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Although crypto markets suffered a 2% drop on Monday as the Israel-Palestine conflict created geopolitical uncertainty, Bitcoin (COIN:BTCUSD) remains remarkably stable. The price of Bitcoin saw few significant fluctuations during the escalation of violence, defying previous predictions. While geopolitical tensions have historically influenced markets, Bitcoin has appeared to weather these turbulences, remaining relatively immune. The limited financial influence of the affected region and the decentralized nature of Bitcoin may explain its resilience. “An interesting movement we saw today, at the height of the war between Israel and Palestine, was that Gold appreciated significantly, while oil rose and the dollar fell. This means that investors are fleeing to reserves of value at this time, and this could be interesting for BTC, which could also appreciate with this movement.“, said Fernando Pereira, analyst at Bitget, in a message to ADVFN on Monday. The evolving geopolitical situation remains a factor of uncertainty. The global financial landscape could change if the crisis prolongs and governments resort to borrowing or printing money, increasing inflation and boosting interest in Bitcoin as a store of value. Fluctuations in the oil and energy markets can also be monitored closely as this can offer insights into the direction Bitcoin may take.
A group of companies and leaders from the Web3 community, made up of companies such as 42Studio, MarketAcross, Collider Ventures and CryptoJungle, launched “Crypto Aid Israel” to raise funds in cryptocurrencies to help displaced and affected Israelis. The campaign uses a trusted multisig wallet to accept donations in multiple cryptocurrencies, with support from banking partners and government agencies to ensure effective distribution. Security is prioritized, with measures against cyber threats, while asset management is entrusted to Fireblocks. The main purpose is to utilize the capabilities of blockchain technology to mitigate current ongoing humanitarian ramifications.
Canadian mining company Hut 8 (NASDAQ:HUT) continues to increase its Bitcoin (COIN:BTCUSD) reserves even with its imminent merger with US Bitcoin. In September 2023, Hut 8 added 111 Bitcoins to its reserves, bringing the total to 9,366. Although its monthly Bitcoin production has decreased, the company is sticking to its hodl strategy, unlike other miners who have been forced to sell.
Stablecoin issuer Circle (COIN:USDCUSD) has begun minting native USDC on the Polygon (COIN:MATICUSD) scaling protocol, eliminating the need for cross-chain bridges. This will enable near-instant and low-fee transactions, paving the way for use cases such as payments, remittances, trading and lending. Users can now access USDC directly on Polygon, and Circle plans to offer interoperability with other blockchain networks in the future.
Bitcoin developer Robin Linus has introduced an innovative approach called “BitVM: Compute Anything on Bitcoin” that allows arbitrary computation on Bitcoin without the need for a soft fork. This proposal seeks to incorporate Ethereum (COIN:ETHUSD) style smart contracts into the Bitcoin network, expanding its computational capabilities, including games such as chess and validity checking in Bitcoin (COIN:BTCUSD) contracts. While it has received enthusiasm from some, others point out practical limitations, making it only suitable for two-party interactions.
Quant launched “Overledger Authorise”, a blockchain solution customized for the financial sector, competing directly with Ripple (COIN:XRPUSD). This technology aims to resolve critical security issues in blockchain-based transactions by integrating digital assets and private keys with existing enterprise key management systems. The project was tested on the Bank of England’s Rosalind Project, demonstrating its real-world viability. The solution simplifies the adoption of digital assets for banks and institutions, posing a significant challenge for Ripple in the financial blockchain space.
OKX, a leading Web3 technology company and cryptocurrency exchange, announced its sponsorship of Blockchain Life 2023, a forum dedicated to cryptography and Web3. Jason Lau, Director of Innovation at OKX, will participate in a panel discussion about the cryptocurrency market. The company will also offer gifts to participants and promote interaction with its global teams. The event will bring together 7,000 participants, including representatives from crypto funds, governments and developers, to discuss the future of cryptocurrencies and Web3. In other news, OK Group is unifying its ventures under the “OKX” brand. OKCoin will be renamed OKX, following in the footsteps of OKEx. This change will begin in Singapore and extend to Europe and the US in the coming months. The company promises that customers will continue to receive the same services under a new brand. OK Group has also terminated the “OKCoin” brand and product in several regions, prioritizing its global strategy. The company reiterated its commitment to the US, highlighting its importance to its vision and future.
Cryptocurrency exchange Gemini is making headway in India by appointing former Paytm vice-president Sachin Ranglani as chief operating officer. The company will also invest US$24 million in its expansion in the Indian market. With a growing office in Gurgaon, Gemini aims to lead the cryptocurrency market in India, led by Ranglani’s vast experience and commitment to innovation.
