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Bitcoin News Roundup for Oct. 14, 2020
With bitcoin traders eyeing $12K and Litecoin pivoting to privacy, CoinDesk’s Markets Daily is back for your latest crypto news roundup!
Updated Sep 14, 2021, 10:09 a.m. Published Oct 14, 2020, 4:00 p.m.
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With bitcoin traders eyeing $12K and Litecoin pivoting to privacy, CoinDesk’s Markets Daily is back for your latest crypto news roundup!
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This episode is sponsored by Crypto.com, Nexo.io and Elliptic.
Today's stories:
Bitcoin Steady Above $11,400 as Hashrate Reaches New High
Bitcoin's record hashrate indicates fundamentals are stronger than ever, according to Skew Markets.
JPMorgan Calls Square's $50M Bitcoin Investment 'Strong Vote of Confidence' for the Cryptocurrency
Other payment companies will also likely follow in Square's footsteps or risk getting shut out of a growing segment, JPMorgan wrote.
In Effort to Differentiate, Litecoin Makes a Move to Privacy
Litecoin founder Charlie Lee told CoinDesk in an interview the project is now looking to adopt key privacy-enhancing features, which he sees as increasingly attractive to cryptocurrency users.
WEF Releases Report Assessing Global Blockchain Standards
The Global Standards Mapping Initiative is the most "comprehensive" attempt so far to survey blockchain technical standards, the WEF said.
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Pudgy Penguins is building a multi-vertical consumer IP platform — combining phygital products, games, NFTs and PENGU to monetize culture at scale.
What to know:
Pudgy Penguins is emerging as one of the strongest NFT-native brands of this cycle, shifting from speculative “digital luxury goods” into a multi-vertical consumer IP platform. Its strategy is to acquire users through mainstream channels first; toys, retail partnerships and viral media, then onboard them into Web3 through games, NFTs and the PENGU token.
The ecosystem now spans phygital products (> $13M retail sales and >1M units sold), games and experiences (Pudgy Party surpassed 500k downloads in two weeks), and a widely distributed token (airdropped to 6M+ wallets). While the market is currently pricing Pudgy at a premium relative to traditional IP peers, sustained success depends on execution across retail expansion, gaming adoption and deeper token utility.
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Number of wallets with 1 million XRP is rising again
On-chain data points to underlying demand for XRP as ETFs pull in over $90 million.
What to know:
- XRP has fallen about 4 percent so far this month, even as on-chain data point to strengthening underlying investor interest.
- U.S.-listed spot XRP ETFs have attracted a net $91.72 million in inflows this month, bucking the trend of sustained outflows from bitcoin ETFs.
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