Bitcoin
Bitcoin is making significant gains in the crypto market, with the price approaching $38,000. If it breaks through this level, it could potentially reach $48,000. Grayscale has also submitted an updated prospectus for a Bitcoin ETF after meeting with the SEC. Additionally, Javier Milei, a pro-Bitcoin candidate, has won Argentina’s presidential run-off election.
Ethereum
Despite withdrawals being temporarily closed, Ethereum Layer-2 Blast has garnered attention on social media and attracted over $225 million in deposits of staked ETH and stablecoins. This shows strong interest in Ethereum’s Layer-2 solutions.
DeFi
Kinetex, a DeFi aggregator, has secured funding from Gnosis Chain and Factor to enhance its cross-chain trading approach using zero-knowledge (Zk) technology. This strategic funding round will contribute to the development of Kinetex.
Technology
Kucoin, a crypto exchange, has introduced Kucard, which allows payments across both traditional and crypto networks. Circle has also launched the ‘Bridged USDC Standard,’ a groundbreaking development for its widely adopted USDC stablecoin.
Business
BBVA Switzerland has formed a strategic alliance with Metaco, owned by Ripple, to build its digital asset operations using Metaco’s Harmonize platform. Silvergate Capital Corporation has announced the full repayment of Silvergate Bank’s deposit liabilities. Ripple has partnered with Uphold, a Web3 financial platform specializing in liquidity management.
Crypto Industry Developments
Changpeng Zhao is reportedly stepping down as Binance’s CEO following legal issues faced by the exchange. Brian Armstrong of Coinbase sees this as an opportunity for the crypto industry. Bittrex Global will suspend all operations and shut down due to regulatory challenges. Apple is facing a class action lawsuit for alleged abuse of market power in mobile peer-to-peer payments. Tether has frozen stolen USDT in collaboration with the US Department of Justice and OKX exchange.
Web3
Animoca Brands, a crypto gaming giant, plans to expand its Web3 Frequent Player Program by incorporating Ubisoft’s upcoming NFT game. This will enhance the program’s offerings and attract more players.
Security
HTX (formerly Huobi Global) plans to resume services after a hack that resulted in a loss of around $30 million. Mastercard will partner with Feedzai to detect fraudulent transactions using their combined solutions. KyberSwap and Kronos Research have both fallen victim to hacks, resulting in significant losses of funds.
Regulation
The US Department of Justice is seeking over $4 billion from Binance Holdings as part of its investigation into the exchange. The SEC has sued Kraken for operating without proper registration as a securities exchange, broker, dealer, and clearing agency.
Hot Take: Crypto Regulators Target Binance and Kraken
The recent actions taken by US crypto regulators against Binance and Kraken highlight the increased scrutiny on major players in the industry. These developments have significant implications for the crypto market as they can impact investor confidence and regulatory compliance. It remains to be seen how these cases will unfold and what the long-term consequences will be for these exchanges. As the crypto industry continues to grow and evolve, regulatory oversight will play a crucial role in shaping its future.
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