Bitcoin Dominance Hits 3-Year High | Key Points | Oct. 04, 2024

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GM. Welcome back to BitPinas Key Points: easily digestible news in concise formats for easy reading. In today’s daily recap: What happened when Bitcoin dominance increase?

Here are the latest crypto news stories in the last 24 hours.

Market Analysis and Updates 📈

Here are the crypto highlights of the day:

Crypto Price Update

Bitcoin (BTC): $61,583.76, up 2.2% over the last 24 hours.
Ethereum (ETH): $2,387.19, up 2.1% over the last 24 hours.
Solana (SOL): $140.56, up 2.8% vs the previous day.

Trending Coins Update

Observer: $0.0040, up 196.3% vs the previous day.
Cortensor: $0.0043, up 133.6% over the last 24 hours.
Sui: $1.75, down 5.5% vs the previous day.

For the daily price update, check out our post on Facebook.

Feature News: Bitwise Files for XRP ETF Amid Ongoing SEC Legal Battle

Photo for the Article - Bitcoin Dominance Hits 3-Year High | Key Points | Oct. 04, 2024

Bitcoin’s market dominance neared a three-year high, reaching over 58%, as altcoins struggled. The cryptocurrency held above $60,000 but faced resistance at $61,500 before settling around $60,700.

Meanwhile, Ethereum’s ETH fell to one of its lowest levels against Bitcoin since mid-September, Coindesk reported.

Altcoins:

Aptos’ APT token surged 7%, after Franklin Templeton’s expansion of its tokenized money market fund to the Aptos blockchain.
SUI pulled back after an over 100% price rally last month.

What’s affecting the market: The U.S. dollar strengthened to its highest level since mid-August, driven by strong economic data and geopolitical tensions, particularly in the Middle East.

What happens after Bitcoin dominance peak: Historically, altcoins sometimes experience a “catch-up” phase where they rally as capital flows back into them.

What to watch next: Traders are closely watching for further developments, with the upcoming U.S. jobs report and potential Federal Reserve liquidity measures.

Philippine Crypto News 🇵🇭

BitPinas article: PSE to soon allow foreign stock trading
YGG reminded community members to be wary of scams and how to avoid hacks.
Coins.ph teased that it will soon list the token $TURBO.
CryptoArt PH organized the Paghilom Art Exhibit which will be featured during the Luzon Art Fair.

Noteworthy 🌟

Key updates and announcements from around the crypto and blockchain world:

Three senior executives and a key developer left OpenSea in the past three months amid SEC scrutiny, declining NFT trading volumes, and increased competition.
Thousands of Indians have been lured by fake job offers to Southeast Asia, where they are trapped in cyber slavery and coerced into crypto fraud and other online scams.
The DLT Science Foundation (DSF) launched the MiCA Crypto Alliance to help digital asset companies streamline compliance with the EU’s MiCA regulation.

Educational Corner 🎓

Crypto 101: An analyst on a Chinese social networking site claims that “platform tokens,” the native tokens of cryptocurrency exchanges, are likely to “skyrocket” due to their design for paying app fees.
What is the Coinex CET token?

Regulation Watch 📜

Stay informed about the latest regulatory updates and what they mean for you:

The SEC is appealing a court ruling in the Ripple case, arguing it conflicts with Supreme Court precedent.
SEC Enforcement Director Gurbir Grewal will depart on October 11, 2024, with his deputy Sanjay Wadhwa stepping in as acting director.
Taiwan’s FSC will require virtual asset service providers to complete AML registration by September 2025 or face jail time and fines.

Community Spotlight 🔦

Meet Joel Bautista: He is Information Technology Officer III bullish about blockchain technology.

Bautista is the project leader for Pisay-DigiCert; check out his interview about the project here.
He is also the Chief of the Knowledge Innovation Division at the Philippine Science High School (PSHS).

More Web3 and AI News 💡

Discover the latest in web3 and AI innovation.

Sotheby’s is hosting a three-day auction for seven Autoglyph NFTs by Daniel Maegaard.
Amnis Finance raised $2 million in a seed round led by OKX Ventures and Borderless Capital, aiming to drive innovation and expand DeFi solutions within the ecosystem.
DeFi’s TVL rose 10% to $133 billion in September, primarily fueled by decentralized exchanges and liquid staking.

Web3 Gaming Section 🎮

The future of web3 is gaming, and here are the latest news.

Fight League will launch its first Fighter NFTs for minting on October 10th, offering 10,000 unique characters essential for gameplay in the upcoming web3 title, Fight League: Survivor.
Lamborghini partnered with Motorverse to launch the web3 racing game Fast ForWorld on November 7.
Shardbound will launch into open beta on Steam and the Epic Games Store on October 9, featuring NFT trading and a mix of deck-building, turn-based combat, and role-playing elements.