The biggest news in the cryptoverse for Oct 20 includes increasing sterling volatility approaching that of Bitcoin, unprofitable Q3 for Bitcoin miners, and thoughts from FTX CEO Sam Bankman-Fried, on crypto regulations and Hodlonaut’s victory against Craig Wright.
Bitcoin Volatility Levels Off as Pound Soars Higher
After the recent market moves in the British pound, it becomes almost as volatile as Bitcoin (BTC).
In recent weeks, the pound has seen increased volatility against the US dollar, while Bitcoin has been trading in a narrow band between $18,100 and $20,500 since mid-September.
Bitcoin mining was not profitable during the third quarter
In the third quarter of 2022, Bitcoin prices continued to fall while the cost of mining increased, giving miners a hard time.
The price of hash decreased 5% from $83.30/PH/day to $79.60/PH/day, the average cost of industrial electricity increased 25% from July 2021 to July 2022 and the price of contracts of accommodation increased.
Sam Bankman-Fried Proposes Standards for Sanctions, Licensing for DeFi Protocols
FTX CEO Sam Bankman-Fried shared his views on crypto regulation via his Twitter account.
1) As promised:
My current thoughts on crypto regulation. https://t.co/O2nG1VrW1l
— SBF (@SBF_FTX) October 19, 2022
SBF said that the crypto industry should continue as an open economy that continues to offer free P2P transfers and codes. However, he also argued that regulatory oversight is crucial for sustainable innovation.
He added that DeFi protocols that host websites and marketing products targeting US retail investors may need some KYC obligations and licenses.
Binance refutes claims that it uses users’ tokens to vote
Uniswap founder Haydenz Adams said on Oct. 19 that Binance delegated 13 million UNI tokens that belonged to its users.
On Oct. 20, Binance CEO Changpeng Zhao tweeted to say that Binance does not vote on user tokens, while a Binance spokesperson told CryptoSlate:
“Binance does not vote with user tokens. In this case, there has been a misunderstanding of what happened during the transfer of a large UNI balance (about 4.6M) between wallets. We are currently in talks to improve the process and prevent further misunderstandings from happening again.”
‘Hodlonaut’ Declares Victory Against Craig Wright in Norwegian Defamation Case
The lawsuit between Craig Wright, who claimed to be the creator of Bitcoin, Satoshi Nakamoto, and Magnus Granath, also known as “Hodlonaut”, began on September 12 and ended on September 20 with Hodlonaut’s victory.
The embargo that prevented disclosure of the result ended on October 20 and Hodlonaut celebrated his victory by sharing the news with his Twitter followers.
I win. Welcome to the law.
— hodlonaut 🌮⚡🔑 🐝 (@hodlonaut) October 20, 2022
FatMan Sounds the Alarm Over Ronaldinho-Backed ‘World Cup Inu’ Crypto Token
FatManTerra revealed suspicious tokenomics of the World Cup Inu token. The famous soccer player Ronaldinho tweeted on October 19 to express that he was “delighted to be part of the Inu family of the World Cup”.
After examining the recently popular World Cup Inu token, FatManTerra shared his concerns about the 4% tax rate, saying that the developers have already removed a significant sum from the tax fund. He finished his words by saying, “Please be careful; better stay away.
Acting FDIC Chairman Wants Stablecoins To Be Safer Before Integration Into Financial System
Acting Federal Deposit and Insurance Commission (FDIC) Chairman Martin Gruenberg acknowledged the role of stablecoins for the economy by saying that, if regulated, stablecoins would have the power to disrupt the existing banking system.
However, he also said that their current volatility prevents stablecoins from integrating with the current financial system.
South Africa Considers Cryptocurrency a ‘Financial Product’
The South African financial regulator, the Financial Sector Conduct Authority (FSCA), classified all crypto assets as a financial product on Oct. 20. This recognition also subjected crypto assets to the same regulatory controls as company stock, debt, and money-generating instruments.
Research: Bitcoin On-Chain Data Suggests Market Has Bottomed
Investors who hold Bitcoin for less than six months are called “short-term holders.”
In previous bear markets, short-term holders were often speculators who invested to profit from expected price gains. However, current on-chain data shows short-term headlines are at the same point as the previous bear market, suggesting they have lost faith in the ecosystem.
Active six-month supply of Bitcoin
Judging from previous cycles, the behavior of short-term holders indicates that the market is already near the bottom of this bearish cycle.
News from around the Cryptoverse
Tether will be available in more than 24,000 ATMs in Brazil
According to an announcement published by Tether, USDT will be available at more than 24,000 crypto ATMs in Brazil on November 3. This expansion aims to incorporate 34 million unbanked adults in Brazil into the financial system.
Binance Gains Cyprus Regulatory Approval
On Oct. 20, Binance announced that it received regulatory approval from the Cyprus financial watchdog, the Cyprus Securities and Exchange Commission (CySEC). The license is the fourth that Binance has obtained from the European region.
Coinbase offers commission-free trading via currencies other than USD
Coinbase posted a blog post to announce that it will waive commission fees when buying or selling USDC via any fiat currency to support the international adoption of USDC.
Japan relaxes rules for token verification processes
Bloomberg reported today that Japan’s crypto self-regulatory body plans to facilitate the listing of virtual currencies in December. The relaxation of the rules indicates that Japan is looking to reinvigorate the cryptocurrency sector.
Lens integrates NFT music
Lens Protocol founder Stani Kulechov announced via his Twitter account that Lens has started supporting musical NFTs as content on Lenster, the company’s decentralized social media app.
Indian cricket legend enters NFT
Indian cricket legend Sachin Tendulkar dove into the NFT market by investing in Rario. The news was shared by the Rario cricket team’s Twitter account.
Bitcoin (BTC) decreased -0.74% to trade at $19,052 in the last 24 hours, while Ethereum (ETH) also fell -0.78% to trade at $1,283.
Biggest winners (24h)
The biggest losers (24h)
Obtain a Edge in the Cryptomarket 👇
Become a member of CryptoSlate Edge and get access to our exclusive Discord community, plus exclusive content and analysis.
Join now for $19/month Explore all the benefits
This post GBP volatility catches up with Bitcoin, Hodlonaut wins against Craig Wright in defamation case
was published first on https://cryptoslate.com/cryptoslate-wrapped-daily-gbp-volatility-reaches-bitcoins-hodlonaut-wins-against-craig-wright-in-defamation-case/