BTC breaks through $65,600, FTX bankruptcy distribution plan has not been approved yet

Headline

▌BTC breaks through $65,600

The market shows that BTC breaks through $65,600 and is now at $65,608, with a 24-hour drop of 0.06%. The market fluctuates greatly, so please do a good job of risk control.

▌FTX bankruptcy distribution plan has not been approved yet, and compensation will not be paid on September 30

According to the FTX bankruptcy administrator, compensation will not be paid on September 30, and the relevant rumors are untrue. The reorganization compensation plan has not yet been approved by the court, and the confirmation hearing is scheduled for October 7, 2024. If the plan is approved, creditors with claims of less than $50,000 are expected to receive compensation by the end of 2024, while creditors with large claims may have to wait until 2025. Some creditors demand compensation in crypto assets rather than cash, so the plan faces certain opposition.

Market

As of press time, according to Coingecko data:

BTC's latest transaction price is $65,526.84, with a daily increase or decrease of -0.5%;

ETH's latest transaction price is $2,656.54, with a daily increase or decrease of -0.8%;

BNB's latest transaction price is $595.00, with a daily increase or decrease of -1.0%;

SOL's latest transaction price is $158.48, with a daily increase or decrease of +0.9%；

DOGE's latest transaction price is 0.1241 yuan, with a daily increase or decrease of -3.4%；

XPR's latest transaction price is 0.6432 US dollars, with a daily increase or decrease of +4.6%。

Policy

▌Legal experts: US SEC's case against Green United is mainly aimed at specific fraudulent acts

According to Decrypt, the US Securities and Exchange Commission (SEC)'s lawsuit against the encryption company GreenUnited has recently attracted industry attention. The SEC accused Green United of defrauding investors of $18 million by selling so-called "GreenBoxes" mining equipment. Last week, a federal judge rejected Green United's request to dismiss the case, which triggered speculation on social media that the sale of crypto mining hardware could be considered securities. However, multiple legal experts said there is no reason to be overly concerned at this time. Ishmael Green, a partner at DiazReus Law Firm, pointed out that as long as the mining equipment is sold with the understanding that the end user will mine, there will be no problem. "In the Green United case, the sales agreement for the mining equipment stated that Green United would control and operate the system, and this is the problem." Hadas Jacobi, a consultant at ReedSmith Law Firm, said that although the SEC did not explicitly mention managed mining, this could have an impact on managed mining services. Although Green United tried to portray the case as a misunderstanding of managed mining by the SEC, the judge rejected its request to dismiss the case. At present, the judge has only decided to hear the case and has not ruled on the SEC's arguments.

Blockchain Applications

▌Coinbase app downloads are now back to No. 385

According to data from the analysis account Bitcoindata 21, Coinbase downloads are often among the top 500 apps in the Apple App Store. After a decline this month, its popularity has risen again. Coinbase has now reached No. 385.  

The chart shows that downloads are closely related to Bitcoin price performance. During the bull market, Coinbase was ranked in the top 175. Currently, as Bitcoin prices rebound, user interest has rebounded. Santiment analysis pointed out that although positive comments have reached the highest level of the year, new historical highs are still to be waited.

Cryptocurrency

▌El Salvador government address has inflowed 7 BTC in the past week

Data shows that the El Salvador government address has inflowed 7 BTC in the past week, worth about $458,996.02.

▌FTX plans to allocate $230 million to shareholders, causing dissatisfaction among creditors

FTX plans to allocate $230 million from confiscated assets to certain preferred shareholders. This decision was not disclosed until after the creditors voted, which angered creditors. FTX argued that the move was intended to avoid litigation and delays, although creditors should generally be compensated first. The confirmation hearing for the reorganization plan is scheduled for October 7.

▌Almost 94% of Bitcoin addresses are in profit

According to Bitcoin Magazine on the X platform, almost 94% of Bitcoin addresses are in profit.

▌Sui: TVL has reached $1 billion

Sui said on the X platform that the total locked value (TVL) has reached $1 billion in less than two years since the launch of the Sui mainnet.

▌Ripple CTO questions Evernode's new token plan, warns of the risk of rising XRPL network fees

Evernode's plan to introduce Hooks and new token Codii to the XRP Ledger (XRPL) to enhance programmability has been questioned by Ripple CTO David Schwartz. Schwartz believes that the plan is too complicated and has no obvious benefits, and warns that this may push up transaction fees across the network due to increased resource requirements. Evernode co-founder Scott Chamberlain proposed that Codii tokens would be used to pay for the execution of Hooks, but Schwartz advocated that XRP should be used directly to simplify the system and avoid unnecessary fee growth.

▌Analysis: FTX repayment plan may drive further bullish market

FTX may repay creditors in October, and users may recover 10% to 25% of their crypto assets. The plan will be determined after the court hearing on October 7. Analysts believe that the repayment plan may push creditors to reinvest funds into the market, further fueling the current bullish trend.

▌Bitcoin miners' hash price rebounds, and profit prospects are optimistic

In the past 30 days, the hash price of Bitcoin has risen by 10.33%, of which the hash price has risen by 8.93% in the past four days alone. The current hash price is $47.42. The hash price refers to the estimated daily income of 1 PH/s Bitcoin hash power. Miners' income is driven by the rise in Bitcoin prices and the 4.6% reduction in difficulty on September 25.

Important Economic Dynamics

▌The probability of the Fed cutting interest rates by 50BP in November is 52.8%

According to CME's "Fed Watch": The probability of the Fed cutting interest rates by 25 basis points by November is 47.2%, and the probability of a 50 basis point cut is 52.8%. The probability of a cumulative 50 basis point cut by December is 21.6%, the probability of a cumulative 75 basis point cut is 49.8%; the probability of a cumulative 100 basis point cut is 28.6%.

Golden Encyclopedia

▌What is Algorithm of Thought (AoT)?

Algorithms of Thought (AoT) is a groundbreaking approach in the field of artificial intelligence (AI) that revolutionizes the way AI models think and reason. Developed by Microsoft Research, AoT introduces a new paradigm for large language models (LLMs) to enhance reasoning capabilities to solve complex problems. It aims to combine the best of both worlds: a nuanced, intuitive understanding of the human thought process with a structured, systematic algorithmic approach.

Disclaimer: As a blockchain information platform, Golden Finance publishes articles for informational purposes only and is not intended as actual investment advice. Please establish the correct investment philosophy and be sure to raise your risk awareness.