“Asset managers, from Ark Invest and Valkyrie see crypto as having hit bottom, meaning it can go no lower in price, at a time when the Federal Reserve’s “tug-of-war” with the global macro environment could lead to continued interest rate hikes. According to Downing, bitcoin (BTC) is showing signs of “constructive developments.”
Whether the Federal Reserve oversteps and makes a policy mistake, we’re essentially pricing in a recession. The markets are clearly in a downward trajectory at the moment, but crypto is probably closer to the bottom than the S&P [500] or Nasdaq.
Prices will continue to go down across all risk assets until there’s a pivot from the Federal Reserve.
On Friday the Labor Department reported U.S. job growth rose by 263,000 during September, which was better than expected but still lower than August’s 315,000 additional jobs. The Federal Reserve’s Federal Open Markets Committee is likely to raise interest rates by 75 basis points at its next meeting in November, followed by a 50 bps rise in December.”
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“The partnership will see the exchange release crypto debit cards in 40 countries with a focus on Latin America, Europe and Asia. FTX CEO Sam Bankman-Fried told CNBC that crypto debit cards can disrupt traditional payment networks.
Crypto payments have been a slow burner since the inception of digital assets more than 10 years ago. Price volatility and a lack of desire to use scaling solutions like the Lightning Network has perturbed retailers, but accountancy firm Deloitte believes that is soon to change with a prediction that 75% of merchants will accept crypto within the next two years.“
“The BNB Smart Chain (BSC) resumed operations at around 06:40 Coordinated Universal Time (UTC) as chain validators adopted a software update that would close the exploit used by hackers to drain funds off-chain.
The BNB Chain was halted earlier after an exploit was discovered that drained $100 million in crypto from the platform. BNB Chain announced that it will hold a series of on-chain governance votes that will decide whether the hacked funds should be frozen.“
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“Malaysia’s blockchain Infrastructure will be jointly created and operated by Zetrix, a Malaysia-based layer 1 blockchain structure and MIMOS Technology Solutions, a tech consultancy. Zetrix launched its Mainnet on April 15.
Malaysia’s national blockchain infrastructure will be for all levels of government and commercial sectors, the announcement said. Malaysia has shown promise as a future crypto hub for Asia by remaining free of capital gains tax, having a British common law system and a bilingual workforce.
Earlier this year, Zetrix was revealed as the international supernode to Xinghuo BIF, the national blockchain infrastructure of China, to facilitate trade between China and international parties using blockchain technology.“
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“Celsius has revealed the names and transaction history of hundreds of thousands of its customers in a court filing.
The 14,500-page long document contained information such as customer names, crypto wallet IDs, transaction types and amounts, which services the customer had used, and the types and quantities of tokens held. Celsius has not provided any explanation as of yet as to why this level of information was revealed.
This Celsius leak may go down as one of the greatest breaches of customer information ever.
The court filing also provides more detail regarding how key executives may have pulled money out of the platform prior to its implosion.
It was widely reported that Celsius’s chief executive Alex Mashinsky withdrew $10 million before the firm’s liquidity issues became publicly known. The latest court filing revealed that chief strategy officer Daniel Leon withdrew $7 million from the platform before it shuttered user withdrawals.
In addition, Mashinsky’s wife Kristine withdrew 2 million Celsius tokens (CEL) before the platform closed its withdrawals, while current chief technology officer Nuke Goldstein withdrew roughly $550,000 across a variety of different cryptocurrencies.”
The Disrupt 