The biggest news in the cryptoverse on Nov. 2 includes Thaler saying Bitcoin is beating gold and other major asset classes, JP Morgan executing its first DeFi transaction, cryptocurrencies including the EU’s MiCA targeting influencers, and Ethereum surpassing Bitcoin post-merger.
CryptoSlate Top Stories
Thaler says ‘Bitcoin is winning’, sees gold as 19th century solution as microstrategy outperforms major asset classes
MicroStrategy Chairman Michael Saylor said the company’s MSTR outperformed all asset classes analyzed, largely due to its bitcoin-heavy portfolio.
Thaler added that Bitcoin is a better store of wealth than gold. In August 2020, he said that Bitcoin is up 72% and gold is down 19% since MicroStrategy delved into cryptocurrencies.
JP Morgan Runs First DeFi Transaction on Polygon
Traditional investment bank JP Morgan has joined Project Guardian in Singapore to complete its first DeFi deal on Polygon. This facilitates cross-currency trading, including tokenized Japanese Yen and Singapore Dollars.
In addition, JP Morgan has built an institutional wallet for institutions to transact via approved DeFi protocols.
Bitcoin Continues Range Bound As Federal Reserve Enacts Fourth Consecutive 75 Basis Point Rate Hikes
As expected, the Fed hiked rates by 75 basis points (bps) in its fourth rate hike. Bitcoin surged to a high of $20,700 after the announcement, but has fallen to $20,166 at the time of writing.
Circle, Paxos Receive Regulatory Approval from Singapore’s Financial Watchdog
Stablecoin issuers Paxos and Circle have received approval from the Monetary Authority of Singapore (MAS) to expand their crypto payment services in the country.
The license approval received by Paxos will allow us to offer all our blockchain products to the Asian market. Circle’s approval in principle allows us to facilitate cross-border domestic payment services in Singapore.
MetaMask Powers NFTBank to Handle Pricing Solution for New NFT Portfolio Platform
Aggregating NFT pricing information is a problem facing NFT owners. However, NFTBank has developed machine learning-based algorithms to calculate the value of NFTs and visualize them through the NFT portfolio products.
MetaMask has migrated to integrate the NFTBank portfolio into crypto wallets, so users can easily see the value of their NFT collections at a glance.
Europe Targets Crypto Influencers With New MiCA Clause
Provisions in the EU’s Markets in Crypto Assets (MiCA) bill suggest that crypto influencers may be required to disclose their interest in cryptocurrencies before publicly discussing them. increase.
according to clause, Anyone who comments on cryptocurrencies via social media and benefits from promotions without disclosing their position is considered market manipulation and will be duly prosecuted.
Galaxy Digital, BitMex and DCG announce job cuts
The bear market has forced major companies Galaxy Digital, BitMex and Digital Currency Group (DCG) to consider laying off employees.
Galaxy Digital plans to lay off 20% of its 375 employees and DCG plans to cut ties with 10% of its 100 employees. BitMex announced it would lay off another 30% of its workforce after laying off his 25% in April.
Ripple XRP Ledger Integrates NFT, Euro Stasis Stablecoin
The Ripple community has passed the XLS-20 proposal. This will allow the Ripple XRP Ledger (XRPL) to support Non-Fungible Tokens (NFTs).
Ripple also announced the successful integration of the euro-pegged stablecoin Stasis Euro (EURS) into XRPL.
Hackers attack Deribit hot wallet, steal $28 million in cryptocurrency
Crypto Derivatives Platform Deribit confirmed that its hot wallet was configured and about $28 million worth of Bitcoin, Ethereum, and USDC were stolen.
Deribit moved to suspend withdrawals, but assured users that their funds were safe and that any losses incurred would be borne by the company.
New Messari Q3 Report on Polygon – Bullish on Ecosystem Growth
A State of Polygon report released by Messari reveals that by the end of the third quarter, Polygon had reached an all-time high of 6 million active addresses, with new addresses growing 180% quarter over quarter. .
Much of the growth in the ecosystem is due to the NFT sector, which saw nearly 5 million users join the network in August and completed over 50 million transactions. Game deals also surged by 100% in September, reaching his all-time high of 15 million.
Bitcoin miner Iris Energy on the verge of defaulting on $103 million loan
The cryptocurrency bear market has caught up with BTC mining firm Iris Energy as monthly mining revenue dropped to $2 million.
However, it has a $103 million loan from NYDIG and needs to repay about $7 million per month.
Due to the low mining margins, Iris Energy is unable to meet the monthly repayment schedule and the mining equipment is held as collateral and risks being confiscated by NYDIG.
Alameda has sold over $200 million in stablecoins to exchanges. FTT tokens make up the majority of $14 billion in assets
Arkham on-chain insights reveal that Alameda Research sold $284 million worth of stablecoins to FTX and Binance between October 31st and November 2nd.
An examination of Alameda Research’s cryptocurrency portfolio reveals that it holds approximately $5.82 billion worth of FTT tokens and approximately $1.2 billion worth of SOL tokens.
The Crypto Community Punches CZ With Questions About Binance And Twitter Integration
At the Twitter Space AMA, Binance CEO Changpeng “CZ” Zhao said there were no formal discussions between Elon Musk-led Twitter and Binance to integrate cryptocurrency payments into social media platforms. .
Expecting Elon Musk to consider making a crypto payment to Twitter, CZ said the crypto community should give Elon time to calm down and announce a plan of action.
Ethereum Remains Dominant Over Bitcoin After Merger
On-chain data analyzed by CryptoSlate shows Ethereum gaining the upper hand over Bitcoin. BTC-ETH Dominance metric by Glassnode shows Ethereum trading below the pink line after the merge. This means that ETH is outperforming.
News around Cryptoverse
Binance Considers Bank Acquisition
Binance CEO Changpeng “CZ” Zhao told Bloomberg that he wants to acquire banks so that his exchange can bridge traditional finance and cryptocurrencies.
Coinbase executive resigns
Coinbase Chief Product Officer Surojit Chatterjee has stepped down from his role as the company reorganizes its product, engineering and design teams.
Chatterjee will continue to advise Coinbase through February 3, 2023.
Over the past 24 hours, Bitcoin (BTC) has fallen -1.35%% to trade at $20,195, while Ethereum (ETH) has also fallen -4.05% to trade at $1,512.