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‘Crypto is a damn casino for dum-dums,’ Ethereum developer says

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Péter Szilágyi, a core developer at the Ethereum Foundation, recently expressed some disillusionment towards the crypto industry on his X account.

Amid an ongoing Ethereum (ETH) sell-off on Monday, Szilágyi questioned the crypto sector’s focus, suggesting that participants are more interested in becoming the next Vitalik Buterin and engaging in “value extraction” rather than creating useful products and generating genuine value.

Szilágyi criticized the industry for being impulsive and resembling a casino where people buy Lamborghinis when prices rise and suffer when prices fall, without any significant contribution to humanity. Citing companies like SpaceX, he argued that if the industry cannot create genuinely useful products, it might be time to shut it down. 

Szilágyi noted that while Bitcoin (BTC) at least strives to become a safe asset, the rest of the industry engages in pointless endeavors.

Ethereum is tanking

This skepticism comes at a turbulent time for Ethereum. The crypto has seen a huge decline, collapsing 32% in a week, as the crypto market records its largest dip this year. Ethereum’s current price of $2,360, down by 12.05% for the day, has pushed it below the lower Bollinger Band at $2,650, indicating it may be oversold.

At the time of writing, Ethereum is trading at $2,360, but it was trading at $2,200 early Monday morning.

Over 278,000 traders were liquidated in the crypto market over the past 24 hours. Bitcoin led liquidations at $362 million, followed by Ethereum at $345.7 million.

Total crypto open interest dropped by 18.7% to $47 billion. The broader cryptocurrency market experienced a significant downturn, with global market cap falling by 13.4% to $1.94 trillion.





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Florida has $800m in crypto-related holdings: CFO

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Florida Chief Financial Officer Jimmy Patronis revealed that the state holds approximately $800 million in crypto-related investments as part of its portfolio, a position he discussed during a CNBC interview.

Patronis emphasized Florida’s commitment to exploring cryptocurrency as a viable investment, despite traditional concerns about its role in state retirement funds.

“Crypto is not going anywhere. It’s not going to contract. It’s going to continue to be expanding,” Patronis stated in the interview, expressing confidence in the technology’s long-term potential.

Patronis made it clear that he views cryptocurrency as an established asset class with substantial investment prospects.

“We have about $800 million in crypto-related investments in our state portfolio,” Patronis said in reference to Florida’s crypto holdings. 

Florida isn’t the first U.S. state to dabble in crypto holdings. Wisconsin’s Investment Board had invested in the two largest spot Bitcoin (BTC) ETFs, holding 2.4 million shares of BlackRock’s iShares Bitcoin Trust worth nearly $99.1 million as of May 2024. Additionally, a U.S. SEC filing revealed that the state-owned over 1 million shares of Grayscale’s GBTC, valued at more than $63.3 million at the end of March.

Other states like Ohio and Pennsylvania have pushed pro-crypto legislation as well.

Florida and crypto regulation

The interview also covered regulatory concerns. Patronis discussed Florida’s approach to crypto regulation, particularly regarding national issues like the potential implementation of a central bank digital currency.

He expressed concerns about possible federal overreach with a centralized digital currency, emphasizing that cryptocurrency offers an alternative for preserving purchasing power amid inflationary pressures.

Patronis outlined a broader vision to position Florida at the forefront of the crypto landscape, with the aim of making Miami a key global crypto hub.



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Algoz taps Wincent to streamline its fiat-to-crypto onboarding process

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Digital asset investment firm Algoz has announced a strategic collaboration with regulated market maker and top over-the-counter desk Wincent.

Algoz shared details of the new partnership via a press release sent to crypto.news on Oct. 30. This announcement follows Algoz’s recent collaboration with Standard Chartered-backed Zodia Custody.

According to the announcement, Algoz will leverage its partnership with Wincent to facilitate the onboarding of new investors. Through this collaboration, investors such as family offices seeking to enter the crypto market via Algoz will not need to convert fiat currencies to crypto beforehand, as is typical across many providers in the industry.

