Bitcoin
If you’re interested in Bitcoin, you’ll be excited to hear that Cathie Wood’s Ark Invest is launching five new digital asset exchange-traded fund (ETF) products with 21Shares. The cryptocurrency market has been shaken this week, but Bitcoin remains steady as a giant in the cryptoverse.
Ethereum
BlackRock’s filing for a spot Ethereum (ETH) exchange-traded fund (ETF) has pushed the price of ETH past $2,100. On Thursday, Ethereum broke through the $2,000 resistance. An upward trend for $ETH could shift dominance from Bitcoin to altcoins.
Altcoins
Ripple’s XRP was approved by the Dubai Financial Services Authority (DFSA), potentially paving the way for its integration into digital asset services within the Dubai International Financial Centre (DIFC). Additionally, Philcoin’s CEO and Florianopolis’ Mayor envision a future where cryptocurrency transforms not just economies but lives.
Furthermore, Kraken is exploring potential partnerships with blockchain developers to launch a layer-2 blockchain network. Cardano also plans to use Polkadot’s Substrate framework for its “partner chain” initiative.
Business
SafeMoon CEO Braden John Karony has been denied bail due to concerns about being a flight risk and a danger to the community. UBS Group is making a strategic move into the crypto market by allowing select clients in Hong Kong to trade crypto-linked exchange-traded funds (ETFs).
Stablecoin USDC issuer Circle is reportedly considering an Initial Public Offering (IPO) for early next year, and SK Telecom plans to launch its Web3 wallet service, T wallet, in partnership with Aptos and Atomrigs Lab.
NFT
The world’s largest NFT marketplace, OpenSea, has faced a substantial setback as its valuation plummeted by 90% after a major investor divested from it. Meanwhile, The Sandbox plans to launch a cinematic-themed neighborhood where buyers can purchase virtual land and build immersive experiences.
Web3
The creator of Assassin’s Creed games, Ubisoft, has partnered with the crypto infrastructure company Immutable to develop a blockchain-based gaming experience. Also, Illuvium is set to tap into millions of PC and mobile gamers with its upcoming listing on the Epic Games Store.
Security
Prominent crypto exchange Poloniex fell victim to a major hack leading to an estimated loss of around $114 million. The Monero community wallet was hit by an exploit resulting in the loss of its entire balance worth almost $460,000. Additionally, Australian cryptocurrency exchange CoinSpot recently fell victim to a security breach where roughly $2 million (USD) was stolen.
Regulation
The US Securities and Exchange Commission (SEC) chair Gary Gensler believes that proper leadership and compliance could help revive the bankrupt FTX crypto exchange.
Hot Take: Cryptocurrency Exchanges Under Attack
This week saw multiple attacks on different crypto exchanges, with Poloniex suffering significant losses over $100 million worth of assets. It’s important now more than ever for investors and traders to remain vigilant and prioritize security when dealing with cryptocurrencies.
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