Bitcoin up 22% vs crypto stocks; Russia blocks OKX; US, EU set to discuss crypto regulation
The biggest news in the cryptoverse on Oct. 5 includes third parties opposing the SEC trying to defend Ripple, Do Kwon describing $40 million crypto freeze news as false, CBDC, tokenized Includes SWIFT to demonstrate that assets can be integrated into the global financial system.
CryptoSlate Top Stories
SEC Opposes Third Parties Attempting to Prove Usefulness of Ripple Blockchain
Two companies, I-Remit and Tapjets, have filed motions for Amicus Briefings to prove the usefulness of XRP beyond speculation.
The SEC opposed the motion on the grounds that the court’s previous order barred third parties from interfering in the case. The commission also argued that Ripple may have influenced the proposed evidence.
Do Kwon Deems $40 Million Crypto Freeze News ‘False’
There were reports today that South Korean prosecutors have frozen about $40 million related to Dokwon from cryptocurrency exchanges KuCoin and OKX.
Do Kwon described the news as “spreading hoaxes” and claimed that he has no accounts on KuCoin or OKX.
Binance, GMX DEX Soars 35% As FTX Announces Listings
Major cryptocurrency exchanges Binance and FTX launched the native token of decentralized exchange GMX (GMX) on October 5th.
Following the listing announcement and bullish reaction from the community, GMX surged 35%, reaching a high of $54.11 before returning to $48.7 at the time of writing.
Russia blocks crypto exchange OKX without giving reasons
Russian authorities have reportedly blacklisted the IP address of cryptocurrency exchange OKX (okx.com) suspected of violating Section 15.3 of the Federal Law and may be associated with extremist activity.
Similar to Binance’s IP ban in June 2021, OKX may file a lawsuit against the Russian internet censorship agency to learn the exact reason and lift the ban.
Bitcoin briefly trades above $20,000 as traders dabble in futures
Bullish sentiment seems to be returning to the market as leveraged traders push BTC futures trading volume to all-time highs.
Traders used USD/stablecoin as leverage on futures open contracts to push BTC price above $20,000, but it was rejected near $20,400.
Bitcoin to outperform traditional cryptocurrency stocks by up to 22% in 2022
Despite losing more than 56% of its profits since January 2022, Bitcoin has outperformed crypto stocks.
Coinbase stock is down 76%, Block stock is down 62% and MicroStrategy stock is down up to 58%. Overall, traditional cryptocurrency stocks have underperformed by more than 74%, nearly tripling the S&P 500’s year-to-date losses.
Nexo co-founder addresses recent cease and desist orders from US state regulators
California regulators previously filed a cease and desist order against Nexus with respect to interest-earning products.
Co-founder of Nexo trenchchev When Karin Methoddiev Between AMA session The company said it is compliant with regulators, but imposes necessary restrictions on providing revenue to protect user funds.
Addressing bankruptcy rumors, the co-founder said, “Bankruptcy or bankruptcy is nowhere near Nexo’s reality.”
US consumer protection watchdog warns crypto could pose risks to financial stability
As the popularity of crypto assets grows, the Financial Stability Oversight Council (FSOC) published the report We detail how cryptos negatively affect legacy markets.
The FSOC highlighted excessive leverage, high speculation, the perilous business profile of crypto companies, and blockchain vulnerabilities as crypto threats that could undermine global financial stability.
Japan invests in Metaverse, NFTs to drive implementation of Web3 services
Since taking office in 2021, Prime Minister Fumio Kishida has spearheaded Japanese investment in the web3 initiative.
Kishida announced that Japan will expand its investment in the Metaverse and issue NFTs to encourage local governments to use web3 technology to resolve jurisdictional issues.
SWIFT presents CBDC, tokenized assets can be integrated into the global financial system
Global financial messaging provider fast We conducted two experiments to prove that CBDC and tokenized assets can be seamlessly integrated into the existing financial system.
SWIFT has developed an infrastructure that successfully facilitates CBDC to CBDC and fiat to CBDC transactions.
The platform also provided an interoperable system for various tokenization platforms to create, transfer and exchange tokenized assets.
Web3 ecosystem lost over $428 million to hacks and fraud in Q3 – Immunefi
The latest from Immunify Crypto Loss Report revealed that the web3 ecosystem lost more than $428.7 million to 39 exploits in the third quarter of 2022.
The highly regarded Nomad Bridge and Wintermute hacks accounted for 79.85% ($350 million) of all confirmed losses during this period.
Affected projects recovered approximately $93.8 million, or 4% of total losses.
DeFiYield REKT List Reveals Lost DeFi Funds Dropped 18% During September, Reaching $170 Million Total
According to the REXT database, the DeFi ecosystem has lost over $60 billion in 1,195 events, recovering $2.4 billion so far in 2022.
About $170 million was lost in September alone, down 18% from the previous month. Wintermute’s hack accounted for his $160 million, with $977,550 lost to exploiting profane vanity addresses.
research highlights
Bitcoin mining pool Poolin is in trouble following liquidity crisis
Bitcoin mining pool Poolin has suspended withdrawals, transactions and transfers since September 6th due to worsening liquidity problems.
The withdrawal freeze has forced many miners to leave the pool, dropping their share of hashrate to 4% and dropping revenue from 120 BTC to 36 BTC at press time.
News around Cryptoverse
Loftis used Bitcoin to buy bread in El Salvador
While visiting El Salvador, U.S. State Treasurer Curtis Loftis Jr. used Bitcoin to buy flatbread at the request of a street vendor. charleston city paper report.
Loftis said it is interesting that many Salvadorans are turning to Bitcoin to power their small businesses.
EU Discusses Crypto Rules With US
The European Union is set to discuss crypto regulation extensively with US officials at the IMF meeting next week. bloomberg report.
According to EU Commissioner McGuinness, the EU and the US can work together to lead international regulation of the cryptocurrency industry.
crypto market
Bitcoin (BTC) rose earlier in the day but fell -1.22% to trade at $20,052 at the time of writing. Ethereum (ETH) fell -0.82% and he traded at $1,348 during the same period.
