 2024

Headline News

- Bitcoin prices dipped 1.58% last week, reflecting a cautiously optimistic stance ahead of the U.S. 2024 presidential election next Tuesday. Meanwhile, the ETH/BTC pair reached its lowest level since April 2021.
- Polls, including those from Ipsos and FiveThirtyEight, show Kamala Harris holding a narrow 2% to 5% lead over Donald Trump. However, prediction markets like Polymarket give Trump a 65% chance of winning. Pennsylvania, with its 19 electoral votes, remains a pivotal state in determining the next U.S. president. Poll closing times vary by state, generally ending around 7 p.m. local time. While the election winner is usually "called" within days, official finalization of results could take much longer and may extend to several months.

- The U.S. durable goods orders in September decreased by 0.8%, slightly higher than the market estimation of 1% decrease. The data did not have a significant impact on the probability of having a 25bps rate-cut next Friday, which continues to remain at 92.8%.
- Israel carried out airstrikes on Iran, targeting missile and air defense sites. Crude oil dropped 5.11% lower during the Monday open. The assault was viewed as restrained by the market, potentially aiding diplomatic efforts for a regional deal.
- North Korea is dispatching troops to Russia, joining combat with Ukraine.

- Tuesday, October 29 10:00pm: U.S. JOLTs Job Openings in September
- Wednesday, October 30 8:30pm: U.S. Q3 Advance GDP Estimates and Quarterly Treasury Refunding Announcement
- Thursday, October 31 8:30pm: U.S. Core PCE, Personal Income and Spending in September
- Friday, November 1 8:30pm: U.S. Non-Farm Payrolls and Unemployment Rate in October
- Friday, November 1 10:00pm: U.S. ISM Manufacturing PMI in October

- Tether is under federal investigation for possible violation of anti-money-laundering and sanctions rules, according to WSJ. Tether CEO, Paolo Ardoino, stated there is no indication that Tether is under investigation.
- VanEck announced that its Solana exchange-traded note (ETN) launched in the European market has successfully enabled the staking function.

- Kraken announced Ink, an Ethereum Layer-2 powered by OP Stacks, testnet during Ethereum Devcon and mainnet is expected in Q1 2025.
- GnosisDAO announced the launch of the GnosisVC Ecosystem, a $40 million venture fund that focuses on advancing the RWAs and improving decentralized infrastructure.
- Avalanche launched a Visa credit card, users are able to spend their credit limit based on the assets held by users.
- Dymension introduced Initial RollApp Offerings (IRO), the raised fund will be used to seed the liquidity on Dymension's DEX with the LP token burned. RollApps are able to select their preferred bonding curve for IRO.
- Gala introduced GalaChain Decentralisation whitepaper, transiting its consensus mechanism from Raft (leader-based) to Byzantine Fault Tolerance algorithm, improving the security and scalability of the network.
- Sophon has chosen Avail DA as its data availability layer.
- Mantra launched its RWA-focused Layer 1 mainnet, allowing users to stake OM, bridge tokens for future airdrops, and earn KARMA.

- Virtual Protocol upgraded Luna, its top AI agent on their platform, to Sentient Mode v2.0, enabling her* to control her own X account without human oversight. Luna is now able to transact freely onchain and reward tokens to users that completed the quests announced.
- LayerAI introduced AI Agent Launchpool. Each memecoin will be led by one AI agent with a social profile. All the launched memecoins will be paired with its protocol token LAI.
- Uniswap launched its intent-based bridging powered by Across Protocol.
- Sushi swap unveiled its Super Swap roadmap which promises to swap everything focusing on its new Route Processor tech to enhance liquidity.
- Chainlink and 11 institutions including Euroclear, Swift, Franklin Templeton and UBS announced an initiative to make corporate actions into structured data using AI and blockchain technology.
- Ethena's USDe is now accepted as margin collateral for OTC trading with Wintermute.
- Decentraland has released its Decentraland 2.0 with improved performance, creator economics, quests and roadmap for better in-game communication, VC/AR and mobile support.
- Pump.fun launched a function to tokenise video with the newly launched tokens.
- Arkham Intellegent is now supporting Solana blockchain.
- Safe Wallet launched gasless deployment of the multichain address.

- Grass, a decentralised data scrapper protocol, is expected to distribute its airdrop on October 28. GRASS token will be used as network fees, staking, incentive and governance. Revenue generated by the network will be used to buyback GRASS and redistribute to stakeholders.
- Stacks Nakamoto mainnet upgrade is expected to launch on October 29.
- Base is expected to launch fault proofs to mainnet on October 30, enabling permissionless challenge invalid withdrawals. Base will be categorised as stage 1 rollup after the upgrade according to L2Beat.
- Chainlink SmartCon will be held from October 30 to 31 in Hong Kong.
- Elixir announced the mainnet phase 1 launch on October 31.
- Sky (previously MakerDAO) founder Rune Christensen proposed options to recenter the Maker brand or continue with Sky as the core brand.
- Microsoft shareholders will be voting to approve the "Assessment of Investing in Bitcoin" on December 10. The board recommends voting against the proposal.

- WELL token unlocked on October 23rd, amount representing 1.3% of the token supply.
- RON token unlocked on October 27th, amount representing 9.89% of the token supply.
- TIA token unlocked on October 30th, amount representing 82% of the token supply.
- IMX token unlocked on November 1st, amount representing 1.98% of the token supply.
- SUI token unlocked on November 3rd, amount representing 2.96% of the token supply.
- APT token unlocked on November 12th, amount representing 2.19% of the token supply.

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