Last Friday, the U.S. Producer Price Index (PPI) for September remained flat compared to the previous month, easing concerns triggered by the Consumer Price Index (CPI). This relief sparked gains in both U.S. stocks and the crypto market over the weekend. As we move through this week, there are no significant macroeconomic data releases on the horizon. However, the market will closely watch earnings reports from tech giants TSMC and ASML, which could provide fresh insights into AI developments.

In today’s roundup of crypto news, MicroStrategy sets its sights on a trillion-dollar valuation as part of its plan to become the world’s leading bitcoin bank. Paradigm invests $20 million in a Layer 2 blockchain project, while Arkham prepares for the launch of a crypto derivatives exchange. Bitcoin search volumes have hit their lowest point since the FTX collapse, reflecting waning retail interest, while World Liberty Financial (backed by the Trump family) gears up for its WLFI token sale. Additionally, a massive phishing attack results in a crypto whale losing $35 million, and China’s upcoming fiscal stimulus announcement could bring fresh volatility to the market.

The crypto market remains in neutral territory today, with the Crypto Fear & Greed Index slightly decreasing from 50 to 48. Bitcoin (BTC) has shown positive momentum, trading above $63,800, up by over 2% in the past 24 hours. Despite recent fluctuations, the overall market sentiment remains steady.

1. Prices (UTC+8 8:00): BTC: $64,359, +2.90%, ETH: $2,531, +3.16%

2. 24-hour Long/Short Ratio: 57.775%/42.25.8%

3. Today’s Fear and Greed Index: 48 (24 hours ago: 50), indicating neutral sentiment

Crypto Fear & Greed Index | Source: Alternative.me

Top 24-Hour Performers 

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• The probability of a 25-basis-point rate cut by the U.S. Federal Reserve in November is now at 95.6%, with just a 4.4% chance of no rate cut.

• On Polymarket, Donald Trump’s chances of winning the U.S. election have risen to 54.9%, 10 percentage points higher than Kamala Harris.

• Google searches for Bitcoin have dropped to their lowest levels since the FTX collapse, reflecting declining retail interest.

• SpaceX’s “Starship” successfully ignited and launched, marking a significant milestone for space exploration.

Michael Saylor, CEO of MicroStrategy, revealed his vision for the company to become the world’s leading bitcoin bank, projecting a potential trillion-dollar valuation. Saylor believes Bitcoin, currently making up just 0.1% of global financial capital, could rise to 7% by 2045, pushing its price to $13 million.

Saylor also highlighted the firm’s strategy of leveraging capital markets to arbitrage between debt and Bitcoin, predicting that the cryptocurrency will grow at an average of 29% annually. MicroStrategy now holds 252,220 BTC, valued at over $15 billion.

"We just keep buying more. Bitcoin is going to go to millions a coin, you know, and then we create a trillion-dollar company," Saylor remarked.

Read more: MicroStrategy's Bitcoin Holdings and Purchase History: A Strategic Overview

China is set to announce new fiscal stimulus measures this Saturday, which could have a ripple effect on global financial markets, including crypto. Analysts predict that the announcement could bring increased volatility in Bitcoin prices, especially if the stimulus is more aggressive than expected.

"Easing monetary and fiscal conditions puts a bid under risk assets, and crypto is likely to benefit," said Alex Tapscott, Managing Director of Digital Asset Group.

Search interest for Bitcoin drops | Source: Google Trends 

Google search volumes for the term “Bitcoin” reached a yearly low during the week of October 12, 2024, with interest dropping to 33 out of 100. Meanwhile, memecoins saw a surge in popularity, with a search volume of 77 out of 100 during the same period.

According to CryptoQuant CEO Ki Young Ju, search volume for memecoins could reclaim its previous all-time high by the end of October as market interest in these assets remains high. Memecoins have been the top-performing digital asset sector in 2024, driven by new token creation on Solana, Tron, and most recently, Sui. The Sui memecoin space is among the most trending, following Solana memecoins and Tron memecoins in the crypto market lately. 

On October 9, nearly 20,000 new tokens were minted on the Solana network within 24 hours, many of which were memecoins. The memecoin craze on Solana has been fueled by platforms like Pump.Fun, which provide quick liquidity and low transaction fees on decentralized exchanges like Raydium.

Read more: Memecoins Surge, Upbit Under Fire for Monopoly Concerns, and More: Oct 11

Source: Donald Trump on X 

World Liberty Financial (WLF), a DeFi project backed by former President Donald Trump and his family, will launch the public sale of its WLFI tokens on October 15. The project, which opened its whitelist in late September, aims to raise $300 million by selling 20% of its token supply at a $1.5 billion valuation.

WLF plans to launch a version of the DeFi lending platform Aave on Ethereum and Layer 2 network Scroll, allowing users to lend and borrow assets like Bitcoin, Ether, and stablecoins. The Trump family’s involvement has drawn both support and criticism from the crypto community.

Read more: Top PolitiFi Coins to Watch in 2024

UNI/USDT price chart | Source: KuCoin

Uniswap Labs has launched its new Layer 2 blockchain, Unichain, which could bring in nearly $500 million annually for UNI token holders by redirecting fees that would have previously gone to Ethereum validators. The move allows Uniswap to capture $368 million in transaction fees and up to $100 million in Maximum Extractable Value (MEV), boosting the potential earnings of both tokenholders and liquidity providers through staking.

However, Ethereum holders are expected to lose out due to fewer fees being burned on Ethereum, as Unichain redirects revenue to Uniswap’s ecosystem. Launched on October 10, Unichain aims to provide faster, cheaper transactions and improved interoperability across blockchain networks. While met with mixed reactions, the move is a significant step for Uniswap as it strengthens its position in the DeFi sector.

In conclusion, the crypto market continues to navigate a landscape marked by macroeconomic factors, shifting regulatory frameworks, and evolving technological advancements. MicroStrategy’s ambitious goal to become a trillion-dollar bitcoin bank underscores the growing institutional belief in Bitcoin’s potential, while World Liberty Financial’s upcoming token sale highlights the expanding influence of high-profile figures in the DeFi space. Despite the dip in Bitcoin search volume to a yearly low, the surge in memecoin interest shows that certain sectors of the crypto market remain highly active and speculative. As China’s fiscal stimulus announcement looms, market participants will be watching closely for any impact on Bitcoin and broader market volatility. As always, investors should remain cautious in navigating both opportunities and risks in this dynamic market.