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DeFi should complement TradFi, not attack it: Ava Labs CEO
Decentralized finance (DeFi) is on its way from becoming a small niche within the financial industry to something traditional finance (TradFi) is trying to incorporate.
In an interview with Cointelegraph at the World Economic Forum (WEF) in Davos, Switzerland, Emin Gun Sirer, the co-founder and CEO of Ava Labs, spoke on DeFi’s role in TradFi ecosystems and what users can expect in a future where both are on center stage.
Sirer stressed that the purpose of DeFi is not to attack or be an enemy to TradFi, but rather complement it, at least initially.
“I don’t think DeFi is meant to attack TradFi. DeFi is supposed to complement TradFi, at least initially,” argues @avalabsofficial’s @el33th4xor when asked by Cointelegraph’s reporter @gazza_jenks at the @wef in Davos.
Do you agree about his thoughts on DeFi’s purpose? #CTWEF23 pic.twitter.com/BH2VPV2po2
— Cointelegraph (@Cointelegraph) January 17, 2023
The Ava Labs co-founder highlighted that DeFi could offer services to people that TradFi doesn’t, especially when it comes to democratized access to financial services and platforms.
Sirer believes that the two will come together. However, this is a developing mindset in the DeFi space, as first-generation DeFi systems presented an alternative to TradFi.
According to Sirer, this is because these two financial worlds initially had different values, which are now merging.
“Now TradFi is understanding that, yes, [DeFi] has the transparency that we clamor, [they] can do safety tests on their systems because of the audit-ability of the systems they built, that we cannot do.”
A recent statement from an executive at Ripple also revealed an expectant attitude toward more TradFi adoption in 2023. This is also something industry insiders are looking at in terms of acquisitions of crypto companies by larger, legacy companies in the TradFi space.
From the DeFi side, Sirer says that those who will come out as visionaries are going to be the chains that absorb this growth.
Related: Trouble brewing for the US: Two-thirds of TradFi expects a 2023 recession
Despite the rosy forecast for a DeFi-TradFi merger, the space has seen a turbulent year. DeFi projects saw the highest number of attacks and exploits in 2022, with more projected in 2023.
After the FTX scandal, many outside the industry grew increasingly skeptical of what decentralized financial technologies could offer.
Sirer says that post-FTX, everyone needs to be reminded that this industry is here to stay, as well as this new asset class.
“There are many of us who dedicated our careers to scientific development in the blockchain space. We undertook all of the steps necessary to solve the scalability problems to solve the governance problems, the compliance problems that the space faced.”
DeFi is even being reimagined through an institutional lens to benefit larger corporations in mainstream industries, including TradFi banks.
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SBF sent home and Binance gets Voyager assets: Hodler’s Digest
Top Stories This Week
SBF sent home after his parents put up their house to cover his astronomical bail bond
Sam Bankman-Fried will spend the holidays with his family in Palo Alto, California, after his parents secured $250 million in bail funds with the equity in their home. Among the conditions of the bail are home detention, location monitoring and his passport surrender. The former FTX CEO signed surrender documents on Dec. 20, allowing his extradition from the Bahamas to the United States, where he faces eight charges that could keep him behind bars for the rest of his life. Bankman-Fried will now wait for his sentence at home with his family.
Caroline Ellison and Gary Wang plead guilty to fraud charges
Former Alameda Research CEO Caroline Ellison and FTX co-founder Gary Wang have pleaded guilty to federal fraud charges. Ellison, however, is working on a plea deal with the Office of the United States Attorney for the Southern District of New York, which would evade all the seven charges against her, resulting in a $250,000 bail bond and prosecution only for criminal tax violations. The agreement doesn’t provide protection against any other charges that Ellison might face from any other authorities. Wang and Ellison are reportedly cooperating with U.S. authorities on investigations related to FTX’s collapse.
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Is Ethereum left and Bitcoin right?
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Are You Independent Yet? Financial Self-Sovereignty and the Decentralized Exchange
Genesis and DCG seek path for the recovery of assets amid liquidity issues
Global investment bank Houlihan Lokey has proposed a plan to resolve the liquidity issues at crypto lender Genesis and its parent company, Digital Currency Group (DCG). The plan, devised by Houlihan on behalf of a committee of creditors, would further provide a path for clients of crypto exchange Gemini to recover assets owed by Genesis and DCG. Genesis platform withdrawals have been suspended since Nov. 16, days after the company disclosed that nearly $175 million of its funds are stuck in an FTX account.
Binance.US set to acquire Voyager Digital assets for $1B
With a bid of $1.022 billion, Binance.US will acquire the assets of bankrupt crypto lender Voyager Digital. The sale, however, is subject to a creditor’s vote and closing requirements. A hearing will also be held by the presiding bankruptcy court to approve the purchase agreement on Jan. 5, 2023. In good faith, Binance has agreed to deposit $10 million and reimburse Voyager for certain expenses up to a maximum of $15 million.
