The cryptocurrency market had a consolidating week this past few days beginning October 7 and once again, Bitcoin struggled with the $64,000 price. This follows the discourse on regulation in the recent U.S. presidential debate, altcoins including Ethereum and Solana reversed into steep downtrends.

Additionally, investors have been put on notice following a series of regulatory crackdowns by the SEC and heightened risk to fraudulent market makers. In the political and technology sectors, however, the blockchain news never ceases, starting from the first Liberland elections to Ethereum co-founder Vitalik Buterin being named a Nobel Prize candidate. Here are the weekly updates:

Bitcoin Unable to Maintain Above $64K

Market discussions this week have focused on Bitcoin’s failure to rise above and sustain its price point at the significant $64,000 level. According to Cointelegraph, Bitcoin failed to sustain levels above $66,000, which it briefly reached earlier in the month. There is opposition to the market and more general macro factors, such as growing inflation rates and instabilities in the international money markets. One of the lead analysts of the report shared his views, “The $64K level has acted like a mental level, and going forward we are not likely to witness a sustainable break above/below this figure without a mass bait.”

U.S. Presidential Debate and Cryptocurrency Regulation

Following the U.S. presidential debate, on October 7, 2024, Donald Trump offered his opinion on the regulation of cryptocurrencies along with several financial gurus such as the chair of Robinhood, and members of the SEC. The candidates’ views on digital assets created the most discussion around the regulation of crypto as the candidates outlined their vision for the future of the economy of the United States of America.

Trump, continuing his policy on cryptocurrencies, said the following, “We have to protect the integrity of our financial markets and that means being very strong on things like Bitcoin.”

World’s first-ever Blockchain-based election

On October 8, 2024, The Street covered the first-ever Liberland elections for the blockchain-based micro-nation. The event is attracting much attention from the cryptocurrency and blockchain populations as Liberland is among some of the first to try to implement a decentralized government. It is also viewed as a leap forward in the process of framing blockchain as a functionality for political systems.

The manager of a political science program underscored that ‘Liberland is trying to set a new type of government’ which refers to the opportunity for the implementation of blockchain technology to reconfigure societies.

ETH Suffers Price Drop but could Vitalik Win a Nobel Prize

This week was not very successful for Ethereum: it has stagnated behind the leading cryptocurrency, Bitcoin, and other altcoins. On October 8, 2024, a Cointelegraph article noted that Ethereum is again trading around $2,600 without gaining strength to push higher alongside Bitcoin’s prices.

In a subsequent one published on 10 October 2024, FXStreet predicted that Ethereum could slide to $2,200 mainly due to inflationary pressures that the U.S. is facing, and the increasing exchange reserves. The article pointed out that investors' confidence was being undermined by the rising fears of inflation.

In more positive Ethereum news, co-founder Buterin was predicted as an outsider candidate for the 2024 Nobel Prize in Economics. An article by Lisa Gibbons on The Street dated October 10, explained how two economists have identified Buterin as a dark horse in the race. Although DeFi has only recently gotten widespread attention, Buterin has been instrumental in its growth ever since its start. Buterin has already made significant contributions to the global economy through DeFi and changed people’s mindsets in terms of finance.

The SEC has stepped up its crackdown on fraudulent market makers.

On October 9, 2024, the SEC boldly targeted fraudulent market makers in and around the crypto domain. From an official press that the SEC issued, legal cases have been filed against many firms that the SEC claims had engaged in regulated Market Manipulation and Investor Fraud. This comes slightly after regulators extended efforts to make the cryptocurrency industry even more intimately transparent.

It is all similar to a recent statement from the FBI which reported an increased rate of cryptocurrency scams and urged the public to be careful when investing in digital currency. An FBI representative emphasizes “Scammers are increasingly targeting inexperienced investors.”

Solana and Ethereum are hovering

Both Solana and Ethereum were under immense pressure this week. Referring to Investing.com, October 10, 2024, Solana remains in quite a precarious position as it cannot maintain the price above a critical support level, while Ethereum is on the decline with $2,000 potentially the new floor, should macroeconomic factors deteriorate.

Jillian Godsil Becomes First Congresswoman of Liberland

Proving the elections were successful and legal, Jillian Godsil even got the chance to become the first congresswoman of the new blockchain-based state called Liberland. On October 9, 2024, a piece by Blockleaders announced that Godsil, an evangelist for blockchain, was chosen as a part of Liberland’s delegation which was the first to embrace decentralized decision-making.

Her win is a win for Liberland as well as the overall blockchain sphere. “I am happy to be the head of Liberland and the worldwide community of blockchain champions,” Godsil said in a statement after the election. Her win is considered a breakthrough for the use of blockchain in political management.

Native and Secret Network partner up for Confidential Computing

According to Blockleaders on October 8, 2024, Native & Secret Network collaborated to bring confidential computing to decentralized internet ecosystems. Its work mainly concentrates on enhancing the protection of exposed data and privacy during blockchain operations so that these transactions can be made securely in an environment in which decentralization prevails. “This is a great step forward in how decentralized networks can address private data,” a Native spokesperson. The project aims to transform the way everyone achieves privacy on blockchain platforms to enable people to carry out their sensitive transactions more securely.

Due to the nature of cryptocurrency, this week has been characterized by price swings, regulatory actions, and major political and technological events. Bitcoin has not been able to hold the $64k mark and Ethereum has been slashed mainly due to inflation, alongside concerns about the SEC's crackdown on fraudulent market makers. At the same time, the breakthrough of the blockchain is progressing, including the Liberland vote and the possible recognition of Vitalik Buterin as the founder of decentralized finance.