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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