October: Bitcoin’s surge, regulatory changes, AI advancements, and Oraichain’s growth

Get up-to-date with the latest trends in crypto, Bitcoin, AI, and beyond. Oraichain's "Market Insights'' series delivers a monthly snapshot of the hottest narratives shaping the blockchain space. Dive into October's market news and discover what's driving innovation.

Major News

Italy Raises Crypto Capital Gains Tax

Italy plans to increase its crypto capital gains tax from 26% to 42% to address the growing popularity of digital assets, according to Deputy Finance Minister Maurizio Leo. The change is part of broader efforts to boost revenue for the 2025 budget through stronger digital services taxation. (Source: Bloomberg)

Base Surpasses Arbitrum as Top Ethereum Rollup by TVL

Base, Coinbase’s Layer 2 network, has overtaken Arbitrum with $2.49 billion in total value locked (TVL), driven by Aerodrome's $1.3 billion deposits. It also leads in user activity, with 1.5 million daily active addresses. Base is scaling capacity to meet demand and plans to add fraud-proof systems as part of its decentralization roadmap. (Source: The Block)

Uniswap Introduces Unichain L2 for DeFi

Uniswap has announced Unichain, a high-speed Ethereum Layer 2 designed to enhance DeFi liquidity and cross-chain interoperability. Built on Optimism’s Superchain, it offers near-instant transactions and fair MEV distribution through advanced block validation features. The public testnet is live, with the mainnet launch set for later this year. (Source: Uniswap)

Peter Todd Denies Being Bitcoin Creator After HBO Documentary

Peter Todd has gone into hiding after an HBO documentary named him as the creator of Bitcoin, Satoshi Nakamoto. Todd strongly denies the claim, calling it a marketing move by the documentary maker. The search for Satoshi has long captivated the crypto community, with Todd now facing unwelcome attention. Despite his denials, the theory remains popular, fueled by a forum thread where Todd seemingly "finished Satoshi’s sentences." The debate around Bitcoin's creator persists with no definitive proof to date. (Source: WIRED)

MicroStrategy’s Vision to Becoming a Trillion-Dollar Bitcoin Bank

MicroStrategy, led by Michael Saylor, plans to become a “Bitcoin bank” with a potential trillion-dollar valuation. Holding $16 billion in Bitcoin, the company aims to create Bitcoin-backed financial products for investors. Saylor believes this strategy positions MicroStrategy as a leader in digital assets and could significantly increase its value as Bitcoin rises. Currently valued at $42.5 billion, the company is confident in its path to reaching a trillion-dollar market cap. (Source: Decrypt)

UAE Eliminates Crypto Taxes

The UAE has removed taxes on cryptocurrency transactions, aiming to become a global crypto hub. This move could boost innovation, attract investors, and drive economic growth. However, strong regulations are needed to manage risks like volatility and fraud. The UAE’s approach may set a global standard for balancing innovation and regulation. (Source: Various)

Trump Leads in Election Betting Markets

While official polls show a tight race between Kamala Harris and Donald Trump, election betting platforms like Polymarket and Kalshi have given Trump a clear edge, with odds favoring him at 67%. As trust in traditional polls wanes, many are turning to these platforms for predictions. 

Though these markets have proven effective in some past elections, concerns about manipulation and the potential for big money to skew results remain. Critics argue that betting markets, unlike polls, focus on who people think will win, rather than who they want to win. (Source: The Guardian)

BTC in October

Bitcoin started October at $63,300 and climbed 11% to $70,200 by month’s end. Early trading was flat, impacted by Middle East tensions and weak spot ETF flows. Momentum picked up mid-month as pro-Bitcoin election sentiment grew with Donald Trump’s rise and spot ETF flows surged to $5.4 billion, fueling a strong rally. (Source: Various)

AI in October

GOAT: The Meme Coin Fueled by AI Surges to $700M Market Cap

AI-driven meme coin Goatseus Maximus (GOAT) captured attention by soaring 1,661% in weeks, reaching a market cap of over $700 million. Created by Truth Terminal, an AI agent funded by Marc Andreessen, the coin launched on Solana and now ranks in the top 100 cryptocurrencies. 

With 40,000+ holders and significant wallets controlled by traders and firms like Wintermute, GOAT's meteoric rise highlights the growing allure of AI-backed and meme-inspired digital assets. The mix of humor, speculation, and cutting-edge tech signals a new frontier in crypto investing. (Source: Various)

AI-Driven Fraud Prevention Saves $4 Billion for US Treasury

The US Treasury used AI and machine learning to recover and prevent over $4 billion in fraud during the 2024 fiscal year, up from $652 million in 2023. Key efforts included preventing $500 million in fraud, targeting high-risk transactions to save $2.5 billion, and recovering $1 billion linked to check fraud. This initiative is part of the Treasury's broader strategy to combat rising financial fraud with emerging technologies. (Source: CryptoSlate)

Oraichain in October

Oraichain Launches GitHub Pull Request Program

Oraichain has launched a new GitHub Pull Request Program, offering $20,000 in ORAI from the Community Fund to reward developers for their contributions. Contributors can earn rewards for tasks like documentation updates and bug fixes, with payouts ranging from $10 to $50. 

The program aims to foster community involvement and strengthen Oraichain’s development. Rewards are granted upon pull request acceptance, and participants can submit details for reward distribution via this form.

Introducing OraiBTC Bridge V2

Oraichain has launched OraiBTC Bridge V2, an upgrade to its successful V1 that has already bridged over 20 BTC to Oraichain. V2 offers significant improvements, including the transition to native BTC for better security, enhanced interoperability with the Cosmos ecosystem, and integration with Oraichain Mainnet for increased stability. 

New features include faster BTC withdrawals and the upcoming One-Click Bridge & Swap on OraiDEX. Experience seamless cross-chain bridging with native BTC support and enhanced security now at OraiDEX Bridge. 

Oraichain Celebrates its 4th Anniversary!

On October 19, 2020, the $ORAI token was listed on Uniswap, marking the start of its journey as the first AI Blockchain Oracle and AI Layer 1. With significant progress in technology and development, Oraichain is excited for the future. 

A heartfelt thank you to the SamORAI community for your ongoing support—together, we’ll continue to break boundaries and achieve new milestones!

Wrapping up

October 2024 saw significant developments across the crypto, AI, and blockchain sectors. Key trends include regulatory shifts, the rise of new technologies, and growing innovations in blockchain infrastructure. Oraichain made important strides with new programs and product updates. As the year progresses, these advancements signal a continued momentum in the space, shaping the future of digital assets and technology. Stay tuned for more updates!