Today's News Highlights:
Iran launches missiles at Israel
Approximately $522 million in liquidations across the entire network in the past 24 hours, with long positions liquidated at $450 million
Asset management company Bitwise applies for XRP spot ETF
Bitcoin miners' revenue in September is approximately $815.7 million, the lowest point this year
Report: Over 80% of early-stage startups that raised funds in 2022 are still active
Binance confirms access restrictions for sanctioned Russian users
Japan plans to evaluate cryptocurrency regulations, potentially paving the way for the launch of cryptocurrency ETFs
Upbit will list Wormhole (W) trading pairs for KRW, BTC, and USDT
Regulatory News
U.S. White House: Iran is preparing to launch a ballistic missile attack on Israel
According to Jinshi Data, the U.S. White House stated on Tuesday that there are signs that Iran is preparing to launch ballistic missiles at Israel immediately. A senior official from the White House said that the U.S. is actively supporting Israel's defensive preparations to prevent the attack and warned that a direct military attack from Iran would have serious consequences.
According to Jinshi, Japan plans to assess the effectiveness of its cryptocurrency regulations, with the review set to take place over the next few months, potentially paving the way for the launch of cryptocurrency exchange-traded funds (ETFs) in the country. An official from Japan's Financial Services Agency (FSA) stated that the review will evaluate whether the country's current regulatory approach under the Payment Services Act (PSA) is sufficient. The PSA was originally enacted in 2009, and Japanese lawmakers have amended it multiple times to address changes in the financial services landscape brought about by the emergence of digital currencies. The law recognizes Bitcoin (BTC) and other cryptocurrencies as legal property. It also requires cryptocurrency exchanges to register and comply with the country's anti-money laundering (AML) and counter-terrorism financing (CFT) obligations.
Project Updates
Binance confirms access restrictions for sanctioned Russian users
According to Bitcoin.com, Binance has stated that it is complying with international sanctions by restricting access to its platform for sanctioned Russian individuals and entities. Binance emphasized that compliance is its top priority and stated that it is reassessing its business operations in Russia. While the platform provides limited services to existing Russian users to safeguard their digital assets, Binance strictly adheres to global sanctions rules and denies access to sanctioned users.
Asset management company Bitwise applies for XRP spot ETF
Asset management company Bitwise has submitted an application for a spot XRP exchange-traded fund (ETF) in Delaware. The document shows that an entity named Bitwise XRPETF was officially registered with the Delaware Division of Corporations on Monday. CSC Delaware Trust Company is listed as the registered agent. This move represents that the process for potentially listing and trading an ETF linked to XRP is in its early stages.
While this document indicates progress, it does not mean that an application will be submitted to the U.S. Securities and Exchange Commission (SEC) immediately. Currently, the regulatory agency has not approved any XRP spot ETFs, and any upcoming applications may face obstacles. Bitwise's application comes amid Ripple Labs' ongoing legal challenge with the SEC regarding the classification of XRP. The SEC must appeal the ruling by District Judge Analisa Torres regarding XRP's programmatic sales by October 7.
Bithumb to launch EIGEN on the KRW market
According to an official announcement, the South Korean cryptocurrency exchange Bithumb has added support for EIGEN on the KRW market, with related trading pairs set to go live on October 2 at 17:00 (UTC+8).
Upbit to launch Wormhole (W) trading pairs for KRW, BTC, and USDT
According to an official announcement, the South Korean cryptocurrency exchange Upbit will launch Wormhole (W) trading pairs for KRW, BTC, and USDT.
Binance to remove ACE/FDUSD, FIL/BNB, OP/BNB, TRB/FDUSD spot trading pairs
According to Binance's official announcement, based on recent review results, Binance will remove the following spot trading pairs and cease trading on October 4 at 11:00 (UTC+8): ACE/FDUSD, FIL/BNB, OP/BNB, TRB/FDUSD.
Jupiter announced on the X platform that the voting for the Active Staking Rewards (ASR) plan has concluded, and ASR will be extended for another year, ending on September 30, 2025. The remaining 15 million JUP will be returned to the community multisig. This vote also concluded the ASR rewards for this quarter, and a new DAO page and ASR claim will be launched within two weeks.
Previously, it was reported that Jupiter co-founder Meow released a draft proposal to handle 215 million unallocated JUP tokens, which presented three options: 1) Use the tokens for the Active Staking Rewards (ASR) plan for the next year; 2) Burn the tokens; 3) Return the tokens to the community multisig wallet.
Upbit to launch Wormhole (W) trading pairs for KRW, BTC, and USDT
According to an official announcement, the South Korean cryptocurrency exchange Upbit will launch Wormhole (W) trading pairs for KRW, BTC, and USDT.
Important Data
According to on-chain analyst Yu Jin's monitoring, a whale that obtained 150,000 ETH through the ICO transferred 6,000 ETH (worth $14.71 million) to Kraken 20 minutes ago. He has sold 30,000 ETH (worth $77.4 million) in the past week. So far, he has sold 45,000 of the 150,000 ETH obtained through the ICO (worth $113.88 million).
In September, dormant Bitcoin wallets transferred a total of $257 million worth of BTC
According to News.bitcoin, a total of 4,066.81 BTC was transferred from dormant Bitcoin addresses created between 2009 and 2017 in September. At current value, these once-dormant Bitcoins are worth approximately $257 million. There were a total of 70 transactions in September, transferring 4,066.81 BTC. The leading wallet from 2016 recorded 12 transactions, transferring 1,883.46 BTC, with the largest single transfer being 1,350.27 BTC on September 4. The second-ranked address, created in 2013, transferred 722.87 BTC.
Data from Coinglass shows that the cryptocurrency market experienced $522 million in liquidations across the entire network in the past 24 hours, with long positions liquidated at $450 million and short positions liquidated at $72.7049 million. The liquidation amount for BTC was $139 million, while for ETH it was $109 million.
Bitcoin miners' revenue in September is approximately $815.7 million, the lowest point this year
According to The Block data, Bitcoin miners' revenue in September is approximately $815.7 million, the lowest point this year, down $35.66 million from August, a decrease of 4.18%. Of this, $801.84 million came from block rewards, and $13.86 million came from transaction fees.
Report: Over 80% of early-stage startups that raised funds in 2022 are still active
According to Cointelegraph, a recent report from the venture capital firm Lattice Fund indicates that over 80% of early-stage startups that raised funds in 2022 are still active today. Analysts at Lattice Fund found that among more than 1,200 crypto startups that raised $5 billion in 2022, 76% successfully launched products on the mainnet, while 18.5% are no longer active or have decided to shut down. Eigenlayer was the most successful startup in 2022, successfully executing its launch strategy and delivering products worth billions of dollars before 2023, making it a rare success story among startups that year.
Only 1.5% of startups successfully found what Lattice refers to as "product-market fit" (PMF), and only 12% of projects successfully secured an additional round of funding. Infrastructure and centralized finance (CeFi) proved to be the most successful investment sectors, with 80% of CeFi and 78% of infrastructure projects launching products on the mainnet. Meanwhile, gaming and the metaverse have proven to be mere hype rather than substance, with the highest failure rates across all sectors.
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