GM. Daily Squeeze checking in – we’re the fruit fly of the crypto world, always first to the ripest market news.
🚀 SWIFT is planning to incorporate digital assets into its network.
⚖️ The SEC’s enforcement director, Gurbir Grewal, has resigned; less than an hour after this was announced, the SEC filed an appeal to overturn a Ripple case ruling.
🍊 News drops: Donald Trump says he’ll save Ross Ulbricht if elected, Coinbase is pushing the CFTC to provide info that would help them in an SEC lawsuit + more
🍍 Market flavour today
| Crypto Market Cap $2.21 Trillion -3.2% (24H) | |||
| Name | Price | 24H % | 7D % |
|---|---|---|---|
 Bitcoin BTC |
$60,522.46 | -1.33% | -5.92% |
 Ethereum ETH |
$2,345.83 | -3.98% | -10.45% |
 BNB BNB |
$541.59 | 0.18% | -8.22% |
 Solana SOL |
$136.58 | -5.98% | -9.94% |
The crypto market’s still feeling the blues, and the Fear and Greed Index has dipped to 37, plunging us deeper into “Fear” territory. Looks like “Uptober” is off to a rocky start.
The ongoing tensions in the Middle East are still rattling investors’ nerves. But here’s an interesting tidbit: Glassnode data shows that short-term speculators are the ones hitting the panic button. These folks have sent about $4 billion worth of BTC to exchanges in just two days, with $3 billion sold at a loss. Meanwhile, long-term hodlers? They’ve only sold about $6 million worth at a loss. Talk about steady hands!
Bitcoin ETFs are feeling the heat too. After a stellar September with over $1 billion in inflows, they’ve seen nearly $300 million walk out the door in just two days. However, yesterday’s outflows were significantly smaller, so maybe the tide is turning? Analysts are split on what recent price action means for the bigger picture. While Glassnode thinks we might be seeing the end of the gradual decline since March, other analysts caution that we’re not out of the woods yet. Some suggest it might take more time before we see new all-time highs, even with favorable central bank policies potentially increasing market liquidity.
As always in crypto, the only constant is change. Whether you’re a HODLer or a day trader, keeping a cool head is key. After all, navigating this market is like trying to predict where lightning will strike next ⚡️
🚀 SWIFT trial = swift adoption
If you’ve ever sent money abroad (from bank to bank, you know, the trad🤢itional way), you’ve probably heard of SWIFT. It’s a global network that helps banks securely share info with each other, making sure that the money you sent to your foreign friend, ‘cause you’re so generous, actually gets there safe and sound.
And now, ladies and gents, this huge network wants to incorporate digital assets.
Central and commercial banks from North America, Europe, and Asia are on board to participate in trials next year, testing how they can use SWIFT’s system to handle digital currencies and assets. They’ll start by focusing on payments, foreign exchange, securities, and trade.
SWIFT’s goal here is to unify the fragmented digital finance system, which they say is holding back global adoption. They’re also aiming to bridge the gap between digital and traditional assets, saying that for crypto to really go mainstream, the two need to learn to coexist.
What’s that? An earthquake? Nope, that’s just the sound of all the BULLS stampeding our way.🚀
⚖️ The SEC is changing…
The day has finally arrived. Honestly, crypto companies can fire their legal teams—they won’t need them anymore. Gurbir Grewal, the SEC’s enforcement director, has resigned. This guy, along with Chair Gary Gensler, was responsible for over 100 enforcement actions against crypto firms in recent years. His exit just has to mean that the SEC is gonna chill out now. Right?
LOL, the SEC was back at it not even an hour later, filing an appeal to overturn a Ripple case ruling.
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Quick recap: the SEC sued Ripple back in 2020, claiming they sold unregistered securities through XRP. In 2023, the court ruled that XRP sold on public exchanges was actually not a security, though early sales to institutional investors might’ve been. Ripple was already set to pay $125M for the unregistered sales and move on.
But Gensler couldn’t sleep on this big of an L. Now, with the appeal, the fine’s on hold, and this whole thing is probably gonna drag on for a couple more years.
Ripple’s chief legal officer, Stuart Alderoty, said this move just prolonged a case that’s already embarrassing for the SEC. But he made it clear that Ripple’s gonna fight back. Maybe even no UNO hit the reverse on the appeal by filing their own.
So, I hope you haven’t eaten all your popcorn yet, ’cause this show is still very on.
📰 News drops
⛓️ Donald Trump promises to “SAVE ROSS ULBRICHT” once again. Ulbricht is currently serving two life sentences for creating the Silk Road online black market in 2011.
📄 Coinbase is asking the CFTC to share any communication it had with the issuers of 12 cryptocurrencies the SEC claims are unregistered securities Coinbase sold. They’re requesting this info to help defend themselves in a lawsuit.
🐙 Kraken is dropping support for Monero (XMR) in the European Economic Area (EEA). The crypto exchange says it’s due to regulatory changes.
🚫 A federal judge blocked a California law that aimed to limit AI deepfakes related to elections. The judge found that the law, AB 2839, probably goes against First Amendment rights.
