Bitcoin maintains gains on hopes of favorable monetary policy
Bitcoin (COIN:BTCUSD) and other cryptocurrencies remained stable
after a recovery, with optimism that the Fed may stop raising
interest rates. Bitcoin fluctuated slightly, staying above $35,000,
far from the lows of May 2022, reflecting an increase of about 30%
in weeks. Confidence is returning to the crypto sector, driven by
the possibility of approval of a Bitcoin ETF and Bitcoin’s safe
haven status amid geopolitical tensions. Expectations of stability
in interest rates are boosting demand for higher-risk assets, such
as cryptocurrencies.
XRP reaches three-month high
On November 6, the value of XRP (COIN:XRPUSD) rose over 10%,
approaching $0.73, the three-month peak. The increase reflects a
recovery that began on October 19 after Grayscale attempted to
convert its Bitcoin fund into an ETF. Regulatory approvals in Dubai
and Ripple’s Swell conference may announce an IPO, encouraging the
surge. Additionally, large investors accumulated XRP, and open
interest in derivatives grew. Despite the potential technical
appreciation to $0.90, overbuying may suggest a future correction
to $0.55.
FTX movement in Solana causes price drop
FTX, now in collapse, redistributed 750,000 SOL, valued at
around $30 million, to Binance and Kraken, suggesting imminent
sales and impacting the price of SOL (COIN:SOLUSD) with a 1.5% drop
in 24 hours. Despite a 75% increase in the last month, the
anniversary of FTX’s collapse brought a 15% drop from the 14-month
peak, reflecting concerns about possible selling pressure that has
not yet materialized in concrete sales.
LINK hits all-time high with growing adoption
Chainlink’s LINK token (COIN:LINKUSD) surged, recording a more
than 60% increase in the last month and reaching an annual peak of
$12.56. This advance is driven by expanded adoption and significant
upgrade plans, evidenced by a record of active addresses and
acquisitions by prominent investors.
GROK tokens soar after XAI Ventures chatbot reveals
The debut of Elon Musk’s new chatbot by XAI Ventures, staffed by
tech industry veterans, caused a jump in the value of GROK tokens,
a lesser-known cryptocurrency. While XAI has not launched an
official token, speculation about the technology’s potential fueled
the market capitalization of AI-related tokens, highlighting Musk’s
continued influence in the crypto universe.
Telegram Wallet expands access to cryptocurrency with integrated
wallet launch
Telegram Wallet is a bot integrated into the Telegram messaging
app, which will soon allow users to buy and sell assets like
Bitcoin (COIN:BTCUSD). With the price of Bitcoin above $35K, the
company chose a custody wallet system to simplify the integration
of new users. While current users can see the wallet bot, new users
will need to wait for global implementation, starting in November
2023 in African and Latin American countries. COO Halil Mirakhmed
highlights the ease of using the Telegram custody wallet over
self-custody options, despite potentially higher fees and lower
security. “First of all, integration is very simple. Secondly,
you already have some chains there. And thirdly, when you want to
send some assets to someone, you just use a phone contact. So, I
can send money to you through Telegram instead of needing to know
what your address is. Everything happens within Telegram,”
Mirakhmed said.
Bitget injects $10 million into blockchain startups in India
Bitget, a leader in cryptocurrency trading, will boost
blockchain innovation in India with its $10 million
Blockchain4Youth fund. The initiative begins with the BUIDL for
Web3 event, where local startups will present projects to
accelerate Web3 adoption. Bitget aims to nurture Indian talent and
strengthen its position at the forefront of the crypto and
blockchain technology sector. Additionally, Bitget has unveiled its
new gateway for euro (EUR) operations exclusively for verified
institutional accounts on the platform. The announcement highlights
that this service will offer enhanced facilities for financial
transactions, both for deposits and withdrawals, along with a
reduced fee policy starting at just 0.5%. Furthermore, the exchange
emphasizes that these euro transfers will be under top-notch
security protocols.
Germany’s DZ Bank launches crypto asset custody services
DZ Bank, a German bank with €300 billion in assets, has
announced its new blockchain platform for cryptocurrency custody,
initially targeting institutional clients. With plans to expand to
serve individual investors as well, the bank has applied for
regulatory licensing to manage digital assets, aligning with the
trend of digitization in the German financial sector.
