Stellar seeks to compete with Ethereum by adding smart contracts to
its network
A new competitor has emerged in the smart contract blockchain
market, with the Stellar (COIN:XLMUSD) project, known for its
payment solutions, preparing to integrate smart contract
functionality into its platform. While Ethereum leads the
industry, Stellar hopes to attract developers and users to its
network with this upgrade, although it faces significant
competition. The introduction of the “Soroban” project marks a
notable effort by Stellar to carve out space in the decentralized
finance (DeFi) market and potentially increase demand for its
native token, XLM.
CryptoQuant predicts approval of Bitcoin ETFs could boost market
value to $1 trillion
A report from CryptoQuant suggests that the cryptocurrency
market could reach a market cap of $1 trillion, with Bitcoin
(COIN:BTCUSD) becoming a $900 billion asset, if Bitcoin spot ETFs
are approved. The analysis points out that the next wave of
institutional adoption could come through financial institutions
that offer access to Bitcoin through these ETFs. If issuers
allocate 1% of their assets under management (AUM) to these ETFs,
around $155 billion could enter the Bitcoin market, pushing its
price to between $50,000 and $73,000.
Bitcoin Fund (GBTC) discount declines on US Bitcoin ETF
expectations
On Tuesday, the discount on shares of the Grayscale Bitcoin Fund
(USOTC:GBTC), the world’s largest Bitcoin investment vehicle,
decreased due to optimism about the potential approval of a Bitcoin
exchange-traded fund (ETF) in the United States. The difference
between GBTC shares and the Net Asset Value (NAV) shrank to 12%,
the closest level since December 2021. GBTC has been trading at a
discount since February 2021 and reached a record low of nearly 50%
last December. Grayscale has stated that it is ready to convert
GBTC into an ETF after SEC approval.
Floki developers announce staking feature for new utility token
Floki (COIN:FLOKIUSD) developers plan to launch a staking
feature that will allow users to earn a new utility token. To
acquire this token, users will have to stake their FLOKI tokens for
a period of 3 months to 4 years. The initiative aims to
increase investor interest in the Floki ecosystem and reduce the
amount of FLOKI in circulation.
Coinbase launches perpetual trading outside the US to expand
derivatives offerings
Hamas militants’ use of cryptocurrencies to finance recent
attacks on Israel may have set back Coinbase’s (NASDAQ:COIN)
lobbying efforts in the U.S. cryptocurrency space, according
to a new investment report from Berenberg Capital
Markets. This is due to several regulatory actions imposed
against Coinbase in the US, as well as political pressure arising
from the Israel-Hamas conflict. Berenberg looked at a number
of concerns regarding Coinbase’s future performance, but maintained
its “Hold” recommendation on the company’s shares, with a price
target of $39. In other news, Coinbase is expanding its derivatives
offerings with perpetual trades, called “perps,” for retail
customers outside the US through the Coinbase Advanced
platform. The new option includes four contracts for Bitcoin
(COIN:BTCUSD), Litecoin (COIN:LTCUSD), Ethereum and XRP
(COIN:XRPUSD), all settled in the stablecoin USDC
(COIN:USDCUSD). The platform allows maximum leverage of up to
5x for BTC, ETH and LTC contracts, and 3x for XRP, with regulation
provided by the Bermuda Monetary Authority and financial
protections in USDC.
Helix launches pre-launch futures for cryptocurrencies
Decentralized exchange Helix, built on the Injective blockchain,
is offering pre-launch futures, allowing users to trade tokens
before their official launch or listing on exchanges. The
first token to be made available on the Helix pre-launch futures
market is Celestia (TIA). Helix seeks to democratize access to
pre-release tokens through its decentralized platform, challenging
the traditional system of accessing highly anticipated crypto
tokens.
Former FTX CEO’s political tentacles revealed in trial
At his trial in New York, former FTX CEO Sam Bankman-Fried had
his encounters with political figures highlighted. Records
showed meetings with former President Bill Clinton, New York State
Governor Kathy Hochul, Saudi Arabian leaders and New York City
Mayor Eric Adams in September 2022. Details of these meetings have
not yet been revealed, but shed light on his political influence
efforts. Bankman-Fried faces fraud charges related to FTX’s
November 2022 liquidity crisis and bankruptcy.
Paris Blockchain Week 2024 promises an unparalleled blockchain
experience
Paris Blockchain Week announced its 5th edition, which will take
place from April 8 to 12, 2024, at the Carrousel du Louvre, in
Paris, France. The three-day event will feature prominent
speakers and cutting-edge topics related to the blockchain and Web3
space, including open finance, artificial intelligence, regulations
and more. In addition, there will be activities such as a
hackathon, talent fair, Investors and Founders Day, an exclusive
VIP experience and a corporate program. Paris Blockchain Week
is expected to attract more than 10,000 participants and more than
500 speakers. Advance tickets are available until October
31st.
US Treasury Department imposes sanctions on cryptocurrency exchange
for alleged ties to Hamas
The US Treasury Department on Wednesday sanctioned several
people and entities it says support Hamas terrorist operations,
including a Gaza-based exchange. Among the entities sanctioned
is Buy Cash Money and Money Transfer Company, a company that
Treasury alleges has a long history of financing terrorist groups
and has handled assets such as Bitcoin.
eToro and Index Coop team up to launch Web3 smart portfolio
Trading and investment platform eToro has collaborated with
decentralized autonomous organization (DAO) Index Coop to launch a
smart crypto portfolio, called ‘Index-Coop’, designed to offer
exposure to emerging Web3 sectors. This strategic portfolio
spans Bitcoin (COIN:BTCUSD), Ethereum (COIN:ETHUSD), DeFi, and the
Metaverse, with the aim of providing balanced exposure to these
four essential sectors. The collaboration reflects growing
interest in Web3, DeFi and the Metaverse as investors seek to
harness the potential of blockchain technology and virtual
economies.
