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October’s CPI Report Boosts Crypto Markets

October’s CPI Report Boosts Crypto Markets

Bitcoin rallies after positive CPI report, OKX launches Ethereum L2 testnet, NFT fraud case unfolds, Disney partners with Dapper Labs for NFTs.

Welcome to the latest edition of Datawallet Daily. We have explored the depths of crypto Twitter and various news platforms to bring you the most important stories from the last 24 hours.

October’s CPI Report Boosts Crypto Markets

In October the US Consumer Price Index surprisingly remained unchanged, defying expectations of a 0.1% increase, while the core CPI rose by 0.2%, beating expectations for 0.3%. On a year-over-year basis, the CPI index increased by 3.2%, slightly lower than expected 3.3%.

Following the announcement, US stocks and bonds jumped. The S&P 500 rose 1.9%, its biggest one-day jump since April, and the Nasdaq Composite climbed 2.4%. Bitcoin’s price rose by nearly 1% to $36,700.

The Federal Reserve may contemplate an additional rate hike, but experts foresee the likelihood of disinflation. Consequently, the probability of a December rate hike pause surged to 99.5% following the report.

OKX launches Ethereum L2 testnet using ZK-based Polygon CDK

OKX, a major player in the crypto exchange world, just announced their new Ethereum layer-2 network, “X1.” Developed using Polygon’s Chain Development Kit (CDK), X1 leverages zero-knowledge proofs for seamless transactions between layers. 

With OKX ranking as the sixth-largest exchange and boasting a daily trading volume of over $1.8 billion, this development is significant. OKB, OKX’s native token, which holds a market cap exceeding $3.6 billion, will serve as the primary currency for transaction fees on X1. 

The network’s integration with Polygon CDK suggests a potential role within the expansive Polygon ecosystem. OKX aims to contribute significantly to Polygon CDK, enhancing Ethereum scaling solutions. 

“Mutant Ape Planet” Developer Admits $3M NFT Fraud

The 25-year-old founder of Mutant Ape Planet, Aurelien Michel, has been convicted of wire fraud, marking a significant U.S. legal milestone in addressing NFT rug pull schemes. Facing up to five years in prison, Michel pleaded guilty to defrauding investors of nearly $3 million. Arrested in January at JFK Airport, he openly admitted to the fraudulent act, citing a problematic community. 

This conviction highlights the emerging criminal trends in digital asset markets and the increasing vigilance of U.S. authorities. On-chain analyst ZachXBT has linked Michel to two other prominent NFT scams, though Michel faces no charges related to these.

Meanwhile, there are a couple of other NFT fraud cases still in the works, involving Frosties and Baller Ape Club, but it is unclear where those stand right now.

Disney and Dapper Labs Launch NFT Platform

Disney and Dapper Labs have joined forces to launch Disney Pinnacle, a digital platform on the Apple App Store, offering a new way for fans to engage with their favorite characters. This innovative project allows the purchase and exchange of digital pins, featuring icons from Disney, Pixar, and Star Wars, in NFT format on the Flow blockchain. 

The initiative aims to digitalize the traditional hobby of pin collecting, capitalizing on Disney’s vast and loyal fan base. Scheduled for release by year’s end, Disney Pinnacle is a testament to Disney’s progressive approach in integrating digital collectibles into mainstream entertainment.

Other breaking news

Wrapping up

That wraps up today’s edition of Datawallet Daily. The CPI data positively impacted Bitcoin, as the lower-than-expected inflation should encourage investors to invest in crypto and other risky assets. OKX is making moves in the Layer 2 space, launching its own chain based on Polygon’s CDK. The founder of Mutant Ape Planet, pleads guilty to a $3 million NFT fraud, underscoring the U.S. crackdown on digital asset crimes. Meanwhile, Disney and Dapper Labs are teaming up to launch a new NFT platform. Stay tuned for more updates!