Every week, Amdax summarizes what's happening in the crypto market for you. Want to learn more? Click through for further insights. 

This newsletter is a co-production with our partner Bitcoin Alpha.

Market Update 

Stay informed in three steps:

1. Bitcoin hits an all-time high of 67,900 euros
   Breaking the previous record of 67,400 euros set in March, Europe joins the ranks of major regions setting new all-time highs for Bitcoin, including South Korea, Brazil, Russia, and Canada. The record high in U.S. dollars has yet to be reached, but it seems only a matter of time.
2. The price range between $68,000 and $74,000 remains crucial
   Bitcoin is now testing the upper end of this range, with the all-time high of $73,800 acting as a key threshold. If Bitcoin manages to break out, we can expect further price increases. However, the recent surge doesn’t guarantee Bitcoin will break through this price range in one go.
3. Strong positive inflows into spot bitcoin ETFs continue
   Over the past 13 trading days, only Tuesday, October 22, didn’t see positive inflows. The remaining 12 days accumulated inflows totalling $4.8 billion, reaching the highest demand for spot bitcoin ETFs in 6 months. In the past month alone, nearly 65,000 bitcoins have flowed into these funds. Interest in spot ether ETFs, however, remains low.

News Overview

Signal out of the noise:

• Kraken to launch its own blockchain by 2025. The exchange is working on the launch of Ink, a network intended as a “new destination for DeFi applications.” Similar to Coinbase’s Base, Ink will not have its own token. Kraken plans to release a developer testnet later this year, with the ultimate goal of full integration with its own wallet. Kraken expects to generate revenue from Ink by acting as a transaction processor on the network.
• Stripe takes a major step with the acquisition of stablecoin company Bridge. Stripe is acquiring the startup for $1.1 billion, a favourable outcome for its venture backers. Bridge is developing a payment platform around stablecoins, enabling fast, low-cost international payments. The signal? The world’s largest fintech is embracing stablecoins and crypto as a serious alternative to traditional payment systems.
• 80% of Web 3 startups launch on Ethereum and Solana. According to a report by Alliance, 62% of new Web 3 projects choose Ethereum, while Solana follows with 18%. New networks like Base and Arbitrum are gaining popularity but still trail the two leaders. Solana shows the strongest growth, partly due to projects that emerged in the wake of the FTX crisis. Bitcoin is also attracting more startups, although technical limitations present challenges.
• Crypto market rattled by reports of U.S. investigation into Tether. Several major media outlets reported last week that the U.S. is investigating Tether for potential violations of sanctions and anti-money laundering regulations. As a result, Tether’s stablecoin USDT temporarily dipped to $0.9981. Tether denied the investigation, and CEO Paolo Ardoino called the report “old noise.” Analysts expect no lasting impact, but the market’s reaction underscores the dependency on Tether.

The take from Amdax:

The high interest in spot bitcoin ETFs over the past month is reflected in the price. It seems only a matter of time before we see new record highs in U.S. dollars. Although recent price gains don’t guarantee a breakout from the price range where Bitcoin has been trading since March, the outlook is positive.