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The Crypto Minute
Your Weekly Guide to Surviving the Crypto Rollercoaster.
CoinBrain
October 29, 2024 • Reading Time: 6 minutes
Welcome to The Crypto Minute by CoinBrain! Kick back and let us handle the market chaos for you. We’ve got all the key moves and updates every crypto degen needs. Let’s jump in!
⤵️ Today’s Agenda:
How a hacker stole $20 million from the US gov (and returned it the day after).
Becoming a memecoin millionaire in a few hours.
Significant finance indicators for crypto dropping soon.
Huge unlock of the $MEME token and more!
📊 Market Snapshot
| $70,984BTC+5.3% | $2,615ETH-0.9% | $2.4TCrypto Market Cap+4.5% | 60 (Greed)Fear & Greed Index+3 from last week |
📅 Crypto Events You don’t want to Miss
Wednesday, Oct 30 - The Q3 GDP report drops! If growth misses the 3.2% mark, it might hint at a cooling economy and could push investors toward Bitcoin.
Thursday, Oct 31st - US Core PCE Price Index m/m - this is an important consumption-measuring tool for the Federal Reserve. Lower values favor crypto.
Thursday, Oct 31 - ApeCoin ($APE) lands on Coinbase Futures! Expect a trading surge and maybe a price pop as APE joins the big leagues.
Friday, Nov 1st - On the brink of the new month we expect several important metrics to be announced:
US Average Hourly Earnings m/m - lower is beneficial for crypto
US Non-Farm Employment Change - lower is beneficial for crypto
US Unemployment Rate - higher is beneficial for crypto
🐋Smart Money Tracker
Wednesday, Oct 23: A new wallet just splurged, withdrawing 32,695 $SOL ($5.46M) from Binance, now fueling a meme coin buying spree. Guess someone’s feeling bold!
Wednesday, Oct 23: Big BTC dip alert—down 5%! One whale (1PchrkVLb268U42igiB3FZfeMiMceTLjXR) tossed 850 BTC ($56.3M) back into Binance. Over 7 days, they've deposited 4,860 BTC ($327M). Dump incoming? 👀
Thursday, Oct 24: OG Ethereum whale sold 3K $ETH ($7.64M), with their last big sale kicking off a 15% ETH drop. Holding 37,070 $ETH ($93.8M) from the ICO, they’re still sitting on a cool $646M.
Friday, Oct 25: A huge $GOAT 🐐 whale unloaded 9.23M $GOAT ($7.13M), raking in $9M profit on the coin. This person is a memecoin maniac and they have their trading strategy firmly grasped. Do research and take notes!
Swaps were done on multiple addresses, including:
H36xE9n4F7cNxgN2gwrGYBY7im2Mg7kxZtZZbtnwjeFv
H6rxm3ftqPfhv4WWgCRScdRYia5sxsFHKwTi5NDQxDmb
4SiQYckdBG6AG5tJpNfddVBkCZUd6RdAsuXFW2Nic3zZ
2F2hYcQwKs77nWpQKpcpeNuQPKY7GjvjUF6Kg54uwiXs
ZrDP8phefUWxvLj4jFcKts4i4FHLh7sZ5Q1gF4rSw8x
Source: Lookonchain
📰 News Recap (Oct 21-27)
Tesla moving bitcoin - Tesla, the electric automotive leader has moved over $765 million worth of $BTC into unknown wallets. The motives behind this move are still unknown - whatever is Elon planning traders should have their motion sickness pills ready.
Despite Tesla moving such large quantities of capital, their Bitcoins remain intact, which begs even more questions and curiosity
Polymarket is getting wild - Election preferences of Donald Trump on the decentralized betting platform Polymarket are almost DOUBLE the percentage that other prediction markets tell us.
I guess it is clear where this crowd is leaning politically… Trump's latest shenanigans and voodoo seem to resonate well with crypto people.
Polymarket’s CEO fired back at claims it's a “crypto casino” favoring Trump, insisting the platform is proudly non-partisan. Polymarket's angle? It’s all about market-based forecasting!
🌍 Story of the Week
How over $20 million was stolen from the US government, laundered, and returned back - You see correctly, on October 24 Arkham Intelligence reported suspicious activity on some of the government-associated crypto wallets holding mainly stablecoins and some ETH.
In a malicious attempt, an unknown hacker supposedly transferred over $20 million worth of stablecoins to various wallets and then proceeded to launder the stolen funds.
𝗨𝗣𝗗𝗔𝗧𝗘: $𝟭𝟵𝗠 𝗨𝗦 𝗚𝗼𝘃𝗲𝗿𝗻𝗺𝗲𝗻𝘁 𝗳𝘂𝗻𝗱𝘀 𝗿𝗲𝘁𝘂𝗿𝗻𝗲𝗱
The US Government’s address has just received $19.3M back following yesterday’s reported hack, less than 24 hours after the initial address breach.
88% of the compromised USD value has now been… x.com/i/web/status/1…
— Arkham (@ArkhamIntel)
2:41 PM • Oct 25, 2024
To everyone’s surprise, the funds appeared back in their original wallets no more than one day later. What a fun twist and a huge relief for the US officials!
🔒 Major Token Unlocks of the Week
If you ask me the $MEME unlock is something you don’t really see every day. We could expect some wild moves of this token on November 3rd.
Check out the full unlock article here!
🗞️ From our Blog
💡 1 Minute Learning: Liquidation Cascades
A liquidation cascade occurs when falling prices trigger forced selling of leveraged positions, leading to further price drops and more liquidations.
This phenomenon often creates opportunities for well-prepared traders who understand market mechanics.
And that’s a wrap! 🎉 Enjoyed this newsletter? Forward it to a friend, and let them know they can subscribe here.
Got ideas or feedback? We’d love to hear from you! Drop us an email at [email protected].
DISCLAIMER: None of this is financial advice. This newsletter is strictly educational and not investment advice or a solicitation to buy or sell any assets or make financial decisions. Always do your own research and stay safe out there.