Ndax Weekly TL;DR October 7th

• Ripple Criticizes SEC's Appeal in Ongoing XRP Legal Dispute
• Documentary Sparks Debate Over Bitcoin Creator’s Identity
• Strong US Jobs Report Eases Pressure on Fed
• Ohio Senator Introduces Bill to Legalize Crypto for State Taxes

Ripple executives have expressed frustration with the U.S. Securities and Exchange Commission's (SEC) decision to appeal a court ruling in the ongoing XRP legal case. The appeal follows an August ruling where the court found Ripple's programmatic sales of XRP did not violate securities laws but ruled that direct institutional sales were unregistered securities transactions. CryptoSlate

An upcoming documentary has reignited speculation about the true identity of Bitcoin creator Satoshi Nakamoto. The trailer features interviews with early Bitcoin adopters but does not definitively claim to have solved the mystery. However, a Politico report suggests the documentary may unmask Nakamoto and potentially link Bitcoin’s creator to criminal activity. The crypto community remains divided, with some expressing skepticism and others questioning the accuracy of the report. Despite the controversy, the documentary has stirred curiosity, bringing one of crypto’s biggest enigmas back into the spotlight. CryptoSlate

A robust US jobs report for September, showing 254,000 new positions and a drop in unemployment to 4.1%, has reduced pressure on the Federal Reserve to act aggressively in its next rate cuts. Economists now expect more gradual reductions, with forecasts shifting from half-point cuts to 25-basis-point adjustments in upcoming meetings. While some policymakers welcomed the positive labor market data, concerns over potential inflationary risks and pockets of labor market weakness remain. The Federal Reserve's next move will depend on additional economic data in the coming weeks. Yahoo Finance

Ohio State Senator Niraj Antani has introduced a bill to legalize the use of Bitcoin and other cryptocurrencies for state and local tax payments. The legislation, introduced on Sept. 30, aims to push Ohio towards broader crypto adoption by allowing residents to use digital assets for tax obligations and permitting state universities and public pension funds to invest in cryptocurrencies. This marks Ohio's second attempt at integrating crypto into its financial system, following a previous but short-lived program in 2018. CryptoSlate
 

Ndax's new news feature provides the latest news, stories, and trends to help you keep your hand on the pulse of crypto and blockchain.

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News Nuggets

• NFT Market Hits Lowest Monthly Sales Volume Since 2021 Amid Regulatory Scrutiny Cointelegraph
• Ripple Receives In-Principle Approval for Crypto Payment Services License in Dubai Cointelegraph 
• IMF Urges El Salvador to Tighten Bitcoin Oversight and Limit Exposure CoinDesk 
• China’s Former Deputy Finance Minister Urges Reevaluation of Anti-Bitcoin Policies CryptoSlate 
• Bank of England and FCA Launch Digital Securities Sandbox to Advance Financial Markets Cointelegraph
• Vitalik Buterin-Linked Wallet Sells Over $3M in ETH in 11 Days crypto.news
• Lamborghini and Animoca Brands Launch Blockchain-Based Supercars on Fast ForWorld Platform crypto.news
• Vitalik Buterin Advocates for Lowering Ethereum Solo Staking Requirements to Boost Decentralization Cointelegraph 

As of 10-07-2024 at 8:40 AM EST

Market Summary

• Over the last seven days, the global cryptocurrency market cap has gradually decreased to approximately CA$2.97 trillion from CA$3.08 trillion.
• Bitcoin's market dominance stands at 56.8%, while Ethereum's share is 13.5%.

Performance

• Over the past 24 hours, the price of BTC has fluctuated, reaching levels between CA$85K and CA$87K with a market cap of CA$1.7 trillion. (At time of writing)
  Visit our new markets page offering real-time data for almost 15,000 cryptocurrencies. Track trends, monitor your favorite cryptocurrencies, and stay ahead of the market. 
  
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Mark your calendars!

• October 10: U.S. Core CPI Announcement
• October 11: Canada Unemployment Rate Announcement
• October 15: Canada Inflation Rate Announcement

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