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Crypto this Tuesday: MOON Soars, Disney Reinvents NFTs with Dapper Labs, and More

Fernanda T
Latest News
November 14 2023 06:39AM

Crypto market reaction to the slowdown of inflation in October

The latest data indicates an unexpected drop in the annual US inflation rate in October. Contrary to expectations of 3.3%, inflation came in at 3.2%, showing a reduction compared to September’s 3.7%. Similarly, core inflation, excluding volatile food and energy prices, reached 4%, below the forecast of 4.1% and marginally lower than the September rate. This slight deceleration in inflationary pressures is a positive signal for the US economy. In response to these numbers, Bitcoin (COIN:BTCUSD) recorded a modest increase, rising from $36,300 to $36,600 before stabilizing around $36,390. Fernando Pereira, an analyst at Bitget, commented on the current state of the crypto market, predicting a pullback in prices: “After a lot of excitement in recent weeks, the market is poised to pull back a bit, a perfectly normal move. I believe neither BTC nor altcoins will rise much more than they have already by the end of November. Significant new highs should be a Christmas gift.

MOON surges after decentralization announcement

The cryptocurrency MOON (COIN:MOONRUSD), from the Reddit sr/cryptocurrency community, saw a significant increase of nearly 160% in a day following the announcement of a 34% supply burn and a shift to full decentralization. The coin reached a peak of $0.170233 before retracing and is currently trading at $0.167200. Despite a monthly drop of -29.5%, it recorded a 175% increase in one week. Reddit plans to burn all MOONs in the Community Tank, reducing the total supply and making the coin deflationary. The change aims for complete decentralization, with the moderation team relinquishing control of the contract. The Reddit community is discussing the future of MOON, including the distribution of remaining coins and the use of bots to enhance the cryptocurrency’s functionality.

Plasma blockchain reformation: Vitalik Buterin’s perspective

In a blog post, Vitalik Buterin, co-founder of Ethereum (COIN:ETHUSD), revisits and highlights Plasma, a previously essential scaling solution, powered by technological advancements in blockchain. Buterin discusses Plasma Cash, which treats coins as NFTs and uses a sparse Merkle tree. He emphasizes surveillance over the Plasma operator and the importance of “exit games” for security. Acknowledging challenges in extending Plasma to the Ethereum Virtual Machine (EVM), Buterin suggests the use of ZK-SNARKs for simplification and security. He proposes parallel UTXO graphs for ETH and ERC20 tokens, aiming for greater compatibility with the EVM. Buterin believes that, despite rollups dominating, the renewed Plasma has a significant role in the future of blockchain, promising faster and more secure transactions.

Animoca Brands boosts Chiliz Chain blockchain as a new validator

Animoca Brands, a renowned venture capital company, joins the Chiliz Chain blockchain as a validator, strengthening the platform supporting fan tokens used by major sports teams. This partnership with Chiliz Chain, known for Socios.com, allows Animoca to integrate its NFT and gaming expertise into the sports universe. Animoca co-founder Yat Siu highlights the growth opportunity in the SportFi sector, aiming to revolutionize fan engagement and financial dynamics in sports. “We have already seen the rise of DeFi and GameFi, and we believe SportFi represents the next big growth area that will redefine fan engagement and create new financial dynamics in the sports industry,” said Siu.

Circle launches CCTP on the Noble blockchain to facilitate USDC transfers

Circle will implement its Cross-Chain Transfer Protocol (CCTP) on the Noble blockchain to simplify transfers of the stablecoin USDC between supported blockchains. Launched in March 2023, Noble integrates into the Cosmos ecosystem, allowing users to migrate USDC easily. CCTP, already operational on networks like Arbitrum and Ethereum, will be launched on the Noble mainnet on November 28, promoting greater liquidity and USDC integration into the Cosmos ecosystem.

dYdX Chain advances to Beta stage on the Cosmos network

dYdX Chain, an independent blockchain based on Cosmos, has advanced to the Beta stage of mainnet, commencing active trading operations. The beta launch followed a community vote, with over 99% approval, transitioning from the alpha stage. Users can now trade on more than 33 perpetual markets, although rewards distribution is not yet in effect. The beta phase is crucial for testing the trading environment. dYdX’s transition from an Ethereum scaling solution to an autonomous Layer 1 on Cosmos is a significant milestone, highlighting its role as the largest decentralized cryptocurrency derivatives trading platform.