Twitter adds BTC and ETH price indexes to search function
In its latest move into the crypto space, Twitter has added price indexes for Bitcoin and Ether to its search function. The new feature allows users to simply search for the ticker symbol, whether for a stock or crypto, and check price’s graph. Other cryptocurrencies, including Dogecoin, did not make the list. The company plans to expand its coverage in the coming weeks.
Winners and Losers
At the end of the week, Bitcoin (BTC) is at $16,835, Ether (ETH) at $1,218 and XRP at $0.35. The total market cap is at $811.38 billion, according to CoinMarketCap.
Among the biggest 100 cryptocurrencies, the top three altcoin gainers of the week are XDC Network (XDC) at 14.04%, Ether (ETH) at 2.13%, and Pax Dollar (USDP) at 1.47%.
The top three altcoin losers of the week are Chain (XCN) at -39.75%, Filecoin (FIL) at -21.77%, and Trust Wallet Token (TWT) at -19.43%.
For more info on crypto prices, make sure to read Cointelegraph’s market analysis.
Read also
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Australia’s world-leading crypto laws are at the crossroads: The inside story
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Blockchain Startups Think Justice Can Be Decentralized, but the Jury Is Still Out
Most Memorable Quotations
“Regulation should focus on intermediaries (the centralized actors in cryptocurrency), where additional transparency and disclosure is needed.”
Brian Armstrong, CEO of Coinbase
“This is why you have situations like the Mango exploit happen where the exploiter will first steal the funds and then start negotiating. There’s no proper incentive to report.”
Web3 developer
“If you can make a wallet that a billion people use — that’s a huge opportunity.”
Vitalik Buterin, co-founder of Ethereum
“Decentralization will include blockchain as a foundational element, but other technologies will expand the potential in new ways that blockchain was never designed to do.”
Alex Page, CEO of Nillion
“Argentina is becoming a hub for bringing tech development and resources to Latin America from the rest of the world.”
Ryan Dennis, senior manager at the Stellar Development Foundation
“The most challenging thing for [blockchain analytics] firms working on this today is when money moves off chain and into the banking system because they’re no longer able to track it.”
Peter Smith, founder and CEO of Blockchain.com
Prediction of the Week
Bitcoin dips below $16.7K as US GDP meets fresh BTC price ‘death cross’
Bitcoin prices dip below $16,700 at the end of the week, after recovering some ground on the previous day.
A Santa Claus rally for Bitcoin is unlikely to happen, as the mood among some pundits is firmly bearish.
Pseudonymous Twitter user Daan Crypto Trades called attention to Bitcoin’s yearly close, which is likely to be Bitcoin’s third negative performance year. “The percentage loss this year is sitting right in between the other two negative years, being 2014 and 2018,” he noted on Twitter.
FUD of the Week
Crypto platform Paxful removes ETH from its marketplace
Ethereum’s native token, Ether, is no longer available on Paxful, a peer-to-peer cryptocurrency exchange. Ray Youssef, CEO of Paxful, announced the move in a message to the roughly 11.6 million users of the platform. Among the reasons to unlist the token, Youssef mentioned Ethereum’s switch from a proof-of-work to proof-of-stake consensus, claiming the transition has turned ETH into a “digital form of fiat.”
California regulators order MyConstant to cease crypto-lending services
Over alleged violations of state securities laws, the California Department of Financial Protection and Innovation has ordered crypto lending platform MyConstant to cease operating. Mentioning peer-to-peer lending services and “unlicensed loan brokering,” the authority said MyConstant offered and sold unqualified non-exempt securities.
South Korean court freezes $92M in assets related to Terra tokens
South Korean authorities continue to investigate and freeze funds of the people involved with the Terra ecosystem. By order of the local court, several assets of Kernel Labs, a Terraform Labs affiliate, valued at $92 million have been frozen. Kernel Labs CEO Kim Hyun-Joong reportedly holds the largest amount of illegal proceeds from Terra. In November, assets worth over $104 million were also frozen following a request from South Korean prosecutors in the case.
Best Cointelegraph Features
What it’s actually like to use Bitcoin in El Salvador
Cointelegraph’s reporter Joe Hall attempted to spend two weeks in El Salvador living on Bitcoin. Spoiler alert, he failed.
The Metaverse is awful today… but we can make it great: Yat Siu, Big Ideas
We spend half our lives on the Internet, so we’re already in an early version of the Metaverse. But Animoca co-founder Yat Siu tells Magazine there’s a much better way forward.
