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Here are 5 Things to Know in Crypto This Week … 👇💡

Trump-Harris Debate and CPI Reading Expected to Drive Crypto Market Volatility This Week 📣

• QCP Capital analysts predict heightened crypto market volatility this week due to the Trump-Harris debate Tuesday night, and the U.S. CPI reading on Wednesday.

• Derivatives market positioning shows a bearish preference for puts in bitcoin and ether, indicating caution among traders.

• The debate and CPI reading are seen as key events that could influence market movements, with potential significant impacts based on the outcome of the U.S. presidential election.

• Bernstein analysts forecast bitcoin could reach $80,000-$90,000 if Trump wins, but could fall to $30,000-$40,000 if Harris wins.

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Bitcoin ETF Buzz Cools as Investors Pull $726 Million From Crypto Funds 🧊

• U.S. investors pulled $725.7 million from crypto investment funds last week, the highest outflow since March, according to CoinShares data.

• Bitcoin ETFs saw the largest withdrawals, with $643 million redeemed, while Ethereum funds lost $98 million, primarily from the Grayscale Ethereum Trust.

• Bitcoin ETFs in the U.S. have experienced eight consecutive trading days of losses, totaling nearly $1.2 billion in redemptions since their SEC approval in January.

• Bitcoin's price has dropped to $56,450, down 3% over the past week, significantly lower than its March all-time high of $73,737.

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Tether Invests $100M in Agriculture Firm as Stablecoin Competition Grows 🚜

• Tether has invested $100 million to acquire a 9.8% stake in Latin American agricultural firm Adecoagro, marking its first foray into the agriculture and food sector.

• The investment was made using Tether's working capital funds, and the company notes the importance of real estate to back stablecoin products.

• Tether's USDT remains the largest stablecoin with a market cap of over $118 billion, but faces growing competition from new entrants like PayPal USD and Ripple Labs' Ripple USD.

FriendTech Creators Walk Off With $44M as Protocol Shuts Down 🚩

• Friend.tech Shutdown: Friend.tech, a crypto social network on Coinbase’s Base blockchain, has shut down, with its creators revoking their ability to make changes to the protocol.

• Creators Profit: Despite the shutdown, the creators walked away with $44 million from the protocol's fees, which totaled nearly $90 million since its launch.

• Investor Losses: Investors faced significant losses, with the FRIEND token plummeting 98% since its May launch and a further 21% on the shutdown news.

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Coinbase Must Face Shareholder Lawsuit Over Regulator Risk Concerns, Judge Rules ⚖️

• A U.S. district judge partially granted and partially denied Coinbase's motion to dismiss a class action lawsuit from shareholders.

• Shareholders accused Coinbase of misleading them about the likelihood of being sued by the U.S. Securities and Exchange Commission (SEC).

• The judge found that shareholders had a plausible case regarding Coinbase's portrayal of regulatory risks but dismissed most other allegations.

• The lawsuit, initiated in 2022, claims Coinbase made false statements about its operations and regulatory risks.

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Thank you for reading this edition of Digital Asset Insights!

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