Bitcoin's market dominance hits 30-month high while Ether lags, Sam Bankman-Fried set to testify in trial, and JPM Coin processes $1 billion daily.
Bitcoin Dominance Hits 30-Month High

Bitcoin Dominance Hits 30-Month High

Bitcoin's market dominance hits 30-month high while Ether lags, Sam Bankman-Fried set to testify in trial, and JPM Coin processes $1 billion daily.

Last update:
Oct 27, 2023
| Issue

Welcome back to Datawallet Daily! Here's a quick glance at the main crypto updates moving markets from the last 24 hours.

Bitcoin Dominance Hits 30-Month High, Ether and Altcoins Lag

Bitcoin's market dominance has been enjoying a smooth ride, hitting a 30-month high, making up 54.4% of the entire crypto space. This surge in dominance is primarily attributed to the buzz surrounding BlackRock's spot BTC ETF filing. Many in the industry expect the SEC to greenlight such ETFs, potentially boosting Bitcoin demand. 

Noelle Acheson, a market analyst, mentioned that Bitcoin usually leads during the early phase of a crypto cycle. In comparison, Ethereum's growth lags, with its price up about 50% this year, while Bitcoin has doubled. Some experts believe Bitcoin's strong performance may soon spill over to altcoins.

Sam Bankman-Fried to Testify in Trial, Defense Lawyers Say

The former FTX head, Sam “SBF” Bankman-Fried, is going to speak up in his fraud trial. His lawyer, Mark Cohen, mentioned this in a phone call. After the prosecutors present their case on Oct. 26, the defense is planning to bring in three people and then Sam.

They think the defense's side might be done in about an hour, not counting what Sam has to say. The main issue? There are claims that Sam might've mishandled FTX customer money. Some of his past co-workers have already talked about it.

It will be interesting to see what Sam says when the trial restarts on Oct. 26 after a short pause.

FTX Wallets Transfer $19M in Solana and Ether to Exchanges

The team in charge of FTX's cold wallets has been moving a lot of money lately, sending over $19 million in tokens to crypto exchanges. Peckshield says 470,000 SOL, which is around $15 million, was transferred, with some of it going to Binance. Also, an Ethereum-based FTX wallet moved tokens worth $2.5 million to Binance, and they sent 1,395 ETH (valued at $2.5 million) to Coinbase. Additionally, this past Wednesday, they shifted tokens worth $8 million to Binance 

A while back, FTX got a nod to start selling their crypto, with a max of $100 million each week. They also recently put a big chunk of Solana, worth $122 million, into staking. The FTX group, which is sorting out financial messes, has managed to get back about $7 billion. Meanwhile, Sam Bankman-Fried, FTX's old boss, is dealing with a legal headache over fraud claims.

JPMorgan's JPM Coin Processes $1 Billion Daily

JPMorgan now processes $1 billion in transactions daily using its digital token, JPM Coin, as shared by the company's global head of payments, Takis Georgakopoulos. Although it represents a small fraction of JPMorgan's daily $10 trillion in traditional payments, the figure shows JPM Coin's growing acceptance.

Since its 2020 launch, it has processed over $300 billion in transactions and recently expanded support from U.S. dollars to euros. While currently catering only to the bank's wholesale clients, there are plans to introduce a retail version. 

Other breaking news

Wrapping up

And there you have it. In this edition, we've covered Bitcoin's market dominance. As Bitcoin continues to grow, an altcoin rally should also be on the horizon soon. We should also expect to see Sam testify in his fraud trial, which will surely be intriguing to watch. Meanwhile, FTX is liquidating its crypto on Binance. And let's not forget the notable adoption of JPM Coin. Stay tuned for more in-depth insights and updates in our upcoming issue.