The price of Bitcoin and Ethereum has remained steady at $20k and $1,300, respectively, as cryptocurrency markets have been moving horizontally all week. This Thursday, the value of the global cryptocurrency market is $963 billion. The trade volume is beginning to rise, which may cause a potential bull run that may start next week, which is still fantastic news.
Key Notes:
- With a $960 billion worldwide market valuation, the cryptocurrency market is still moving sideways.
- Do Kwon, the creator of Terra Luna has denied claims that the South Korean government took approximately $40 million worth of his assets.
- Due to its high endurance, Bitcoin might serve as a stepping stone to introduce investors to DeFi and cryptocurrencies, according to Bitcoin.com CEO. This is true even in the face of failures like Terra Luna and Celsius.
- The block censoring problem for the ETH blockchain is perpetuated by Ethereum’s recently built MEV-Boost relays, which allow for a significant rise in staking rewards.
- Since the market’s worldwide valuation is less than $1 trillion, it is still in the bearish zone but generally healthy.
Bitcoin’s News Market Update
Today’s most prominent news for the cryptocurrency markets is related to Terra Luna’s Do Kwon, even though it is not officially related to Bitcoin. South Korea reportedly froze Do Kwon’s crypto assets valued at nearly $40 million. The creator of Terra Luna, however, refuted ownership of the funds in a tweet:
I don't get the motivation behind spreading this falsehood – muscle flexing? But to what end?
Once again, I don't even use Kucoin and OkEx, have no time to trade, no funds have been frozen.
I don't know whose funds they've frozen, but good for them, hope they use it for good 🙏 https://t.co/gSucKfqsxj
— Do Kwon 🌕 (@stablekwon) October 5, 2022
Do Kwon said: “I don’t know whose funds they’ve frozen, but good for them, hope they use it for good.”
Community members accused Do Kwon of eluding the law, while others referred to him as a martyr and a victim of cancel culture in their reactions to his tweets.
Although LUNC was able to surpass $1.8 billion in valuation, the market cap is still down more than 90% from its record high of $40 billion in April 2022.
The LUNC saga is still in progress, and Do Kwon’s location is still unknown.
Speaking of Terra’s demise, Cointelegraph reported on Dennis Jarvis, CEO of Bitcoin.com, who spoke at the Blockchain Economy Dubai Summit 2022 and mentioned the following:
“Massive losses of investor funds like the collapse of Terra and the Axie Infinity Ronin hack have made DeFi unappealing to potential users. However, the executive believes that by using Bitcoin as a hook, DeFi can overcome the onboarding crisis brought about by its declining reputation.”
For investors who think investing in cryptocurrencies is hazardous, Bitcoin acts as an anchor because it is the most valuable crypto asset in the market. Bitcoin is the most durable and tried-and-true blockchain network, notwithstanding price swings.
Bitcoin continues to be one of the most reliable choices for individuals wishing to invest in cryptocurrencies in terms of longevity and the assurance that your investment won’t abruptly collapse due to a technological error.
With a market capitalization of $384 billion, bitcoin is currently trading at $20,055. Over the previous day, a rise of over 7% brought its 24-hour trading volume to $36 billion.
Ethereum News Update
This week’s main Ethereum news concerns its MEV-Boost relays, which are software implementations for Ethereum validators that can give validators a way to see a 60%+ rise in their staking payouts.
For the Ethereum community, MEV-Boost is free and open-source software. MEV-Boost can give validators a mechanism to filter specific transactions on the Ethereum blockchain, according to a recent study by Coindesk.
Block censorship on Ethereum has long been a problem, and the MEV-Boost implementation risks worsen it.
Ethereum is trading at $1,365, up 1% over the last day. The market valuation of ETH is still $167 billion, and its 24-hour trading volume is $12 billion, up 24% from the previous day.
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any projects.
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