Ethereum (ETH), a forerunner in the decentralized finance (DeFi) ecosystem, has seen a notable surge in its staking activities. This staking boom has raised eyebrows among experts from JPMorgan concerned over ETH’s increase in centralization and the consequences that may arise. Ethereum, aiming to transition to a proof-of-stake consensus mechanism, opened the floodgates for staking.
Our weekly roundup of news from East Asia curates the industry’s most important developments. 3AC creditors strike back On Sept. 29, Su Zhu, co-founder of defunct Singaporean hedge fund Three Arrows Capital (3AC) — which prior to its collapse last June managed more than $10 billion in digital assets — was apprehended at Singapore’s Changi
Komainu, a cryptocurrency custody firm co-created by crypto investment firm CoinShares, hardware wallet company Ledger and Japanese Nomura, has secured major regulatory approval in the United Kingdom. The company announced on Oct. 6 that it has received approval from the U.K. Financial Conduct Authority (FCA) to register as a custodian wallet provider under the Money
The fallout from the banking crisis earlier this year continues as the Basel Committee on Banking Supervision considers requiring banks to disclose their crypto asset holdings. The committee, which operates under the aegis of the Bank for International Settlements, identified holding crypto as one of the factors that led to the demise of several banks
Bitcoin (BTC) rejected at $28,000 after the Oct. 5 Wall Street open as a return toward six-week highs failed. BTC/USD 1-hour chart. Source: TradingView Bitcoin sees swift comedown after new $28,000 retest Data from Cointelegraph Markets Pro and TradingView followed BTC price action as bulls attempted to match levels from earlier in the week. This
The Canadian Securities Administrators (CSA) has provided guidance to exchanges and cryptocurrency issuers on its interim approach to what it calls value-referenced crypto assets, with a particular focus on stablecoins. On Oct. 5, the umbrella organization of Canada’s provincial and territorial securities regulators published a clarification saying it may allow trading of certain cryptocurrencies that
On October 3, Judge Analisa Torres denied the US Securities and Commission’s (SEC) motion for an interlocutory appeal in its ongoing legal battle against Ripple. As part of her order, she raised the possibility of a settlement between both parties before the case goes to trial on April 23, 2024. Ripple And SEC Could Settle
The StarsArena Web3 app on Avalanche has lost some of its funds due to a malicious attack, according to social media reports on October 5. StarsArena user Lilitch.eth discovered the exploit and announced it on X, formerly known as Twitter. Lilitch.eth claimed over $1 million was lost in the attack. The StarsArena team confirmed the
On Oct. 2, the price of Bitcoin (BTC) saw a 5.5% intraday increase to $28,600, but the largest cryptocurrency by market capitalization lost momentum as the highly anticipated launch of Ether (ETH) futures exchange-traded funds (ETFs) failed to generate significant trading volumes. While the recent rally into the upper end of the current price range
Adam Yedidia, Sam Bankman-Fried’s college roommate and an early employee of FTX, continued his testimony on Oct. 5, the second day of former FTX CEO Bankman-Fried’s trial in New York. Yedidia was testifying for the prosecution with immunity. Under examination by Assistant U.S. Attorney Danielle Sassoon, Yedidia told the court that he started as a
A crypto wallet associated with Justin Sun, the co-founder of Tron, a smart contract platform, has moved 20,000 Ethereum (ETH) worth roughly $32.4 million from Lido Finance, a liquidity staking platform. Funds were transferred to Binance, the world’s largest crypto exchange, trading volume and client count. Justin Sun’s ETH transfer from Lido Finance| Source: The Data
The next crypto bull market is likely to kick off in Q2 2024, when the Bitcoin (BTC) halving is set to take place, says macro investor and Real Vision CEO Raoul Pal. He is convinced that despite the hype surrounding the halving, macro factors will play the leading role in sparking the next uptrend. According
On-chain data shows the Ethereum MVRV ratio is currently testing a level that has historically served as the boundary between bear and bull markets. Ethereum MVRV Ratio Is Retesting Its 180-Day SMA Right Now The “Market Value to Realized Value (MVRV) ratio” is an indicator that measures the ratio between the Ethereum market cap and
The crypto wallet address linked to the FTX exploiter moved roughly $36.8 million worth of Ether (ETH) in the last 24 hours amid the ongoing court trials of the defunct crypto exchange’s ex-CEO, Sam Bankman-Fried (SBF). Accounts linked to FTX and FTX.US were drained of $600 million on Nov. 11, 2022, hours after the crypto exchange
Major Indian cryptocurrency exchange CoinDCX is expanding its self-custody wallet, Okto, by integrating major on-ramp platform Transak. Okto, a multichain cryptocurrency wallet launched by CoinDCX in August 2022, has integrated the Transak platform to scale the wallet’s global support, the firm announced to Cointelegraph on Oct. 5. The integration is immediately available on Okto, the
If there’s ever been an artist suited for the digital renaissance of putting art on the blockchain, it would be Matt Kane — a traditional artist who transitioned into digital art by writing his own software and pushing boundaries impossible in the physical art world. Kane is most known for his collection “Gazers,” which launched
Apart from Spot Bitcoin ETFs, Ethereum Futures ETFs have been the talk of the crypto industry for months as investors look toward a catalyst for the next bull run. However, data has shown the highly anticipated ETFs have had underwhelming results in trading volume. Although the crypto market has witnessed some gains in the past
Ripple has clinched two prestigious awards at Juniper Research’s Future Digital Awards for Fintech & Payments 2023. Juniper Research revealed yesterday, on October 3, that the fintech company has been honored with the “Sustainability in Fintech Innovation of the Year” and the “CBDC Innovation” award. Ripple Impresses With Its CDBC Initiatives The “Sustainability in Fintech
Understanding mining algorithms Mining algorithms are the backbone of blockchain-based networks like Bitcoin and other protocols. In blockchain technology, mining algorithms are necessary for transaction verification and network security. A mining algorithm instructs miners’ computers to follow a set of rules to generate a valid block. Proof-of-work (PoW) is the well-known consensus algorithm used by
Decentralized social media (DeSo) application Stars Arena has caused a major uptick in activity on Avalanche’s C-chain network. As network activity increased, so did the price of the network’s native AVAX (AVAX) token, which has gained more than 8% in the last 24 hours. Launched in late September, the Friend.tech-inspired Stars Arena has seen the
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