BUSDUSD Binance USD

Bitcoin reaches US$35,000 on Wednesday and bold predictions for the end of 2023

Bitcoin (COIN:BTCUSD) experienced a notable rise last week due to news about ETFs that turned out to be misleading. The fact that the price did not retreat after the news correction suggests that other factors are driving the increase, such as investors seeking refuge from falling fiat currencies, global tensions and rising debt. Bitcoin recently hit $35,000, boosting sentiment among investors. Major asset managers are also touting Bitcoin as a “flight to quality.” Issues in the US and China banking systems might also be influencing. While expectations of an ETF played a role, Bitcoin seems to be driven by a mix of factors. Cryptocurrency trading company Matrixport, founded by Wu Jihan, co-founder of Bitmain, reaffirmed its prediction that Bitcoin will reach $45,000 by the end of 2023. Matrixport believes its solid investment process underpins its bold forecast. Fernando Pereira, analyst at Bitget, said on Wednesday that “although I hold belief in higher end-of-year targets like $38,000, Bitcoin may opt for a correction this week, testing its last peak of $32,000 as support, before resuming its upward trajectory.”

Polygon Labs launches POL token contract on Ethereum mainnet to power the Polygon 2.0 ecosystem

Polygon Labs (COIN:MATICUSD) has implemented the contract for its new POL token on the Ethereum (COIN:ETHUSD) mainnet . POL is a highly productive token intended to replace MATIC and play an important role in the upcoming Polygon 2.0 upgrade. POL will enable validation across multiple Layer 2 chains and multiple functions, strengthening the ecosystem. The update does not affect Polygon Proof of Stake (PoS) networks or Polygon Zero-Knowledge Ethereum Virtual Machine (EVMs). The POL update sets the stage for additional advancements, including a new staking layer and advanced interoperability.

BUSD market capitalization plummets 90% since its all-time peak

The market capitalization of Binance USD (COIN:BUSDUSD) has dropped to around $2 billion, a 90% decrease from its record of $23.49 billion on November 15, 2022. This decline coincided with regulatory action by the SEC and New York’s Financial Services District against the issuer, Paxos, in early 2023. Meanwhile, the stablecoin First Digital USD (COIN:FDUSDUST), launched by the Hong Kong-based First Digital Group, is gaining ground with a market value of over $470 million. Binance is encouraging the conversion from BUSD to FDUSD, as Binance and Paxos are gradually phasing out support for BUSD, following the suspension of minting new stablecoins by Paxos and the SEC action. BUSD will continue to be supported by Paxos until at least February 2024.

Vodafone demonstrates the usefulness of blockchain in commerce in partnership with Chainlink

Vodafone (NASDAQ:VOD) conducted a proof of concept in collaboration with Chainlink Labs, Sumitomo Corporation and InnoWave, demonstrating the application of blockchain in commerce. The proof of concept addressed challenges in the $32 trillion global commerce ecosystem by using autonomous devices to produce translatable information to support business processes. Interoperability was provided by Chainlink’s CCIP protocol, allowing the exchange of data and tokens between public and private blockchains. Vodafone DAB has also joined the Chainlink network as a node operator. The news boosted Chainlink’s LINK token (COIN:LINKUSD), which rose 7.5% in the last 24 hours.

IOG recruits former Algorand executives for Cardano stablecoin project

Input Output Global (IOG), behind Cardano (COIN:ADAUSD), has appointed Sean Ford and David Markley, former executives of Algorand (COIN:ALGOUSD), to lead its new stablecoin project, without disclosing further details. IOG’s CEO, Charles Hoskinson, emphasized the importance of the project for developing payment solutions in the blockchain industry.

BlackRock fined for incorrect investment disclosure

The SEC fined BlackRock Advisors $2.5 million for providing inaccurate information about its investments in Aviron Group, an entertainment company. BlackRock (NYSE:BLK) reports misclassified Aviron and presented incorrect interest rates. The company acknowledged the errors in 2019 and made subsequent corrections. At the same time, the focus is on the recent listing and delisting of BlackRock’s Bitcoin ETF on DTCC, generating speculation in the crypto community.

Binance creates exchange in Hong Kong to seek local license

According to the South China Morning Post, Binance has reportedly established a cryptocurrency exchange in Hong Kong with the aim of obtaining a local crypto license. HKVAEX, created in December 2022 by the world’s largest cryptocurrency exchange, has expressed interest in acquiring this license. Although the two entities share resources, HKVAEX claims to operate independently. Hong Kong has been striving to become a major crypto hub in Asia, and Binance, despite regulatory challenges, seeks to comply with local rules where it operates.

