Crypto Scoop: Bitcoin Soars to $65,000 and ETH Trades at $2,600

As the crypto market heats up, Bitcoin is reaching new heights, and Solana continues to gain momentum, setting the stage for another exciting week in the world of cryptocurrency. In this edition of the Crypto Scoop, we review the following:

• Price moves of top cryptocurrencies.
• Global crypto initiatives and regulation
• Audius’s dive into Web3 music and more.

Price Moves of Top Cryptocurrencies

This week, Bitcoin (BTC) is trading at around $65,000, showing a 3% rise over the past 24 hours, driven by institutional interest and the upcoming options contract expiration. Similarly, Ethereum (ETH) saw a 1.94% rise, trading at $2,644, while Solana (SOL) climbed 5.3% to approximately $156. These price movements reflect growing optimism, with many investors looking forward to potential ETF approvals and increasing institutional involvement.

One of the key drivers behind Bitcoin's recent rise has been the SEC’s approval of options trading for BlackRock’s Spot Bitcoin ETF (IBIT) on the Nasdaq exchange. This milestone is particularly significant as it allows institutional investors to engage with Bitcoin through options contracts, a familiar trading strategy in traditional finance. By listing on Nasdaq, a well-established exchange, Bitcoin has gained further legitimacy and accessibility, positioning it as a mainstream asset class. With BlackRock leading the way, other financial institutions are likely to follow suit, potentially increasing capital inflows and bolstering Bitcoin's long-term price stability.

In addition to this regulatory win, BlackRock’s Bitcoin ETF has seen substantial inflows in September. On Sept. 25, its spot Bitcoin exchange-traded fund (ETF) drew $184.4 million in inflows, marking the highest daily inflow of any fund for the month. This significant inflow indicates growing institutional confidence as large investors position themselves for potential price rallies, particularly as regulatory clarity around Bitcoin continues to improve and the asset increasingly gains recognition as a hedge against inflation.

Meanwhile,  Solana (SOL) remains one of the most notable performers in the market, showing strong growth as it expands its presence in decentralised finance (DeFi) and non-fungible tokens (NFTs). Currently trading around $156, VanEck predicts that Solana could reach $330, potentially capturing up to 50% of Ethereum’s market cap. This projection is largely driven by Solana’s ability to process transactions with high efficiency and low costs, making it a compelling choice for developers and users in the DeFi and NFT spaces. As its ecosystem continues to grow, Solana's appeal to investors seeking high-growth opportunities strengthens, especially in comparison to Ethereum​.

Regulatory Progress and Global Advancements

The global adoption of cryptocurrency continues to gain momentum, driven by both regulatory developments and broader acceptance of blockchain technology. In the United States, Vice President Kamala Harris has signalled strong support for fostering crypto businesses while ensuring consumer protection. During a recent Wall Street fundraiser, Harris emphasised that the U.S. must remain a leader in both blockchain and artificial intelligence (AI) to maintain its competitive edge globally. Her backing of crypto innovation, alongside regulatory safeguards, points to a future where the U.S. government will play an increasingly proactive role in shaping the blockchain space.

On the international front, the International Monetary Fund (IMF) has introduced a new virtual handbook aimed at accelerating the adoption of central bank digital currencies (CBDCs). The framework, known as REDI, focuses on improving CBDC infrastructure to benefit end users and intermediaries alike. This development is crucial for emerging economies where digital currencies could significantly improve financial inclusion and streamline cross-border payments. The REDI framework also highlights the growing interest from global institutions in incorporating digital currencies into their financial systems.

Meanwhile, regulatory efforts in Dubai have intensified, with local authorities tightening rules on crypto marketing. The Dubai Virtual Asset Regulatory Authority (VARA) has introduced new guidelines to protect consumers by ensuring that crypto promotions are transparent and comply with high ethical standards. This move is part of Dubai’s broader ambition to become a global crypto hub while maintaining stringent regulations to safeguard investors.

In addition, Circle, the issuer of USDC, has launched an on-chain compliance platform aiming to address one of the most significant challenges for the broader adoption of digital assets: regulatory compliance. This platform is designed to enhance transparency and ensure that blockchain transactions meet the necessary regulatory standards. By providing an on-chain compliance solution, Circle seeks to build greater trust within the ecosystem and facilitate smoother interactions between crypto businesses and traditional financial institutions, further advancing the integration of digital currencies into the global financial system.

Audius Revolutionises Web3 Music with Stablecoin Payments

The Web3 music industry has taken a significant step forward this week, with Audius introducing direct stablecoin payments for artists. This decentralised, community-owned streaming platform now allows musicians to set their own pricing and receive payments in USDC (USD Coin), marking a shift in how artists can monetise their work. Audius, aiming to empower musicians through blockchain technology, also rolled out a community revenue-sharing model, directing 10% of each payment to a community treasury. These funds will be allocated through governance decisions, further emphasising Audius’ decentralised nature​.

Audius has already seen success stories, with early adopters like Kato On The Track and MadeinTYO generating substantial revenue through Web3 tools that exceed traditional streaming models. Independent labels such as EMPIRE and Ninja Tune have also embraced the platform, and Audius recently secured licensing agreements with major rights organisations like ASCAP and BMI, solidifying its growing influence in the music industry.

By offering greater autonomy and fairer revenue-sharing, Audius is emerging as a serious alternative to traditional music platforms like Spotify, signalling a broader shift towards decentralisation in the entertainment industry. These developments reflect the ongoing fusion of Web3 technology with culture, providing innovative ways for artists to connect with their audiences and control their earnings.

Expanding Innovation and Cross-Chain Solutions

This week saw several significant developments in the DeFi space, with projects focusing on enhancing cross-chain functionality, expanding Bitcoin’s role in DeFi, and continuing decentralisation efforts.

One of the most notable updates came from THORChain (RUNE), which revealed plans to bridge DeFi directly to Bitcoin in a post on X this week. This move aims to bring decentralised finance capabilities to Bitcoin, a milestone that could open up a host of new financial services for Bitcoin users. THORChain’s ecosystem continues to show strength, with healthy levels of total value locked (TVL) and consistent revenue generation. These moves align with the growing demand for cross-chain solutions as the DeFi sector increasingly focuses on interoperability between different blockchain networks.

Additionally, Wrapped Bitcoin (WBTC), a popular form of tokenised Bitcoin, saw its supply on Aave reach record levels, despite concerns about its backing. The rise in WBTC usage within DeFi protocols highlights the growing role of Bitcoin derivatives in decentralised finance. This underscores a larger trend where Bitcoin is becoming more integrated into the DeFi ecosystem, offering customers the ability to leverage Bitcoin’s value in lending and borrowing protocols.