1.QCP Capital: China's stock market falls, cryptocurrency may become a new destination for funds
QCP Capital's latest report pointed out that Chinese stocks lost momentum after the long holiday, and the MSCI Asia Pacific stock index recorded its biggest drop in a month. U.S. stocks fell overnight, mainly affected by large technology stocks and rising geopolitical tensions, and the VIX volatility index rose to 22 points. The volatility of cryptocurrencies remained stable, with the recent implied volatility of 43%, 3 percentage points lower than the 7-day historical realized volatility. Bloomberg previously reported that Chinese investors may have sold USDT to finance stock purchases since the end of September, while Bitcoin prices remained stable. QCP remains optimistic in the medium term and expects election news to continue to drive cryptocurrency volatility.
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2. Binance announces Scroll (SCR) as the 60th Launchpool project
Users will be able to lock their BNB and FDUSD to receive SCR airdrops over two days, with farming starting at 2024-10-09 00:00 (UTC). The Binance presale market will list SCR at 2024-10-11 10:00 (UTC) and open pre-market trading for the SCR/USDT trading pair. The total supply of SCR is 1 billion, with Launchpool accounting for 5.5% of the total supply, and the initial circulating supply at the time of listing on Binance: 190 million SCR (19% of the total supply). According to Korean trader Cryptomouse, Upbit and Bithumb have tested Scoll transactions on the chain. This indicates that the two Korean exchanges will also list SCR in the coming weeks.
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3. Crypto.com has filed a lawsuit with the U.S. Securities and Exchange Commission (SEC)
Crypto.com said that despite bipartisan statements that the next administration will take a more constructive and effective approach to promoting the development of crypto technology in the United States, the SEC's unauthorized and unfair enforcement and regulatory actions continue. At present, the SEC's improper enforcement actions have become a necessary part of operating a legal and licensed crypto business in the United States. Crypto.com believes that the SEC has unilaterally expanded its statutory authority and also believes that the SEC has established an illegal rule that almost all transactions in crypto assets are considered securities transactions regardless of how they are sold, while the same transactions in Bitcoin (BTC) and Ethereum (ETH) are not included. This illegal rule has never gone through the notice and comment period required by the (Administrative Procedure Act), and the agency's application of this rule is arbitrary and capricious, especially when the characteristics of these crypto assets are almost the same as BTC and ETH and are sold in the same way.
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4. US judge approves FTX bankruptcy plan
John Dorsey, a Delaware Bankruptcy Court judge, approved FTX's bankruptcy plan, marking the end of proceedings after the cryptocurrency exchange collapsed two years ago amid allegations of fraud and misconduct. Under the plan, 98% of creditors will receive at least 118% of their claims in cash. Influenced by the news, FTT broke through $3.4 this morning, reaching a high of $3.43, and is now quoted at $2.72, a 24-hour increase of 10.41%.
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5. UN agency: Recommends Southeast Asia to criminalize unlicensed VASPs to combat online fraud
The United Nations Office on Drugs and Crime (UNODC) released a report calling on Southeast Asian countries to criminalize the operation of money service businesses or virtual asset service providers (VASPs) without a license. The report pointed out that some VASPs (including those associated with known criminals) are facilitating transactions for fraud organizations and high-risk gambling websites. The report recommends strengthening supervision of organized crime involved in casinos, gambling intermediaries, online fraud and other related businesses, and strengthening the training of authorities on money laundering methods related to online gambling operations and complex technologies (especially cryptocurrencies).
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6. Zheng Zhajie: National Development and Reform Commission launches five major measures to help economic recovery
Zheng Zhajie, director of the National Development and Reform Commission, introduced at a press conference held by the State Council Information Office on October 8 that in response to new situations and new problems in the current economic operation, the Party Central Committee and the State Council have made scientific decisions and taken decisive actions. While effectively implementing the stock policy, they have also stepped up their efforts to launch a package of incremental policies in five aspects, including increasing countercyclical adjustments of macroeconomic policies, expanding domestic effective demand, increasing support for enterprises, promoting the real estate market to stabilize, and boosting the capital market, to promote the continued recovery of the economy. Zheng Zhajie said on October 8 that it is necessary to ensure necessary fiscal expenditures, speed up the progress of expenditures, increase the positive role of promoting economic development, and increase support for local debt swaps to resolve debt risks. Ultra-long-term treasury bonds will continue to be issued next year.
