Bitcoin on the verge of $30,000 as observers await weekly close
On October 20th, the price of Bitcoin (COIN:BTCUSD) briefly
reached $30,000 at the Wall Street opening, continuing its recent
upward trend. However, analysts are focused on the weekly close to
assess the sustainability of this move. While some see the breakout
above the 100-week moving average as a bullish signal, others
emphasize the need to overcome resistance levels at $30,500,
$31,500, and $33,000. Hopes of “mass adoption” and the approval of
a US Bitcoin ETF drive long-term optimistic outlooks. Other
cryptocurrencies also surged, with Ether (COIN:ETHUSD) surpassing
$1,600 and XRP (COIN:XRPUSD) rising due to a court ruling in favor
of Ripple. Solana (COIN:SOLUSD) also rose 7.8%, boosting its
weekly gains to over 26%. Bitcoin SV (COIN:BSVUSD) rose 24.5%
following the listing of BSV perpetual futures on Binance with 50x
leverage.
XRP sees biggest daily gain in three months after SEC charges
dropped
XRP (COIN:XRPUSD), the world’s fifth-largest cryptocurrency,
rose 6.5% on Thursday in its best daily gain in three months after
the U.S. Securities and Exchange Commission dropped charges against
the leaders of the Ripple. The SEC has agreed to dismiss charges
against Ripple CEO Brad Garlinghouse and co-founder Chris Larsen in
a court filing. The move comes after months of legal dispute
over the sale of XRP.
Partnership with Google Cloud boosts MultiversX’s EGLD token by 10%
MultiversX’s (COIN:EGLDUSD) metaverse token EGLD
experienced a nearly 10% surge following the announcement of its
partnership with Alphabet’s (NASDAQ:GOOGL) Google cloud
division. The price rose to over $26 from less than $24 on
Friday, before stabilizing at $24.43, reflecting a 4.27% gain in 24
hours. The collaboration was revealed during MultiversX’s xDay
conference in Bucharest, Romania, and aims to simplify large-scale
blockchain projects by making data such as addresses, transacted
amounts and smart contract interactions more accessible to
developers.
Tether plans to increase USDT reserve transparency with real-time
attestation
Tether (COIN:USDTUSD) CEO Paolo Ardoino announced plans to
launch real-time attestation of USDT reserves starting next
year. This comes after pressure for more transparency due to
Tether’s crucial role in the cryptocurrency market. The
company has already faced regulatory scrutiny and fines, and
critics consider quarterly reserve updates insufficient. The
quest for transparency increased following the collapse of Terra’s
UST and the USDC crisis. Reports suggest that Alameda Research
issued USDT significantly, raising questions about the origin of
the funds. Tether claims to be fully supported, but the
community seeks deeper understanding and scrutinizes auditors’
relationships with the company.
Base makes its source open to foster transparency and collaboration
Base, a layer-2 network backed by cryptocurrency exchange
Coinbase (NASDAQ:COIN), announced that it will make its smart
contract code and GitHub repositories openly available. The
decision seeks to increase transparency, accountability and
partnerships with the developer community. This will allow the
community to review the network’s implementation and progress, as
well as encourage public input and audits. Base also launched
a bounty program of up to US$1 million for detecting security
vulnerabilities.
Controversy emerges over allegations of Reddit moderators dumping
Moon tokens
Recent allegations involve Reddit moderators allegedly dumping
Moon (COIN:MOONRUSD) tokens moments before the announcement of the
closure of the blockchain-based community points program. Data
indicates that at least three moderators may have caused a -22%
drop in the token. This revelation raises questions about the
moderators’ ethics, despite their initial claims of ignorance. The
situation raises broader questions about transparency and ethics in
the blockchain and cryptocurrency space. Despite a more than 7%
increase in the last 24 hours, the token has plummeted by -81.65%
for the week and is trading at $0.041100.
Former ConsenSys employees sue CEO Joseph Lubin for violating
non-dilution promise
Former ConsenSys employees have filed a lawsuit against the
company’s founding CEO, Joseph Lubin, claiming he violated a
non-dilution promise made in 2015. They claim Lubin diluted their
shares, hurting them. Lubin and ConsenSys called the
allegations frivolous and suggested the plaintiffs are seeking a
payout involving unrelated parties. The case will be judged to
determine compensation.
