Welcome to our 192nd issue of State of the Market, where we provide an overview of crypto market activity from October 3 – October 9, 2024.
This week in crypto markets:
- The regulatory landscape remains a point of tension, with Crypto.com challenging the SEC’s “regulation by enforcement” approach, while the IMF urges El Salvador to rein in its Bitcoin adoption.
- Institutional engagement is growing, as demonstrated by Visa’s launch of its Tokenized Asset Platform to help banks issue fiat-backed tokens on public blockchains.
- Tokenization of real-world assets is gaining traction, with initiatives like Anduro’s Avant platform exploring new ways to bring tangible assets onto the Bitcoin blockchain.
- The cryptocurrency industry is taking steps to recover from high-profile failures, as evidenced by the approval of FTX’s bankruptcy plan that will utilize $16 billion in recovered funds to compensate affected customers.
- Security concerns persist, with revelations that North Korean IT workers have been hired by numerous crypto projects, potentially exposing them to sanctions violations and hacking risks.
Read more in State of the Market Issue #192.
Brought to you by coinmetrics.io
