top of page
Writer's pictureBlockstone Capital

Blockstone Capital Weekly Digest: Friday 4 October 2024

Crypto markets this week:

BTC is -5.79%, trading at $61.6K

ETH is -9.97.%, trading at $2.39K

BTC dominance: 56.9%

Crypto market cap: $2.14T


Overview: Escalating conflict in the Middle East is unsettling markets. Bitcoin's price trended downward throughout the week, briefly dipping as low as $60K on Thursday. Standard Chartered's global head of digital assets research, Geoff Kendrick, stated that while risks in the Middle East may push Bitcoin lower, investors should view this as a buying opportunity, citing Trump’s growing momentum in the U.S. presidential race as a catalyst.


In the US, there’s relief on the supply chain front: East Coast and Gulf Coast ports reopened late yesterday after resolving the longest labor stoppage in almost fifty years. 


As we write this, markets are moving mildly higher following the release of a surprisingly strong US jobs report, showing that employers added 254,000 jobs in September. This data has shifted expectations for the Fed’s next move; markets now see a 90% chance of just a 25 bps rate cut in November, down from the 50 bps widely anticipated just a week ago. 


In Europe, The ECB is on track for another rate cut this month (possibly 0.5%) and Bank of England Governor Bailey said it could become “a bit more aggressive” in cutting rates. 


Turning to Asia, Japan remains in the spotlight as the new PM signals it’s not the time for further rate hikes, while China took a breather this week due to National Day celebrations marking the 75th anniversary of the People's Republic. 


Key Developments:


Visa, SWIFT lead global blockchain adoption push: SWIFT announced that banks using their networks will be able to trial digital asset transactions in 2025. Yesterday, Visa announced the Visa Tokenized Asset Platform (VTAP), a platform designed for institutions to issue and manage digital assets such as stablecoins. Meanwhile, Spanish bank BBVA announced plans to launch its own stablecoin in 2025 via Visa's new platform.


Binance is losing trading market share: Binance’s share of the crypto market in both spot and derivatives trading dropped to the lowest level since 2020, as per CCData. CEXs Crypto.com, Upbit and Bithumb have seen increases in market share.


HBO documentary claims to unmask Satoshi Nakamoto: The upcoming 'Money Electric: The Bitcoin Mystery', hints at revealing the true identity of Bitcoin's anonymous creator, Satoshi Nakamoto. Many on Polymarket are betting on Len Sassaman being who the documentary names.


Grayscale launches Aave investment fund: The new fund aims to give investors access to a platform that could disrupt traditional finance by automating loans and eliminating intermediaries.


Bitwise submitted an S-1 for a XRP ETF this week. Following the announcement, the SEC filed an appeal for the 2023 ruling which established XRP not to be a security, which likely will be a stumbling block to any XRP ETF approval in the short term.


Franklin Templeton extends support of FOBXX to the Aptos chainThe tokenized fund, the second largest on the market behind Blackrock's BUIDL, is also available on Arbitrum, Stellar, Polygon, and Avalanche. Aptos is up more than 12% this week, trading at $9.20.


Matrixport acquires Crypto Finance AG. The crypto financial services platform acquired the Swiss-based crypto asset manager, previously a Deutsche Boerse Group subsidiary. A new report from Architect Partners shows crypto M&A slowed in Q3, with 35 transactions disclosed.

4 views
bottom of page