The biggest news in the cryptoverse on Oct. 28 included Binance contributing $500 million to Elon Musk’s Twitter transaction, Ethereum surpassing other Layer 1 networks, and deBridge’s new cross-chain transfer Including introducing the standard, Wisdom Tree recorded a loss of about $2 million. 36% crypto assets in Q3.
CryptoSlate Top Stories
Binance Founder CZ Confirms $500 Million Equity Investment To Back Musk’s Twitter Deal
Elon Musk, the world’s richest man, finally took ownership of Twitter today with the backing of leading cryptocurrency exchange Binance.
Binance CEO Changpeng ‘CZ’ Zhao has confirmed that his company backed Musk’s $44 billion deal with a $500 million “small donation.” This contribution will help bridge the gap between social media and web3 and foster broader adoption in the cryptocurrency industry.
Ethereum pricing is better than other L1 networks
It’s been a memorable week for Ethereum since its recent price hike made it the 50th most valuable asset in the world and now outperforms other Layer 1 networks.
Over the past seven days, ETH surged by over 18.7% to surpass $1,500, according to CryptoSlate data. Other layer 1 tokens such as ATOM, MATIC and SOL increased by about 17.86%, 15.56% and 12.49% respectively.
DeFi Protocol deBridge Launches New Standard for Cross-Chain Transfers
deBridge said it will launch a liquidity on demand infrastructure called DeSwap Liquidity Network (DLN).
DLN is designed to provide on-demand liquidity, eliminating the need to lock the protocol before completing a transaction. The DLN infrastructure helps mitigate the risk of bridging exploits as the total protocol locked value remains zero.
Tree of Wisdom Suffers 36% Loss in Crypto Assets in Q3
Investment management firm Wisdom Tree said it lost about $87 million in the bear market from holdings in cryptocurrencies. Third Quarter Report.
From June to September, it recorded a loss of around 36% after its crypto holdings fell from $265 million to $178 million.
Costa Rican MP Proposes Bill to Regulate and Allow Cryptocurrencies
Costa Rica’s Congress has received the Crypto Asset Market Act (MECA) bill from Rep. Yohanna Ovando.
The MECA bill seeks to recognize cryptocurrencies as an investment asset in Costa Rica, but exempts cryptocurrency miners from paying taxes on mining profits.
U.S. Trustee Opposes Celsius’ $2.9 Million Employee Bonus Plan
Celsius had sought court approval to pay up to $2.9 million in retention bonuses to 62 employees supporting its restructuring efforts.
United States Trustee submitted It moved against a motion that said it was not logical for a company that owes customers billions of dollars to offer a multi-million dollar bonus plan to its employees. claimed it could also be a management insider.
Bitcoin Long-Term Supply Explodes As Terra Collapses
With more than $60 billion in losses to investors, Terra’s collapse has been viewed as a doom for the cryptocurrency industry. However, on-chain metrics analyzed by CryptoSlate suggest that it helped boost long-term holdings of Bitcoin.
After the May crash, long-term holders dropped significantly, but since the start of September, long-term holders’ net positions have surged to new highs.
As a result, long-term holders are on the rise and short-term holders are rapidly declining.
News around Cryptoverse
Binance Powers Twitter With Blockchain
A Binance spokesperson told Reuters that the cryptocurrency exchange is forming a team to help Twitter integrate its blockchain and cryptocurrency solutions following the Elon Musk acquisition.
Twitter’s blockchain team will work to mitigate the bot account problem that plagues major social media platforms with an on-chain solution.
NFT Trading Appears on Twitter
twitter Said Integrates NFTs from Rarible, Magic Eden, DapperLabs and Jump Trade on Twitter Tiles to make it easy for users to trade NFTs on the go.
VISA File Crypto Wallet, NFT, Metaverse Trademark
Major payments giant VISA has reportedly filed two trademark applications in the US for offering services related to crypto wallets, non-fungible tokens (NFTs), and the Metaverse.
THORChain resumes operation
Due to a software bug, the THORChain blockchain ceased operations on October 27th.About 24 hours later, the project team announced That the issue has been fixed and the user’s funds are safely accessible.
Premier League partner Solare creates NFT for football teams
Sky News has reported that the Premier League is giving up to £30m to NFT platform Sorare to help create digital images of footballers from 20 English clubs.
Hong Kong Plans To Legalize Crypto Trading
Bloomberg reports that Hong Kong has taken an anti-crypto stance after announcing plans to legalize retail trading of cryptocurrencies.
All cryptocurrency exchanges in the country will be required to obtain a regulatory license before offering trading services to retail investors.
Over the last 24 hours, Bitcoin (BTC) rose +1.05% to trade at $20,650 while Ethereum (ETH) also rose +2.35% to trade at $1,562.