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Crypto This Tuesday: Bitcoin Above $28K, Roblox Accepts XRP With BitPay, and More

Fernanda T
Latest News
October 17 2023 1:01PM

BlackRock CEO attributes Bitcoin surge to growing interest

Bitcoin (COIN:BTCUSD) surpassed $28,000, a critical milestone for the cryptocurrency. The digital currency briefly reached $30,000 recently. Furthermore, $28,000 has been a significant level, with bulls and bears vying for control. Analysts believe that BTC’s ability to remain above this value is essential for the crypto market. Liquidity around $28,000 remains, reflecting the importance of this price in the broader Bitcoin picture. Larry Fink, CEO of BlackRock (NYSE:BLK), attributed Bitcoin’s recent rally to an increase in interest and demand for cryptocurrencies. He commented after a temporary rise in Bitcoin due to fake news about the approval of a spot ETF. While he did not comment on BlackRock’s own request for a Bitcoin ETF, he acknowledged the growing global demand for cryptocurrencies, suggesting that people are seeking refuge in quality assets, including crypto, given the current global uncertainty. JPMorgan (NYSE:JPM) analysts also pointed to the possible approval of spot Bitcoin ETFs by the SEC following Grayscale’s victory in a legal case. Fernando Pereira, an analyst at Bitget, commented that “although it was fake news, the movement of almost 10% increase in a few minutes, liquidating more than 60 million dollars in shorted positions overnight, was a ‘spoiler’ of what should happen when the Blackrock ETF is actually approved, and according to 90% of Bloomberg analysts, this approval is almost imminent and should happen before January 10, 2024.”

Ethereum Foundation clarifies transfer of $15 million from Vitalik Buterin

Ethereum Foundation has clarified a $15 million transaction involving Vitalik Buterin, co-founder of Ethereum (COIN:ETHUSD). Contrary to previous reports, the Foundation stated that the transaction was a charitable transfer through Buterin’s Ethereum Name Service (ENS) to fund the Kanro charity, which aims to address issues related to Covid-19 and pandemics. Buterin’s crypto transfers have been closely watched in recent months, totaling more than $3.9 million in September.

Binance.US stops supporting direct withdrawals in US dollars

Cryptocurrency exchange Binance.US announced an update to its terms of service on October 16, indicating that it will no longer allow direct US dollar withdrawals on the platform. Instead, users will be able to convert their dollar balances into stablecoins or other digital assets to make withdrawals. This move marks another step in Binance.US’ struggle to manage its fiat operations, following previous halts to US dollar transactions in June 2023. The company also emphasized that digital assets do not enjoy the protection of FDIC insurance.

Coinbase removes 80 trading pairs to improve liquidity

Coinbase (NASDAQ:COIN) has delisted 80 non-USD trading pairs, including Bitcoin, Tether, and Euro, to consolidate liquidity and improve overall market health. The removals, which are part of Coinbase’s ongoing efforts to improve liquidity, have been applied to its platform and other related platforms. The exchange highlights that users can still trade the most liquid US dollar markets using Coinbase’s USD Coin.

FTX reviews lender return proposal as crypto investors face audit challenges

The bankrupt cryptocurrency exchange, FTX, has presented a revision to its proposal for returning up to 90% of creditors’ holdings who had funds on the platform before its bankruptcy in November last year. The proposal would allow customers with preferential agreements below $250,000 to accept the agreement without reduction or payment. However, factors like taxes, government claims, and price volatility may affect creditor recoveries. The proposal will be submitted to a US bankruptcy court by December 16th. Several leading crypto firms, including Paradigm, BlockFi, and Genesis, invested billions in FTX and Alameda Research without access to audited financial statements. This came to light during the trial of Sam Bankman-Fried. These investors relied on unaudited financial statements and conversations with company executives for crucial information. This raises concerns about the credibility of the crypto industry, as regulators and traditional financial sectors closely monitor the collapse of FTX and Alameda Research. The lack of audits and reliance on unaudited data are considered risky practices that have harmed companies like BlockFi and Genesis. The crypto industry faces challenges in finding reliable audit solutions.

BitGo acquires HeightZero to offer cryptocurrency custody solutions to wealth managers

Cryptocurrency custody specialist BitGo has announced the acquisition of HeightZero, a software company aimed at wealth managers who want to include crypto assets in investment portfolios. Financial details were not disclosed. BitGo co-founder and CEO Mike Belshe advised wealth managers to consider qualified custody of HeightZero ahead of the likely approval of a Bitcoin ETF, anticipating growing demand for the cryptocurrency. HeightZero offers services such as portfolio rebalancing and statement generation for cryptocurrency investors. BitGo recently raised US$100 million and continues its expansion process.

