CryptoSlate Wrapped Daily: GBP volatility reaches Bitcoin’s, Hodlonaut wins against Craig Wright in defamation case CryptoSlate Wrapped Daily: GBP volatility reaches Bitcoin’s, Hodlonaut wins against Craig Wright in defamation case
Sam Bankman-Fried shared his opinions on crypto regulations, Binance refuted using its users' tokens to vote, and much more in this edition of CryptoSlate Wrapped Daily.
4 min read
Updated: Oct. 21, 2022 at 12:25 am UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
The biggest news in the cryptoverse for Oct. 20 includes the British Pound’s increasing volatility that is nearing Bitcoin’s, the unprofitable Q3 for Bitcoin miners, and FTX CEO Sam Bankman-Fried’s thoughts on crypto regulations and Hodlonaut’s victory against Craig Wright.
Bitcoin volatility stabilizes as the Pound’s soars higher
After the recent market movements of the British Pound, it becomes almost as volatile as Bitcoin (BTC).
In recent weeks, the Pound recorded an increase in volatility against the U.S. dollar, while Bitcoin has been moving in a narrow band between $18,100 and $20,500 since mid-September.
Bitcoin mining remained unprofitable throughout Q3
In the third quarter of 2022, Bitcoin prices kept falling while the cost of mining increased, which gave miners a hard time.
The hash price decreased by 5% from $83.30/PH/day to $79.60/PH/day, the average industrial electricity cost increased by 25% from July 2021 to July 2022, and the price of hosting contracts increased.
Sam Bankman-Fried proposes standards for sanctions, licensing for DeFi protocols
FTX’s CEO Sam Bankman-Fried shared his opinions 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 P2P transfers and codes for free. However, he also argued that regulatory oversight is crucial for sustainable innovation.
He added that DeFi protocols hosting websites and marketing products targeting U.S. retail investors may need some KYC obligations and licensing.
Binance refutes claims it uses users’ tokens to vote
Uniswap’s founder Haydenz Adams said on Oct. 19 that Binance delegated 13 million UNI tokens that belonged to its users.
On Oct.20, Binance’s CEO Changpeng Zhao tweeted to say that Binance doesn’t vote with users’ tokens, while a spokesperson from Binance told CryptoSlate:
“Binance doesn’t vote with user’s tokens. In this case, there has been a misunderstanding of what has happened during the transfer of a large balance of UNI (around 4.6M) between wallets. We’re currently in discussions to improve the process to 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 Bitcoin’s creator Satoshi Nakamoto, and Magnus Granath, also known as “Hodlonaut,” started on Sept. 12 and was finalized on Sept. 20 with Hodlonaut’s victory.
The embargo that prevented the result from being disclosed ended on Oct. 20, and Hodlonaut celebrated his triumph by sharing the news with his Twitter followers.
I won. Welcome to law.
— hodlonaut 🌮⚡🔑 🐝 (@hodlonaut) October 20, 2022
FatMan sounds the alarm on Ronaldinho-backed’ World Cup Inu’ crypto token
FatManTerra revealed suspicious tokenomics of the World Cup Inu token. Famous football player Ronaldinho tweeted on Oct. 19 to express that he was “delighted to be part of the World Cup Inu family.”
After examining the newly popular World Cup Inu token, FatManTerra shared his concerns about the 4% tax rate, saying that developers have already removed a significant sum from the tax pool. He finished his words by saying, “Please be careful; best to stay away.”
FDIC acting chairman wants stablecoins to be safer before integration into financial system
The Federal Deposit and Insurance Commission’s (FDIC) acting 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 deems cryptocurrency a ‘financial product’
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 oversights as company shares, debt, and money-making instruments.
Research Highlight
Research: Bitcoin’s on-chain data suggests market has hit the bottom
Investors holding Bitcoin for less than six months are referred to as “short-term holders.”
In previous bear markets, short-term holders were usually speculators who invested to profit from the expected price gains. However, current on-chain data shows that short-term holders are at the same point as in the previous bear market, which suggests that they lost faith in the ecosystem.
Judging by previous cycles, short-term holders’ behaviors indicate that the market is already near the bottom of this bear cycle,
News from around the Cryptoverse
Tether will be available in over 24,000 ATMs in Brazil
According to an announcement post by Tether, USDT will be available in over 24,000 crypto ATMs in Brazil on Nov.3. This expansion aims at including 34 million unbanked adults in Brazil into the financial system.
Binance acquires regulatory approval from Cyprus
On Oct.20, Binance announced that it received regulatory approval from Cyprus’ financial watchdog, Cyprus Securities and Exchange Commission (CySEC). The license is the fourth one Binance got from the European region.
Coinbase brings commission-free trading via non-USD currencies
Coinbase posted an article on its blog to announce that it will waive commission fees when buying or selling USDC via any fiat currencies to support the international adoption of USDC.