The most eco-friendly blockchain networks in 2022
This year saw the realignment of the crypto industry toward greener, more energy-efficient blockchains.
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Editorial Staff
Cointelegraph Magazine writers and reporters contributed to this article.
Source link By Cointelegraph By Editorial Staff
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Is Ripple poised to settle with SEC this week? Crypto Twitter weighs in
Rumors suggesting the legal battle between Ripple Labs and the United States Securities and Exchange Commission (SEC) is coming to an end have continued to circulate, prompting the crypto community to weigh in on the matter.
Speculation is rife about a potential settlement as early as Dec. 15, which was shared in a Dec. 10 ask-me-anything (AMA) with Cardano founder Charles Hoskinson, noting he had heard rumors that the case would be settled on Dec. 15 — he later reiterated that it was only rumored and that he didn’t necessarily believe it to be true.
Meanwhile, Cointelegraph has also come to understand that the rumors are unsubstantiated.
Despite this, there is still plenty of commentary about what a settlement would mean for Ripple and the wider crypto industry.
In a Dec. 12 Twitter post, pro-crypto former U.S. congressional candidate January Walker opined that an unfavorable settlement from Ripple would be a “loss for the whole world & WEB3,” adding:
“The world follows the actions of the USA, and how the government handles one of us, sets precedence for how they handle all of us,” Walker said, calling for the industry to “work together.”
The world follows the actions of the USA, and how the government handles one of us, sets precedence for how they handle all of us. Instead of battling against each other claiming one group is better than another we need to work together for the right legislation.
— January Walker (@UtahPolitician) December 12, 2022
David Gokhshtein, the founder of blockchain-focused media company Gokhshtein Media, weighed in as well, commenting in a Dec. 10 Twitter post: “We need Ripple to win this case and not settle,” which he said would be a worst-case scenario.
“Worse case scenario is Ripple settles, but I don’t know if they’ll provide clarity for the entire industry,” he added.
During the Dec. 10 AMA, Hoskinson also said that a settlement could have “catastrophic implications for the industry one way or the other.”
Meanwhile, crypto attorney Jeremy Hogan, a partner at Hogan & Hogan, says there are several possible outcomes. In a Dec. 10 YouTube video, Hogan told his 157,000 subscribers that he thought there was roughly a 50% chance that Ripple wins, but a “110.6% chance of something happening shortly.”
The lawyer predicted that if Ripple wins, the most likely reason would be “it had no legal obligation to purchasers of XRP after the sale occurred, no post sale obligations, in other words there can be no investment contract without an investment contract.”
“The evidence is clear in the Ripple case that there is no ongoing legal relationship between Ripple and XRP purchasers. There’s just none, and the SEC has failed to address that problem,” he added.
However, he also backed an earlier Nov. 4 prediction by defense lawyer and former federal prosecutor James Filan that the case will be decided on or before March 31, 2023, calling it a “proclamation from a legal God.”
I am sticking to my prediction that District Judge Torres will decide both the Expert Motions and the Summary Judgment motions at the same time – on or before March 31, 2023.
— James K. Filan 126k (beware of imposters) (@FilanLaw) November 4, 2022
Related: Investors increasingly confident of Ripple’s victory over SEC: CoinShares
Ripple CEO Brad Garlinghouse told panelists at the Oct. 11 DC Fintech Week conference that he expects the case against the firm to conclude during the first half of 2023 but admitted that it was hard to predict.
He has previously said Ripple would consider a settlement with the SEC on the condition XRP is not classified as a security.
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Ripple (XRP/USD) eyes a breakout as lawyer makes a prediction on Ripple case with SEC
Crypto lawyer expects a sweeping ruling in Ripple case with SEC
XRP has met resistance at $0.40
The cryptocurrency is bullish but needs a breakout for further gains
Ripple (XRP/USD) has been trading on short-term bullish momentum but within a tight range. That has seen the cryptocurrency hit resistance at $0.40, a level it has held for a few days. From there, it’s just one more bullish trigger, and XRP will break out. There are developments worth noting that could cause such price action.
As you already know, Ripple’s case with the US Securities and Exchange Commission is entering a crucial stage. CoinJournal reported that lawyers expect the case to be settled very soon. Another crypto legal expert has thrown his views on the case.
Attorney James K. Filan expects the US District court to make a sweeping ruling in a summary judgement. He believes there won’t be separate rulings on the sealing issues, including the Hinman materials. Filan says this is the standard practice from the previous rulings, including a case that involved Goldman Sachs. If the prediction turns out to be accurate, we could see the case settled early on, as speculated.
Meanwhile, the latest Coinbase cryptocurrency news has raised fresh speculations. Coinbase says it will remove some crypto assets, including XRP, from its wallet beginning in January. The US crypto exchange cites low activity of the tokens. The development has made the crypto community speculate that the case with SEC will be delayed or Ripple will be defeated. But how is XRP behaving?
