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!
Bitcoin Drops, Gold Soars Amid News of Trump COVID-19 Diagnosis
The price of Bitcoin dipped shortly after U.S. President Donald Trump announced on Twitter that he and his wife had tested positive for Coronavirus.
In a tweet posted in the early hours of Oct 2, Trump announced that he and First Lady Melania Trump had tested positive for COVID-19. The tweet indicated that the couple would start the 14-day quarantine process “immediately.” Shortly after the news broke, Bitcoin has shed almost $200 since the announcement. To read more click here.
BitMEX Execs Charged With Illegally Running Derivatives Platform by CFTC
The US Commodity Futures Trading Commission (CFTC) has charged BitMEX with illegally operating a cryptocurrency derivatives platform and for Anti-Money-Laundering (AML) violations.
BitMEX, one of the largest crypto derivatives platforms, does not allow US customers.The CFTC filed a civil enforcement action in the US District Court for the Southern District of New York charging “five entities and three individuals who operate the BitMEX trading platform” with operating an unregistered platform against several CFTC regulations. Since the news broke,BitMEX has experienced outflows of more than 11,250 BTC, much of which was directed to a handful of leading exchanges, including Binance, Gemini and Kraken.
What do you think about this? You can read more about this story by clicking here.
User Claims to Lose $15K in Alleged Crypto Scam Promoted by Google Ads
A Google forum poster under the user name Kazuo Kusunose claims to have lost $15,000 trying to participate in what they described as a “new Chinese cryptocurrency sale,” which brought them to the Yuan Pay Group website.
Based on the forum post, the suspicious website is allegedly attempting to take advantage of the rumored digital yuan that China is working on in a bid to launch its central bank digital currency (CBDC). To read more about this story, click here.
Coinbase to Introduce Instant Fiat Withdrawal Capabilities
Controversial crypto exchange giant Coinbase is making some amends after it announced that it would be facilitating instant fiat withdrawals starting from Fri 2 Oct.
The feature is a collaboration with major credit card partners in almost 40 countries, including the US and UK. Customers here and across Europe will be able to use a Visa-linked debit card for crypto-fiat conversions while US users will also have a Mastercard alternative. To read more about this update, click here.
Bitcoin Set for Bullish End to 2020 Based on Multiple Indicators
Several on-chain metrics are pointing to a bullish 2020 closeout for Bitcoin (BTC).
The top-ranked crypto by market capitalization is up almost 50% year-to-date (YTD). However, while the bull case for BTC remains strong, price drawdowns below the $10,000 could occur in the short-term, providing an opportunity for more accumulation of cheaper bitcoin. Are you bullish on Bitcoin? To read more about this, click here.
Russian Province Lifts Cryptocurrency Mining Ban After Two Years
The government of a Russian province has lifted a two-year ban on cryptocurrency mining. The ban came into effect when mining farms brought the region to the brink of an energy crisis.
The Republic of Abkhazia, a province in the Russian Federation, has rebooted its crypto mining glory. According to the region’s official cabinet website, the new system will include regulation by the finance ministry and a two-month restriction on the importation of mining equipment. To read more about this, click here.
APY Finance Liquidity Surges to $80 Million Hours After Launch
The latest DeFi hype is APY Finance which is another staking and liquidity providing protocol offering big returns similar to those before it.
Launched on Oct 1, APY aims to lure early adopters to deposit USDT, DAI, and USDC stablecoins into its liquidity contract to begin vesting its APY governance token, which has yet to be deployed.
In a recent tweet, APY Finance stated that it had already accrued over $80 million in the first hours after launching. To read more about this, click here.
eToro Adds ADA & TRX Staking With More Crypto Assets in the Pipeline
eToro is grabbing hold of the DeFi craze. The online trading company, which has registered offices in Cyprus and the UK, has added staking capabilities for Cardano (ADA) and Tron (TRX).
eToro said it’s one of the first exchanges to support staking newcomer ADA. The crypto community cheered the development. To read more about this story, click here.
US Court Sides With SEC in $100M Kik ICO Case; Kik Considers Appeal
A US court has found Kik’s sale of its cryptocurrency, Kin, to violate the nation’s securities laws. Kik raised just short of $100 million during the initial coin offering (ICO) it held in 2017.
The judge in the case between Kik and the Securities and Exchange Commission (SEC) determined that the Kin token met the definition of a security. The ruling may set a precedent for other companies that conducted ICOs during the 2017/18 fundraising boom. To read more about this situation, click here.
Maker Closes in on $2 Billion Collateral, MKR Pumps 17%
Decentralized finance stalwart MakerDAO has been slowly strengthening in terms of collateral locked. This is starting to reflect in MKR token prices which are up 17% on the week.
While the recent fervor and focus has been on all the new DeFi offerings that have been appearing on an almost daily basis, Maker has been quietly evolving and growing. The decentralized credit platform has been knocked off the top spot in the DeFi TVL charts, but it’s racing to close the gap.
Over the past three months, total value locked on Maker has increased by almost 250% to reach a record high of $1.93 billion according to DeFi Pulse. To read more about this story, click here.
Ethereum 2 Will Launch New Testnet After ‘Spadina’ Fails
The three-day test of the Spadina network for Ethereum 2.0 has been declared a failure. Engineers will now create the “Zinken” network to test out fixes.
Will we ever see Ethereum 2.0? You can read more about this story by clicking here.
Bitcoin Exchange Owner Convicted of Laundering Fraud Proceeds
According to a press release published on Monday, Sep 28, a Bulgarian national has been found guilty in a U.S. court for his role in a multi-million dollar fraud scheme.
The person in question, Rossen Iossifov, is the 53-year-old Bulgarian owner of cryptocurrency exchange ‘RG Coins.’ To read more about this story, click here.
Binance Latches Onto DeFi With Lending System
Binance has expanded on its goal to integrate DeFi by launching a Decentralized Finance Lending/Borrowing system.
The Venus Protocol will feature Binance Smart Chain “v” tokens to compete with money market protocols like Compound and Aave.
On Sept. 28, 2020, the company announced the Venus Protocol, a money market protocol for its Smart Chain. The project will debut through the exchange giant’s Launchpad, a popular platform for new tokens. To read more about this, click here.
Gemini Targets Privacy with Shielded Zcash Withdrawals
Gemini is on a roll. After adding a slew of DeFi tokens to its trading platform in recent weeks and drumming up excitement in the crypto community, the exchange has now taken a step toward greater privacy, a feature that is near and dear to the hearts of crypto investors.
Tyler Winklevoss, the Gemini co-founder, announced on Twitter that the crypto exchange now supports shielded Zcash withdrawals. To read more about this, click here.
Woman Indicted on Bitcoin-Fueled Murder-for-Hire Charges
A 36-year-old woman from Fallon, Nev. has been indicted on murder-for-hire charges for allegedly trying to pay a hitman $5,000 in bitcoin to kill her ex-husband. To read more about this story, 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!
