Some of the biggest news in the Cryptoverse on Oct. 20 include increased volatility in the British pound approaching Bitcoin, a disappointing third quarter for Bitcoin miners, and FTX CEO Sam Bankman-Fried’s remarks on cryptocurrency regulation. thoughts, and Hodronaut’s victory over Craig Wright.
Bitcoin volatility stabilizes as pound surges
After the British pound’s recent market moves, it will be almost as volatile as Bitcoin (BTC).
The pound has recorded a volatility spike against the US dollar in recent weeks, while Bitcoin has been trading in a narrow range between $18,100 and $20,500 since mid-September.
Bitcoin mining remains unprofitable through Q3
In the third quarter of 2022, the Bitcoin price continued to fall, mining costs rose, and miners struggled.
Hash prices will decrease by 5% from $83.30/PH/day to $79.60/PH/day, average industrial power costs will increase by 25% from July 2021 to July 2022, and hosting contract prices will increase. did.
Sam Bankman-Fried Proposes Standards for Sanctions, Licensing DeFi Protocols
FTX CEO Sam Bankman-Fried shared his thoughts on cryptocurrency regulation via his Twitter account.
1) As promised:
My current thoughts on crypto regulation.https://t.co/O2nG1VrW1l
—SBF (@SBF_FTX) October 19, 2022
The SBF said the cryptocurrency industry should remain an open economy that continues to offer P2P transfers and codes for free. But he also argued that regulatory oversight is essential for sustainable innovation.
He added that DeFi protocols that host websites and marketing products aimed at US retail investors may require KYC obligations and licenses.
Binance refutes claims of using users’ tokens to vote
Uniswap founder Haydenz Adams said on October 19 that Binance has delegated 13 million UNI tokens belonging to its users.
On October 20, Binance CEO Changpeng Zhao tweeted that Binance will not vote with users’ tokens, and a Binance spokesperson said: crypto slate:
“Binance does not vote with users’ tokens. In this case, there was a misunderstanding as to what happened when transferring a large balance of UNI (around 4.6M) between wallets. We are having discussions to improve the process so that it does not happen.”
‘Hodlonaut’ declares victory against Craig Wright in Norwegian defamation lawsuit
The lawsuit between Craig Wright, who calls himself Satoshi Nakamoto, the creator of Bitcoin, and Magnus Granat, also known as “Hodoronaut,” began on Sept. ended with a victory.
The embargo that prevented the results from being published ended on October 20, and Hodlonaut celebrated the victory by sharing the news with his Twitter followers.
won. Welcome to law.
— hodlonaut 🌮⚡🔑 🐝 (@hodlonaut) October 20, 2022
FatMan warns against Ronaldinho-backed ‘World Cup Dogs’ crypto token
FatManTerra has revealed the questionable tokenomics of the World Cup Dog Tokens. Famous soccer player Ronaldinho tweeted on his October 19th, expressing, “I am happy to be part of the World Cup dog family.”
After examining the newly popular World Cup Inu token, FatManTerra shared concerns about the 4% tax rate, saying developers have already removed a significant amount from the tax pool. He concluded by saying: It’s better to leave ”
Acting FDIC Chairman Wants Stablecoins To Be Safer Before Integrating Into Financial System
Federal Deposit Insurance Commission (FDIC) Acting Chairman Martin Gruenberg has acknowledged the role of stablecoins in the economy, saying that if regulated, stablecoins would have the power to disrupt the existing banking system.
However, he also said that current volatility is preventing stablecoins from being integrated into the current financial system.
South Africa Considers Cryptocurrencies As “Financial Instruments”
South Africa’s financial regulator, The Financial Sector Conduct Authority (FSCA), classified all crypto assets as financial instruments on October 20. This realization has also put crypto assets under the same regulatory scrutiny as company equity, debt, and money-making vehicles.
Survey: Bitcoin On-Chain Data Suggests Market Has Hit Bottom
Investors who have held bitcoin for less than 6 months are called “short-term holders”.
In previous bear markets, short-term holders were usually speculators who invested to profit from expected price increases. However, current on-chain data shows short-term holders are at the same point they were in the previous bear market, suggesting they have lost confidence in the ecosystem.
Judging from previous cycles, short-term holder behavior indicates that the market is already nearing the bottom of this bear cycle.
News around Cryptoverse
Tether will be available at over 24,000 ATMs in Brazil
USDT will be available at over 24,000 cryptocurrency ATMs in Brazil on November 3rd, according to Tether’s announcement. The expansion aims to include her 34 million unbanked adults in Brazil into the financial system.
Binance Receives Regulatory Approval from Cyprus
On October 20, Binance announced that it has received regulatory approval from the Cyprus Securities and Exchange Commission (CySEC), Cyprus’ financial watchdog. This license is his fourth license acquired by Binance from the European region.
Coinbase offers commission-free trading in currencies other than USD
Coinbase posted a blog post announcing that it will waive fees when buying and selling USDC via fiat currency to support USDC’s global adoption.
Japan relaxes rules for token review process
bloomberg Japan’s cryptocurrency self-regulatory body announced plans to facilitate the listing of virtual coins in December. The loosening of rules shows Japan is looking to revitalize its cryptocurrency sector.
Lens integrates music NFT
Lens Protocol founder Stani Kulechov announced via his Twitter account that Lens now supports music NFTs as content on Lenster, the company’s decentralized social media app.
Indian cricket legend steps into NFT
Indian cricket legend Sachin Tendulkar has stepped into the NFT market by investing in Lario. The news was shared by his cricket team Lario’s Twitter account.
Bitcoin (BTC) has fallen -0.74% to trade at $19,052 over the past 24 hours, while Ethereum (ETH) has also fallen -0.78% to trade at $1,283.