STAN Standard Chartered Plc

Bitcoin price remains above $30,000 with potential bullish breakout

The price of Bitcoin (COIN:BTCUSD) remained above $30,000 and recorded a 2.88% increase on October 23, reaching $30,855 after reaching $31,000 at the weekly close. Analysts are optimistic about a breakout above $31,000, pointing to encouraging signs such as the Average Active Investor Profit Index (AVIV) surpassing a key level and rising inflows on over-the-counter (OTC) trading desks, possibly driven by the possible approval of a Bitcoin spot ETF in the US.

Ether recovers market value of US$200 billion, but still lags behind Bitcoin

Ether (COIN:ETHUSD) rose to $1,674, regaining a market value of $200 billion, although it still lags behind Bitcoin (COIN:BTCUSD) in terms of market capitalization. Ether’s performance relative to Bitcoin has been modest recently due to weak fundamentals including falling gas fees and stagnant TVL on Ethereum. However, forecasts suggest that Ether could see a positive turn if it breaks resistance around $1,700.

Worldcoin switches USDC rewards to WLD token

Worldcoin (COIN:WLDUSD) will replace USDC rewards with its native WLD token starting in November. Worldcoin Foundation clarified that the USDC rewards were temporary and that operators will receive WLD at the end of this transition phase. The WLD rewards program, launched on October 10, will be available to all operators until November to strengthen the token supply. Additionally, the Foundation has adjusted the loan settlement schedule for market makers, extending the deadline to December 15, 2023, with a revised rate of 75 million WLD tokens. The change will affect WLD’s circulating supply, which could decrease by up to 25 million tokens on October 24. WLD price has fallen by around 6.9% in the last 24 hours in response to the news.

Chainlink (LINK) registers appreciation of 39.5% in the week

Chainlink’s native token (COIN:LINKUSD) has seen a 39.5% increase in value over the past week, reaching its highest weekly close in over 18 months. LINK broke critical resistance levels, reaching highs not seen since May 2022, reaching around $11 per token before a correction. The launch of Chainlink Staking v0.2 generated excitement, and more than $100 million worth of LINK was withdrawn from exchanges in the last 30 days, indicating optimism in the upcoming v0.2 rewards and an increase in network participation.

MicroStrategy profits more than US$130 million from investments in Bitcoin

MicroStrategy (NASDAQ:MSTR) has seen its Bitcoin investments turn profitable, earning over $130 million since its acquisition. With 158,245 BTC in its portfolio, the company increased its profits as Bitcoin (COIN:BTCUSD) surpassed $30,000. MicroStrategy’s cryptocurrency investment strategy remains a solid bet despite market fluctuations.

BlackRock CEO Larry Fink links Bitcoin’s value to human freedom, shares bullish outlook

Larry Fink, CEO of BlackRock (NYSE:BLK), expressed optimism about Bitcoin (COIN:BTCUSD), stating that its value is related to human freedom. He believes Bitcoin can serve as a mechanism to empower individuals against oppressive financial systems. This view coincides with BlackRock’s spot Bitcoin ETF filing and comes during regulatory discussions favorable to Bitcoin ETFs.

Standard Chartered and Deutsche Bank test stablecoin payments

SC Ventures, the development arm of Standard Chartered (LSE:STAN) and Deutsche Bank (NYSE:DB), have successfully conducted a test of stablecoin payments, according to an announcement on Monday. Using the Universal Digital Payments Network (UDPN), banks have demonstrated interoperability between various stablecoins and regulated digital currencies. This move reflects a growing trend of traditional banks exploring the potential of stablecoins to improve payment systems.

Sam Bankman-Fried trial approaches decisive phase

The trial of Sam Bankman-Fried, former CEO of defunct cryptocurrency exchange FTX, is approaching the verdict phase after the indictment was closed. Bankman-Fried’s defense must decide whether he will present his own defense or not. The odds are against them as the prosecution appears to have strong evidence. If they opt for a defense, Bankman-Fried could be the key witness to try to change the narrative in their favor.

Reddit’s r/CryptoCurrency moderators removed for insider trading

Reddit’s r/CryptoCurrency community fired two of its moderators over allegations of insider trading involving the Moons token (MOON). Moderators reportedly sold MOONs before the official announcement of the closure of the blockchain-based points program, causing the price to drop. Three other moderators are under investigation. The program allowed participants to earn and use points with community-native cryptocurrencies such as MOON.

Crypto community accuses Wall Street Journal of misleading reporting

Members of the cryptocurrency community are accusing the Wall Street Journal (WSJ) of publishing misleading information about Hamas’ funding with cryptocurrencies. They argue that the WSJ overestimated the reported value by more than 99% and call for a retraction of the story due to the political use of this fake news. According to Sam Callahan, lead market analyst at Swan Bitcoin, “The actual funds that went to known addresses linked to terrorism were substantially lower.”

