Cryptocurrencies and blockchain technology can modernize the entire capitalist system and are not just a niche internet development. Calling crypto “Web 3.0”, the third layer of the internet that enables permissionless asset ownership on the Web, “undermines” crypto’s true significance, which is a complete overhaul of the capitalist system, according to Mert Mumtaz, CEO of remote procedure call (RPC) node provider Helius. Mumtaz said that crypto supercharges all the necessary ingredients for capitalism to function properly, including the free flow of information in a decentralized way, immutable property rights, incentive alignment, transparency, and “frictionless” capital flows. Mumtaz added: In September, the United States Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC), two US financial regulatory agencies, released a joint statement teasing the possibility of 24/7 capital markets in the country. Read more
Native Markets claimed the US dollar-pegged stablecoin ticker following a heated bidding war closely watched by the crypto community. Native Markets, one of the teams that submitted a proposal to issue and manage the Hyperliquid crypto exchange’s US dollar stablecoin (USDH), officially claimed the USDH ticker on Sunday, following a community vote. The project will deploy the inaugural Hyperliquid Improvement Proposal (HIP) for USDH and an ERC-20 token, the token standard for the Ethereum network, in the coming days, Max Fiege, founder of Native Markets, said in an X post. He also outlined the next steps: Native Markets’ odds of winning the ticker spiked to over 99% on Saturday, on prediction market Polymarket, following synthetic stablecoin issuer Ethena’s withdrawal from the race on Thursday. Read more
The ratio compares the price of ETH to BTC; a higher ratio indicates ETH is gaining strength against BTC, while a lower ratio signals weak ETH. The Ether-Bitcoin (ETH/BTC) ratio, which measures the price of Ether (ETH) against the price of Bitcoin (BTC), has failed to reclaim 0.05, despite adoption of ETH by institutions and the historic price rally in July and August that took ETH to new all-time highs. ETH/BTC has remained below the 0.05 level since July 2024, and the ratio peaked in June 2017 when it hit the all-time high of 0.14, according to CoinGecko. The ratio current sits at 0.039, down from the 0.04 reached in August. The ratio fell to a 5-year low in March, collapsing to 0.02, amid macroeconomic uncertainty and rising trade tensions between the United States and its trading partners. Read more
Bitcoin lacks momentum into the weekly close as a trader says now is the "time to pay attention" to BTC price behavior ahead of the Fed rate-cut decision. Key points: Bitcoin drifts toward $115,000 into the weekly close ahead of a key macro week. BTC needs a weekly close above $114,000 to stay “bullish,” analysis says. Read more