Good Morning Crypto Enthusiasts!

Glad to have you back for another edition of the UseTheBitcoin.com newsletter.

1. ‘Uptober’ Fails?: The once-promising "Uptober" sentiment in the crypto market has taken a downturn, following a $200 billion market drop since October's start.

2. Marketing Stunt CryptoPunk Sale: A $56 million sale of CryptoPunk NFT #1563 has sparked skepticism, with many believing it to be a marketing stunt

3. 💡Feature of the Day - Meta Unveils Hyperscape: At its recent Connect event, Meta introduced "Hyperscape," a technology allowing users to scan real-world environments and convert them into digital spaces in real-time.

   
   All this and more in today’s headlines!

📰 News Highlights:

‘Uptober’ Mentions Plummet [Source][Source][Source][Source][Source]

The once-optimistic “Uptober” trend in crypto markets is fading fast as sentiment has shifted following a $200 billion market drop since October's start.

Onchain analytics provider Santiment reported a significant decline in mentions of "Uptober" across social media.

The term, which once symbolized bullish sentiment for October, has now been overshadowed by bearish memes such as “Selltober” and “Octobear,” reflecting growing pessimism among traders.

Santiment’s founder, Maksim Balashevich, noted that the diminished enthusiasm could open the door for a potential short-term market bounce, though the larger downtrend remains uncertain.

Analysts at 10x Research echoed this sentiment in a note to investors, emphasizing that the recent sell-offs stem from early adopters and large token unlocks, despite steady inflows from stablecoins and Bitcoin ETFs.

Veteran traders like “Ash Crypto” speculate that Bitcoin may fall further before rebounding, suggesting that excitement from bears could signal an upcoming price surge.

Marketing Stunt CryptoPunk Sale? [Source][Source][Source]

A reported $56 million sale of a CryptoPunk NFT has sparked widespread discussion, but experts believe it may be nothing more than a marketing ploy.

The transaction, which involved Punk 1563 being sold for 24,000 ETH, raised eyebrows not just for its price, but for the manner in which it was executed. Onchain data reveals that the "buyer" used a 24,000 ETH flash loan from the automated market maker Balancer to purchase the NFT, only to return the ETH to Balancer moments after the sale.

The buyer ultimately only paid $54 in gas fees for the transaction.

Crypto commentator 0xQuit speculated that the sale was a publicity stunt intended to promote a new memecoin called "Kamala Harris Punk."

According to 0xQuit, the punk will be sold to the highest bidder in seven days, with the developer taking a cut of both the token supply and funds raised from the presale.

💡 Feature of the Day: 

Meta Unveils Hyperscape [Source][Source][Source][Source]

Meta continues to push the boundaries of the metaverse with its new “Hyperscape” technology, showcased at the company's recent Connect event.

While Meta’s CEO Mark Zuckerberg drew attention to the company’s new “Orion” smart glasses, the Hyperscape demo may be the most revolutionary development.

Hyperscape allows users to scan real-world environments using a phone camera and convert them into fully navigable digital spaces in real-time, potentially transforming virtual reality experiences and telepresence.

The technology, still in its experimental stages, could have far-reaching implications for both Web3 and reality. One user who tested the system with Meta’s Quest 3 VR headset likened the experience to stepping into the “Holodeck” from Star Trek.

The demo allowed users to explore pre-rendered environments, but future versions may enable real-time rendering of any physical space, bridging the gap between virtual and physical worlds.

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😂 Crypto Meme of the Day: 

And that’s it for this today.

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See you all tomorrow’s edition!

Jonathan Gibson
UseTheBitcoin.com