Bitcoin Takes a Breather: Too High to Climb Higher?

READING TIME: 4 mins 32 secs

Diving deep into today's web3 currents:

📉 Bitcoin Stalls at $37K, Eyes on CPI Report for Next Move

🔍 ERC-4337 Smart Accounts Struggle with Low Adoption Rates

💸 SOL Leads Major Cryptos with 150% Monthly Surge

🌐 Gains Preliminary VASP License in Dubai

Bitcoin's price, after a 40% surge over five weeks, has plateaued around $37,000. Investor focus has shifted to the upcoming Consumer Price Index (CPI) report, which could influence Bitcoin's trajectory based on inflation data.

Simultaneously, the cryptocurrency industry is awaiting the SEC's decision on 12 pending spot Bitcoin ETF applications by November 17, a potential landmark for mainstream crypto adoption. Ethereum is also in the spotlight, with BlackRock and other firms seeking SEC approval for Ethereum ETFs, indicating Ethereum's rising importance in the crypto space.

John Rising, an Ethereum account abstraction advocate, recently shared data indicating the limited adoption of ERC-4337 smart accounts.

Despite initial optimism at their launch in March, these accounts have seen a decrease in users, and low transaction activity, and are not proving financially viable for core infrastructure providers, known as bundlers. Only 6.89% of users remained active after six months. However, Jesse Pollak of Coinbase has a more optimistic view, suggesting that adoption might happen "slowly, then suddenly."

Solana's SOL token has experienced a substantial 150% increase in value over the past month, leading the pack among major cryptocurrencies. However, this rally has recently been paused, partly due to actions by wallets linked to the bankrupt FTX exchange.

These wallets, controlled by a group handling FTX's bankruptcy proceedings, transferred 250,000 SOL and $4 million in USDT stablecoins to exchanges like Binance and Wintermute, likely indicating a potential sale. Despite a 7.5% decrease in SOL prices in the past 24 hours, the token has risen over 500% year-to-date, buoyed by its blockchain technology and popularity. The debtor group's actions, including staking and unstaking significant amounts of SOL, have sent mixed signals about their intentions with their sizable stake in the token. has achieved a significant milestone by securing a preliminary Virtual Assets Service Provider (VASP) license from the Dubai Virtual Assets Regulatory Authority (VARA).

The license, granted to its entity CRO DAX Middle East FZE, allows to provide specific virtual asset services, with the full VASP license pending upon meeting further conditions set by VARA. CEO Kris Marszalek praised Dubai's regulatory framework for balancing effective regulation and support for innovation in the crypto space. Dubai has rapidly emerged as a leading crypto-friendly hub, with several other crypto firms, including Komainu, Backpack Exchange, and WadzPay, also receiving operational licenses.

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