XRP corrects slightly at key resistance
XRP/USD Chart by TradingView
An intraday loss of 2% allows bears to push XRP back to the ascending trendline. The RSI has fallen below the midpoint on the entry of sellers. However, the momentum is still bullish for XRP at the key resistance.
Should you buy XRP?
Most of the expectations about Ripple’s case with the SEC are speculation. However, it is a truth that the case is taking an important twist that will be watched in December. Bulls should stay alert at the $0.40 level, as a potential breakout could occur on positive developments.
Where to buy XRP
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Disclaimer
Binance
Binance is one of the largest cryptocurrency exchanges in the world. It is better suited to more experienced investors and it offers a large number of cryptocurrencies to choose from, at over 600.
Binance is also known for having low trading fees and a multiple of trading options that its users can benefit from, such as; peer-to-peer trading, margin trading and spot trading.
Buy XRP with Binance today
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Huobi, Ethereum, Dogecoin up, Solana dips
Crypto Prices Today:
The crypto market has faced a tumultuous year, however, the crypto prices have been bouncing back for a couple of days. There was a major jump yesterday. The coins are still trading in the green, making optimistic predictions for the year-end.
Huobi Token is up by 9.41% in the last 24 hours. Ethereum saw an increase of 5.40%. Dogecoin which got a pump of double-digit yesterday is up by 3.18%. XRP takes a jump of 2.69%. Bitcoin jumped by 2.58% and its current dominance in the market has risen by 0.15% compared to the previous day.
Solana has seen a decrease from the previous day and is down by 0.88%.
With an increase of 1.86% from the previous day, the crypto market stands at 852.17 billion USD. The market volume has decreased by 0.27% and is at 46.44 billion USD.
Huobi Token (HT)
Huobi Token has seen a jump of 9.41% and every token is currently costing 6.97 USD. Volume has increased by 45.97%. There is a leap of 9.32% in the market capitalization which stands at 107.99 billion USD.
Huobi Token Price In USD Chart
Source: coinmarketcap
Ethereum (ETH)
Ethereum has shown an improvement of 5.40% and the market cap stands at 155.38 billion USD. Each token is at 1,271.48 USD. There is an increase of 18.19% in the volume.
Ethereum Price In USD Chart
Source: coinmarketcap
Dogecoin (DOGE)
Dogecoin is trading with every token costing 0.1066 USD, an increase of 3.18% in the last 24 hours. Market cap has also escalated by 3.18% and is standing at 141.87 billion USD. Volume has decreased by 2.37%.
Dogecoin Price In USD Chart
Source: coinmarketcap
Solana (SOL)
Solana is trading at 13.60 USD which is a decrease of 0.88% of its crypto price from the previous day. The market cap has fallen by 0.96% and stands at 494.24 billion USD. Volume is down by 19.05%.
Solana Price In USD Chart
Source: coinmarketcap
Conclusion
With the ongoing positivity in the the crypto prices, it is likely that the crypto investors will end this year on a happy note. There was nothing much for the crypto crowd this Thanksgiving, however, it looks the market will take a turn.
Shourya is a crypto fanatic who has developed interest in Business Journalism in the past few years. Currently, working as a writer with Coingape, Shourya is also an avid reader. Apart from writing, you can find her attending poetry shows, exploring cafes and watching cricket. As she says, “dogs are my home,” her first rescue of a dog was at the age of 7! She has constantly been speaking up for mental health and the rainbow pride.
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
Source link By Shourya Jha
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CFTC commissioner compares crypto contagion risk to 2008 financial crisis
Commodity Futures Trading Commission’s (CFTC) Christy Goldsmith Romero has pointed to the collapse of the Terra ecosystem and its flow-on effects as an example of how contagion risks within crypto markets are similar to those experienced by the traditional financial (TradFi) system during the global financial crisis (GFC) of 2008.
Romero suggested in a speech given at the International Swaps and Derivatives Association’s (ISDA) Crypto Forum on Oct. 26 that increased links between crypto markets and TradFi increases the risk posed by crypto to overall financial stability, noting:
“The digital asset market remains relatively small and contained from the level of systemic risk that would come with greater scale or interconnections with the traditional financial system. But this may not be the case in the near future, particularly given growing interest by traditional finance.”
One area of TradFi the commissioner would prefer to remain distant from crypto is retirement and pension funds. This opinion has likely been influenced by recent events in the United Kingdom, where pension fund issues required intervention from the Bank of England.
