CATS Airdrop Completed on KuCoin, Ethereum Plans to Boost Throughput, and More: Oct 8

The market environment is seeing a high probability (87%) of a 25 basis point interest rate cut in November. Both US stocks and bonds have experienced significant declines, with the two-year and 10-year Treasury yields reaching 4% for the first time since August. The three major US stock indexes closed in the red, and following Bitcoin's rise past $64,000, the US stock market retreated by 0.95%. Additionally, the ETH/BTC exchange rate fell below 0.039, indicating a downward trend for Ethereum against Bitcoin.

In industry news, a US judge has approved FTX’s bankruptcy restructuring plan, allowing 98% of creditors to recover at least 118% of their debt value in cash. The plan will inject $14.5 to $16.3 billion in liquidity into the market, with debt repayments expected within 60 days. Despite this positive development, the court affirmed that the value of FTT tokens is zero, leading to a brief surge in FTT above $3.1 before it retreated.

The crypto market showed neutral sentiments today as major coins experienced price small decreases. The Crypto Fear & Greed Index decreased from 50 last week to 49 today, still lingering in the 'Neutral' zone. Bitcoin (BTC) remains volatile this week, but showing clear signs of rally potential.

Quick Market Updates

1. Price (UTC+8 8:00) BTC:$62,223，-0.95%； ETH:$2,422，-0.71%

2. 24 Hours Long/Short: 49.3%/50.7%

3. Yesterday's Fear & Greed Index: 49 (50, 24 hours ago), with a neutral rating

Crypto fear and greed index | Source: Alternative.me 

Top 24-Hour Performers

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1. A US judge has approved FTX's bankruptcy reorganization plan, paving the way for creditors to receive compensation.

2. Elon Musk shared Polymarket’s US election prediction data, praising its accuracy over traditional polls.

3. Tether celebrated its 10th anniversary, with USDT’s market capitalization nearing $120 billion.

4. Infinex raised $65 million through an NFT sale and partnered with Wormhole to enable cross-chain functionality.

5. Vitalik Buterin expressed gratitude to a Meme Coin project for donating a portion of its token supply to charity.

6. Over 87% of new decentralized exchange (DEX) token issuances this year have been launched on the Solana blockchain.

Crypto heat map | Source: Coin360

Bitcoin continues to hover near $64,000, but it has struggled to break past this resistance level. Despite a 5.2% gain earlier this month, Bitcoin’s price remains at $63,323 today, largely due to macroeconomic factors.

Investors are turning to stocks and cash in response to socio-political uncertainties, pushing Bitcoin into a holding pattern. In addition, Bitcoin ETF outflows since October 1st have totaled $335 million, dampening enthusiasm in the market.

While Bitcoin has long been viewed as a hedge against inflation, it appears that traditional market trends are dictating its price movements for now, keeping the $64,000 mark just out of reach.

Bitcoin vs. global monetary base (M2, billion). Source: TradingView

Read more: Bitcoin Market Holds Strong Amid $60K Threat: Traders Remain Optimistic

The crypto world saw significant developments today, with key news surrounding the FTX bankruptcy reorganization, Worldcoin's strategic shift to open markets, and a new proposal to boost Ethereum’s throughput. These updates reflect ongoing efforts to resolve past challenges while positioning for future growth and efficiency.

Two years after filing for bankruptcy, the collapsed crypto exchange FTX has finally reached a pivotal moment in its journey toward repayment. On October 7, a U.S. bankruptcy judge approved the company’s liquidation plan, opening the door for FTX to return more than $16 billion to creditors.

Under the approved plan, FTX will repay 98% of users, with non-governmental creditors set to receive 100% of their bankruptcy claims plus interest. This decision marks a significant step forward for FTX, which has been dubbed the “Lehman moment” of the crypto industry due to its sudden collapse in 2022.

FTX’s CEO, John J. Ray III, commented on the court’s decision:  

 “The Court’s confirmation of our Plan is a significant milestone on our pathway to distributing cash to customers and creditors.”

The FTX case serves as a cautionary tale, but this reorganization plan could provide some closure for those affected by the exchange’s collapse.

Source: RadarHits

Meanwhile, Worldcoin, the digital identity project co-founded by OpenAI CEO Sam Altman, is refocusing its efforts on regions more open to emerging technologies. According to Fabian Bodensteiner, Worldcoin’s managing director for Europe, the company sees more dynamic opportunities outside of Europe, where the regulatory environment is tougher.

“We just see a larger dynamic in other regions of the world... we need to prioritize where we see the biggest business opportunities,” said Bodensteiner.

Worldcoin is now concentrating on markets in Asia-Pacific and Latin America, where adoption rates for new technology are higher. Countries like Japan and Argentina are seen as key areas for growth. However, Worldcoin hasn’t completely abandoned Europe—recent efforts include launching operations in Poland and starting World ID verifications in Austria.

This shift in focus comes after temporary suspensions in countries like Spain and Portugal over data privacy concerns, showing the regulatory complexity that digital identity projects face.

Read more: What Is Worldcoin (WLD), and How to Get It?

In the world of blockchain, Ethereum developers are looking to boost the network's efficiency through a new proposal. Ethereum Improvement Proposal (EIP-7781) aims to reduce Ethereum’s block times by 33% while increasing data capacity, resulting in a 50% throughput increase.

This change would make decentralized exchanges like Uniswap v3 more efficient, improving execution and saving users millions in fees. Ethereum Foundation researcher Justin Drake expressed strong support for the proposal, stating it aligns with broader scaling goals proposed by Vitalik Buterin and others.

If implemented, the proposal could reduce network congestion, lower layer-2 fees, and make Ethereum more competitive as demand for blockchain infrastructure continues to grow.

Source: Cygaar

Read more: Ethereum 2.0 Upgrade

According to an official announcement from KuCoin, a leading cryptocurrency exchange, the token distribution for the CATS airdrop has been completed on Oct.8. Users who claimed their CATS airdrop through KuCoin have now received the allocated tokens in their Funding Accounts. Additionally, CATS tokens on the KuCoin premarket will be delivered upon the official token launch.

CATS is a memecoin on The Open Network (TON) blockchain, designed to engage users through the CATS Telegram mini-app, which offers interactive features and rewards.

The CATS token is set to be listed on KuCoin at 10:00 UTC on October 8, 2024. For more information, users can refer to KuCoin’s official platform.

KuCoin will also announce upcoming listing campaigns associated with the CATS token, giving users more opportunities to earn passive income with their CATS holdings.

The latest developments in crypto highlight the ongoing evolution of the industry. FTX’s reorganization plan brings much-needed progress for creditors, offering hope for recovery after the exchange's collapse. Meanwhile, Worldcoin’s shift to regions more open to emerging technologies signals where the future of innovation might thrive. Ethereum’s proposed improvements could dramatically boost efficiency, enhancing the network’s scalability. Yet, Bitcoin’s struggle to surpass $64,000 reflects broader macroeconomic challenges. As the crypto landscape shifts, these events underscore the need for adaptability and innovation in a rapidly changing market. Stay tuned to KuCoin News for more daily crypto insights and trends.

Read More: Crypto Daily Movers October 7: Bitcoin Breaks $63,000, Technical Analysis of APT, WIF, and FTM