Every week, I will be collecting some news stories / opinion pieces that I have found to be interesting in the crypto world and condensing them down into one easily digestible article. All the article and images are taken from a news source that I like to use and an alternative to CoinTelegram called BeInCrypto.
BeInCrypto is a news website founded in August 2018 that specialises in cryptographic technology, privacy, fintech, and the Internet — among other related topics. The primary goal of the website is to inject transparency into an industry rife with disingenuous reporting, unlabelled sponsored articles, and paid news masquerading as honest journalism. You can visit their website by clicking here or join their new Telegram Trading channel by clicking here. I am also part of that group and like the content they are discussing. There is a lot of news that came out last week, So let's get started!
NFL Player Oren Burks Says ‘Buy Bitcoin’ as Price Barrels Toward $12K
In case anybody had forgotten, NFL player Oren Burks has just reminded the crypto community that he is a bitcoin bull.
Burks, who plays linebacker for the Green Bay Packers, has caught hold of bitcoin fever as the BTC price barrels toward the $12,000 threshold. A man of a few words, Burks tweeted to his 24,000 Twitter followers, “Oh yeah and buy bitcoin.” He then followed it up with “early and often.” To read more about this story, click here.
BitMEX Co-founder and Ex-CTO Samuel Reed Released on $5M Bail
It has been a turbulent few weeks for BitMEX. On October 1, it was announced that the founders of the crypto derivatives exchange would face charges from the U.S. Department of Justice (DOJ).
These charges include running an unregistered trading platform and violating the banking secrecy act. As reported on Thurs 8 Oct by BeInCrypto, BitMex announced that its top brass, including CEO Arthur Hayes, would be stepping down.
On Friday, October 9, news broke that BitMEX’s former CTO Samuel Reed, who had been arrested in Massachusetts on October 1, had signed a $5 million unsecured appearance bond for his release, pending court proceedings. As part of the agreement, Reed and his wife’s passports have also reportedly been seized. To read more about this story, click here.
Crypto Trading Volumes Surge in September: CryptoCompare Report
Released on Thur 8 Oct, CryptoCompare’s September report reveals the highest daily record volume for top-tier crypto exchanges in 2020.
The analytics firm focuses mostly on exchange volumes but also records statistics on crypto derivatives, stablecoin trading, and exchange rankings, amongst others. July’s report already showed a pickup in trading, however, daily volumes for Sep. topped $27.6 billion, an increase of almost 2% over July’s figures.
To read more about this story, click here.
Uniswap Traffic Up 43% in September, Centralized Exchanges Eat 10%+ Losses
Uniswap experienced a massive surge in website traffic in September, while its centralized exchange counterparts saw a decline. The market’s most popular decentralized exchange (DEX) has attracted an increasing amount of traders as Ethereum works towards scalability.
New data published by ICO Analytics offers an interesting insight into centralized exchange activity. Most centralized exchanges, including popular ones like Binance and Coinbase, have seen website traffic drops in excess of 10%. Uniswap, on the other hand, saw a 43% increase in website traffic.
To read more about this story, click here.
John McAfee Arrested in Spain on US Tax Evasion Charges
The law has finally caught up with outlaw John McAfee. The crypto bull and antivirus pioneer has been hit with a one-two punch from the U.S. Department of Justice and Securities and Exchange Commission all at once.
McAfee has been arrested in Spain on charges of U.S. tax evasion and failing to file his taxes, something he has bragged about on social media before. In addition, he’s facing a lawsuit from the SEC for his role in recommending more than half-a-dozen ICOs. McAfee allegedly earned more than $23 million for touting those deals without disclosing to investors that he was being compensated.
To read more about this story, click here.
Binance Pours $5 Million Worth of BNB Into Smart Chain BUIDL Program
Binance has launched the BUIDL Reward Program in an attempt to attract greater dApp development on the Binance Smart Chain.
Binance has invested $5 million worth of BNB into the project. This is part of Binance’s bigger venture — a $100 million injection into a DeFi accelerator fund that aims to connect DeFi with centralized finance (CeFi) solutions. To read more about this story, click here.
Ethereum 2.0 Roadmap Updated with Sharded Rollups in Phase 1
Ethereum co-founder Vitalik Buterin has recently updated the Ethereum scaling roadmap, confirming that sharding is still an essential part of the upgrade and that rollups are already available. To read more about this update, click here.
Attorney General Task Force Publishes Crypto Enforcement Framework
The US Attorney General’s Cyber-Digital Task Force has announced the publication of a crypto enforcement framework.
The document provides an overview of threats posed by digital currencies, as well as responses to them. The new framework is predominantly focused on the illicit use of cryptocurrencies. However, its authors are careful to note the promise that the technology has for society. To read more about this story, click here.
Square Pours $50 Million Into Bitcoin, Company’s Stock Price Soars
If you’re wondering what was behind the change in sentiment in the bitcoin price, which on Oct. 8 flipped from red to green, you might want to thank Jack Dorsey.
Square has purchased $50 million worth of bitcoin, which it says aligns with its mission of economic empowerment. That amounts to 4,709 bitcoins, which the payments company will hold on its balance sheet, taking a page out of the book of MicroStrategy. The allocation represents 1% of Square’s total assets. To read more, click here.
Yearn Finance Founder Andre Cronje Says He’s Done Being on Social Media
Yearn Finance founder Andre Cronje has announced on Twitter that he is alive and well but choosing to step back from social media. The update comes on the heels of threats lodged against him tied to his latest project, Eminence.
The post follows recent uncertainty surrounding his whereabouts. In a tweet posted on Oct. 9, he revealed that he is “still here” and “still building, adding that he is “done tweeting and being on social media.” He still has his Twitter account, which suggests that he might be back. To read more about this, click here.
Metamask Hits Million Monthly User Milestone
The booming DeFi market has accelerated the growth and popularity of crypto wallets such as Metamask which has just reached a million active monthly users.
The Ethereum-centric crypto wallet has just surpassed a million active users per month for the first time as DeFi yield farming opportunities continue to drive usage. The milestone represents a 400% growth over last year and comes just seven months or so after Metamask recorded the first time it surpassed a million users in total. To read more about this, click here.
Bank of Korea to Test CBDC Distribution in 2021
With phase one of its central bank digital currency (CBDC) experiment complete, the Bank of Korea (BOK) is looking forward to testing the token distribution system in 2021.
Despite the ongoing CBDC trials, South Korea’s central bank says it is not looking to launch a sovereign digital currency. With China accelerating its digital yuan pilot, other APAC nations and countries outside Asia have begun to delve into CBDC-related studies. To read more about this, click here.
UK Regulators Ban the Sale of Crypto Derivatives to Retail Consumers
The Financial Conduct Authority (FCA) has published new rules prohibiting the sale of derivatives and exchange-traded notes to retail customers in the United Kingdom.
According to a press release, the U.K. watchdog considers these products “ill-suited for retail consumers due to the harm they pose.” Further, the announcement asserted these products are not suitable for the public for multiple reasons. To read more, click here.
Brave Websites and Browser Now Available on TOR
The Brave team announced that its websites and browser are now accessible on TOR and that users can create their own onion service.
Popular privacy-focused browser Brave has made its websites available and browser downloadable on the Tor network on Oct 5, the team announced via a blog post. To read more, click here.
That is my weekly roundup of the interesting news coming from the crypto world. What do you think about the topics / news stories and what was your favourite article? If you liked the content, please consider following me and tipping the article. Also are you a trader? If you are check out my favourite Telegram Trading chat, where you can discuss and find out more about crypto projects. Click here to start conversations with other crypto traders!
