• Crypto experiences biggest daily gain in six weeks, big tech stocks tumble
  

• U.K. legislators vote to add cryptocurrencies to the Financial Market Bill

• Cash App enables Bitcoin Lightning network payments for 40 million users

• Elon Musk will close the Twitter deal on Friday, Twitter is building a crypto wallet

• Reddit NFTs surge into OpenSea top 10, challenging blue-chip Bored Apes

Crypto Experiences Biggest Daily Gain in Six Weeks, Big Tech Stocks Tumble

The crypto market is experiencing its biggest daily gains in more than six weeks, with all the top 30 cryptos rallying. Bitcoin (BTC), the world’s biggest crypto, has gained 6.7% in the last 24 hours to peak at $20,700 – a new six-week high.

The 24 hours price chart for Bitcoin (BTC). Source: CoinMarketCap

The market rally is being driven by Ethereum (ETH), which has gained more than 15% in the last 24 hours to trade at $1,542 for the first time before the merge.

The 24 hours price chart for Ethereum (ETH). Source: CoinMarketCap

Toncoin (TON) is today’s top crypto gainer, with its price spiking by more than 20% in the last 24 hours. TON traded at an inter-day high of $1.92, just shy of its three-month high at $2.001.

The 24 hours price chart for Toncoin (TON). Source: CoinMarketCap

Cardano (ADA) is another top gainer, rising by over 14% to trade as high as $0.4142. As a result of the massive altcoin rally, the global crypto market cap has increased by over 7% in the last 24 hours.

The 24 hours price chart for Cardano (ADA). Source: CoinMarketCap

Flipsider:

• The crypto market rally comes in the wake of poor quarterly performance reported by tech giants including Microsoft Corp., Alphabet Inc. and Texas Instruments Inc., leading to the Nasdaq 100 losing 2.4% in the last 24 hours.

Why You Should Care

An array of positive factors is currently driving the crypto market rally, including the weakening dollar and positive regulatory outlook, among others.

U.K. Legislators Vote to Add Cryptocurrencies to the Financial Market Bill

United Kingdom lawmakers in the House of Commons voted on Tuesday to recognize crypto as a regulated financial instrument during the reading of the proposed amendments to the pending Financial Services and Markets Bill.

The proposed amendment put forward by Parliamentarian Andrew Griffith, if enacted, will provide regulatory oversight for crypto promotions and also outlaw unauthorized crypto firms. The crypto market will be regulated by the U.K. Treasury department 

In the meantime, Griffith said that the Treasury will consult various stakeholders and industry personnel on the approach to ensure that the framework executes maximize the unique benefits and risks posed by crypto activities.

The bill will proceed to get final approval from the House of Lords, the Upper House of Parliament, followed by royal approval by King Charles III, to become law.

Flipsider:

• Experts are suggesting that Rishi Sunak’s ongoing crypto plans might be short-lived if they further threaten Britain’s already unstable economy

Why You Should Care

The bill already contains a framework aimed at extending existing regulations to payments-focused stablecoins.

Cash App Enables Bitcoin Lightning Network Payments for 40 Million Users

Cash App, the popular financial platform developed by Block has announced that its users can now send and receive Bitcoin (BTC) payments instantly following the integration of the Lightning Network.

Before the announcement by the company’s product lead, Michael Rihani, Cash App users could only send Bitcoin via the Lightning Network. Now they can also use the Layer-2 Bitcoin solution to instantly receive BTC.

To use the Lightning Network when transacting with Bitcoin, users need to open the “Money Tab” and select Bitcoin. A QR code or link will be generated, allowing users to transact with other Lightning-enabled wallets.

Since Cash App does not require confirmation on the blockchain, transactions are instantly executed. To use the feature, Cash App’s 40 million user base will need to update the latest version of the app.

Flipsider:

• Cash App is currently available across all of the U.S., except for New York State and is also limited to sending or receiving payment of up to $999 in BTC.

Why You Should Care

Cash App believes that the Lightning Network will be a game-changer as well as an important piece in the global adoption of Bitcoin.

Elon Musk will Cose the Twitter Deal on Friday, Twitter is Building a Crypto Wallet

Billionaire and CEO of Tesla, Elon Musk, has reportedly told debt bankers in a video conference call that the highly publicized $44 billion deal to buy Twitter will be closed by Friday, October 28th.

According to the source, Musk’s lawyers have now sent the requisite paperwork to equity investors including Sequoia Capital, Binance, and Qatar’s sovereign wealth fund. Marc Andreesen and Larry Ellison are set to provide the rest of the funds.

It was also reported that the banks providing the $13 billion of debt financing – Morgan Stanley and Bank of America – have finished putting together the final credit agreement. The report comes after it was revealed that Twitter was working on a crypto wallet.

According to Manchun Wong, the crypto wallet will enable users to deposit and withdraw their funds without relying on third-party services. However, there is no official announcement from Twitter on the matter.

Flipsider:

• The Twitter takeover bid previously stalled after Musk claimed that the social media giant failed to uphold its contractual obligations as the number of spam bots on the platform was understated.

Why You Should Care

The move is the clearest sign that Musk plans to comply with the Delaware judge overseeing the court case that gave both parties until October 28th to agree to the deal.

Reddit NFTs Surge into OpenSea Top 10, Challenging Blue-Chip Bored Apes

Reddit’s Polygon-based non-fungible token (NFT) has continued its parabolic rise, with the collections driving more than $2.5 million in sales on Tuesday, October 25th, to edge out popular blue-chip projects including Bored Apes.

Data on OpenSea, the world’s largest NFT marketplace, showed that Spooky Season, a series of collectible avatars created by Reddit user poieeeyee, managed a trading volume of 538 ETH ($760,000) to rank second, just behind BAYC.

While blue-chip projects have now retaken their place, Spooky Season ranks 6th overall, with a trading volume of 926 ETH in the last seven days. Before the recent surge in the new Reddit NFT collections, it had a total trading volume of $4.1 million since its July launch.

Data from Dune Analytics and Polygon show that more than $3.3 million worth of Reddit NFTs has been traded in the last three days, driving its cumulative sale to over $7.49 million.

Flipsider:

• A judge from the High Court of the Republic of Singapore has ruled that NFTs can now be considered as physical property, like “luxury watches.”

Why You Should Care

The spike in the activity of Reddit avatars has added some much-needed spark to the NFT space in the last few days.