Uptober at its best

READING TIME: 4 mins 41 secs

Diving deep into today's web3 currents:

⌚ Who Needs a Watch When Tether's Going Real-Time?

💥 Safereum Faces Massive Liquidity Drain

🎉 Uptober-Fest: Cryptos Joining the Green Party

📊 Will Bitcoin Follow Gold’s Post-ETF Success?

Tether has declared its plans to implement real-time reserve reports, aiming for enhanced transparency in the cryptocurrency sector.

Paolo Ardoino, the incoming CEO, underscores Tether's dedication to providing instantaneous proof of reserves. With a significant presence as the largest US dollar-backed cryptocurrency, Tether's reserves stand at $84.15 billion in USDT. Recent market events have seen USDT transaction volume surge to $47 billion in one day, driven largely by rumors surrounding a spot Bitcoin ETF. Amid this, Tether remains a pivotal stablecoin in the cryptocurrency market.

The cryptocurrency project Safereum has seen significant liquidity drained, causing concerns within the crypto community.

Following a $600,000 fundraising event for its derivative token "Safepad," over 600 Ether (approximately $1,815 each) was extracted, resulting in the Safereum (SAFEREUM) token price plummeting by more than 94%. This move is suspected to be a "rug pull" with the total stolen amounting to about 720 ETH (~$1.27 million). Blockchain security firm CertiK mentions that these funds have been spread across various wallets, complicating tracking. The Safereum official X account has also been removed.

Cryptocurrency markets, notably Bitcoin and altcoins, are experiencing a bullish phase, termed "Uptober."

Bitcoin recently crossed $30,000, with anticipation surrounding the approval of a spot Bitcoin ETF. Altcoins are showing resilience, with some like Polygon (MATIC) performing exceptionally well. Polygon has also introduced PIP 29, proposing a "Polygon Protocol Council" to oversee updates to system smart contracts, marking a step toward decentralization and community-driven governance. The formation of this council could influence decentralized governance trends in the broader blockchain industry.

Bitcoin's price reached $35,000, marking an 18-month high due to increased anticipation surrounding the approval of a spot ETF.

This rise is reminiscent of the trajectory gold prices took after the listing of its first spot ETF in 2004. Unlike futures ETFs, spot ETFs invest directly in the asset, potentially increasing buying pressure. Gold, following its ETF listing, embarked on an eight-year bull run, escalating by more than 300% by the end of 2011. Given gold's example, some analysts predict that Bitcoin could reach significant highs in the coming years.

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