I have significant concerns about the possibility of pensions and retirement funds investing in #Cryptocurency
— Commissioner Christy Goldsmith Romero (@CFTCcgr) October 27, 2022
While Romero cautions the United States to not rush regulations, she supports a “same risk, same regulatory outcome” approach as the level of risk posed by the crypto industry increases, suggesting:
“Similar to post-crisis reforms, Congress can address financial stability risks by providing additional authority to the CFTC.”
The GFC came about after banks began to lend recklessly to people without the means to fully pay back their mortgages. These “subprime” mortgages were bundled together and sold as safe investment products before defaults started a ripple effect that spread across the world.
Related: ‘Secretly circulating’ draft crypto bill could be a ‘boon’ to DeFi
While the CFTC is often regarded as the more crypto-friendly regulator compared to the U.S. Securities and Exchange Commission (SEC), it appears to be attempting to change that image as part of its bid to gain more regulatory oversight after revealing it instigated 18 enforcement actions on the sector throughout the 2022 fiscal year.
One of the more recent CFTC actions was the fine levied at the Ooki DAO and its members, which was heavily criticized by a CFTC commissioner and members of the crypto community, who referred to it as “blatant regulation by enforcement.”
Before this action, decentralized autonomous organizations (DAOs) were regarded by many advocates as being “above the law,” and have resulted in the formation of legal entities within DAOs as a way to limit liability.
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BTC Surges, How Long Will It Last
Bitcoin Price Today October 17 Latest Updates: The cryptocurrency market is facing a massive selloff due to various unfavorable macroeconomic forces. Bitcoin, the largest cryptocurrency, has faced a major brunt of the crypto winter. It is currently down close to 1% in the last 7 days and close to 65% from its all-time high.
However, Bitcoin showed a surprise rally in the last 24 hours. It surged by 0.7% and is currently trading at $19,270. Ethereum also follows Bitcoin and surged by a significant 1.85% in the last 24 hours. It is currently trading at $1308. ETH will look to hold the $1.3K support line.
Binance coin or BNB also surged by 0.7% in the past day and is currently priced at $272.
XRP was one of the biggest losers of the crypto market in the past day. XRP crashed by over 3% and is trading at $0.4689. This brings XRP’s weekly loss to over 11% in the last 7 days.
Despite having a volatile week, Cardano saw some relief and increased by 0.7% in the last 24 hours. It is currently trading at $0.3688. However, it is down 12% in the last 7 days. Similarly, Solana prices surged by 1.56% in the past day and are trading at $30.31.
Polygon, which increased by 1.75% in the last 24 hours, and Polkadot, which increased by 1.11% in the same time, were also the winners of the crypto rally.
Quant surged by 18% in the last 24 hours and 40% in the last 7 days to currently trade at $214.
Why Bitcoin Price Has Surged Today
The overall macroeconomic condition is still dictating the crypto price movement. Cryptocurrencies were facing a major selloff as the Fed maintains its aggressive stance to curb inflation levels. The recent inflation data has highlighted how the central bank’s interest rate hikes are not bringing inflation to target levels.
However, the Bitcoin price rally today can be attributed to the fall of dollar’s strength. The U.S. Dollar fell by 0.3% and the crypto market responded with a rally.
How Long Will The Rally Last
While the recent rally will encourage crypto investors, the market will still eye the Fed’s next interest decision. The next FOMC meeting is on the 2nd of November and will dictate the long-term price movement.
Nidhish is a technology enthusiast, whose aim is to find elegant technical solutions to solve some of society’s biggest issues. He is a firm believer of decentralization and wants to work on the mainstream adoption of Blockchain. He is also big into almost every popular sports and loves to converse on a wide variety of topics.
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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Crypto Price Today Oct 13: Cardano (ADA), Altcoins Tank
Crypto Price Today Oct 13 Latest Updates: The crypto price is crashing as data highlights worse-than-expected inflation. Bitcoin prices remain sluggish and fell a mere 0.12% in the last 24 hours. BTC is currently trading at $19,067. However, Bitcoin is sliding as it fell close to 7% in the last 7 days.
Ethereum fell close to 0.50% in the last 24 hours and is trading at $1284. Ethereum is still way below the $1300 mark and much below the pre-merge levels.
The rest of the altcoins market faced the major brunt of the market volatility. BNB fell over 1% to trade at $269 while XRP fell by 3.30% to trade at $0.4707.
Cardano was one of the biggest losers of the crypto market. ADA prices fell by 5.14% in the last 24 hours and close to 15% in the last 7 days. It is currently trading at $0.3718. Solana fell close to 1.71% in the last 24 hours and is priced at $30.60.
Polygon continues its slide by falling another 3% in the last 24 hours and 9% in the last 7 days. $MATIC is currently trading at $0.7623.
Meme coins also faced the full force of market volatility. Both Dogecoin and Shiba Inu fell close to 3% in the last 24 hours.
