🛡️ Bitcoin dev quits over security concerns

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Bitcoin has been making significant strides, currently on an impressive upward trajectory, reaching $30,797, its highest level since July 15, representing a 14% increase for the month. With bullish sentiment in the air, Bitcoin's dominance within the crypto market has surged to over 49%, a level not seen in over two years.

Bitcoin isn't the only Crypto that’s doing well. LINK is also on an impressive run, hitting 18-month highs and experiencing a remarkable increase of over 44% in the past week.

In other news, a Bitcoin core developer has made a significant decision to part ways with the Lightning Network's development team. This move comes as a result of concerns related to security issues and fundamental challenges within the Bitcoin ecosystem.

Let’s dive in 👇️ 

Markets

Bitcoin Eyes $31K as Gold Offers Bullish Cues (2 minute read)
Bitcoin is on an upward trajectory, drawing inspiration from traditional assets like gold. During Asian trading hours on Monday, Bitcoin reached $30,797, its highest level since July 15, marking a 14% increase for the month. In comparison, gold has seen a more modest 6.7% gain, with its recent uptick attributed to increased geopolitical tensions such as the conflict between Israel and Hamas, along with ongoing speculation about the Federal Reserve's tightening cycle ending, which suggests a looming era of inflation. BTC's appeal lies in its portability, potential as an inflation hedge, and its government-agnostic nature, making it an intriguing asset. The anticipation surrounding the BTC ETF and the ongoing Ripple lawsuit further contribute to a positive outlook for Bitcoin as a whole.

Bitcoin dominance hits highest point in over two years (1 minute read)
Bitcoin's supremacy within the cryptocurrency market has surged to over 49%, a level not seen in over two years, as reported by The Block's data dashboard. This rise in dominance represents a notable increase from the approximately 38% recorded at the beginning of the year, reaching 48.85% on October 21, the highest level since April 2021. The dominance boost can be directly linked to Bitcoin's year-long rally, which has seen its price soar by 81% since the start of the year.

Why Has Chainlink (LINK) Surged 20% in a Day? (3 minute read)
In under 24 hours, Chainlink (LINK) has experienced an impressive nearly 20% surge in value. Starting just above $9 on Sunday, LINK reached a remarkable 18-month high of $10.86 during Monday's Asian trading hours, marking the highest price level since May 2022 when the Terra (LUNA) ecosystem collapsed. Remarkably, LINK currently stands as the top-performing cryptocurrency in the market. This substantial price increase translates into a substantial 44% gain for LINK within the last week. Notably, blockchain analytics from Lookonchain revealed a surge in LINK's value being associated with Korean crypto exchanges on October 22.

Tech

Bitcoin core developer steps back from Lightning Network over “hard dilemma” (2 minute read)
Antoine Riard, a Bitcoin core developer, has decided to part ways with the Lightning Network's development team due to concerns related to security issues and fundamental challenges within the Bitcoin ecosystem. In a discussion on the Linux Foundation's public mailing list, Riard highlighted the "hard dilemma" confronting the Bitcoin community, particularly as a new type of replacement cycling attacks poses a significant risk to the stability of the Lightning Network. The Lightning Network serves as a second-layer solution layered on top of the Bitcoin blockchain, aimed at enhancing the scalability and efficiency of Bitcoin transactions by facilitating off-chain, peer-to-peer transactions.

Upland blockchain gaming project raises $7m ahead of ERC-20 token launch (3 minute read)
Upland, the blockchain-powered real estate collecting and trading game, has successfully raised an additional $7 million in its Series A funding round, with EOS Network Ventures leading this investment, marking their entry into the realm of crypto gaming. Upland's unique proposition lies in its ability to allow players to buy and sell digital replicas of real-world properties within a virtual map. This funding extension follows the initial Series A round, which amounted to $18 million and occurred in 2021.

Misc

Sam Bankman-Fried trial: Here’s what you missed during week 3 (5 minute read)
The third week of the trial of former FTX CEO Sam Bankman-Fried has concluded, bringing the prosecution closer to wrapping up their case. This week, the government presented ten witnesses, making it the busiest week so far and increasing the total count of prosecution witnesses to 17. Senior Judge Lewis Kaplan expressed frustration with the proceedings on October 18, criticizing the quality of some witnesses. The defense is set to commence their case on Thursday, October 26, a date initially sought to be postponed but ultimately insisted upon by Judge Kaplan, with the compromise allowing the defense to begin their case after the lunch break on that day.

Some FTX creditor claims rise above 50¢ in over-the-counter deals (2 minute read)
Over-the-counter (OTC) trades involving FTX creditor claims are currently valuing these claims at over $0.50. Owning these claims grants the holder a share of whatever assets the FTX bankruptcy estate can recover, and a price exceeding $0.50 indicates that the market anticipates a recovery of approximately half of users' assets. In a recent auction, Braziel noted that a claim worth over $20 million sold for around 52 cents on the dollar, although this price range is typically achievable for the "largest and cleanest claims." This surge in optimism regarding the value of FTX claims comes in light of Anthropic, an AI company in which FTX held a substantial stake, announcing significant new investments. Creditors are hopeful that the sale of the Anthropic stake will contribute to returning funds to creditors, potentially leading to a full recovery.

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