Weekly News Digest for Oct 2-Oct 8

Market Update

Over the past week, the cryptocurrency market experienced notable fluctuations, commencing October with an upbeat start. Bitcoin (BTC) kicked off the week surpassing the $28,000 mark, an optimistic outlook backed by Ethereum (ETH) maintaining a level above $1,700. Noteworthy altcoins such as Bitcoin Cash (BCH) and Solana (SOL) mirrored this positivity, achieving significant highs. However, by Tuesday, profit-taking caused both BTC and ETH to retreat from these gains, a trend further reflected by Dogecoin (DOGE) and Shiba Inu (SHIB), which also posted losses. By Thursday, the anticipation of the US nonfarm payrolls report had Bitcoin teetering close to a critical ceiling, with Ethereum marking its fourth consecutive decline. The week concluded with BTC regaining the $28,000 level, coinciding with comments from popular figures Joe Rogan and Sam Altman, while BCH and TRON (TRX) saw a reversal in their recent downtrends.

News of the Week

Billionaire on Paper: FTX CTO Gary Wang Reveals Alameda’s Privileges Amidst Exchange Scandal

Gary Wang admitted to financial crimes alongside FTX founder Sam Bankman-Fried and revealed special privileges Alameda Research had within FTX.

Joe Rogan Says Bitcoin Is the Most Likely Contender for a ‘Universal Viable Currency’

On his podcast, Joe Rogan discussed Bitcoin’s potential as a global currency with Openai’s CEO, Sam Altman.

Vitalik Buterin Discusses Ethereum Protocol ‘Enshrining’: ‘Blockchains Are Social Systems’

Vitalik Buterin spoke on the Ethereum community’s debate about adding features directly to the protocol versus using Layer-2 structures.

‘Big Short’ Author Reveals Sam Bankman-Fried’s ‘Gamified’ Saga in Latest Tell-All

Michael Lewis’s new book delves into Sam Bankman-Fried’s rise and fall, with some critics disputing his portrayal of FTX.

Robert Kennedy Jr. Promises to End White House War on Bitcoin — Says We Need ‘Freedom Currency’ That Government Can’t Control

Presidential candidate Robert F. Kennedy Jr. pledged to support Bitcoin and promote it as a “freedom currency” beyond government control.

The Leading 5 Defi Categories Overseeing Billions: An October 2023 Snapshot

The top five defi categories as of October 2023 include liquid staking derivatives, lending, dex, bridges, and CDP, all overseeing billions in assets.

Betting on Justice? Polymarket Odds Reveal Speculators’ Take on Bankman-Fried’s Trial

Cryptocurrency speculators are betting on Sam Bankman-Fried’s trial outcomes using the Polymarket decentralized prediction market.

Shielding Your Digital Realm: How to Protect Yourself and Crypto From SIM Swap Attacks

To guard against SIM swap attacks targeting crypto investors, individuals are advised to enhance online security measures and opt for stronger authentication.

The Rise and Retreat: Bitcoin’s Ordinal Inscription Wave Ebbs

Bitcoin-based Ordinal inscriptions trend has declined, affecting miners and Bitcoin’s NFT sales.

$8B Margin Mystery: Alameda’s Caroline Ellison to Testify Against Bankman-Fried Next Week

Former Alameda Research CEO Caroline Ellison will testify against Sam Bankman-Fried, potentially revealing Alameda’s financial dealings and special privileges.