Crypto market reaction to the slowdown of inflation in October
The latest data indicates an unexpected drop in the annual US
inflation rate in October. Contrary to expectations of 3.3%,
inflation came in at 3.2%, showing a reduction compared to
September’s 3.7%. Similarly, core inflation, excluding volatile
food and energy prices, reached 4%, below the forecast of 4.1% and
marginally lower than the September rate. This slight deceleration
in inflationary pressures is a positive signal for the US economy.
In response to these numbers, Bitcoin (COIN:BTCUSD) recorded a
modest increase, rising from $36,300 to $36,600 before stabilizing
around $36,390. Fernando Pereira, an analyst at Bitget, commented
on the current state of the crypto market, predicting a pullback in
prices: “After a lot of excitement in recent weeks, the market
is poised to pull back a bit, a perfectly normal move. I believe
neither BTC nor altcoins will rise much more than they have already
by the end of November. Significant new highs should be a Christmas
gift.“
MOON surges after decentralization announcement
The cryptocurrency MOON (COIN:MOONRUSD), from the Reddit
sr/cryptocurrency community, saw a significant increase of nearly
160% in a day following the announcement of a 34% supply burn and a
shift to full decentralization. The coin reached a peak of
$0.170233 before retracing and is currently trading at $0.167200.
Despite a monthly drop of -29.5%, it recorded a 175% increase in
one week. Reddit plans to burn all MOONs in the Community Tank,
reducing the total supply and making the coin deflationary. The
change aims for complete decentralization, with the moderation team
relinquishing control of the contract. The Reddit community is
discussing the future of MOON, including the distribution of
remaining coins and the use of bots to enhance the cryptocurrency’s
functionality.
Plasma blockchain reformation: Vitalik Buterin’s perspective
In a blog post, Vitalik Buterin, co-founder of Ethereum
(COIN:ETHUSD), revisits and highlights Plasma, a previously
essential scaling solution, powered by technological advancements
in blockchain. Buterin discusses Plasma Cash, which treats coins as
NFTs and uses a sparse Merkle tree. He emphasizes surveillance over
the Plasma operator and the importance of “exit games” for
security. Acknowledging challenges in extending Plasma to the
Ethereum Virtual Machine (EVM), Buterin suggests the use of
ZK-SNARKs for simplification and security. He proposes parallel
UTXO graphs for ETH and ERC20 tokens, aiming for greater
compatibility with the EVM. Buterin believes that, despite rollups
dominating, the renewed Plasma has a significant role in the future
of blockchain, promising faster and more secure transactions.
Animoca Brands boosts Chiliz Chain blockchain as a new validator
Animoca Brands, a renowned venture capital company, joins the
Chiliz Chain blockchain as a validator, strengthening the platform
supporting fan tokens used by major sports teams. This partnership
with Chiliz Chain, known for Socios.com, allows Animoca to
integrate its NFT and gaming expertise into the sports universe.
Animoca co-founder Yat Siu highlights the growth opportunity in the
SportFi sector, aiming to revolutionize fan engagement and
financial dynamics in sports. “We have already seen the rise of
DeFi and GameFi, and we believe SportFi represents the next big
growth area that will redefine fan engagement and create new
financial dynamics in the sports industry,” said Siu.
Circle launches CCTP on the Noble blockchain to facilitate USDC
transfers
Circle will implement its Cross-Chain Transfer Protocol (CCTP)
on the Noble blockchain to simplify transfers of the stablecoin
USDC between supported blockchains. Launched in March 2023, Noble
integrates into the Cosmos ecosystem, allowing users to migrate
USDC easily. CCTP, already operational on networks like Arbitrum
and Ethereum, will be launched on the Noble mainnet on November 28,
promoting greater liquidity and USDC integration into the Cosmos
ecosystem.
dYdX Chain advances to Beta stage on the Cosmos network
dYdX Chain, an independent blockchain based on Cosmos, has
advanced to the Beta stage of mainnet, commencing active trading
operations. The beta launch followed a community vote, with over
99% approval, transitioning from the alpha stage. Users can now
trade on more than 33 perpetual markets, although rewards
distribution is not yet in effect. The beta phase is crucial for
testing the trading environment. dYdX’s transition from an Ethereum
scaling solution to an autonomous Layer 1 on Cosmos is a
significant milestone, highlighting its role as the largest
decentralized cryptocurrency derivatives trading platform.
