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Chainlink Integrates Oracles with Bitcoin; Synthetix Launches v3 with Liquidity on Arbitrum; Kraken Bets on L2 INK Network

Fernanda T
Latest News
October 24 2024 2:28PM

Chainlink integrates data with Bitcoin for the first time via Spiderchain

Chainlink (COIN:LINKUSD) expanded its oracle services to Bitcoin for the first time, integrating with Spiderchain, a layer 2 developed by Botanix Labs. This integration enables Spiderchain to access Chainlink’s oracle services, bringing real-world data to Bitcoin smart contracts. The goal is to allow Bitcoin to utilize features like smart contracts and rollups. The partnership also includes implementing the Chainlink Cross-Chain Interoperability Protocol (CCIP) for token transfers between blockchains.

Synthetix launches v3 liquidity platform after governance overhaul

On October 24, Synthetix (COIN:SNXUSD) launched its v3 liquidity platform on Arbitrum, an Ethereum layer 2 solution. The launch follows a series of delays that led to a governance overhaul in the protocol. Kwenta, a perpetual exchange, will be the first to use the new liquidity infrastructure. Synthetix aims to differentiate itself by accepting various tokens as trading collateral, a first for Arbitrum. Synthetix expects this multi-token acceptance to stand out in the competitive DeFi market.

Kraken to launch Ink, an Ethereum layer 2 network based on Optimism Superchain

Kraken announced the launch of Ink, an Ethereum layer 2 network developed on the Optimism Superchain, aimed at enabling users to trade, lend, and borrow tokens without intermediaries. Ink is also expected to facilitate access to DeFi by leveraging Ethereum’s security and contributing to Optimism’s governance. The launch is projected for Q1 2025.

Coinbase CEO offers crypto wallet to autonomous AI Truth Terminal

Coinbase (NASDAQ:COIN) CEO Brian Armstrong proposed creating a crypto wallet for the AI agent Truth Terminal, known for its autonomy and multimillion-dollar balance. On October 23, Armstrong offered assistance after the bot expressed frustration over lacking a personal wallet, relying on its human creator, Andy Ayrey. Armstrong highlighted the convergence of AI and crypto, where autonomous bots can independently perform transactions. Truth Terminal currently holds nearly $10 million in crypto assets, promoting the future of AI-crypto interactions.

Bitcoin ETF inflows surpass $192 million, led by BlackRock fund

On October 23, Bitcoin (COIN:BTCUSD) dropped 3.3%, testing support at $65,000. The cryptocurrency has since recovered above $67,000, trading 1.6% higher at $67,704 in the last 24 hours. The recovery began during the Asian morning, driven by U.S. economic data released on Wednesday, which supported the possibility of a rate cut in November. The Fed’s Beige Book survey indicated a stagnant economy since September, boosting the digital asset market.

Additionally, positive ETF inflows reinforce bullish sentiment, with BTC showing potential to surpass the $67,800 resistance. The 12 spot Bitcoin ETFs recorded net inflows of $192.31 million on Wednesday, with BlackRock’s (NASDAQ:IBIT) fund contributing the largest share, $317.47 million.

This marks the fourth day in six sessions that IBIT has surpassed $300 million. Grayscale’s Bitcoin Mini Trust (AMEX:BTC) saw $4.71 million in inflows, while Ark 21Shares (AMEX:ARKB), Bitwise (AMEX:BITB), and VanEck (AMEX:HODL) reported combined outflows of $129.8 million.

Cardano integrates $1.3 trillion in Bitcoin liquidity with BitcoinOS

Cardano (COIN:ADAUSD) will integrate BitcoinOS (BOS), granting access to $1.3 trillion in Bitcoin liquidity for its DeFi ecosystem. This integration, facilitated by smart contracts and zero-knowledge cryptography (ZK), will allow Cardano users to access Bitcoin without intermediaries. The BOS Grail bridge, powered by the BitSNARK protocol, securely connects Bitcoin assets to Cardano. This collaboration promises to enhance cross-chain connectivity and boost decentralized finance adoption in Cardano’s ecosystem without compromising security or decentralization.

Solana-Ether pair on Binance up 15%, RSI indicates overbought

The Solana/Ether (COIN:SOLETH) spot pair on Binance has risen over 15% since October 1, marking the third consecutive month of gains. The pair’s 14-day Relative Strength Index (RSI) has surpassed 70, signaling overbought conditions. While this may suggest a pause or correction, some seasoned traders view it as a sign of strong momentum. Currently trading at $0.07017, nearby support stands at 0.064, the August high.

Former FTX executive cooperates and may receive leniency

Prosecutors have asked Judge Lewis Kaplan to be lenient in sentencing Nishad Singh, former FTX engineering director, due to his “substantial assistance” in Sam Bankman-Fried’s trial. Singh, who pleaded guilty to fraud and conspiracy, helped identify how FTX’s code enabled the illegal use of customer funds. Singh’s cooperation was crucial to the case, and he is set to be sentenced on October 30, 2023.

Over 33,000 South Korean investors have $13 million locked in closed exchanges

In South Korea, 33,000 investors are unable to access around $13 million in assets following the closure of 14 cryptocurrency exchanges, as reported by The Korea Times on October 14. The closures came in response to the Virtual Asset User Protection Act, leading to operational suspensions. Cashierest holds the largest share of locked funds, at $9.4 million. As more exchanges struggle to meet regulatory requirements, the situation could worsen.

Consensys calls for clear crypto regulation to future US president

On October 23, Consensys issued an open letter to the future US president requesting clear regulations for cryptocurrencies and Web3. The company emphasized the need for regulatory transparency to maintain global competitiveness while addressing security and illicit activity concerns. Consensys warns that the lack of a clear framework could stifle innovation in the country, particularly amid growing market volatility and the impact of global political events.

Tether proposes boron-backed token to Turkish government

Tether (COIN:USDTUSD) has proposed to the Turkish government the creation of a digital token backed by boron, a mineral in which the country holds 70% of the global reserves. The proposal seeks to implement blockchain technology to tokenize boron. While negotiations are in the early stages, Tether shows increasing interest in the Turkish market, one of the world’s largest buyers of stablecoins.

Bukele donates 2 Bitcoins for school construction in Honduras

El Salvador’s president, Nayib Bukele, donated two Bitcoins, worth about $133,000, to support the construction of 1,000 schools in Honduras. The donation was given to Shin Fujiyama, founder of Students Helping Honduras. Bukele made Bitcoin legal tender in El Salvador in 2021 and continues to advocate for economic freedom and education.

TeraWulf announces $350 million private offering of convertible notes

TeraWulf (NASDAQ:WULF), a zero-carbon energy company for Bitcoin mining, announced a $350 million private offering of senior convertible notes due 2030. The company plans to raise additional funds from institutional investors to strengthen its capital structure and enhance shareholder value. The proceeds will support corporate operations and stock repurchase activities, with interest paid semiannually starting in 2025.