24 Hour Crypto Recap: Here’s What Happened in the Market

• Strive sold 7 million SATS preferred shares at $90 apiece, raising $630 million. 
• The Drift exploiter deposited 25,700 ETH worth $61.56 million into Tornado Cash. 
• Utah sued Kalshi, citing more than 32,000 accounts registered to Utah residents.

The global crypto market cap rose 1.6% to $2.879 trillion over the past 24 hours. Bitcoin traded at $82,737.63, up 1.3% on the day with a 7-day change of 0.6%, after briefly breaking above $83,000 per SoSoValue. 

Ethereum changed hands at $2,445.65, up 2.1% in 24 hours and down in the last seven days 2.3%. BNB rose 1.7% to $740.41, with a weekly change of 0.3%. XRP gained 2.6% to $1.33. Solana rose 1.4% to $106.00. 

Trending Searches

Pudgy Penguins led trending searches at $0.008034, up 6.7%. Pearl followed at $2.16, up 8.4% and Collector Crypt at $0.3637, up 16.5%). Among top gainers, Janction topped the list, up 128.5% to $0.004463. Doodles surged 108.8% to $0.002783, and Orbio.so climbed 74.4% to $0.03718. 

SEC Rulemaking and US State Enforcement

The comment period for the SEC’s Regulation Crypto Assets proposal closed on October 20. According to Eleanor Terrett, an SEC spokesperson said the agency will keep accepting submissions after the deadline. The August proposal would create a financing exemption for crypto issuers, capped at $5 million over four years or $75 million per year.

Utah Attorney General Derek Brown sued Kalshi and two Susquehanna-affiliated trading firms over sports and event contracts offered to residents. The state estimates Kalshi collected between $30.6 million and $61.2 million in fees from more than 32,000 accounts registered to Utah residents.

Global Regulatory Moves

French lawmakers narrowly passed an amendment imposing a 31.4% capital gains tax on crypto-to-stablecoin conversions starting January 2027. The measure still needs Senate approval. Switzerland’s FINMA approved the country’s first retail Bitcoin ETF. Kazakhstan’s AFSA obtained a court order barring Coinbase, BingX, Bitcoin.com, HTX, BitMart and WEEX from offering unlicensed services in the Astana International Financial Centre.

Institutional Capital and ETH Staking

Strive sold 7 million SATS perpetual preferred shares at $90 each, raising gross proceeds of $630 million. The shares carry a 15% fixed annual dividend on a $100 base and are not collateralized by Strive’s bitcoin holdings.

BitMine staked another 159,728 ETH, worth about $390 million. That lifts its estimated staked total above 5.227 million ETH. Bitwise data showed Ethereum staking at a record 43.8 million ETH, or 35.90% of supply, at the end of Q3.

Related: Utah Sues Kalshi Over Betting Contracts, Seeks Up to $60 Million in Damages

ETF Flows

SoSoValue data showed US spot HYPE ETFs posting net outflows of $7.342 million on October 20. Bitwise’s BHYP accounted for $5.3901 million of that. SOL ETFs lost $2.649 million, all from Grayscale’s GSOL, and NEAR ETFs shed $2.5389 million. The Zcash ETF (ZCSH) took in $1.6074 million.

Security Incidents

Lookonchain said the Drift Protocol attacker deposited 25,700 ETH, worth $61.56 million, into Tornado Cash after two months of inactivity. The attacker still holds 81,864 ETH. Qubic restored its network and opened fund claims, with a deadline of May 1, 2027. Blockaid reported $1.18 billion lost across 60 attacks between January 5 and August 5. Only $9.8 million of that was returned to victims.

Macro and Earnings

Wintermute said the October 28 FOMC meeting is the likely trigger for Bitcoin to break out of its range around $82,500. In its view, a cautious Fed combined with strong earnings could open a path above $87,000. HTX’s Cloud cited a 16% CME-implied probability of an October rate hike.

SpaceX reported Q3 revenue of $14.575 billion, up 161.39% year on year. Elon Musk said SpaceX and Tesla have each formed special committees to discuss a merger.

Related: Bitcoin Tops $83K as US-Iran Peace Hopes Spark Global Market Rally