Bitcoin held on exchanges plummets as 50K BTC leaves Coinbase; Aptos blockchain criticized on scalability
The biggest news in the cryptoverse on Oct. 18 included Do Kwon claiming the charges against him were illegal and the Aptos blockchain being criticized for only processing four transactions on launch day. , including Roofstock selling its first on-chain house as an NFT for $175,000.
Thousands of Bitcoin Leave Coinbase for First Time Since June
Coinbase has confirmed that around 50,000 BTC left the exchange on October 18th. Bitcoin reserves have been steadily declining since the beginning of March, and he has been declining more aggressively in June since the collapse of Luna.
At the time of writing, Coinbase has around 525,000 BTC in reserves, down 22% from around 680,000 BTC at the beginning of the year.
FTX-backed Aptos blockchain comes under attack for poor launch day scalability
Aptos, a layer-1 blockchain, launched on October 17th but failed to impress the crypto community as it only delivered 4 TPS compared to the promised 160,000 TPS.
However, Aptos developers claimed that 4 TPS was due to low network activity and would improve once user activity began.
Internet Computer 2.0 Expected As Aptos Detractors Enjoy Binance Futures Listing
The future of the Aptos blockchain is looking bleak as many traders say they are looking to short APT tokens, similar to what happened with Internet Computer in May 2021.
Shorts can start anytime from October 19th. binance When OKX We plan to launch APT futures contracts with up to 25x leverage.
Jack Dorsey Announces AT Protocol for Federated Social Applications
Jack Dorsey announced the launch of AT Protocol, a decentralized, open source, ad-free network for federated social applications.
Users can communicate with encrypted URLs identified by domain names and easily transfer their identities between social networks over the AT protocol without losing data on the chain.
Terra co-founder Do Kwon says Laura Shin’s fraud accusations against him are illegal.
Dogwon talking to Laura Shin unchained podcast, He said Terra’s collapse was the result of a protocol design failure and a deliberate ploy to defraud investors.
He added that it determined that the charges against him were illegal because cryptocurrencies are not classified as securities under South Korea’s Capital Market Act (CMA).
Dogwon regretted his arrogant attitude and post on Twitter, and apologized to investors affected by LUNA’s collapse.
Federal Reserve Vice Chairman Warns Banks About Crypto Liquidity, Urges Stablecoin Regulation
Fed Vice Chairman Michael Burr has urged banks that provide deposit services to cryptocurrency companies to be aware of potential liquidity risks in the event of a cryptocurrency epidemic.
Barr called on the U.S. Congress to provide a federal framework as regulation of stablecoins could pose a risk to the financial stability of the country’s economy.
BitKeep suffers million dollar hack
Multi-chain wallet BitKeep lost $1 million to hackers who abused BNB chain. Hacking victims are compensated by the protocol.
The development team intervened in this situation by activating the safety assurance function to allow the user to see the risk situation.
Buterin advocates tolerating censorship in special cases
ethereum validator latetot.eth We have created a fate-asking pool of solo validators who live in Sengoku but refuse to validate blocks containing transactions of funds that go to an enemy nation’s armed forces.
Vitalik Buterin explained that given the special case under consideration, solo validators should be tolerated rather than penalized or asked to voluntarily leave the network.
Ripple’s XRPL Will Soon Support NFTs
Emi Yoshikawa, Vice President of Ripple alluded to Regarding the possibility of enabling support for creating NFTs in Ripple’s XRP Ledger.
Furthermore, ripple announced We plan to provide $250 million in funding to Web3 and NFT creators looking to build projects on XRPL.
German cryptocurrency neobank Nuri shuts down after failing to find a buyer
Nuri, which filed for bankruptcy in early August, has announced that it will stop offering crypto services and close down.
Customers are advised to withdraw all funds from the platform by December 18th.
Roofstock Sells First On-Chain House As NFT For $175K
3 bedroom property in 149 Cottage Lake WayColumbia was sold by Roofstock as an NFT for $175,000.
The property ID was created as an NFT on the Ethereum blockchain and transferred to the homebuyer’s wallet.
research highlights
Bitcoin held on exchanges hits four-year low
Over 300,000 bitcoins have left cryptocurrency exchanges since the crypto market began its decline from its peak in November 2021. This brings the exchange balance to his lowest in four years, with only 2.4 million of his coins in circulation across exchanges.
Despite losing over 50,000 BTC on Oct. 18, Coinbase has emerged as the most preferred exchange for users to buy and hold Bitcoin.
News around Cryptoverse
Germany tops list of lucrative crypto economies
A recent report by Coincub ranked Germany as the world’s most lucrative crypto economy in Q3 2022.
Last quarter’s top spot, the United States dropped to seventh in the recent rankings.
Coinbase partners with Primer to make crypto a standard payment method
coinbase is alliance Primer, an e-commerce platform, enables merchants to add cryptocurrencies as a standard payment method that customers can select at checkout.
crypto market
Bitcoin (BTC) has fallen -0.83% to trade at $19,340 over the past 24 hours, while Ethereum (ETH) has fallen -1.11% to trade at $1,312.
