Top Crypto Stories of The Week
Take a look at some of the latest crypto stories, including Trump’s token project, Bitcoin ETF inflows, and predictions for Bitcoin’s price in 2025. Discover the key highlights of this week’s cryptocurrency news.
The world of cryptocurrency continues to evolve rapidly, with major developments in the market making headlines this week. From Donald Trump's crypto project amassing significant signups ahead of its token sale to the Securities and Exchange Commission (SEC) approving more Bitcoin exchange-traded funds (ETFs), the industry is buzzing with activity. These top crypto stories are shaping the future of digital assets and their adoption across the globe.
Trump’s Crypto Project Surpasses 100K Signups Ahead of Token Launch
One of the biggest crypto stories this week is the Donald Trump-backed crypto project, World Liberty Financial (WLFI), which claims to have secured over 100,000 signups before its public token launch. The token sale is scheduled for October 15, and the platform aims to offer decentralized finance (DeFi) solutions such as borrowing, lending, and stablecoin transactions.
During an X Space session on October 14, Zak Folkman, the head of operations at World Liberty Financial, confirmed that the WLFI token will be an Ethereum-based ERC-20 token. Folkman also emphasized that the token will serve as the governance asset for the platform, which will allow users to create and interact with liquidity pools. Despite some rehashed information from previous announcements, the platform’s core focus on DeFi solutions remains a major point of interest.
Chase Herro and Zach Witkoff, both part of the World Liberty Financial team, shared additional details on the project, emphasizing the innovative potential of its DeFi offerings. As the project nears its token sale, the crypto world will be watching closely to see how Trump's involvement may influence the platform's success and future adoption.
Bitcoin ETFs See Record Inflows Amid Bullish Market Sentiment
Another major highlight in this week’s crypto stories is the surge in inflows into U.S. spot Bitcoin ETFs. On October 14, ETFs saw their largest single-day inflow since June, with a staggering $556 million pouring into the funds. This surge in institutional interest has bolstered confidence in Bitcoin as it continues to hover around the $66,500 mark.
The President of The ETF Store, Nate Geraci, described the day as a "monster day" for Bitcoin ETFs. He further emphasized the growing adoption by institutional investors rather than just retail participants. According to Geraci, the total inflows into Bitcoin ETFs over the past 10 months have approached an impressive $20 billion, far surpassing pre-launch estimates.
The Fidelity Wise Bitcoin Origin Fund (FBTC) led the pack, recording $239.3 million in inflows, marking its highest since June 4. As more institutional players enter the crypto space, Bitcoin’s future looks increasingly optimistic, with expectations of further ETF-related developments potentially driving the next bull market.
SEC Approves Bitcoin Options ETFs for NYSE and CBOE
In another win for the cryptocurrency market, the SEC approved applications from both the New York Stock Exchange (NYSE) and the Chicago Board Options Exchange (CBOE) to list options for spot Bitcoin ETFs. This move signals a further legitimization of Bitcoin as an asset class and puts Bitcoin ETF options on par with other commodity-based ETFs.
Eleven ETF providers, including prominent names such as Fidelity, ARK21Shares, Invesco Galaxy, and BlackRock, will now be able to offer Bitcoin options on the NYSE. This could lead to even more inflows into Bitcoin ETFs as institutional investors look to diversify their crypto portfolios.
The approval of these options further indicates that the SEC is slowly warming up to Bitcoin and digital assets, despite past regulatory challenges. With the market eagerly awaiting the impact of these developments, Bitcoin’s price could see significant gains in the coming months.
Warren and Deaton Spar Over Crypto in Senate Race Debate
The political sphere also witnessed a crypto showdown this week as U.S. Senator Elizabeth Warren and crypto lawyer John Deaton faced off in their first debate for a Senate seat from Massachusetts. Deaton, a Republican candidate, criticized Warren for her anti-crypto stance, accusing her of focusing on building an "anti-crypto army" rather than addressing pressing issues such as inflation and immigration.
Warren, on the other hand, defended her position, stating that while she’s not against crypto, she believes the industry should follow the same rules as traditional financial institutions. This debate underscores the growing influence of cryptocurrency in U.S. politics, as candidates increasingly take positions on digital assets that could shape future regulatory policies.
Bitcoin Price Prediction: $233K by Q1 2025?
One of the most eye-catching predictions this week comes from a crypto analysis account, Bitcoindata21, which suggests that Bitcoin could hit $233,000 by the first quarter of 2025. This forecast is based on the relative strength index (RSI), which has historically predicted major price movements for Bitcoin.
Currently consolidating around $65,000, Bitcoin's price action is showing signs of a potential breakout. Bitcoindata21 applied standard deviation to the monthly RSI, indicating that the top of the current bull market could push Bitcoin’s price to new all-time highs. The prediction aligns with past RSI readings, which have typically preceded significant price rallies.
“If you are expecting it NOT to get hit, then you believe this time is different,” Bitcoindata21 said in a post. While some analysts remain cautious, the bullish sentiment among investors continues to grow as Bitcoin’s future potential becomes more evident.
FBI Arrests Hacker for Fake SEC Bitcoin ETF Announcement
In more somber news, the Federal Bureau of Investigation (FBI) has arrested a 25-year-old hacker from Alabama for allegedly hacking the SEC's X account and posting a fake announcement about Bitcoin ETF approvals in January 2024. The fake announcement caused Bitcoin's price to surge by over $1,000, leading to volatility in the markets.
The hacker, Eric Council Jr., has been charged with conspiracy to commit identity theft and access device fraud. This incident highlights the risks of misinformation in the crypto space and the need for robust security measures to protect against such attacks.
Winners and Losers: Bitcoin Holds Steady, Altcoins Show Mixed Results
As the week comes to a close, Bitcoin is trading at $67,759, while Ether (ETH) is at $2,625. XRP is holding steady at $0.54, and the total cryptocurrency market cap stands at $2.32 trillion.
Among the top 100 cryptocurrencies, the biggest gainers of the week include Book of Meme (BOME) with a 54.05% increase, Cat in a Dogs World (MEW) with a 49.77% rise, and Ethena (ENA) at 40.45%. On the losing side, Maker (MKR) is down 12.33%, Helium (HNT) has dropped 9.16%, and Uniswap (UNI) is down 8.19%.
Conclusion
This week’s crypto stories reflect the rapidly changing landscape of the digital asset market. With significant developments ranging from Bitcoin ETFs to predictions of record prices in the coming years, investors and industry players alike are eagerly awaiting what’s next. Whether it’s Trump’s crypto project, major ETF inflows, or regulatory approvals, the crypto market remains dynamic and filled with potential.