Why Is Crypto Price Down Today
The crypto market is currently dependent on macroeconomic conditions for its price movement. The Fed’s hawkish stance is hampering the growth of any crypto asset. The Federal Reserve appears unanimous on its restrictive monetary policy. Yesterday’s Producer Price Index will definitely bolster that stance.
The PPI data released yesterday showed worse-than-expected inflation. The PPI came out to be at 8.5% YoY rather than the expected 8.4%. The Fed admitted that the inflation is taking much longer to soften than usual.
The market was saved by the fact that the core PPI, which excluded food and energy prices, came out at 7.2%, less than the forecasted 7.3%.
Key Events To Watch
The Bureau of Labor Statistics will release the Consumer Price Index today. The market expects a strong price movement after the CPI data.
Nidhish is a technology enthusiast, whose aim is to find elegant technical solutions to solve some of society’s biggest issues. He is a firm believer of decentralization and wants to work on the mainstream adoption of Blockchain. He is also big into almost every popular sports and loves to converse on a wide variety of topics.
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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New Post has been published on https://coinprojects.net/ftx-partners-with-visa-bnb-chain-suffers-exploit-and-elon-musk-returns-to-44b-twitter-deal-hodlers-digest-oct-2-8/
FTX partners with Visa, BNB Chain suffers exploit and Elon Musk returns to $44B Twitter deal: Hodler’s Digest, Oct. 2-8
Coming every Saturday, Hodler’s Digest will help you track every single important news story that happened this week. The best (and worst) quotes, adoption and regulation highlights, leading coins, predictions and much more — a week on Cointelegraph in one link.
Top Stories This Week
Musk’s deal for Twitter looks set to go with original $44B price tag
Elon Musk is back on track to buy Twitter. The billionaire originally decided to buy the social media network back in April 2022, settling on a price tag of roughly $44 billion. He subsequently attempted to cancel the agreement, claiming inadequate transparency from Twitter regarding the firm’s financial health as well as fake account and spam bot prevalence on the platform. Musk now intends to complete the original $44 billion deal, according to a legal filing.
EU regulators ban cross-border payments from Russian crypto accounts
In light of recent escalations in the Ukraine-Russia war, the European Union has banned crypto activity between member regions and Russia, no matter how small the transaction. The ban covers “all crypto-asset wallets, accounts, or custody services, irrespective of the amount of the wallet,” according to an Oct. 6 statement from the European Commission. Russia, on the other hand, has taken the opposite stance, evident in its approval of cross-border crypto activity in recent weeks.
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Wall Street disaster expert Bill Noble: Crypto spring is inevitable
SWIFT says it has reached a ‘breakthrough’ in recent CBDC experiments
The Society for Worldwide Interbank Financial Telecommunication (SWIFT), a key cog in the global payments system, unveiled a successful test related to central bank digital currencies (CBDCs). In short, the test proved interoperability between CBDCs globally. “For CBDCs, our solution will enable central banks to connect their own networks simply and directly to all the other payments systems in the world through a single gateway,” SWIFT chief innovation officer Tom Zschach said in an Oct. 5 statement. SWIFT’s other test pertained to tokenized assets.
Middle East and North Africa are fastest-growing crypto markets: Data
The Middle East and North Africa, known as the MENA region, took the cake for fastest crypto growth this past year. Between July 2021 and June 2022, the volume of crypto transactions in the region hit $566 billion, a 48% increase from the year prior, according to a Chainalysis report. Crypto usage in the MENA region ranged from capital preservation and remittance payments to institutional activity. Latin America took second in terms of growth at 40%, and North America came in third with 36%.
FTX and Visa partner to permit crypto payments in 40 countries
Crypto exchange FTX unveiled that it has teamed up with Visa to produce a reportedly feeless debit card. Launching such a card has been a long-standing goal of FTX CEO Sam Bankman-Fried. The FTX Visa card will reportedly be available in 40 countries. The card’s website states the card is also free to own.
Winners and Losers
At the end of the week, Bitcoin (BTC) is at $19,604, Ether (ETH) at $1,336 and XRP at $0.49. The total market cap is at $947.07 billion, according to CoinMarketCap.
Among the biggest 100 cryptocurrencies, the top three altcoin gainers of the week are Casper (CSPR) at 20%, Elrond (EGLD) at 12.98% and Convex Finance (CVX) at 12.44%.
The top three altcoin losers of the week are UNUS SED LEO (LEO) at -11.93%, Chiliz (CHZ) at -9.04% and Lido DAO (LDO) at -8.06%.
For more info on crypto prices, make sure to read Cointelegraph’s market analysis.
