Crypto News Today (Live) Updates On October 23

Cardano’s airdrop model is proving far more efficient than Ethereum or Solana. On Ethereum and Solana, every user must send their own transaction to claim tokens due to account-based architecture, which requires each account to update its on-chain state. Large-scale airdrops flood the network with transactions, causing gas spikes, congestion, and delays. Batch transfers on these chains are nearly impossible because transaction size hits block gas limits, making costs prohibitive. As a result, major projects like $UNI, $OP, and $ARB rely on Merkle Claim systems, where users claim tokens themselves. Cardano avoids these inefficiencies, simplifying token distribution at scale.

According to CertiK Insight, the attacker behind the Radiant Capital hack has deposited 2,834.6 ETH (~$10.8M) into Tornado Cash. The exploiter’s address, 0x4afb, received 2,213.8 ETH bridged from Arbitrum in October 2024, with the remainder coming from swaps to DAI and back. The breach occurred on October 16, 2024, when the Radiant Lending Pool on BSC and Arbitrum lost roughly $53M. The attacker gained control of the multi-sig wallet by compromising 3 of 11 signers, allowing them to replace the Lending Pool implementation contracts and execute the drain.

Following recent market washouts, crypto prices can swing sharply, but Ethereum adoption continues at breakneck speed. While trading boosts liquidity, it also introduces short-term volatility, which can diverge from long-term fundamentals. Consider the scale: SWIFT processes ~$150T annually, roughly 20x current USDT volumes on Ethereum, where the largest institutional transactions occur. Institutions increasingly favor Ethereum as their network of choice, even if $ETH price lags behind adoption metrics. These market dislocations present opportunities to accumulate, as firms like SharpLink Gaming aim to capitalize on volatility to build long-term ETH-aligned value. Ethereum remains central to the future of financial markets.

The real altcoin season will kick in once Ethereum breaks and holds above $5,000. Market capitalization of altcoins remains uncertain, and it’s often unclear whether a new cycle is starting or ending. For the past two years, investors awaited the Fed’s QE, and this month, the Fed signaled the potential end of QT and start of QE. Meanwhile, market makers triggered a historic liquidation event, reminiscent of March 2020. Higher timeframe data shows that bull trends in Bitcoin, ETH, BNB, TRX, SOL, Gold, Nasdaq, and M7 have persisted since January 2023. Still, parabolic gains in risky assets only appear when liquidity conditions align.

The most important event this week is the U.S. CPI data release on October 24, happening despite the ongoing government shutdown. Expectations are for 3.1% inflation, up from the previous 2.9%.The outcome is critical as the Federal Reserve bases its monetary policy on inflation and employment data. With the jobs market struggling and the FOMC meeting next week, the Fed will be closely watching the numbers.

• Lower-than-expected CPI: Likely triggers rate cuts and dovish language.
• Higher-than-expected CPI: Rate cuts possible, but with cautious Fed guidance.

Markets, especially crypto and risk assets, could react strongly to the report.

Market watchers are turning their attention to the upcoming CPI report, expecting it to influence short-term Bitcoin moves. Unlike previous CPI releases that sparked rallies, this time BTC is entering the report amid a market dip, suggesting a potential 2–3% upside if the data is released on schedule and not delayed due to the government shutdown. Analysts project that Bitcoin could reach $110K–$111K in the near term, making the CPI release a key event for traders seeking to gauge momentum and market sentiment.

Markets remain uncertain as investors await the next major macroeconomic event: U.S. CPI data. The report is expected to set the tone for Bitcoin’s direction and signal potential Fed actions. Meanwhile, altcoins have plunged 20–40% this month, creating what many see as a “bloodbath” scenario. Despite the losses, analysts note that these declines may present significant buying opportunities, as broad market sentiment has overlooked the potential value in oversold altcoins. Traders are watching closely for CPI-driven market movements that could shift crypto trends in the coming days.

A major milestone for Cardano: 24 billion $NIGHT tokens have just been minted on the mainnet. Airdrop participants are set to receive their tokens soon, marking the launch of the Midnight ecosystem. $NIGHT will serve as the backbone of the platform, generating $DUST, which powers zero-fee transactions and private smart contracts. This development highlights Cardano’s push toward scalable, privacy-focused blockchain applications and is seen as a significant step forward for the ecosystem.

After a year-long shutdown following a $230 million hack, WazirX is set to resume trading tomorrow, October 24. To mark its comeback, the exchange will offer zero trading fees at launch, aiming to attract both returning and new users. This reopening comes as one of India’s prominent crypto platforms recovers from a major security breach, signaling renewed confidence in its operations and commitment to user safety. Traders and investors are eagerly anticipating the return, ready to engage in the revived Indian crypto market.

Some XRP holders are offloading their tokens at prices lower than pre-Evernorth news levels, even after Ripple’s major partnership announcements. Interestingly, this selling tends to occur after Bitcoin drops 1–2%, which often causes XRP to fall 5–6% in response. While each trader’s strategy may differ, the pattern highlights how short-term BTC movements continue to influence XRP sentiment, despite fundamental catalysts like Ripple’s Evernorth developments. Observers find it fascinating that even with positive news, market psychology and correlation with Bitcoin still drive significant selling pressure in the XRP market.

A $7.4 trillion pile in U.S. money market funds is poised to unleash the largest capital reallocation in history. Currently earning 5%+, these funds sit idle in Treasury bills, waiting on the Federal Reserve’s next rate move. Historical patterns show that Fed cuts have previously triggered massive market rallies — from tech in 1998 to housing in 2003 and broader markets in 2009. Now, with Bitcoin’s fixed 21M supply and 24/7 global settlement, even a small rotation from

• 5% rotation ($370B) → BTC $280K–$350K
• 10% rotation ($740B) → BTC $550K–$700K
• 15%+ with sovereign buying → BTC $1M+

As bond yields drop and ETFs continue absorbing liquidity, Bitcoin could become the primary beneficiary of the largest liquidity tsunami ever, creating a historic price discovery event.