Bitfinex Securities introduces innovative tokenized securities offering

Bitfinex Securities revealed its first tokenized bond offering, called ALT2611, with a coupon rate of 10% and duration of 36 months. These securities, issued in USDT, tap Blockstream Liquid, a settlement network based on the Bitcoin (COIN:BTCUSD) sidechain. The initiative seeks to combine the characteristics of traditional obligations with the flexibility of blockchain technology, directing investments to support microfinance, small financial institutions and enterprises along the Silk Road, with a focus on countries such as Italy, Romania and Moldova. ALT2611 is bound by the laws of the Grand Duchy of Luxembourg, with a minimum investment of 125,000 USDT, scheduled distribution after one week, and restricted availability to US investors. The initiative is supported by Mikro Kapital, which promotes economic development through impact investments in emerging countries.

Coinbase challenges SEC actions, alleging excessive regulatory authority

On October 24, Coinbase (NASDAQ:COIN) leveled accusations against the Securities and Exchange Commission (SEC), arguing that the SEC overstepped its bounds by classifying crypto assets listed on its platform as securities. Coinbase contends that the SEC is attempting to broaden its authority by redefining what constitutes a security, going against established norms and precedents. The exchange also argues that not all profit-making transactions should be considered securities and that its jurisdiction should be confined to such transactions.

Crucial developments in FTX case: SBF testimony, evidence of “inconsistent statements” and recovery offers

Attorney Mark Cohen announced that former FTX CEO, Sam “SBF” Bankman-Fried, will testify in his own defense in the legal trial. The trial might last up to three days, with a projected conclusion by October 31. The court is also considering a special verdict as the case involves allegations of electronic fraud related to clients and trust breached by the defendants. Sam Bankman-Fried’s defense team has also requested Judge Lewis Kaplan’s permission to present evidence of “inconsistent statements” made by former FTX executives, Gary Wang and Nishad Singh, during the trial. They will focus on statements related to stablecoin conversions and the “allow negative” feature, aiming to highlight discrepancies between their current statements and previous records. The defense also wants two FBI agents to testify about conversation notes that don’t align with recent testimonies, arguing this impacts witness credibility. Furthermore, investment banker Kevin Cofsky, from Perella Weinberg Partners, revealed that FTX received multiple offers for a potential reboot. At least three bidders are interested in purchasing the platform, with a decision anticipated by mid-December, subject to the approval of the Delaware bankruptcy court. Nansen, a blockchain analysis firm, tweeted on Wednesday that millions of dollars in tokens related to the wallets of the bankrupt companies FTX and Alameda Research were moved to wallets linked to the cryptocurrency exchange Binance.

Central Bank of Spain supports digital euro and financial privacy

Banco de España joined European central banks in discussing the benefits of the digital euro in a statement published on October 19. Highlighting the importance of digitalization in the economy, the bank emphasized offline payments and privacy levels on par with cash. The preparation phase for the digital euro project, which began in October, is expected to last until 2025, but a final decision has not yet been made on its issuance throughout the European Union.

Trends and tips for detecting Rug Pull in cryptocurrencies

According to a recent Blockchain Hacken report on crypto hacks in Q3 2023, investors can easily identify the Rug Pull scam in cryptocurrencies as these scams often share visible characteristics. Rug pulls, in which teams promote a token before abruptly withdrawing liquidity, dominated hacks, accounting for more than 65% of them. The report highlighted the ease of creating such fraudulent schemes using token factories with similar behavior. Hacken advised investors to check independent third-party audits and not rely solely on the fact that a project has been audited, emphasizing that the desire for quick profits often leads to impulsive investment decisions.

Notorious hacker linked to Russian Bitcoin money laundering ring

Denis Tokarenko, known as Denis Katana, was linked to a Russian gang that used Bitcoin (COIN:BTCUSD) to launder money in Spain. Katana is famous for involvement in Bitcoin hacks and money laundering. The group chose Bitcoin due to the lack of state control, and Tokarenko advised on purchasing Bitcoin to hide financial transactions. He and Maxim Khakimov, a Russian businessman, also had a personal relationship involving money transfers and investment management. The third quarter of 2023 saw a sharp increase in hacks and losses of around $332 million in September, a record for cryptocurrency exploits.

Rymedi raises $9 million in Series A

Blockchain-powered healthcare company Rymedi has raised $9 million in Series A funding, co-led by RW3 Ventures and White Star Capital, with participation from Blockchange Ventures, Avalanche’s Blizzard Fund and angel investors. Rymedi uses blockchain to facilitate the transfer of medical records, planning to strengthen data security, accessibility to health records, and expand in North America, as well as pursue global opportunities. The Series A brings the company’s total funding to $13 million. Two of its strategic leaders gained seats on the Rymedi Board.

Nocturne Labs raises $6 million to develop on-chain privacy protocol

Nocturne Labs raised $6 million in its seed round, led by Bain Capital Crypto and Polychain Capital, with participation from Vitalik Buterin and other investors. The funds will finance the development of the Nocturne protocol, which will bring private accounts to the public blockchain through technologies such as zero-knowledge proofs. The launch is scheduled for November and will compete with other privacy protocols. The company is committed to addressing regulatory concerns while seeking to ensure privacy in the crypto space.