Stablecoin issuer TrueUSD suffers customer data violence

Stablecoin issuer TrueUSD recently faced a security breach that resulted in the exposure of customers’ personal information. The breach affected onboarded customers between 2018 and 2019, exposing details such as names, email addresses, phone numbers and banking information. Former service provider TrueCoin reported the breach to TrueUSD after discovering suspicious activity. The TrueCoin team investigated and took steps to prevent unauthorized access. Customers were advised to be aware of potential phishing attacks and to monitor their accounts for suspicious activity.

Lido Finance closes operations on Solana after DAO community vote

Decentralized liquid staking platform Lido Finance will phase out operations on Solana (COIN:SOLUSD) after a DAO community vote decides to close the Lido protocol on Solana. The vote resulted in 65 million Lido (COIN:LDOUSD) holders in favor of closure, while just 5.1 million voted in favor of continued funding of the protocol on Solana. The closure will be completed in February 2024, with a budget of 100 thousand DAI allocated to cover the costs of the process.

Uniswap introduces transaction fee to support development

The creator of the Uniswap decentralized trading protocol, Uniswap Labs, has implemented its first transaction fee. 0.15% swap fee applies to some tokens traded via your web app and wallet. The decision aims to support the continued development and improvement of the Uniswap protocol, with a focus on transparency and sustainable operations. The fee is one of the lowest in the DeFi and CeFi sector and does not apply to swaps between stablecoins or between ETH and WETH. Uniswap Labs remains committed to maintaining the protocol as a decentralized public good.

Ripple announces shareholder communication vacancy, fueling rumors of possible IPO

Ripple (COIN:XRPUSD), the fintech payments company, posted a job listing for a Senior Shareholder Communications Manager in various locations, both inside and outside the US, sparking speculation about plans to go public. The job description includes communicating with shareholders and strategies for investors, a concept associated with publicly traded companies. While Ripple hasn’t confirmed an IPO, the pro-Ripple community speculates about the possibility, while the company faces an SEC lawsuit related to XRP.

Banks will be required to disclose cryptographic activities, rules Basel Banking Supervision Committee

The Basel Committee on Banking Supervision has published draft guidance that requires banks to disclose quantitative and qualitative information about their crypto activities. These measures aim to discourage banks from holding unbacked cryptocurrencies and will come into effect in 2025. Disclosure will help create transparency and reduce information asymmetry between banks and market participants.

Roblox now accepts XRP as a payment option through BitPay

Online gaming platform Roblox (NYSE:RBLX), with more than 200 million monthly active users, now allows payments with XRP (COIN:XRPUSD). This is possible thanks to the partnership between BitPay and Xsolla, responsible for in-game payments on Roblox. Supported across multiple platforms, Roblox has a significant user base, with its users spending around $773 million on in-game purchases in the first quarter of 2023. Xsolla has been actively working on integrating cryptocurrencies into its payment system.

Formula E launches management game with blockchain technology and NFTs

Formula E is about to launch its first official game, “Formula E: High Voltage”, which uses blockchain technology and NFTs. Developed by Animoca Brands and Amber, the game will be released on October 19th. Formula E, known for promoting electric vehicles to combat climate change, chose the “Flow” blockchain to provide sustainable entertainment in the metaverse. The game offers car and driver NFTs, and players can collect, train, and manage these assets to build their racing career. Formula E: High Voltage is part of the REVV Motorsport ecosystem, which includes other blockchain racing games.

VitaDAO funds biotech company for anti-cancer and longevity research

VitaDAO, a decentralized autonomous organization (DAO) focused on longevity research, has funded Matrix Biosciences, a biotechnology company dedicated to treating cancer and aging. Early research focuses on the use of high molecular weight hyaluronic acid (HMW-HA) for anti-cancer and pro-longevity effects. VitaDAO has made an initial investment of $300,000 and plans to fund more through intellectual property tokenization in the future. HMW-HA is derived from tissues of naked mole rats, known for their cancer resistance and longevity.

NFT artist faces legal challenges in dispute with Bored Ape Yacht Club

A lawyer representing NFT artist Ryder Ripps and his co-founder, Jeremy Cahen, has faced difficulties trying to dismiss the legal action brought by the Bored Ape Yacht Club (BAYC) against his clients. The lawsuit alleges that counterfeit BAYC NFTs were sold as a form of protest against alleged anti-Semitic images. Ripps and Cahen’s attorney argued that the case should be dismissed based on California’s free speech and anti-SLAPP laws, which are designed to prevent intimidation lawsuits. However, the judges expressed skepticism and focused on selling the copycat NFTs.