Table of Contents
If crypto is the alternate reality to TradFi, then Web3 is the alternate reality to life. Never entirely sure what to believe, the Web3 world is expected to embrace oddities as norms and fiction as facts.
This week saw the spawning of a goat-themed memecoin, which is making Solana fanboys very, very rich. And how? It's all down to the dystopian power of artificial intelligence (AI).
The self-proclaimed "chaotic" AI called Truth Terminal began as an AI chatroom experiment within the "Infinite Backrooms" project by performance artist Andy Ayrey.
It then evolved into a self-governing AI blending humor, irreverence, and unpredictability. a16z co-founder and general partner Marc Andreesen was so impressed by the bot that he sent it $50,000 in Bitcoin in July.
Eventually, for reasons that only make sense in AI and crypto, it established a new persona known as Goatseus. Launching into rants about “Goatseus Maximus,” a new memecoin under the ticker $GOAT was soon born.
The AI agent quickly caught wind of it and long story short, it hit a market cap of about $700 million within days of its existence.
Essentially, a robot spewed goat-related nonsense, inspired a memecoin, and degens got rich. That's crypto for you.
But over in the physical world, things are equally as abstract. The question of Bitcoin founder Satoshi Nakamori's true identity has recently resurfaced thanks to an HBO documentary, which pointed fingers at Canadian developer Pete Todd.
Rumour at best, supported with little evidence, the HBO claim nonetheless has caused poor Todd to retreat into hiding as Bitcoin maxis and crypto fanboys are apparently threatening his life.
In a world as bizarre and fleeting as crypto, rumours often serve as pillars of truth. Last week, Elon Musk inadvertently stirred the rumour mill after Tesla moved almost all of its Bitcoin, causing the market to brace for the worst. Again, with very little to go on, Bitcoin holders jumped to their own conclusions.
Although not enough to move the market, rumours of Musk turning his back on Bitcoin flooded Crypto Twitter (or is that Crypto X because of Musk?). However, this week, Tesla's Q3 2024 earnings proved that the EV giant had sold none of its BTC holdings. All that FUD for nothing but alas, such is the cycle of crypto.
Despite the rumour mill being hard at work this week and AI powerfully thrusting digital goats at Solana enthusiasts, Bitcoin and Ethereum have had a rather lacklustre week, down 0.81% and 4.91% respectively, while SOL enjoys returns of around 12% over the same period.
Risk appetites have slipped slightly from last week's 73, "Greed" to 72, also "Greed." The Fear & Greed Index uses 5-6 measurements to assess the current sentiment of the market and then rates that level of emotion on a scale of 1-100 – 1 is extreme fear and 100 is extreme greed.
As always, BRN is here to calm your fears. "The absence of significant selling pressure indicates market confidence, reinforcing our recommendation to remain heavily invested, with a bias for Bitcoin over Ethereum to maximize potential returns," BRN analyst Valentin Fournier tells subscribers today in his daily update.
#Bitcoin demonstrated resilience throughout the week, as bulls and bears engaged in a tug-of-war. After reaching a high of $68,850, $BTC corrected slightly towards the day’s end but maintained a strong price level.
— BRN (@thebrn_co) October 25, 2024
Top Stories (In No Particular Order)
Solana Outpaces Ethereum as Bitcoin Rebounds - Here's Why
Solana fanboys are rejoicing as SOL continues to outshine the likes of Ethereum and Bitcoin, despite the latter experiencing a strong rebound.
Up 12% in a week, SOL reached an all-time high against Ethereum of over 0.07 ETH. Meanwhile, Bitcoin edged over the $68K mark overnight but has since retreated slightly.
Blockhead
Kraken Announces New Layer 2 for DeFi
Cryptocurrency exchange Kraken has unveiled its new Layer 2 (L2) blockchain, Ink, designed to provide users with a seamless and accessible gateway to decentralized finance (DeFi).
Blockhead
Ripple Files New Appeal in SEC's XRP Lawsuit; Garlinghouse Lashes Out at Gensler (Again)
Ripple's relationship with the US Securities and Exchange Commission (SEC) is continuing to sour as the blockchain payments firm has appealed against the regulator's appeal.
Blockhead
Crypto's Rise as a Hot Policy Issue
The a16zcrypto's latest 'State of Crypto Report' examines the emergence of cryptocurrency as a popular policy subject, the numerous technological advancements made to blockchain networks, and the most current developments among cryptocurrency developers and consumers.
Blockhead
No, Tesla Didn't Dump Its Bitcoin Holdings
Despite recently moving its Bitcoin holdings, Tesla has shown that none of the assets were sold as per its Q3 2024 earnings.
Released yesterday, Tesla's quarterly report showed that none of its $184 million worth of Bitcoin have been sold.
Blockhead
Vietnam Embraces Blockchain Future With Ambitious National Strategy
In a move towards technological advancement, Vietnam has announced the launch of a comprehensive National Blockchain Strategy, according to a report by the country's Ministry of Information and Communications this week.
Blockhead
Nigeria Court Drops Charges, Releases Detained Binance Exec After Eight Months
Nigerian officials are releasing Binance executive Tigran Gambaryan, who has been imprisoned for eight months.
Gambaryan served as the cryptocurrency exchange's regional manager for Africa. The US citizen was arrested with British Kenyan Nadeem Anjarwalla in Nigeria in February.
