Adoption continued gaining ground while risks remained. Volatility is (reportedly) on the decline as the crypto industry becomes mature.
The headlines:
- CZ continued to make bank while in prison;
- Crypto losses hit $120 million last month;
- The Winklevoss twins are shuttering Gemini’s operations across the border;
- The CFTC might introduce a digital asset collateral proposal trading rule;
- Plus, BlackRock thinks Bitcoin’s volatility is on the decline (more on that later);
- And much more!
As always, these are your decentralized diaries!
Bitcoin is Swinging at $63k
Volatility continued, with Bitcoin hitting a $64,110.98 high and then swinging to a $59,878.80 low. Bitcoin is currently at $63.443.23 (as of 10/7/23).
The altcoins are in slightly, less risky waters, but everything is a mixed bag. Ethereum (ETH) is at $2,4775.75, Solana (SOL) at $147.84, Avalanche (AVAX) at $27.22, Chainlink (LINK) at $11.56, Polkadot (DOT) at $4.20 and Litecoin (LTC) at $66.23.
CZ Made $25m Daily from His Prison Cell
The cash continued to roll in for former Binance Chief Changpeng “CZ” Zhao. According to reports from Bloomberg and Forbes, CZ earned $25 million per day during his four-month prison stint.
Besides his publicly available (on-chain) net worth, Zhao has interests in privately held entities.
OKX Enabled Support for the PYUSD Stablecoin
Premier crypto exchange OKX added options for traders by adding PayPal’s PYUSD stablecoin to its ecosystem. Deposits were available on October 3, and withdrawals on October 4.
Consequently, the PYUSD is tradeable on the OKX platform in addition to the USDC and the USDT.
Crypto‘s September Losses Hit $120m-PeckShield
Bad actors pummeled the industry last month with losses crossing five zeros. Data from blockchain security firm PeckShield showed $120 million in losses from 20 exploits.
The crypto trading platform BingX was the (hardest) hit at $44 million. A $32.4 million exploit of $spWETH was not included.
Gemini Revealed Canadian Closure Plans
Premier exchange Gemini followed other crypto firms in a departure from Maple Country. Gemini revealed end-of-year sunset plans, citing new Canadian regulatory moves.
In a September 30 email, Gemini urged (its) Canadian customers to close their accounts and withdraw their funds. The exchange will restrict all Canadian accounts on December 31.
Franklin Templeton’s Money Market Fund Launched on the Aptos Blockchain
Investment behemoth Franklin Templeton pushed its game further by supporting the Aptos blockchain. Investors can (now) trade shares of the Franklin Templeton OnChain U.S. Government Money Market Fund (FOBXX) on the Layer 1 network.
Bithumb is Considering a Nasdaq Listing
South Korean-based Bithumb is (reportedly) planning to list its shares on Nasdaq. According to a September 30 Korean Economic Daily report, the crypto exchange’s management briefed shareholders at a meeting.
The move followed 2023 reports of Bithumb’s public listing plans on Kosdaq, the South Korean exchange platform.
Transak Received an Alabama Money Transmitter License
Similarly, United Kingdom-based fiat-to-crypto onramp firm Transak made its American entrée by securing a money transmitter license from Alabama. On October 3, the Alabama Securities Commission granted Transak the license as a first step to expanding its services in the United States.
In addition, Transak is approved for crypto purchases in 46 states.
The CFTC Voted to Allow Digital Assets as Collateral for Commodities and Derivatives
Positive results from a voting session of a CFTC subcommittee boosted the industry. A subcommittee of the CFTC’s Global Markets Advisory Committee recommended a proposal that could allow the use of distributed ledger technology-based assets as collateral.
Once the proposal scales the hurdles, traders and investors could use digital assets as collateral for commodities and derivatives trading in diverse use cases.
Bitcoin’s Volatility is Diminishing, Could Continue-BlackRock
In a presentation at the Digital Assets Conference, investment giant BlackRock revealed some unique insights. According to BlackRock, Bitcoin’s volatility is on the decline.
Furthermore, the trend will (likely) continue amid increasing adoption rates and asset maturity. The investment bank’s research (also) highlighted the advantages of holding Bitcoin for the long term.
The Government and NVIDIA Had a Hidden Crypto Revenue Spat
Boutique chipmaker NVIDIA got into it with the Feds over (alleged) hidden crypto inflows. The SEC and the DoJ teamed up to revive a struck-out case that got struck out in 2021. In an October 2 amicus brief, the duo urged the courts to let the case’s resurrection move forward.
The brief referred to a 2019 Royal Bank of Canada report, which alleges that the chipmaker undervalued its crypto revenues between February 2017 and July 2018.
An Ohio Senator Reintroduced a Crypto Bill
Interestingly, Ohio state senator Niraj Antani (R) pushed a crypto tax bill that could see tax digital tax payments getting front-row status. If the Ohio State legislature approves the bill and Governor DeWine signs it into law, residents will be able to pay state and local taxes in Bitcoin and other tokens.
In 2018, a similar measure failed to get traction. The state AG suspended the initiative, but it didn’t get approval from the Ohio State Board of Deposits.
Furthermore, the current bill will enable pension funds and educational institutions to invest in cryptocurrencies.
Tether Hinted at a Tenth Anniversary Documentary
Leading stablecoin issuer Tether’s first decade will be celebrated with a documentary. A recently released trailer showed its global impact and role in bridging financial gaps and reaching the unbanked.
Consequently, in a post on X/Twitter, Tether CEO Paolo Ardoino affirmed Tether’s role in improving financial inclusion for underserved segments.
