What Happened in Crypto Today: Build Crypto AI Agent in Minutes

10/28/2024 21:12
What Happened in Crypto Today: Build Crypto AI Agent in Minutes

From GOAT losing 32% of its value to Bitcoin ETFs gaining victory over Gold ETFs, here is a 4-minute breakdown of everything important that happened in crypto today.

The clock is ticking on what might be the most-watched U.S. presidential election in crypto history.

And while we're just seven days away from the big day, something unexpected is happening in the crypto markets.

You'd think Trump's consistent pro-crypto stance would have crypto investors celebrating. After all, he's been one of the loudest voices supporting crypto innovation and questioning the SEC's aggressive approach.

But here's what's got everyone talking: Some of the sharpest minds in crypto are suggesting a Trump victory might not be the straightforward win for meme coins.

Why? Well, the theory goes deep.

These experts believe the recent explosion in meme coin trading isn't just about making quick gains – it's a form of digital pushback against regulatory pressure. When the SEC tightens its grip, retail investors seem to pour more money into the exact kinds of tokens that make regulators uncomfortable.

Let’s make sense of it all! Here is a quick rundown of the top headlines from the past 24 hours:

  • Tether reveals massive $100B Treasury holdings alongside Bitcoin and gold reserves – but why show your cards right when the WSJ starts asking questions? 🏦

  • GOAT drops 32% from its peak while short positions keep growing – is this a sign of changing market sentiment? 🐐

  • The meme coin surge: top analysts see it as a protest against SEC's strict policies – what happens when regulatory pressure eases? 🎭

  • Bitcoin ETFs hit $21B in first-year inflows, leaving gold ETF’s ‘historical launch’ in the dust – are Bitcoin ETFs better for investors? 📈

  • Coinbase launches AI crypto agent builder that works in minutes – could this bridge the gap between AI and crypto trading? 🤖

Before digging into these stories, here is

With Bitcoin trading at $68.5K, the crypto market is showing signs of structural strength rather than speculative fever.

When Paul Tudor Jones declares "all roads lead to inflation," and positions his portfolio accordingly, it's worth noting that Bitcoin sits alongside gold in his inflation hedge playbook.

The US debt situation keeps getting more interesting. With limited options - spending cuts, debt default (economically devastating), or continued money printing - the path forward seems clear.

What's particularly fascinating is the institutional money flow. The CME futures market has hit an all-time high of $11.3B in open interest - that's some serious Wall Street participation. This isn't retail FOMO; it's calculated institutional positioning.

According to Glassnode's latest data, we're seeing several powerful technical confirmations that often precede sustained moves higher:

The Bitcoin Realized Cap just hit a new all-time high of $646B, representing $21.8B in net capital inflows over just 30 days.

Every single sub-group of short-term holders is currently in profit - a rare occurrence that historically reduces sell pressure.

Based on the on-chain data and market structure:

  • Track the CME open interest vs ETF flows ratio as a gauge of institutional sentiment

  • Watch the Realized Cap for any acceleration in capital inflows, as this often precedes major moves

  • Pay attention to short-term holder profit metrics as potential indicators of sell pressure

Now, let's dig into today’s top stories...

The world's largest stablecoin just shared some numbers.

Tether's reserves now include $100 billion in U.S. Treasury securities, 82,000 Bitcoin (that's $5.5 billion), and 48 tons of gold.

But timing is everything.

These impressive figures emerged right as the Wall Street Journal published a report suggesting U.S. authorities might be taking a closer look at Tether's operations.

So what’s going on? Is Tether really in hot water? Read the full story!

The latest darling of the meme coin world, Goatseus Maximus (GOAT), just took a big 32% hit from its peak of $0.8837.

The mood in the market is shifting. Santiment's data shows sentiment turning bearish for the first time in weeks.

Here's where it gets interesting: funding rates are still positive, but there's a catch. Open interest is climbing while those rates decline. Translation? More traders are betting against GOAT's rise, taking short positions that could push prices even lower.

So this market sentiment is just for the GOAT token or the entire crypto market is taking the hit? Read the full story!

Turns out the explosion of meme coins might be more than just degens chasing gains. Some of crypto's sharpest minds are seeing a different story unfold - one of digital rebellion against strict SEC regulations.

Nic Carter from Castle Island Ventures is pointing fingers at what he calls an "oppressive SEC regime" for driving investors toward these speculative assets.

Columbia's Professor Omid Malekan backs this up, calling it "economic populism" in action.

What does it mean? Read the full story!

There was a time when everyone thought the Gold ETF's $1.5 billion first-year launch was impressive.

But Bitcoin ETFs just redefined what a successful launch looks like, pulling in an astronomical $21 billion in just 10 months.

These ETFs now hold 938,000 Bitcoin - that's $63.3 billion worth, or 4.5% of all Bitcoin in circulation.

When you add other crypto funds to the mix, we're talking about 1.1 million Bitcoin locked up in investment vehicles.

That’s not even the interesting part - retail investors, not Wall Street giants, are leading this charge. They're responsible for 80% of all Bitcoin ETF investments. But the big players aren't sitting this one out anymore - over 1,200 institutional investors have joined the rally, including Goldman Sachs and Morgan Stanley.

What about Ethereum ETFs? And are crypto ETFs still experiencing inflows? Read the full story!

Coinbase just launched something that could reshape how AI and crypto work together.

They call it "Based Agent" - a platform that lets developers create AI-powered crypto agents in minutes.

Developer Lincoln Murr and CEO Brian Armstrong are pretty excited about this one. Their new tool lets these AI agents handle complex crypto operations with their own wallets, all running on Base, Coinbase's layer-2 network.

The setup sounds surprisingly simple: grab your Coinbase and OpenAI API keys, use a Replit template, and you're ready to build. These aren't just Base-locked agents either - they can work across Ethereum, Polygon, and Arbitrum.

What exactly can these agents handle? And how much could it cost? Read the full story!

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