Cryptocurrency

Coinbase blames SEC’s XRP lawsuit for $15B loss to retail traders, Dogecoin investors sell $110M in DOGE

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The biggest news in the cryptoverse on November 1st was the SEC lawsuit against Ripple, which claimed that the SEC lawsuit against Ripple cost retail traders $15 billion in losses. $110 million worth of DOGE sold by top 50 Dogecoin holders. in the last 7 days.

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Top 50 Dogecoin holders unloaded $110 million worth of DOGE in the past week

look on chain data The top 50 Dogecoin (DOGE) investors have revealed they hold 87.1 billion, representing approximately 63.71% of the total circulating supply of Dogecoin.

Over the past seven days, the top 50 Dogecoin holders have reportedly sold 761 million tokens worth about $110 million. However, he appears to be restocking his bag as 484 million DOGE were purchased in the last 24 hours.

El Salvador’s Development Bank Refuses To Disclose The Country’s Bitcoin Acquisition Records

El Salvador’s Anti-Corruption Legal Advisory Center (ALAC) has asked BANDESAL, the country’s top bank, to provide detailed information about the Bitcoin buying process and account balances.

Apex Bank denied the request, saying the information was state confidential and could not be reviewed publicly.

Dogecoin x Twitter: Crypto’s worst kept secret?

Elon Musk has made it clear several times that he is interested in making Dogecoin a payment token for his companies, including Twitter.

according to a survey of @Croissant ETHpurchase of Elon Musk x.com The acquisition of Twitter under Domain and X Holdings could be related to his plans to build a blockchain-based social media platform. However, users may have to pay a small amount of Dogecoin to send messages on the blockchain.

“So for each comment or repost of that comment, you’ll probably have to pay 0.1 doge,” Musk said.

So far, hackers have stolen $2.98 billion through exploits in the cryptocurrency industry.

blockchain security company of pec shield According to the report, 53 DeFi protocols lost about $760 million to 44 exploits in October 2022.

Year-to-date, the crypto industry has lost about $2.98 billion to DeFi hacks, double the reported loss of $1.55 billion in 2021.

Coinbase Claims SEC’s XRP Lawsuit Caused Retail Traders $15 Billion in Losses

Coinbase said in an Amicus brief filing in support of Ripple that retail investors were hit by the SEC order ordering the U.S.-based cryptocurrency exchange to delist XRP following the drop in XRP’s market cap. claimed to have lost about $15 billion.

Coinbase also argued that the SEC’s “broad enforcement oversight” of Ripple is discriminatory, and that other companies offer identical products.

The Crypto Job Revolution Is Already Quietly Underway

Coinmetro CEO Kevin Murcko pointed out in a conversation with CryptoSlate that traditional finance (TradFi) workers are slowly moving to cryptocurrencies. The upside is that many of his TradFi workers who have delved into cryptocurrency have the highest salaries and he jumped 5x.

Murcko sees the darker side of trading when legacy companies like ING publicly make negative statements about cryptocurrencies while secretly pursuing cryptocurrency research activities. emphasized.

Uptober: Bitcoin gains 6%, DXY and gold post negative returns

Historically, September was a red month for Bitcoin, but October helped push the trend back into the green zone. resistance level, rebounding significantly from the -3.1% decline recorded in September.

While Bitcoin recaptured the Uptober story in October, USD.US dollar index (DXY) ended the month in the red at 111.54, down from an opening of 113.32. Similarly, the price of gold fell from its high of $1,730 to close at $1,630.

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Demand Destruction: The Federal Reserve (Fed) will keep raising rates longer than it can maintain its solvency

Central banks around the world are aggressively raising interest rates to curb rising inflation. However, the euro and British pound fell further with each rate hike in the US.

Kansas City Federal Reserve Bank Governor Esther George said the Fed could continue to raise interest rates by 75 basis points until reaching its target of 4% from the 3.75% expected at the beginning of the year. Stated.

Households may need to tap into their $1.7 trillion savings account to remain solvent over this period. However, higher spending could fuel inflation and force the Fed to raise rates further.

News around Cryptoverse

South Korea Set To Protect Crypto Investors With New Bill

South Korea’s Financial Services Commission (FSC) has proposed a bill to protect cryptocurrency investors from unfair trade manipulation, reports Dong-a IIbo.

The proposed bill will be implemented while the regulator develops a more comprehensive “Digital Assets Basic Law.” This sets the standard for cryptos similar to those available on the stock market.

Nigerians Skeptical of e-Naira

About a year ago, Nigeria launched CBDC, a digital version of the Naira, to curb the influx of investors into the cryptocurrency market.

According to a Bloomberg report, Nigerians are skeptical of government-issued eNaira, with only about 0.5% of the country’s population of over 200 million actively using digital currency.

MoneyGram Launches Mobile Crypto Payments

Payment giant MoneyGram announced Having launched a service that includes crypto payments. US-based users can buy, sell, and hold Bitcoin, Ethereum, and Litecoin via the MoneyGram mobile app.

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Over the past 24 hours, Bitcoin (BTC) rose 0.27% to trade at $20,451 while Ethereum (ETH) also rose 0.69% to trade at $1,575.

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