Potential vulnerability in the Bitcoin Lightning Network worries developers

A flaw called “cyclic substitution attacks” has been identified in the Bitcoin Lightning Network, a second-layer solution for accelerating transactions on the Bitcoin network. Although there have been no verified attacks yet, the vulnerability could compromise the security of funds on the Lightning Network, affecting the functionality of HTLC contracts. Developers have released patches to mitigate the risk, but the report’s creator has expressed concerns about their effectiveness against more sophisticated attacks. Furthermore, the flaw could affect other Bitcoin protocols and applications, leading the vulnerability’s discoverer to stop his involvement with the development of the Lightning Network.

Binance ends Visa debit card service in the European Economic Area

Binance, the world’s largest cryptocurrency trading platform, will end its Visa debit card service in the European Economic Area (EEA) starting December 20, 2023. However, Binance exchange accounts will remain unchanged and users will be able to continue to use their existing cards until the specified date. The move follows the termination of Binance’s partnerships with Visa (NYSE:V) and Mastercard (NYSE:MA), and is part of the regulatory challenges facing the exchange. Users have the option to request replacement cards until December 6, and the cashback rewards program will continue to operate.

Coinbase prepares for final defense against SEC in securities case

Coinbase (NASDAQ:COIN) is expected to present its final defense on Tuesday in its legal battle with the US SEC over unregistered securities. The company will argue that the SEC has not demonstrated the existence of actual contracts to consider the transactions as securities and that the agency is overstepping its jurisdiction. Judge Katherine Polk Failla’s decision could have significant implications for the cryptocurrency industry in the US. 

Bitget introduces MPC wallet service to increase cryptocurrency security

Cryptocurrency exchange platform Bitget has launched an MPC wallet to enhance security and key management for its users. This technology uses key sharing across multiple locations, requiring authorization from multiple parties for transactions. The wallet does not rely on mnemonic phrases and private keys, opting instead for password-based authentication for greater security. Additionally, it offers a user experience similar to Web2 products, with a minimum level of signature authorization for transactions.

Bitmain announces miners for privacy-focused Aleo platform

Major Bitcoin mining machine manufacturer Bitmain plans to launch miners tailored to the Aleo blockchain platform, which focuses on privacy and utilizes zero-knowledge proofs (ZKP). Bitmain is working on a custom ‘Antminer’ model for Aleo, which is currently in the testnet phase. Although Bitmain has faced financial challenges recently, it continues to diversify its product range and explore new opportunities in the blockchain space, remaining a significant player in the mining hardware sector.

California proposes limits on cryptocurrency ATM withdrawals

Lawmakers in California have proposed a bill that would cap daily cryptocurrency ATM withdrawals at $1,000 and cap operator fees at $5 or 15% starting in 2025. The bill aims to combat fraud related to cryptocurrency ATMs, where profit margins of up to 33% were observed. The legislation would also require licenses for digital financial asset companies by July 2025 to protect consumers. On the other hand, ATM companies argue that the law would harm smaller operators and does not address the core issue of fraud.

China conducts international crude oil transaction with e-CNY

PetroChina purchased one million barrels of crude oil on the Shanghai Petroleum and Natural Gas Exchange (SHPGX) and used the digital currency e-CNY to settle the transaction, according to China Daily. The seller and the negotiation value were not disclosed. SHPGX took this action to comply with a government instruction to use e-CNY in cross-border trade. The Bank of China also launched an “e-CNY hard wallet” to enhance the security and convenience of digital transactions.

Hong Kong updates guidelines for virtual assets and investor protection

Hong Kong’s financial authorities, the SFC and HKMA, have issued new guidance for intermediaries in virtual assets, aiming to expand access to products beyond professional investors. This comes in response to concerns following the JPEX incident. Measures include assessing customer knowledge and clear disclosure of risks to ensure investor protection.

Second round in the Argentine elections between Javier Milei and Sergio Massa

In the Argentine presidential elections, candidate Javier Milei failed to win in the first round, now facing the Minister of Economy, Sergio Massa, in the second round, on November 19th. Initial results indicate that Massa leads with more than 36% of the vote, while Milei has just over 30%. Candidates needed 45% of the vote or 40% with a 10 percentage point advantage to win in the first round. The vote comes amid significant economic challenges, including rising poverty and high inflation.

Security startup Web3 Blockaid raises $33 million in investment

Blockaid, a web3 security startup, emerged from secrecy with US$33 million in funding, divided into two rounds: initial US$6 million and US$27 million in Series A. Founded by former members of the cyber intelligence unit Israeli, the company offers security tools to prevent cryptographic fraud, phishing and hacks. Blockaid has scanned more than 450 million transactions, protecting more than $7.1 billion in assets and preventing losses of $500 million. Customers include MetaMask and OpenSea, and the company plans to expand its services with the new funds.