Crypto.com progresses with partial regulatory license in Dubai
Crypto.com, a renowned cryptocurrency exchange, has obtained a
partial license as a Virtual Asset Service Provider (VASP) from the
Dubai Virtual Assets Regulatory Authority (VARA). The license,
secured by the entity CRO DAX Middle East FZE of the company,
authorizes specific operations in the virtual asset sector. To
achieve full VASP license approval, Crypto.com must meet additional
conditions set by VARA. Once achieved, the company will be able to
provide a full range of regulated digital asset services, including
exchange, brokerage, and investment management. Kris Marszalek, CEO
of Crypto.com, celebrated the milestone, emphasizing the company’s
commitment to compliance and security. “Dubai continues to
demonstrate that it is a leading market by designing effective
regulation for the crypto space while supporting adoption and
innovation“, said Marszalek.
FTX and BlockFi make progress in post-bankruptcy claims resolution
Court-authorized, FTX and BlockFi are advancing in negotiations
to settle post-bankruptcy claims. Judge Michael Kaplan allowed FTX
to proceed with legal actions against BlockFi following the
bankruptcy of both companies in November 2022. Court-ordered
mediation is set to begin by December 24, 2023. BlockFi’s Zac
Prince testified in the trial of Sam Bankman-Fried, the former CEO
of FTX, highlighting the connection between the bankruptcies of the
two companies.
Rise of digital assets in France revealed by OECD study
An OECD study published by the French financial authority shows
that 9.4% of French adults own cryptocurrencies, and 2.8% have
NFTs. Real estate is the most common investment, closely followed
by crypto assets. The research indicates that 24% of adults are
financial investors, with an influx of new investors since 2020,
many drawn to the digital asset sector.
Disney partners with Dapper Labs for a new era of NFTs with Disney
Pinnacle
Disney (NYSE:DIS), known for its innovation and entertainment,
is partnering with blockchain specialist Dapper Labs to explore the
world of NFTs with “Disney Pinnacle,” an app that will offer
collectible digital tokens. This app, initially available to
invited users, will be launched on the Apple App Store and later on
the web and Google Play Store. Dapper Labs, known for projects like
CryptoKitties and NBA Top Shot, is collaborating with Disney to
create NFTs inspired by iconic characters. Dapper Labs CEO Roham
Gharegozlou and Vice President Ridhima Kahn highlight the potential
of NFTs as a bridge to Web3 adoption despite market challenges.
“Digital collectibles based perhaps on the most popular
products of all time… are a path to Web3 technology adoption and
also a way to show people what is possible,” said Gharegozlou.
Disney Pinnacle promises to revitalize interest in NFTs, offering
digital collectibles based on Disney, Lucasfilm, Pixar, and Walt
Disney Animation Studios properties.
Fnality International raises $95 million in funding round
Fnality International, specializing in tokenized cash on
blockchain, has raised $95.2 million in investments led by Goldman
Sachs (NYSE:GS) and BNP Paribas (EU:BNP). Founded in 2019, the
company emerged from a UBS (NYSE:UBS) project, focusing on digital
versions of currencies for payments and digital securities
transactions. The Series B round will support the development of
Fnality’s blockchain payment system. Initially, the system will
operate with the British pound, expanding to other major
currencies. Fnality is also working on the Utility Settlement Coin
project, aiming for efficiency in liquidity management across
multiple currencies. CEO Rhomaios Ram emphasizes the significance
of the investment and the growing optimism in the sector: “It
wasn’t easy to close this round, but the fact that they [investors]
put money in is quite significant. It seems like small pockets of
optimism are emerging, and that’s an indication of that.”
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