EU readying regulations on DeFi; Bitcoin mining difficulty reaches new ATH
Some of the biggest news in the cryptosphere on Oct. 10 included Dominic Frisbee’s views on Bitcoin and gold investments, an EU Commission bid that hinted at a DeFi regulatory framework, and bribery to declare Ethereum a commodity. BitBoy Crypto’s allegations against a former SEC Commissioner who received
CryptoSlate Top Stories
EU Shows Regulatory Intent With Study On Ethereum DeFi’s “Built-in Surveillance”
Details of the European Commission’s bid on DeFi were unveiled by Circle Policy Advisor Patrick Hansen.
The European Commission has launched a research call for ’embedded supervision’. #DeFi upon #ethereum.
The purpose is to learn technology. Automatic monitoring monitoring function of his DeFi activity in real time.
EST (Eastern Standard Time). Bid price: €250,000.https://t.co/oZwb9QnLjG
— Patrick Hansen (@paddi_hansen) October 10, 2022
According to Hansen, the European Commission is working to strengthen its technical expertise on DeFi’s built-in oversight mechanisms on the Ethereum network.
Decentralized services are excluded from the MiCA framework released last month, but the European Commission calls for it.
BitBoy Crypto Claims Former SEC Commissioner Was Bribed To Classify ETH As A Commodity
Former Securities and Exchange Commission (SEC) chief William Hinman was bribed to declare Ethereum (ETH) as a commodity, according to crypto influencer Bitboy Crypto.
BitBoy Crypto filed a complaint against Hinman through his Twitter account on October 9th. Cardano (ADA) founder Charles Hoskinson and the Ripple community also said the accusations against Hinman are factual.
Interest in crypto fades as investors pile into bonds
The Federal Reserve is raising interest rates, hurting crypto and stock markets. The Federal Reserve’s attempts to contain inflation have forced investors to turn to US Treasuries.
September figures show that average daily trading volume increased by 17.2% year-on-year, bringing total trading volume to $25.1 trillion.
Additionally, the US Treasury 10-year chart showed a 3.89% rise, while the Bitcoin and Ethereum 10-year charts showed a 60% decline in value.
Website detailing losses of Celsius users goes public reveals ‘horrifying’ KYC risk
A new website was launched on October 10, detailing the loss of users of bankrupt crypto lender Celsius (CEL). Angel investor Stephen Cole found the website and mentioned: “It shows the risk of KYC with a completely horrific example.”
TrueFi Issues Default Notice for $3.4M Loan to VC Firm Blockwater
Blockwater Technology has borrowed approximately $16.8 million from cryptocurrency lending platform TrueFi (TRU) in 2021. We paid about $13.4 million and asked for an extension of the repayment period.
On October 10, TrueFi issued a notice of default to Blockwater Technology, asking it to repay the remaining $3.4 million.
Interest in XEN Crypto Causes Ethereum Deflation
A new project on Ethereum called XEN Crypto appears to be responsible for over 40% of all Ethereum transactions and burns. Mining XEN by itself has pushed network transaction fees above $1.
So far, users have paid over $1.8 million in gas fees to interact with the token contract.
Brazilian Police and U.S. Authorities Defeat International Crypto Fraud Group Led by ‘Bitcoin Shake’
The Brazilian Federal Police, the U.S. Homeland Security Investigation (HSI), and other enforcement agencies have uncovered a cryptocurrency fraud group dubbed “Bitcoin Shake.”
The Brazil-based fraud group was headed by Francisco Valdevino de Silva, also known as the Bitcoin Chieftain. The group committed international money laundering, operating criminal businesses, fraud, and crimes against the domestic financial system.
Crypto Slate Exclusive
Dominic Frisby gives his take on investing in Bitcoin, gold
author of “Bitcoin: The Future of Money?” Dominic Frisby gave an exclusive interview to CryptoSlate to talk about gold, Bitcoin and geopolitics.
Frisby said gold is the gateway to fiat money. But that’s no longer the case as millennials come to dominate the global economy.
He said:
“As the world continues to shift to technology and millennials become a dominant part of the global economy, Bitcoin will become increasingly influential in financial markets, especially in terms of being a ‘recession-proof’ asset. should be expected to be ”
He added that holding both Bitcoin (BTC) and gold would be the most helpful in protecting one’s financial integrity during this volatile geopolitical time.
research highlights
Survey: Bitcoin Mining Difficulty Adjusts Above 13%, Highest Since May 2021
The total hash rate of the Bitcoin network has reached an all-time high after a sharp rise in mining difficulty. The speed reached 240 EH per second and is expected to increase further.
The current rate is roughly three times the network’s July low. At that time, the hashrate had dropped to around 89 EH/s. This is his lowest level in two years.
News around Cryptoverse
FTX V2 will be released on November 21st
Sam Bankman-Fried, founder of exchange giant FTX, tweeted about upcoming improvements to the FTX exchange. SBF said the platform will get new order matchers, low-latency API paths, and other features. All of this will be released as he FTX V2 on November 21st.
TeraWulf Increases Working Capacity
Carbon-free Bitcoin mining company TeraWulf has announced that it has increased its mining capacity by more than 1.6 EH/s. The announcement also included news of $17 million in new capital. About $9.5 million was in unbroken private equity placements, and the rest of his $7.5 million was incremental earnings under our term loan.
crypto market
According to CryptoSlate data over the last 24 hours, Bitcoin (BTC) dropped 1.24% to trade at $19,235, while Ethereum (ETH) also dropped 0.87% to trade at $1,309.
