Crypto Quill

Stay informed with the latest happenings in the cryptocurrency space! Here’s your daily digest of essential news and updates from the world of digital assets.

Market Overview: A Slight Dip

The global cryptocurrency market cap currently stands at approximately $2.47 trillion, reflecting a slight decline of 0.7% over the past 24 hours. Bitcoin is priced at $68,174.75, experiencing a marginal decrease of 0.3%. Meanwhile, Ethereum has seen a rise, currently trading at $2,701.83, up by 2.0%.

• Notable Price Movements:
  • Solana: Up 4.3% to $165.86
  • XRP: Increased by 2.3% to $0.5529
  • Lido Staked Ether (STETH): Trading at $2,702.36, reflecting a 2.1% increase
  • Dogecoin: Climbed 1.1% in 24 hours and 27.6% over the past week, now priced at $0.1444

However, some meme coins have faced steep declines, with KLAUS dropping by 8.7%. In the top 15 cryptocurrencies, TRON (TRX) is slightly up by 0.6% at $0.1574, while Avalanche (AVAX) is down by 3.3% at $28.29 over the last week.

Digital Asset Investment Products Surge

In a positive turn for the crypto market, digital asset investment products saw inflows of $2.2 billion, marking the highest weekly increase since July. This renewed interest is believed to be driven by expectations of a potential Republican victory in the upcoming U.S. elections, as they are generally perceived as more supportive of digital assets.

• Inflows Breakdown:
  • Bitcoin: $2.13 billion
  • Ethereum: $58 million
  • Solana: $2.4 million
  • Litecoin: $1.7 million
  • XRP: $0.7 million

Interestingly, multi-asset products broke their 17-week inflow streak, experiencing outflows of $5.3 million.

Coinbase CEO Supports Pro-Crypto Candidates

In political news, Coinbase co-founder and CEO Brian Armstrong has publicly endorsed several Republican candidates for the U.S. Senate in the upcoming November elections. On October 20, Armstrong expressed his support for candidates with pro-crypto stances, including XRP advocate and lawyer John Deaton, and former Bridgewater Associates CEO David McCormick.

• Candidates Supported:
  • John Deaton: Running for Senate in Massachusetts
  • David McCormick: Running for Senate in Pennsylvania

Japanese Authorities Make Historic Arrests

In a groundbreaking development, Japanese authorities have arrested a gang of 18 scammers by tracking Monero transactions. This marks a significant milestone in crypto law enforcement, as it is the first time Monero transactions have been used to identify and apprehend criminals.

The group was involved in money laundering activities, leading to approximately 100 million yen (around $670,000) in damages. The investigation involved analyzing roughly 900 Monero-based transactions, showcasing the potential for law enforcement to tackle crimes involving privacy-focused cryptocurrencies.