Key Points
- Bitcoin remains steady at $67K after volatility earlier this week.
- Ripple files cross-appeal in SEC lawsuit, with $10M donation by co-founder.
- Tether unveils a statue of Bitcoin creator Satoshi Nakamoto.
- Hackers return $19.2M after breach of U.S. government crypto wallet.
Bitcoin Price Movement and Meme Coin Surge
Bitcoin’s price maintained a steady position around $67,000 on Friday after a volatile week. The cryptocurrency saw highs of $69,227 on October 21 but briefly dropped to $65,440 before reclaiming ground to stabilize at its current price. This volatility reflects broader market trends, where both leading altcoins and meme coins experienced significant gains before experiencing a slight dip.
Meme coins, led by tokens like Popcat (POPCAT) and Cat in a Dog’s World (MEW), surged to new peaks before paring down gains as traders took profits. These spikes highlight continued interest in meme coins, especially dog-themed and political tokens, as the U.S. election approaches. Despite the pullback, notable tokens such as Safe (SAFE), Raydium (RAY), and ApeCoin (APE) held their gains with SAFE leading the top 100 by market cap, up 63% for the week.
Key Industry Updates: Binance, Ripple, and Tether
This week’s crypto news also included substantial developments beyond price fluctuations. Among these, the release of Binance’s top executive, Tigran Gambaryan, by Nigerian authorities stood out. Gambaryan, a U.S. citizen, had been detained since February, and Binance CEO Richard Teng announced his release after eight months in custody.
Ripple also made headlines with its legal proceedings against the U.S. Securities and Exchange Commission (SEC). Ripple filed a cross-appeal as part of its ongoing effort to refute the SEC’s classification of XRP as a security. Additionally, Ripple’s co-founder donated $10 million to U.S. Vice President Kamala Harris’ campaign, drawing considerable interest from the crypto community as it intersects with broader financial and political discussions.
Meanwhile, Tether added a historical nod to the crypto world by unveiling a statue of Bitcoin’s creator, Satoshi Nakamoto, in Lugano, Switzerland. Tether’s CEO, Paolo Ardoino, emphasized that the company is not planning to go public, further clarifying Tether’s position amid ongoing scrutiny and speculation.
U.S. Government Crypto Wallet Breach and Hacker Reversal
In one of the week’s more dramatic events, a U.S. government crypto wallet was breached, resulting in a theft of $20 million. The hacker subsequently returned $19.2 million, including 2,408 ETH and 13.19 million aUSDC, though funds transferred to various exchanges, such as Switchain and HitBTC, remain unreturned. This rapid turn of events came as U.S. prosecutors extended a plea deal to Eric Council Jr., who had previously been charged with hacking the SEC’s social media account earlier in the year.
Additional Crypto Sector Developments
In other news, Stripe’s acquisition of stablecoin company Bridge for $1.1 billion marked the payments giant’s re-entrance into the crypto space. This move signifies a growing institutional interest in integrating stablecoins and crypto services, further bridging traditional finance with digital assets.
Kraken, another major crypto exchange, announced plans to launch its own layer-2 network. This development aligns with recent industry trends where exchanges are expanding offerings to include more blockchain solutions, enhancing user experience and potentially reducing transaction costs.
Finally, MicroStrategy founder Michael Saylor proposed that Microsoft adopt a Bitcoin-based strategy, as he discussed the legacy implications of his BTC holdings, which he stated would be dedicated to humanity after his lifetime.
Outlook
This week’s news underscores the crypto market’s dual nature—volatile yet resilient. While Bitcoin and major altcoins faced typical swings, industry developments, such as Tether’s homage to Nakamoto, Ripple’s ongoing legal battles, and the U.S. government hack, point to the market’s growing complexity and widespread influence.