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Wall Street disaster expert Bill Noble: Crypto spring is inevitable
Most Memorable Quotations
“A year ago, nobody’s asking me questions about bankruptcy. A year ago, everybody was asking me questions about DeFi and things like that.
Diogo Mónica, president and co-founder of Anchorage Digital
“NFTs can give you the technical ability to take ownership of a game asset out of the control of the publisher of the game.
Alex Dunmow, CEO of Ninja Syndicate
“This recession is in its earliest stages, and the smarter play is to let the Fed’s monetary policy shifts play out and save capital.
Richard Gardner, CEO of Modulus
“As it stands, owning digital art is still relatively foreign to most people and, at most, it’s a cool concept.
Ted Mui, CEO of Kuma Games
“All financial goods will move across blockchain networks in the future.
Matthew Hougan, chief investment officer at Bitwise Asset Management
“That’s our mandate: not to make a world with Bitcoin or Ethereum, or not make that world — it’s just to understand what’s going on, set up a system where we […] make sure people have good resources to understand what’s happening.”
Curtis Loftis, treasurer for the U.S. state of South Carolina
Prediction of the Week
A crumbling stock market could create profitable opportunities for Bitcoin traders
Bitcoin posted another week of largely range-bound price action, trading between $19,000 and $20,500 for the most part, according to Cointelegraph’s BTC price index.
Cointelegraph analyst Marcel Pechman detailed the potential importance of Q3 earnings announcements expected in October from big companies such as Tesla and Apple. If negative, the announcements could lead to a falling BTC price if the asset remains correlated to mainstream markets. In contrast, Bitcoin’s scarcity could appeal to investors if inflation woes continue.
FUD of the Week
Kim Kardashian pays SEC $1.26 million to settle EthereumMax charge
Kim Kardashian faces legal action from the United States Securities and Exchange Commission (SEC) for not disclosing one of her Instagram posts as being sponsored, according to the regulator. The celebrity accepted $250,000 in exchange for publishing a promotional post about crypto project EthereumMax (EMAX) on her Instagram account. The act will cost Kardashian a total of $1.26 million in fines, which she has agreed to pay despite not confirming or denying the charges.
BNB Chain back online after suspension due to a cross-chain exploit
BNB Chain was paused briefly this week to combat a cross-chain attack related to the BSC Token Hub bridge. The exploit “resulted in extra BNB,” according to an Oct. 6 tweet from Binance CEO Changpeng Zhao. Although the chain was able to freeze $7 million, estimates say roughly $70 to $80 million was stolen, down from earlier estimates of $100 million. BNB Chain successfully resumed activity on Oct. 7.
South Korean judge dismisses warrant for individual involved in Terra collapse: Report
The broad hunt for members of the Terra team has resulted in its first arrest: head of Terraform Labs’ business team Yoo Mo was taken into custody by South Korean police. A Seoul Southern District Court judge dismissed the arrest warrant shortly after, questioning the regulatory claims of the accusations, although Mo is not allowed to leave South Korea. The Terra crypto project collapsed in outlandish fashion earlier in 2022. Project leader Do Kwon remains at large.
Best Cointelegraph Features
Wall Street disaster expert Bill Noble: Crypto spring is inevitable
“It’s 10% up or 10% down each day. I don’t have to wait five years in between crises. As a matter of fact, I only have to wait about 45 minutes.”
What remains in the NFT market now that the dust has settled?
From profile pictures to celebrity endorsements, the NFT space has changed a lot since the market boom in 2021.
Federal regulators are preparing to pass judgment on Ethereum
The Securities and Exchange Commission is moving to take action against Ethereum that reaches far beyond the United States’ borders.
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Editorial Staff
Cointelegraph Magazine writers and reporters contributed to this article.
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#Altcoin#Binance#Bitcoin#BlockChain#BlockchainNews#BNB#crypto#CryptoExchange#ElonMusk#ETH#Etherium#RippleNetwork#XRP#Blockchain#CryptoPress
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New Post has been published on https://coinprojects.net/bitcoin-altcoins-plummet-why-is-crypto-down-today/
Bitcoin, Altcoins Plummet, Why Is Crypto Down Today
The crypto market is down today after a small surprise rally yesterday. The market is crashing as the sentiment around risk assets turns negative.
Bitcoin prices have fallen by 7% in the last 24 hours. It wipes away all the gains of yesterday’s rally as BTC falls below the $19K mark again. It is currently trading at $18,726.
Ethereum lost more than 7% and is currently trading at $1285. Ethereum continues its downtrend after the merge. The altcoin market continues to struggle with unfavorable macroeconomic conditions.
BNB fell close to 5% while XRP broke its upward trend and fell by more than 10%. Cardano (-6.45%), Solana (-7.20%), DOGE (-5%), and Polkadot (-7%) were the other biggest losers in the market.