Bitfinex releases documentary on Bitcoin adoption in El Salvador
Bitfinex is releasing the documentary “Don’t Trust…Verify” on
October 22, highlighting the adoption of Bitcoin (COIN:BTCUSD) in
El Salvador and its implications. The 45-minute documentary
explores Bitfinex CTO and future Tether CEO Paolo Ardoino’s journey
to El Salvador, where he actively promoted the use of
Bitcoin. The documentary highlights the early cypherpunk
movement and Salvadorans’ efforts to transform the country into a
financial hub with technologies like Bitcoin and the Lightning
Network. The documentary will be shown on several occasions,
including the “Adopting Bitcoin 2023” conference.
Bitdeer plans to buy back shares worth up to $2 million
Bitcoin mining company Bitdeer Technologies (NASDAQ:BTDR) plans
to repurchase up to $2 million of its Nasdaq-listed shares by April
17, 2024. The repurchase will be funded from its existing cash
balance and seeks to minimize the impact in share
prices, generating long-term returns for shareholders. In
September, the company mined 482 bitcoins, driven by stable
operations at its 100 MW mining data center in Bhutan.
Chamber of Digital Commerce joins multiple stakeholders to
challenge SEC in case against Binance
The Chamber of Digital Commerce, along with digital asset
companies and legal experts, filed an amicus brief to challenge the
SEC in its case against Binance. They argue that the SEC is
trying to regulate the cryptocurrency market without congressional
authorization and stifling innovation with its enforcement
actions. The Chamber requests the dismissal of the case and
claims that the SEC exceeded its jurisdiction. Binance.US also
requested a dismissal of the lawsuit, while the SEC accused the
company of operating an unregistered exchange and offering
unregistered securities.
Additionally, Binance has launched new fiat partnerships to
offer services in euros (EUR) after ending its collaboration with
banking partner Paysafe. The services include euro deposits and
withdrawals, buying/selling cryptocurrencies with bank cards, and
euro trading pairs. The initiative aims to facilitate the global
adoption of digital assets by providing an easy way to convert fiat
currency into cryptocurrencies and vice versa.
Futhermore, the largest cryptocurrency exchange has faced net
outflows of over $1 billion in the last 24 hours, as reported by
the DeFillama CEX platform. The outflows primarily included $878
million in Tether’s USDT stablecoin and $167 million in Bitcoin, as
well as other assets. These outflows come after the recent
departure of another high-level executive from the company, marking
yet another top-level exit from the company in recent months.
EU regulators propose shareholder vote for cryptocurrency firms
European Union (EU) regulators are proposing rules that will
require shareholders with more than a 10% stake in cryptocurrency
companies to be checked for previous convictions or sanctions,
similar to banking rules. The new laws, known as the Markets
for Crypto Assets Regulation (MiCA), will come into force in
December 2024. MiCA requires crypto license holders to demonstrate
good standing as owners and executives. Lack of compliance may
result in license revocation. The regulation will also limit
bonuses for staff at companies that issue stablecoins.
Central Bank of Argentina accelerates digital currency project
The Central Bank of Argentina is accelerating plans to implement
its Central Bank Digital Currency (CBDC). The bank’s director,
Juan Agustín D’Attellis Noguera, announced that they are working on
the legislative framework and intend to present it to the country’s
legislative body as soon as possible. CBDC is seen as a
solution to expand the tax base and face the country’s economic
challenges, such as inflation. Meanwhile, the pro-Bitcoin
opposition criticizes the government and the central bank for the
country’s financial problems.
FinSoul gaming project exit scam: Team allegedly embezzles $1.6
million from investors
The development team of gaming project FinSoul is accused of
carrying out an exit scam, siphoning off $1.6 million from
investors through market manipulation. The team reportedly
hired actors to pose as its executives and raised funds to develop
a gaming platform that was never created. After the funds were
diverted, the team relaunched the project with a new token
contract.
DTCC acquires Securrency to expand digital asset capabilities
The Depository Trust & Clearing Corp. (DTCC) of the US
plans to buy Securrency, a blockchain infrastructure company, and
rename it DTCC Digital Assets. This acquisition aims to unite
Securrency’s blockchain-based regulatory technology with DTCC’s
capabilities to handle digital and traditional
assets. Tokenization of real-world assets is becoming a trend,
with the market for tokenized assets predicted to grow
significantly. The purchase price was not disclosed, but
estimates suggest around US$50 million.
Upland secures $7M in Series A funding
Upland, known as the web3 “super app” of the metaverse, has
successfully raised over $7 million in its Series A funding round.
The funding, which includes EOS Network Ventures as a new investor,
brings the total raised by company for US$25 million. Upland
aims to expand its global presence and develop new capabilities,
including introducing its utility token, Spark, for trading on
external exchanges. The platform offers immersive metaverse
experiences, including virtual property trading and competitive car
racing.
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