Blockhead
Pete Todd Claims Life at Risk After HBO Doc Links Him to Satoshi Nakamoto
Canadian developer Pete Todd has said fears for his life following the release of HBO's documentary Money Electric: The Bitcoin Mystery, which claimed he is Bitcoin founder Satoshi Nakamoto.
Blockhead
Avalanche Foundation Launches Visa Crypto Card
The Avalanche Foundation has introduced a new cryptocurrency card with Visa, which allows users to spend their crypto seamlessly at payment points.
Announced on Tuesday, the Avalanche Card will support Circle's USD Coin (USDC), Wrapped AVAX (wAVAX), BENQI Liquid Staked AVAX (sAVAX), and other cryptocurrencies.
Blockhead
"Batsh*t Insane": Vitalik Buterin Slams MicroStrategy Chairman Michael Saylor's Remarks
Ethereum founder Vitalik Buterin has taken a swing at MicroStrategy chairman, Michael Saylor for his remarks on Bitcoin custody.
In an interview on Markets with Madison, Saylor discussed his long-term vision for Bitcoin and how he sees the community evolving.
Blockhead
Nomura-Backed Komainu to Acquire Singapore-Based Custodian Propine
Crypto custody firm Komainu is set to acquire Singapore-based custodian, Propine Holdings. Backed by Nomura, Komainu's acquisition is pending approval from the Monetary Authority of Singapore (MAS).
Blockhead
VanEck Introduces Solana ETP Staking Rewards in Europe
Investment giant VanEck is bringing Solana staking rewards to investors in Europe.
Listed on the Euronext Amsterdam stock exchange, VanEck Europe's Solana exchange-traded note (ETN) will reinvest Solana rewards daily, providing a new form of passive income for its investors.
Blockhead
'Trump Trade' Has Bitcoin Eyeing $70,000 Even as Gold Hits New High
With confidence growing around riskier assets and bets of a possible pro-crypto Donald Trump win in the November US elections, Bitcoin bulls are again on the charge.
Blockhead
BAYC Creator Yuga Labs Launches ApeChain, ApeCoin Pumps 100%
Yuga Labs, the company behind the Bored Ape Yacht Club (BAYC), has officially launched ApeChain.
Built on Ethereum, the Layer 2 blockchain further expands the BAYC ecosystem, improving interactions and simplifying transactions for the community.
Blockhead
Independent Reserve's Co-Founders Discuss How a Maturing Crypto Market is Attracting Institutional Investors
As one of the oldest crypto exchanges in APAC, Independent Reserve's legacy has cemented its reputation as a true industry OG.
Founded in 2013 and serving 350,000 customers globally, Independent Reserve was the first exchange licensed by the Monetary Authority of Singapore (MAS), and caters to both individual and institutional investors.
Blockhead
Blockcast
This week's Blockcast features Moongate co-founder Peter Hui, who tells us how to plan the perfect Web3 event and why NFT ticketing could revolutionize the industry
Blockhead
Events
Singapore Fintech Festival (Singapore 6-8 November 2024)
As 2025 approaches, financial leaders face the challenge of navigating a landscape transformed by AI, data, and digital platforms that are rewriting the rules of global trade, commerce and financial services.
At the Singapore FinTech Festival 2024, hear from global leaders at Microsoft, Goldman Sachs, PayPal, and Tencent, and more, as they share the strategies shaping the future of finance.With 66,000+ participants from 150 countries and 10,000+ organisations, everyone who's anyone is here.
Click to see who’s attending and who you can network with at #SFF2024! Blockhead is proud to offer a 20% discount on tickets via this link.
GeckoCon (Bangkok, 11 November 2024)
GeckoCon returns, and this year we're diving into the revolutionary world of Web3 Gaming! Discover how the fusion of blockchain and traditional gaming is creating a whole new entertainment layer.Don't miss out—visit CoinGecko now to secure your spot in our first ever Hybrid Conference set to take place in Bangkok, Thailand. Or from the comforts of your home!
Get your tickets now with Blockhead's 40% code: BHGC24
[Limited to 30 redemptions, expires 31 October 2024]
[Redacted] (Bangkok, 9-11 November 2024)
The [REDACTED] conference is bringing together the brightest minds in technology for a transformative three-day event from November 9-11, 2024, at the Avani Riverside hotel. This gathering will take place just ahead of Devcon and promises to be a pivotal moment for the convergence of artificial intelligence and Web3.
Interested readers can apply for free tickets here, and sign up for the hackathon here.
Devcon (Bangkok, 12-15 November 2024)
Following Devcon Bogota in 2022, the Ethereum Foundation is set to host Devcon SEA, the 7th edition of its premier developer and community conference.
This landmark event is expected to bring together a diverse group of individuals, including developers, researchers, academics, and community members, to explore the future of Ethereum and its potential to reshape society.
Tickets are available here, with discounts for local builders, students and teachers, and youth.
It's All Happening on LinkedIn
Did you know you can now receive Blockhead's juicy daily newsletters directly to your LinkedIn? Subscribe to our LinkedIn newsletters for the latest news and insights in the world of Web3!
There also might be the occasional discount code for the industry's hottest events, exclusively for subscribers. So be sure to sign up!
