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The price of HYPE has dropped by 27% in just a week, following a significant rally that peaked at $59.39. This decline is attributed to profit-taking by investors, movements by large holders, and concerns over an upcoming token unlock. The bearish trend in HYPE's price action highlights the volatility in the cryptocurrency market and serves as a reminder for investors to stay cautious amid rapid fluctuations.

Today's crypto news covers the latest trends and events affecting Bitcoin, blockchain technology, DeFi, NFTs, Web3, and crypto regulations.

Ethereum's supply on exchanges has hit multi-year lows, which is a promising sign for investors. As the price of ETH dipped below $4,000 for the first time since August, major exchanges like Binance and Coinbase Advanced reported significant outflows of Ethereum. This trend indicates that more investors are holding onto their ETH rather than selling, suggesting a bullish setup for the cryptocurrency's future. Such movements often precede price increases, making this a crucial moment for Ethereum enthusiasts.

China has taken a significant step in enhancing the digital yuan's presence in global finance by launching a new operations center in Shanghai. Announced by the People's Bank of China on September 25, this center aims to facilitate cross-border payments and develop blockchain services and digital asset platforms. This move is crucial as it positions the digital yuan as a competitive player in international trade, potentially reshaping how global transactions are conducted.

Bitcoin has experienced a significant decline of 5%, marking its steepest weekly drop since March. However, the month of October is historically known for its potential to revive market sentiment, and the stability of long-term holders may indicate a possible recovery on the horizon. This situation is crucial as it reflects the ongoing volatility in the cryptocurrency market and the factors that could influence investor confidence moving forward.

Smart Digital Group's stock plummeted by 87% after the company announced a surprising shift towards establishing a diversified cryptocurrency asset pool. This drastic move has sparked a significant backlash from investors, who perceive it as a risky diversion from the company's core business. The sharp decline in share value highlights the volatility and uncertainty surrounding cryptocurrency investments, making it a critical moment for both the company and its stakeholders.

A recent leak of documents from a firm linked to Putin has unveiled a complex financial network that has funneled $8 billion in cryptocurrency to support Russia's shadowy political maneuvers, particularly in Moldova. This revelation is significant as it highlights the lengths to which Russia is going to evade sanctions and manipulate political landscapes, raising concerns about the integrity of international financial systems and the ongoing geopolitical tensions.