Why Is Crypto Down?
The crypto market struggles as the central banks remain hawkish to curb soaring inflation levels in the US. Neel Kashkari of the Minnesota Federal Reserve believes that the interest rates may not be high enough. Susan Collins of the Boston Fed warns that unemployment will rise as the Fed continues its hawkish stance.
The Fed’s hawkish stance is concerning the market participants as recession fears are mounting. Collins hopes that the slowdown will be modest but also concedes that a significant economic event can lead to a recession.
The dollar continues to show incredible strength which is sinking the risk assets market. The US dollar climbed another 0.39% which plummeted other currencies across the globe. The climbing dollar will help solve the soaring inflation levels in the US. However, experts worry if it can also lead to global destabilization.
Key Events To Watch
Several key Fed officials will continue to speak at various events. They include San Francisco’s Mary Daly, Atlanta’s Raphael Bostic and Charles Evans of Chicago.
Germany will release their Consumer Price Index which can lead to global volatility and affect the crypto market. The crypto market will hope that stock market can rally and provide some relief.
Nidhish is a technology enthusiast, whose aim is to find elegant technical solutions to solve some of society’s biggest issues. He is a firm believer of decentralization and wants to work on the mainstream adoption of Blockchain. He is also big into almost every popular sports and loves to converse on a wide variety of topics.
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
Source link By Nidhish Shanker
#ADA #Altcoin #Bitcoin #BlockChain #BlockchainNews #Crypto #DOGE #Dogecoin #DOT #Polkadot #RippleNetwork #XRP
#ADA#Altcoin#Bitcoin#BlockChain#BlockchainNews#crypto#DOGE#Dogecoin#DOT#Polkadot#RippleNetwork#XRP#Blockchain#CryptoPress
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New Post has been published on https://primorcoin.com/wef-launches-crypto-sustainability-coalition-to-leverage-web3-technologies-in-climate-change-battle-blockchain-bitcoin-news/
WEF Launches Crypto Sustainability Coalition to Leverage Web3 Technologies in Climate Change Battle – Blockchain Bitcoin News
The World Economic Forum (WEF) has launched the Crypto Sustainability Coalition, an initiative dedicated to assessing the role of Web3 technologies in the fight against climate change. The organization, which is composed of 30 companies, educative groups, and other institutions, will research the impact of the energy consumption of these technologies, and how they can be used to aid the current decarbonization efforts.
WEF to Use Web3 to Fight Climate Change
Web3, a term that groups cryptocurrency and blockchain-based technologies, is currently in the spotlight of energy groups that seek to determine if the use of these technologies is pernicious for the environment. The World Economic Forum (WEF) has decided to take these technologies into account, launching an initiative to investigate if they can be useful to the current fight against climate change.
The initiative, which was announced on September 21, is called the Crypto Sustainability Coalition, and it is composed of 30 different companies, educative organizations, and other institutions interested in this issue. Among these are known cryptocurrency-linked projects, like Solana, Avalanche, Circle, NEAR Foundation, Ripple, and the Stellar Development Foundation, among others.
This coalition, as part of the Crypto Impact and Sustainability Accelerator, another bigger initiative launched this same year, will inquire about the different ways in which these companies can organize to help in this endeavor. Brynly Llyr, head of blockchain and digital assets of the World Economic Forum stated:
An important and unique aspect of Web3 is that it uses technology to support and reward direct community engagement and action. This means we can coordinate the work of many individuals directly with one another, enabling collective action without centralized control.
Different Study Areas and Criticism
This new initiative has already created different workgroups to investigate three key subjects related to crypto, blockchain, and their usage. One of these points has to do with the energy usage of these technologies, and how these can impact the climate and nature in the future.
Another of the key points has to do with how these Web3 technologies can change and be leveraged in order to decarbonize current activities. These applications might include mining and other decentralized activities.
The third subject has to do with standardizing and putting carbon credits in the blockchain, making the issuance and management of these instruments more transparent and trustable, and opening the doors for more people to participate in these markets.
Tags in this story
Avalanche, Bitcoin, Blockchain, Carbon Credits, climate change, Cryptocurrency, NEAR, Solana, Web3, WEF, World Economic Forum
What do you think about the Crypto Sustainability Coalition launched recently by the WEF? Tell us in the comments section below.
Sergio Goschenko
Sergio is a cryptocurrency journalist based in Venezuela. He describes himself as late to the game, entering the cryptosphere when the price rise happened during December 2017. Having a computer engineering background, living in Venezuela, and being impacted by the cryptocurrency boom at a social level, he offers a different point of view about crypto success and how it helps the unbanked and underserved.
Image Credits: Shutterstock, Pixabay, Wiki Commons, monticello, Shutterstock.com
Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.
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