Fidelity Digital Assets adopts Ernst & Young blockchain tool to
improve risk management
Fidelity Digital Assets, a division of Fidelity Investments, has
incorporated Ernst & Young’s (EY) latest blockchain analytics
tool called “EY Blockchain Analyzer: Reconciler”. The
fourth-generation platform allows organizations to query on-chain
data independently, improving internal risk management and trust
among investors and regulators. The tool provides analysis,
identifying transaction incompatibilities and more, and was the
result of a six-year multimillion-dollar investment by EY.
Unchained launches Bitcoin advisory service for high net worth
investors
Unchained, a Bitcoin financial services company, announced the
launch of Sound Advisory, an advisory service aimed at high net
worth investors. The service will provide a network of expert
Bitcoin (COIN:BTCUSD) financial planners to help investors create
strategies, deal with tax and inheritance issues, filling a gap in
the advisory market for Bitcoin-native investors. This
initiative follows Unchained’s recent partnership with Coincover to
strengthen custody of its Bitcoin assets, valued at $2 billion.
Methodic Capital Management launches CoinDesk ETH staking fund
Methodic Capital Management has launched the Methodic CoinDesk
ETH Staking Fund, which offers investors exposure to Ethereum
(COIN:ETHUSD) and staking rewards. The fund uses the CoinDesk
Ether Total Return Index (ETXTR) and will be custodied and staked
by BitGo, with Oasis Pro Markets acting as the tokenization agent
to facilitate trading. This launch follows the trend of asset
managers looking to offer investment vehicles in digital assets,
such as ETH ETFs.
Reddit ends blockchain-based Community Points program
Reddit is ending its Community Points program, which operated on
blockchain technology for about three years. The decision was
made due to high resource costs and the constantly evolving
regulatory environment. The native tokens of the affected
communities, such as Moons (MOON) and Bricks (BRICK), suffered
significant drops in value following the announcement.
IMF Managing Director emphasizes the importance of digitalization
in financial inclusion
During a seminar on financial inclusion in Marrakech, IMF
Managing Director Kristalina Georgieva stressed that digitalization
plays a crucial role in promoting financial inclusion. She
highlighted the positive impact of digital money transfers during
the pandemic in countries like Togo. Georgieva called for
comprehensive national strategies for financial inclusion but also
warned about the risks associated with digitalization that can
affect financial stability. The IMF recently proposed a crypto risk
assessment matrix to guide countries in regulating the
cryptocurrency sector.
ECB Digital Euro project moves into preparation phase
The European Central Bank (ECB) is moving into the preparation
phase of its Digital Euro project, paving the way for a possible
future decision to issue a central bank digital currency (CBDC) in
the European Union. This preparation phase, which will begin
in November and last two years, will include defining rules for the
Digital Euro, selecting suppliers for the development of the CBDC
platform and additional testing. The final decision to issue
the Digital Euro will be considered by the Governing Council after
the completion of the European Union legislative process.
California moves closer to cryptocurrency regulation, listening to
industry
California is following New York’s lead in regulating
cryptocurrencies, but with a more collaborative
approach. Governor Gavin Newsom has signed a bill that will
give the Department of Financial Protection and Innovation
regulatory power over cryptocurrencies. This move indicates a
willingness by the state to listen and work with industry experts
to develop balanced regulations. However, cryptocurrency
companies are cautious and hope that California learns from the
lessons of New York, whose regulation was considered overly
restrictive.
Team Blackbird and SK Telecom launch T Wallet cryptocurrency wallet
Team Blackbird, the South Korean cryptographic services company
that runs the CryptoQuant platform, in partnership with SK Telecom,
the largest mobile phone operator in South Korea, has launched T
Wallet. This cryptocurrency wallet allows users to store
tokens and access CryptoQuant’s on-chain analysis tools through a
blockchain-based application. The initiative aims to
contribute to the growing cryptocurrency market in South Korea,
known for its large trading volume and local interest.
Size of UK crypto economy surpasses other European countries
A study by Chainalysis revealed that the UK leads Central,
Northern and Western Europe (CNWE) in terms of crypto transaction
volume. CNWE represented 17.6% of global transaction volume
between July 2022 and June 2023, totaling around US$1 trillion in
on-chain value during the period. The United Kingdom led the
region, receiving approximately $252.1 billion in crypto
transactions, followed by Germany and Spain.
Hacker invades rapper Nelly’s account on X and carries out phishing
attacks
Famous American rapper Nelly’s X (formerly Twitter) account was
hacked and used to carry out social engineering attacks, luring
unsuspecting people to a cryptocurrency phishing website. The
hacker even posed as a security analyst for Scam Sniffer, a
reliable security solution. The rapper is not associated with
these illegal activities, and the compromised account has been
removed or deleted.
Yuga Labs completes restructuring, focuses on metaverse project
Otherside
The company Yuga Labs, responsible for the famous NFT project
Bored Ape Yacht Club (BAYC), has completed its restructuring and is
now focused on developing the Otherside project, a gamified and
interoperable metaverse. CEO Daniel Alegre emphasized the
technical and creative challenges of building an “immersive
metaverse” and highlighted the importance of the Otherside project
for the company. The restructuring follows previous
announcements about changes necessary for Yuga Labs’ long-term
success. The company also promised respectful treatment to
team members affected by the restructuring.
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