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Some of the biggest news in the Cryptoverse on Oct. 20 include increased volatility in the British pound approaching Bitcoin, a disappointing third quarter for Bitcoin miners, and FTX CEO Sam Bankman-Fried’s remarks on cryptocurrency regulation. thoughts, and Hodronaut’s victory over Craig Wright.
After the British pound’s recent market moves, it will be almost as volatile as Bitcoin (BTC).
The pound has recorded a volatility spike against the US dollar in recent weeks, while Bitcoin has been trading in a narrow range between $18,100 and $20,500 since mid-September.
In the third quarter of 2022, the Bitcoin price continued to fall, mining costs rose, and miners struggled.
Hash prices will decrease by 5% from $83.30/PH/day to $79.60/PH/day, average industrial power costs will increase by 25% from July 2021 to July 2022, and hosting contract prices will increase. did.
FTX CEO Sam Bankman-Fried shared his thoughts on cryptocurrency regulation via his Twitter account.
1) As promised:
My current thoughts on crypto regulation.https://t.co/O2nG1VrW1l
SBF (@SBF_FTX) October 19, 2022
The SBF said the cryptocurrency industry should remain an open economy that continues to offer P2P transfers and codes for free. But he also argued that regulatory oversight is essential for sustainable innovation.
He added that DeFi protocols that host websites and marketing products aimed at US retail investors may require KYC obligations and licenses.
Uniswap founder Haydenz Adams said on October 19 that Binance has delegated 13 million UNI tokens belonging to its users.
On October 20, Binance CEO Changpeng Zhao tweeted that Binance will not vote with users’ tokens, and a Binance spokesperson said: crypto slate:
Binance does not vote with users tokens. In this case, there was a misunderstanding as to what happened when transferring a large balance of UNI (around 4.6M) between wallets. We are having discussions to improve the process so that it does not happen.
The lawsuit between Craig Wright, who calls himself Satoshi Nakamoto, the creator of Bitcoin, and Magnus Granat, also known as “Hodoronaut,” began on Sept. ended with a victory.
The embargo that prevented the results from being published ended on October 20, and Hodlonaut celebrated the victory by sharing the news with his Twitter followers.
won. Welcome to law.
hodlonaut (@hodlonaut) October 20, 2022
FatManTerra has revealed the questionable tokenomics of the World Cup Dog Tokens. Famous soccer player Ronaldinho tweeted on his October 19th, expressing, “I am happy to be part of the World Cup dog family.”
After examining the newly popular World Cup Inu token, FatManTerra shared concerns about the 4% tax rate, saying developers have already removed a significant amount from the tax pool. He concluded by saying: It’s better to leave
Federal Deposit Insurance Commission (FDIC) Acting Chairman Martin Gruenberg has acknowledged the role of stablecoins in the economy, saying that if regulated, stablecoins would have the power to disrupt the existing banking system.
However, he also said that current volatility is preventing stablecoins from being integrated into the current financial system.
South Africa’s financial regulator, The Financial Sector Conduct Authority (FSCA), classified all crypto assets as financial instruments on October 20. This realization has also put crypto assets under the same regulatory scrutiny as company equity, debt, and money-making vehicles.
research highlights
Investors who have held bitcoin for less than 6 months are called short-term holders.
In previous bear markets, short-term holders were usually speculators who invested to profit from expected price increases. However, current on-chain data shows short-term holders are at the same point they were in the previous bear market, suggesting they have lost confidence in the ecosystem.
Judging from previous cycles, short-term holder behavior indicates that the market is already nearing the bottom of this bear cycle.
USDT will be available at over 24,000 cryptocurrency ATMs in Brazil on November 3rd, according to Tether’s announcement. The expansion aims to bring her 34 million unbanked adults into the financial system in Brazil.
On October 20, Binance announced that it has received regulatory approval from the Cyprus Securities and Exchange Commission (CySEC), Cyprus’ financial watchdog. This license is his fourth license acquired by Binance from the European region.
Coinbase posted a blog post announcing that it will waive fees when buying and selling USDC via fiat currency to support USDC’s global adoption.
bloomberg Japan’s cryptocurrency self-regulatory body announced plans to facilitate the listing of virtual coins in December. The loosening of rules shows Japan is looking to revitalize its cryptocurrency sector.
Lens Protocol founder Stani Kulechov announced via his Twitter account that Lens now supports music NFTs as content on Lenster, the company’s decentralized social media app.
Indian cricket legend Sachin Tendulkar has stepped into the NFT market by investing in Lario. The news was shared by his cricket team Lario’s Twitter account.
Bitcoin (BTC) has fallen -0.74% to trade at $19,052 over the past 24 hours, while Ethereum (ETH) has also fallen -0.78% to trade at $1,283.