Over the past month, Bitcoin whales have funneled $5.56 billion into Binance, highlighting heightened market activity. On a single day, inflows reached $1.07 billion, coinciding with Bitcoin’s price surge from $108K to $113K before retracing back to $108K. Analysts suggest these large transfers likely influenced the short-term price movement, underscoring the impact of whale behavior on market dynamics and investor sentiment. Traders are keeping a close eye on such movements, as significant whale flows often signal potential volatility in the crypto markets

The Trump-era U.S. government has quietly acquired stakes in key technology and materials companies, signaling a push into the AI and quantum computing sectors. Holdings include potential equity in IonQ, D-Wave, and Rigetti (quantum computing), 10% of Intel ($INTC), 15% of MP Materials ($MP), 10% of Lithium Americas ($LAC), and 10% of Trilogy Metals ($TMQ). These moves position the U.S. to compete in the rapidly evolving tech landscape, ensuring access to cutting-edge AI hardware, rare earth materials, and critical minerals needed for next-generation technologies.

Binance founder CZ weighed in on the growing trend of tokenized gold, warning that it’s not the same as holding real gold. “Tokenizing gold is NOT on-chain gold,” he said, stressing that investors are simply trusting a third party to redeem their gold in the future — even amid uncertainty like management changes or wars. CZ added that this trust issue is why gold-backed tokens have never truly taken off. Meanwhile, gold prices remain steady around $2,400, as skepticism toward tokenized versions grows.

Ripple is making major strategic moves that go far beyond cross-border payments. Recent data reveal that the U.S. repo market, the backbone of global liquidity, isn’t $6 trillion, as widely reported, but closer to $12 trillion. With its acquisition of GTreasury and partnership with Hidden Road, Ripple is now poised to tap directly into this massive market. This shift signals more than innovation, it’s integration into the core of global capital flows, pairing real-time settlement with deep financial liquidity. The next phase for XRP may be less about price and more about power.

Tokyo-listed Quantum Solutions has acquired 2,365 ETH in a week, bringing its Ether holdings to 3,866 ETH (~$14.8M), making it Japan’s largest publicly listed Ether digital asset treasury (DAT) and 11th globally. Backed by ARK Invest and SIG, the firm continues daily ETH purchases. While DAT enthusiasm cools globally, Quantum Solutions aims for a 100,000 ETH treasury, signaling ongoing institutional interest in crypto.

Bitcoin miners’ debt has surged from $2.1B to $12.7B in 12 months as they invest in new rigs and AI infrastructure, VanEck reports. Miners are diversifying into AI and HPC hosting to secure predictable cash flows after April 2024’s halving reduced rewards. Companies like Bitfarms, TeraWulf, and IREN are raising billions through convertible and secured notes, while analysts stress this AI pivot strengthens efficiency without threatening the Bitcoin network.

Decentralized exchange Bunni is shutting down after a $8.4 million exploit in September. The team cited insufficient funds to cover auditing and relaunch costs. Despite ceasing operations, Bunni has relicensed its v2 smart contracts under the MIT license, allowing developers to use its innovations like liquidity distribution functions and surge fees. Users can still withdraw assets, and remaining treasury funds will be distributed to tokenholders after legal approval.

Senators and crypto industry leaders met on Capitol Hill to discuss a market structure bill. White House Crypto Czar David Sacks emphasized passing legislation this year. Democrats and Republicans highlighted bipartisan cooperation, while industry concerns focused on DeFi regulation. Key next steps remain unclear, with lawmakers aiming to finalize the bill despite government shutdown challenges.

A new class action lawsuit, Hurlock v. Kelsier Ventures, alleges Meteora founder Benjamin Chow orchestrated the pump-and-dump of meme coins, including MELANIA and LIBRA. The filing clarifies that public figures like Melania Trump and Argentine President Javier Milei were not culpable. Chow allegedly directed collaborators at Kelsier Ventures in launching multiple tokens for fraud.

Bitcoin’s short-term trend is holding strong. As shown on the chart, the red and green boxes highlight key reversals with BTC turning bullish at the end of September before flipping bearish on October 7, signaling a major downturn. The oscillator confirmed another upward shift on October 19, marked by the yellow pointer, indicating renewed strength. As of now, Bitcoin’s short-term momentum remains positive, suggesting continued upward movement unless the trend weakens in the coming sessions.

Global investment giant T. Rowe Price has filed a Form S-1 with the U.S. SEC for its new “T. Rowe Price Active Crypto ETF.” The filing marks another step toward mainstream crypto adoption. Notably, Litecoin (LTC) is included among eligible assets, classified as a commodity with CFTC-regulated futures trading. The move highlights growing institutional confidence in digital assets and could pave the way for broader exposure to crypto within traditional investment portfolios if approved.

The U.S. government shutdown has entered its fourth week, with no resolution in sight as lawmakers remain divided over the budget. Amid the stalemate, Senate Democrats are organizing a closed-door roundtable with top crypto industry leaders to revive discussions on the stalled market structure bill, a key proposal that could define how digital asset firms operate under U.S. law. The talks will focus on consumer protection, innovation, and federal oversight. As Washington grapples with both fiscal and regulatory challenges, the Senate’s next moves could reshape the future of U.S. governance and the crypto industry alike.