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No. | Index |
|---|---|
1. | Ether Price Drops |
2. | UAE removes Tax on all crypto đ€© |
3. | Silk Road BTC Sale |
4. | Solana's Founder Criticizes Meme Coins |
5. | Bitcoin whale, holding 10,158 BTC |
6. | "Iâm not Satoshi" Peter Todd |
7. | đ€Ł Meme of the week đ€Ł |
Etherâs price fell by 7.3% between October 1 and 8, down to $2,429.99, erasing gains from the prior two weeks. While broader altcoin market trends mirror this decline, Ethereum faces rising competition from scalable blockchains like Solana, BNB Chain, and Avalanche. Ethereumâs decentralized exchange (DEX) dominance has also fallen sharply, now at just 22%. Despite growth in layer-2 solutions like Base and Arbitrum, transaction activity on Ethereum remains sluggish, raising concerns about the networkâs future amid a lackluster debut for Ether ETFs.
The UAE has announced that, effective November 15, 2024, all crypto transactions, including transfers and conversions, will be exempt from VAT. This amendment, part of the Federal Tax Authority's updated regulations, aims to simplify tax compliance for businesses dealing in virtual assets. The change is retroactive, potentially affecting transactions as far back as 2018. Businesses and fund managers dealing with crypto should reassess their tax obligations and consider filing voluntary disclosures to correct past VAT filings.
As the U.S. government considers selling $4.4B in seized Silk Road BTC following a Supreme Court decision, HBO's new Satoshi Nakamoto documentary fuels speculation. Despite the noise, Bitcoin Cash (BCH) developers continue to push on-chain innovation, including UTXO-based smart contracts, NFTs, and adaptive blocksize adjustment algorithms. BCH remains focused on its peer-to-peer electronic cash vision, undeterred by custodial second layers or high transaction fees, continuing to innovate in line with Satoshi's original ideals.
Solana co-founder Anatoly Yakovenko claims memecoins have overshadowed every crypto cycle, draining attention from real products. In 2024, memecoins, fueled by celebrity endorsements, dominate with a market cap of $44.01 billion. Yakovenko suggests these cycles are 90% meme-driven and 10% product-based, forcing legitimate projects to prove their value without hype. Celebrities like Caitlyn Jenner and Iggy Azalea have launched tokens, adding to the chaos. Despite the volatility, memecoins like DOGE, SHIB, and PEPE continue to lead the market.
Former Russian chief investigator Marat Tambiev was sentenced to 16 years in prison for accepting 1,032 BTC (~$65M) in bribes from the Infraud Organization hacking group. Tambiev received the bribe in exchange for not confiscating their illicit Bitcoin. The case marks Russia's largest known bribery case involving cryptocurrency. Authorities discovered the bribe stored in a file labeled "Pension" on his computer. This case highlights Russia's ongoing crackdown on corruption, with several high-ranking officials also facing similar charges.
A Bitcoin whale, holding 10,158 BTC, has added 750 more coins despite facing an unrealized loss of $46 million. The whale, dormant for six months, resumed activity by withdrawing 250 BTC from Binance and buying more shortly after. The average purchase price of the whale's holdings is $67,026, while Bitcoin is currently trading at around $62,300. Despite significant paper losses, the whale shows confidence in Bitcoinâs long-term potential by adopting a "buy the dip" strategy.
HBOâs documentary "Money Electric: The Bitcoin Mystery" claims Bitcoin Core developer Peter Todd is Satoshi Nakamoto. Todd firmly denied the allegations on X, stating, "Iâm not Satoshi." The documentary highlights Todd's early involvement with cryptography and Bitcoin, but fails to present concrete evidence linking him to the pseudonymous creator. Todd humorously dismissed the speculation, saying, âItâs ludicrousâ and sarcastically added, âOf course Iâm Satoshi. And Iâm Craig Wright.â The mystery around Bitcoinâs creator remains unsolved.
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