Japan eases rules for token vetting processes
Bloomberg reported today that Japan’s self-regulatory crypto body plans to make it easier to list virtual coins in December. The relaxation of the rules indicates that Japan is seeking to revitalize the crypto sector.
Lens integrates music NFTs
Lens Protocol’s founder Stani Kulechov announced via his Twitter account that Lens started to support music NFTs as content on Lenster, the company’s decentralized social media app.
Indian cricket legend steps into NFTs
India’s cricket legend Sachin Tendulkar dipped his toe into the NFT market by investing in Rario. The news was shared by the cricket team Rario’s Twitter account.
Crypto Market
Bitcoin (BTC) decreased by -0.74% to trade at $19,052 in the last 24 hours, while Ethereum (ETH) also fell by -0.78% to trade at $1,283.
Biggest Gainers (24h)
- Toncoin (TON): +13.35%
- Chain (XCN): +7.99%
- Aptos (APT): + 6.96%
Biggest Losers (24h)
- Quant (QNT): -9.79%
- Uniswap (UNI): -8.71%
- Axie Infinity (AXS): -8.52%
Mentioned in this article
Bitcoin 
Uniswap 
Ethereum 
Cardano 
Algorand 
Tether 
USD Coin 
TON 
Aptos 
Quant 
Axie Infinity 
FTX 
Binance 
Coinbase 
Lens Protocol 
Lenster 
Sam Bankman-Fried 
Hayden Adams 
Changpeng Zhao 
Craig Wright 
Stani Kulechov Posted In: Wrapped
Author 
Zeynep Geylan
Zeynep is an academic who turned to crypto in 2018. Originating in social sciences, she is especially interested in the social impact of blockchain and cryptocurrencies and strongly believes in their transmuting power.
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In this article
Bitcoin, a decentralized currency that defies the sway of central banks or administrators, transacts electronically, circumventing intermediaries via a peer-to-peer network.
Uniswap
$9.32863
Since its inception, the Uniswap Protocol (“Uniswap”) has served as a trustless and highly decentralized financial infrastructure.
Ethereum
$3,363.27
Ethereum is a decentralized, open-source blockchain platform that enables the creation of smart contracts and decentralized applications (DApps).
Cardano
$0.86917
Cardano is a decentralized public blockchain and cryptocurrency project and is fully open source.
Algorand
$0.22846
Algorand removes the technical barriers that for years undermined mainstream blockchain adoption: decentralization, scale, and security.
Tether
$1.00068
Launched in 2014, Tether is a blockchain-enabled platform designed to facilitate the use of fiat currencies in a digital manner.
USD Coin
$0.99952
USD Coin (USDC) is a stablecoin fully backed by the US dollar and developed by the CENTRE consortium.
TON
$5.55100
TON is a third-generation proof-of-stake blockchain designed in 2018 by the Durov brothers, the founders of Telegram Messenger.
Aptos
$12.0678
Aptos is an FTX-backed layer-1 blockchain which was developed by ex-Meta employees.
Quant
$86.6475
Quant’s mission is to unlock the power of blockchain for everyone, by delivering interoperable ecosystems and real-world solutions that simply work: lowering costs, enabling new business and mitigating risk..
Axie Infinity
$5.84288
Axie Infinity is a game about collecting and raising fantasy creatures called Axie, on Ethereum platform.
FTX
FTX is a defunct cryptocurrency exchange, currently in bankruptcy proceedings, that was founded by Sam Bankman-Fried and Zixiao “Gary” Wang in May 2019.
Binance
Binance is a global cryptocurrency exchange that provides a platform for trading more than 100 cryptocurrencies.
Coinbase
Coinbase is a digital currency exchange and wallet service that allows individuals to buy, sell, and store digital currencies, such as Bitcoin, Ethereum, and Litecoin.
Founded by Stani Kulechov, who is also the founder of AAVE (AAVE), Lens Protocol is a social networking product based on blockchain technology.
Lenster is a composable, decentralized, and permissionless social media web app built with Lens Protocol.
Sam Bankman-Fried is the former CEO, and co-founder of defunct crypto exchange FTX and Alameda Research.
Hayden Adams is the inventor of Uniswap Protocol, an open-source protocol for providing liquidity and trading ERC20 tokens on Ethereum.
Changpeng Zhao, popularly known as “CZ,” is a notable figure in the cryptocurrency world, primarily for founding and leading Binance, the world’s leading cryptocurrency exchange by trading volume.
Craig Steven Wright, commonly referred to as CSW, is an Australian computer scientist and business professional who has been at the center of controversy within the cryptocurrency community.
Stani Kulechov is the founder and CEO of Aave, formerly known as ETHLend.
