Plus: Blur Closes Its NFT Marketplace Website, Evernorth Lists on Nasdaq as XRPN
Good Morning Lions,
Stop-loss selling dragged Bitcoin down to its 50-day average and buyers stepped right back in, which tells me dip buyers still respect that line. Blur is the sadder headline, frens. Once the biggest Ethereum NFT marketplace, it's closing with almost nothing left to trade, and I think NFT trading needs a reason beyond flipping before that volume ever comes back.
Bitcoin Rebounds From Its 50-Day Average
TL;DR: Bitcoin fell to $81,000 on Tuesday as a wave of stop-loss selling pushed it back to its 50-day moving average, according to CoinDesk's market coverage. Buyers stepped in at that level and lifted BTC to about $83,700.
Blur Closes Its NFT Marketplace Website
TL;DR: Blur, once the largest Ethereum NFT marketplace, will close its website on Nov. 12. Its monthly volume fell from about $1.43 billion in March 2023 to under $7 million. The announcement came ten days after sister project Blast said it would shut down.
Evernorth Lists on Nasdaq as XRPN
TL;DR: Ripple-backed Evernorth began trading on the Nasdaq under the ticker XRPN after its SPAC merger closed, holding 473 million XRP. About 80.3% of Armada's public shareholders redeemed their shares. The filing values the XRP at about $677 million using a $1.43 XRP price.
Decrypt Flags a Cooling Uptober
TL;DR: Bitcoin traded at $83,000 on Oct. 13, down 3.2% on the week, per Decrypt's Morning Minute newsletter. Altcoins fell harder than BTC and overall sentiment cooled. Odds on Myriad shifted toward a Bitcoin dip to $80,000.
Tempo Maps FASB Stablecoin Cash Rules
TL;DR: A Tempo report argues a proposed FASB accounting update could let companies count qualifying stablecoins as cash equivalents on their books. That treatment would apply only when a company holds direct redemption rights with the stablecoin issuer.
IMF Tracks After-Hours Tokenized Stock Trading
TL;DR: The IMF's October Global Financial Stability Report found more than half of trading in five sampled tokenized US stock products happened outside Wall Street's regular hours. The report measured about 1.5 times the volatility in that trading.
Broadcom CEO Labels AI Investors Gamblers
TL;DR: Crypto Briefing linked a tech stock decline to Broadcom CEO Hock Tan calling some AI investors "casino gamblers." The outlet cited a 6.2% drop in South Korea's Kospi. Prediction-market odds on a $600 billion valuation for a leading AI lab also weakened.
If BTC closes below the 50-day average, the next round of stop-losses lines up with Myriad's $80,000 dip odds. If it holds, Tuesday's flush was just leverage getting cleaned out 🦁 — Khal
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More crypto news, daily, at news.leodex.io. The Daily LEO · Written by the LEO Team, Edited by Khal.