Crypto.com progresses with partial regulatory license in Dubai

Crypto.com, a renowned cryptocurrency exchange, has obtained a partial license as a Virtual Asset Service Provider (VASP) from the Dubai Virtual Assets Regulatory Authority (VARA). The license, secured by the entity CRO DAX Middle East FZE of the company, authorizes specific operations in the virtual asset sector. To achieve full VASP license approval, Crypto.com must meet additional conditions set by VARA. Once achieved, the company will be able to provide a full range of regulated digital asset services, including exchange, brokerage, and investment management. Kris Marszalek, CEO of Crypto.com, celebrated the milestone, emphasizing the company’s commitment to compliance and security. “Dubai continues to demonstrate that it is a leading market by designing effective regulation for the crypto space while supporting adoption and innovation“, said Marszalek.

FTX and BlockFi make progress in post-bankruptcy claims resolution

Court-authorized, FTX and BlockFi are advancing in negotiations to settle post-bankruptcy claims. Judge Michael Kaplan allowed FTX to proceed with legal actions against BlockFi following the bankruptcy of both companies in November 2022. Court-ordered mediation is set to begin by December 24, 2023. BlockFi’s Zac Prince testified in the trial of Sam Bankman-Fried, the former CEO of FTX, highlighting the connection between the bankruptcies of the two companies.

Rise of digital assets in France revealed by OECD study

An OECD study published by the French financial authority shows that 9.4% of French adults own cryptocurrencies, and 2.8% have NFTs. Real estate is the most common investment, closely followed by crypto assets. The research indicates that 24% of adults are financial investors, with an influx of new investors since 2020, many drawn to the digital asset sector.

Disney partners with Dapper Labs for a new era of NFTs with Disney Pinnacle

Disney (NYSE:DIS), known for its innovation and entertainment, is partnering with blockchain specialist Dapper Labs to explore the world of NFTs with “Disney Pinnacle,” an app that will offer collectible digital tokens. This app, initially available to invited users, will be launched on the Apple App Store and later on the web and Google Play Store. Dapper Labs, known for projects like CryptoKitties and NBA Top Shot, is collaborating with Disney to create NFTs inspired by iconic characters. Dapper Labs CEO Roham Gharegozlou and Vice President Ridhima Kahn highlight the potential of NFTs as a bridge to Web3 adoption despite market challenges. “Digital collectibles based perhaps on the most popular products of all time… are a path to Web3 technology adoption and also a way to show people what is possible,” said Gharegozlou. Disney Pinnacle promises to revitalize interest in NFTs, offering digital collectibles based on Disney, Lucasfilm, Pixar, and Walt Disney Animation Studios properties.

Fnality International raises $95 million in funding round

Fnality International, specializing in tokenized cash on blockchain, has raised $95.2 million in investments led by Goldman Sachs (NYSE:GS) and BNP Paribas (EU:BNP). Founded in 2019, the company emerged from a UBS (NYSE:UBS) project, focusing on digital versions of currencies for payments and digital securities transactions. The Series B round will support the development of Fnality’s blockchain payment system. Initially, the system will operate with the British pound, expanding to other major currencies. Fnality is also working on the Utility Settlement Coin project, aiming for efficiency in liquidity management across multiple currencies. CEO Rhomaios Ram emphasizes the significance of the investment and the growing optimism in the sector: “It wasn’t easy to close this round, but the fact that they [investors] put money in is quite significant. It seems like small pockets of optimism are emerging, and that’s an indication of that.”