The biggest news in the cryptoverse on Oct. 25 included Ethereum stake surpassing $14 million year-to-date, Tesla losing $106 million in Bitcoin volatility, iOS developer has in-app NFT purchase functionality.
Ethereum Total Stake Exceeds 14 Million in Q3, Price Drops 64%
The amount of Ethereum (ETH) staked has increased to 14 million since the beginning of the year. That amount is worth more than $19 billion. This sizable amount of Ethereum was wagered despite the price of ETH dropping 64% year-to-date.
Tesla reportedly lost $106 million to Bitcoin volatility in Q3
In February 2021, Tesla purchased 43,200 Bitcoin (BTC) for approximately $1.5 billion. At the end of June 2022, Tesla announced that he had exchanged about 75% of its Bitcoin reserves for $936 million.
Mathematics shows that a major electric car company has lost about $106 million due to its Bitcoin investment.
Apple to allow in-app purchases of NFTs with 30% tax rate
Apple’s latest announcement reveals that the company plans to enable direct purchase of NFTs. On October 25th, Apple released guidelines to developers showing how to create in-app purchases for NFTs and how to store, create, list and transfer them in iOS apps.
Public Bitcoin Miners Increase Hashrate Share
The hashrate share of public Bitcoin miners has grown exponentially in the last year.
As a result of the 2021 bull market, miners have access to significant amounts of capital, most of which they have reinvested in themselves to increase their mining capacity. This development led to a continuous increase in Bitcoin he hashrate share.
Solend founder says SBF ‘will be profitable at all costs’
Solend (SLND) founder 0xrooter calls FTX CEO Sam Bankman-Fried someone who wants to profit at any cost.
SBF is the maximum profit: profit at any cost
— 🙏🚫 Router (Recruiting!) (@0xrooter) October 24, 2022
0xrooter added that he had no personal interactions with SBF, but claimed that his behavior speaks to his personality, and that SBF’s personality appears to be “Profit Maxi”.
MakerDAO MKR Community Approves “Endgame” Proposal
The MakerDAO (MKR) community approved the DAO’s Endgame proposal with an overwhelming majority of 80% on October 25th. The proposal proposed dividing the decentralized protocol into smaller units called MetaDAOs to facilitate decentralization.
MakerDAO founder Rune Christensen submitted a proposal, and some community members said Christensen influenced 50% of the upvotes.
DeFi Pioneer André Cronnier Returns With ‘Weird Cyops’
Yearn Finance (YFI) founder and architect Andre Cronje posted an article on his Medium account titled “The Crypto Winter of 2022” on October 25th. Cronje said these situations were caused by an “information asymmetry” problem.
Article reading speed. The man whose information asymmetry extracted his billion from the ecosystem talks about regulation and insurance to stop the asymmetry.
— MJP.sol (@mjpldn) October 25, 2022
However, the community didn’t appreciate Cronje’s comment about asymmetry. Co-founder of cryptocurrency trading platform Archax, MJP.sol said Cronje’s platform also handles asymmetric information.
Nick Carter ‘disappointed’ that White House report on Bitcoin mining lacked original research
Coinmetrics co-founder Nick Carter guested on the latest episode of the WhatBitcoinDid podcast to talk about the recent report on Bitcoin mining released by the White House.
Mr Carter said:
“[The White House] Bitcoiners are not completely ignorant of what they have to say about mining. They are very in denial of those things. “
He added that the White House reached out to him to hear his comments on the report, but was reluctant to listen and ignored them all.
Crypto Slate Exclusive
Stablecoin regulation could mean the beginning of the end of DeFi
Kyle Torpey I wrote an exclusive article for CryptoSlate discussing the impact of stablecoin regulation on DeFi. Torpey pointed out that stablecoins are a big part of the DeFi economy and new stablecoin rules could make or break DeFi.
According to Torpey, strong regulation of stablecoins could remove DeFi’s main attraction, which is the ability to conduct financial activities freely. He wrote:
“In terms of impact on DeFi, stronger regulation of stablecoins will be at scale. , and other financial activities.”
That said, Torpey also acknowledges that the DeFi market is too big to completely collapse. Even if they are subject to stricter KYC and AML rules, they are not completely gone. Instead he said:
“Regulating stablecoins would remove much of DeFi’s utility, leading to a situation where the sector is a fraction of its current size.”
Survey: On-Chain Data Shows Long-Term Bitcoin Holders Are Selling Again
On-chain data shows that long-term holders are again selling heavily from their hoards.
Investors who have held bitcoin for over a year have sold 50,000 bitcoins as of last week. Meanwhile, owners more than two years ago have sold nearly 40,000 units. An investor who has held bitcoin for over three years has abandoned a total of 30,000 bitcoins.
Long-term investor behavior is an essential indicator for macro analysis. The selling trend of long-term holders is a sign of surrender and usually occurs at the bottom of the market as long-term investors are the strongest investors.
News around Cryptoverse
Hong Kong introduces green bonds
BIS Innovation Hub Hong Kong and the Hong Kong Monetary Authority have collaborated to present the Project Genesis 2.0 report. This project will combine the green bond market and the carbon market to propose new green bond assets. The new investment is designed to meet mitigation outcome benefits that comply with the verified carbon credits specified in the Paris Agreement.
Binance is closing in on hackers
Binance was breached on October 6th and lost 2 million BNB tokens.according to CNBCBinance CEO Chanpeng Zhao said he is close to finding the hackers responsible for the attack.
Reddit Collectibles reaches $1.2 million in 24-hour trading volume
Reddit’s collectible avatar NFTs have surged in sales and deals, according to a Reddit post. Total sales for all NFTs increased 30% in the last 24 hours to reach $1 million. A total of 3,202 sales were made, making up 17% of sales since NFT’s launch.
Mailchain Now Supports ENS Domains
Multi-wallet communication layer company Mailchain has announced that its secure email platform now supports Ethereum Name Service (ENS) domains, according to the company’s blog post. With this update, Mailchain users will be able to send and receive messages directly to his wallet on the blockchain using the ENS name.
Near spends $40 million to replace USN stablecoin collateral gap
The Near Foundation has announced that it will spare a $40 million grant to fill the deficit found in USN’s collateral reserves. block.
Over the past 24 hours, Bitcoin (BTC) rose -3.77% to trade at $20,077 while Ethereum (ETH) also rose +18.94% to trade at $1,468.