Wincent offers the solution to this hurdle. Algoz users can now invest using Tether (USDT) Bitcoin (BTC) and Ethereum (ETH) and other cryptocurrencies using U.S. dollars, euros, or other fiat currencies. The partnership allows Algoz clients to directly swap fiat for crypto, reducing risks associated with exposure to unregulated providers.

Algoz noted that its collaboration with Wincent supports asset conversion based on already approved know-your-customer and anti-money laundering checks. These regulatory requirements are critical components of global crypto regulation, with various industry players viewing them as essential to the growth of the crypto market.

With regulatory clarity pivotal to the industry, many players are implementing measures to ensure safe on- and off-ramping of customers. Regulated platforms like Wincent and institutional-backed providers like Zodia Custody contribute to this approach.

The platform’s off-exchange settlement solution, Quant Pro, plays a central role in the partnership.

For Algoz, the solution, Zodia’s custody wallet, and Wincent’s know-your-customer and anti-money laundering integration add a layer of protection for users.

 “The creation of Quant Pro, our off-exchange settlement system, using Zodia was the first breakthrough for investors as we were able to significantly mitigate exchange and management counterparty risk.”

Stephen Wundke, director of strategy and revenue at Algoz.

Wincent’s regulated market records between $3 and $5 billion in daily volume, with over 300,000 daily transactions.



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Top cryptocurrencies to watch this week

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The global crypto market cap added $140 billion, spiking 6.3% to close the week above a two-month peak of $2.35 trillion.

Bitcoin (BTC) championed the recovery, breaking past $68,000 and sparking a strong rally across the altcoin market.

Here are some of the assets that leveraged this rebound campaign and how they performed:

DOGE records seven straight intraday gains

Dogecoin (DOGE) was one of the biggest beneficiaries of the market recovery last week, recording seven consecutive days of gains throughout the week.

DOGE, APE, DIA: Top cryptocurrencies to watch this week - 1
DOGE 1D chart – Oct. 20 | Source: crypto.news

The dog-themed meme coin closed the week at a four-month high of $0.144, having gained 27%. This marked Dogecoin’s best weekly performance since late February during the broader meme coin market rally.

However, the latest uptrend has faced a roadblock, following a spike in the Dogecoin CCI to 247. If this week introduces bearish pressure, DOGE would need to hold above $0.137 to avoid the 20-day SMA support at $0.116.

APE spikes 54% on mainnet launch

Despite underperforming throughout last week, ApeCoin (APE) engineered a last-minute rally that saw it close the week at $0.87 amid a 20% gain. 

DOGE, APE, DIA: Top cryptocurrencies to watch this week - 2
APE 1D chart – Oct. 20 | Source: crypto.news

This upsurge was mainly due to the mainnet launch of ApeChain, the project’s blockchain, yesterday. 

After breaching $0.92, APE faced major resistance at the upper Bollinger Band yesterday. However, the uptrend resumed in the new week, with APE surging 54% to breach the $1 mark for the first time in four months.

Meanwhile, its RSI has crossed into overbought territories at 85. This position suggests the rally might face exhaustion without renewed buying pressure. A drop below $1 could lead to steeper declines.

DIA hits 32-month peak

DIA (DIA) began the week bearish, but recovered to outperform most assets. After a mixed performance, DIA spiked by a massive 42% on Oct. 17, reclaiming $1 for the first time in two years.

DOGE, APE, DIA: Top cryptocurrencies to watch this week - 3
DIA 1D chart – Oct. 20 | Source: crypto.news

Following an 8% correction the next day, DIA resumed the uptrend, gaining by another 14% on Oct. 19. This allowed it to close the week with a 44% gain, trading at a high last seen 32 months ago. Its monthly volume has spiked to 716 million DIA, the highest in history. 

Meanwhile, the token’s +DI has spiked to 40.28, confirming immense bullish momentum. The ADX at 50.19 suggests that the push is especially strong. However, this could also indicate an overextension of the rally, with a correction looming.



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