Mauritius seeks public imput on the metaverse and financial
services
The Financial Services Commission of Mauritius is soliciting
public input to consider the inclusion of the metaverse in the
financial sphere. During November, feedback will be collected to
prepare the local regulatory and business environment in response
to the global rise of the metaverse, following the initiatives of
international regulators. The responses will influence the creation
of a working group that will define metaverse policies aligned with
the country’s digital currency pilot project.
Hong Kong sets guidelines for tokenized securities trading
Hong Kong’s regulatory authority, SFC, has set standards for
trading tokenized securities and related products. In response to
increasing demand for these investments and the advantages of
blockchain, the November 2 circular outlines comprehensive
criteria, including tokenization agreements and disclosure
practices, ensuring that providers demonstrate competence and
robust operational controls to manage risks.
LSEG seeks director to advance digital assets initiatives
The London Stock Exchange Group (LSE:LSEG) is recruiting a
director with expertise in digital assets and blockchain, targeting
candidates with expertise in cryptocurrencies and blockchain. The
selected individual will guide strategies for new solutions in
private digital markets, strengthening LSEG’s presence in this
segment.
Roger Ver sues Matrixport
Influential crypto entrepreneur Roger Ver has filed a lawsuit
against Smart Vega, a part of Matrixport, demanding $8 million
after withdrawal restrictions on bit.com during a credit crisis in
the sector. He alleges that Jihan Wu blocked the funds due to
disputes over debts with CoinFLEX, something that Wu and Matrixport
deny, attributing the issue to Ver’s margin violations. Matrixport,
rejecting Ver’s accusations, argues that it is solvent and expects
the action to be judged without merit, while facing Ver’s requests
for its liquidation and the ongoing restructuring of CoinFLEX.
Monero crowdfunding wallet looted in cyber attack
The Monero community fund was targeted by hackers, losing
2,675.73 XMR (COIN:XMRUSD) (about $460,000). Revealed by developer
Luigi on GitHub, the September 1 attack compromised the main wallet
but not the hot wallet, whose origin is still unknown. The
implications affect the financial support of contributors, with
potential concerns about the security of the involved Ubuntu and
Windows systems.
NFT market records impressive growth with 68,342 ETH in sales
NFTs have seen sustained growth in weekly ETH sales, according
to Nansen. In a recent tweet, the platform noted that NFT
transactions have surged to 68,342 ETH (over $129 million). The
Blur market dominated the 30-day trade with 161,433 ETH, while the
Bored Ape Yacht Club collection led the series with the highest
volume. Despite challenges in the sector, the number of NFT traders
has increased by 12%, and OpenSea is preparing for updates after a
reduction in staff.
Nike and RTFKT achieve million-dollar results with NFTs in the
metaverse
In a remarkable performance, the NFT collections of Nike and
RTFKT reached a volume of $1.4 billion and profits of $170 million.
This is noteworthy considering that the partnership was formed less
than two years ago and amidst a generally unfavorable crypto asset
market. These figures have been driven since December 2021, with
the CloneX-Takashi Murakami series being a highlight. Even in a
bear market, Nike’s NFTs (NYSE:NKE), following its acquisition of
RTFKT, have shown promising results, including on its .SWOOSH
platform and potential forays into the game Fortnite.
The Simpsons satirize NFTs in new ‘Treehouse of Horror’ episode
In the latest Halloween-themed episode of “The Simpsons,” Marge
travels through the blockchain to rescue Bart, now a walking NFT
created by Homer. Titled “Wild Barts Can’t Be Token,” the chapter
pokes fun at the NFT market and its volatility, highlighting
everything from Beeple artworks to the Bored Ape Yacht Club. The
series had previously addressed cryptocurrency and blockchain
themes in earlier episodes, maintaining its tradition of commenting
on current technological trends.
Yuga Labs’ ApeFest event reports eye injuries due to light show
Over the weekend, ApeFest in Hong Kong, promoted by Yuga Labs,
saw visual complications for several visitors due to an intense
light show. Adrian Zduńczyk, a cryptocurrency trader, reported
suffering from photokeratitis and warned other affected individuals
to seek medical care. A spokesperson for Yuga Labs confirmed that
the company is in contact with those affected and investigating the
incident. Logistical issues were also a subject of criticism at the
event.
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