Binance’s Industry Recovery Initiative (IRI), planned to raise $1 billion to save cryptocurrency startups, has only used about $15 million of its announced fund. Binance transferred the remaining $985 million to its corporate treasury, while FTX’s negative impact on the industry has reduced venture capital investments in cryptocurrencies by 70% since its collapse. Additionally, the UK Financial Conduct Authority (FCA) imposed restrictions on Binance partner Rebuildingsociety for violations of marketing rules. This raises questions about Binance’s ability to continue its partnership in the UK, as the FCA requires strict compliance in crypto asset announcements. The FCA has warned Rebuildingsociety to withdraw any financial promotion approval and notify its customers, including Binance, regarding non-compliance. In other news, Binance has frozen accounts linked to the militant group Hamas in accordance with requests from Israeli authorities. The exchange stated that the freeze targets Hamas, not the people of Palestine, and that it cannot refuse such requests as Hamas is a United Nations-designated terrorist organization. Binance has assured that Palestinian civilians will not be affected by the ban.
Sam Bankman-Fried’s lawyers want to question Gary Wang, co-founder of FTX, about the loans granted by Alameda Research. During the recent trial, Wang was asked by prosecutors about personal loans of approximately $200 to $300 million taken from Alameda to finance risky FTX investments and the purchase of a home in the Bahamas. Bankman-Fried’s lawyers seek to clarify whether these loans were legitimate, prepared by lawyers and with formal interest payment obligations, refuting the claim that they were fictitious. The relationship between Alameda and FTX has been crucial in the case, with Wang testifying about the ability to withdraw funds from Alameda even with a negative balance, directed by Bankman-Fried. According to the director of Coinbase (NASDAQ:COIN), Conor Grogan, Alameda Research may have minted around $40 billion worth of USDT from Tether (COIN:USDTUSD), representing approximately 47% of the circulating supply. This raises questions about the relationship between Alameda and Tether, especially amid the trial.
Cyprus is preparing to impose severe sanctions on unregistered crypto asset service providers by requiring them to register with the Cyprus Securities and Exchange Commission (CYSEC). Under the proposed change to the legislation, unlicensed companies will face penalties of US$371,443 (350,000 euros) or five years in prison, or both. The measure follows guidelines from the Financial Action Task Force (FATF) and the MONEYVAL report and aims to protect investors against illegal activities and money laundering, aligning with the approach adopted by other EU states.
On October 5, the Reserve Bank of Zimbabwe (RBZ) officially launched Zimbabwe Gold (ZiG), a gold-backed digital token, as a payment method. The initiative aims to persuade local investors to opt for domestic assets instead of the US dollar in a country with high inflation. ZiG digital tokens can be stored in e-gold wallets and traded for peer-to-peer and commercial transactions, offering different price levels based on the weight of gold reserves. It is worth noting that Zimbabwe has been facing monetary instability and inflation for more than a decade.
Morpho Labs, a decentralized lending project backed by Variant and a16z, introduced the “Morpho Blue” protocol via a white paper. This protocol aims to redefine decentralized lending by eliminating dependence on DAOs to manage assets and introducing a permissionless, risk-based system. By isolating markets by individual asset vaults, Morpho Blue promises scalability and reduced gas fees compared to competing protocols. This move reflects a drive for greater efficiency in the crypto lending market, which has seen subdued activity recently.
Decentralized social media protocol Friend.Tech has added two-factor authentication (2FA) to bolster security following SIM swap attacks. This requires users to enter passwords when logging into new devices. The measure aims to combat recent attacks and protect around US$20 million in user funds. The introduction of 2FA was well received by the crypto community, although the importance of vigilance in relation to the operational environment was also highlighted.
In the last 30 days, cryptocurrency mixer Tornado Cash recorded $77.35 million in assets moved, according to Arkham. Despite US Treasury Department sanctions, Tornado Cash continues to operate. US authorities allege that Tornado Cash was used to launder money by the North Korean hacker group Lazarus Group. Its developers face accusations of money laundering and sanctions violations. Although assets fell by 60% after the sanctions, the total value locked (TVL) and transfer volume have since recovered. Current TVL is $187.9 million.
On September 14, Nelson Saiers, a former hedge fund manager from New York, installed the work “Rug Pull” in front of the SEC. Using colorful rugs with the word “Pull,” the installation highlights victims of crypto scams and criticizes the lack of protection for investors. Saiers, who is also a mathematician, moved into art after a successful financial career and continues to address social and economic issues in his works.
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