The biggest news in the cryptoverse for Oct. 31 includes Vitalik saying that crypto needs to mature before mainstream adoption, Hoskinson predicting that crypto adoption will surge as national currencies fail, a veteran investor predicting that the DOGE bear market is over, and Argo Blockchain on verge of shutting down operations after failing to secure $27 million in funding.
CryptoSlate Top Stories
Vitalik Buterin while responding to Sam Bankman-Fried’s proposal on DeFi regulation, argued that regulators should leave crypto to act freely, but put measures in place to limit the speed of its mainstream adoption.
To improve DeFi regulation, Vitalik recommends that a limit should be placed on leverage while requiring full transparency of the auditing process.
As several countries battle with skyrocketing inflation, Cardano founder Charles Hoskinson predicts that national currency failures may lead to increased adoption of cryptocurrencies.
While many countries in South America have reportedly lost their currency to double-digit inflation, crypto adoption has surged by over 40% in the last 12 months.
Dogecoin (DOGE) has surged about 97%, reaching a new local high of $0.1388 over the last seven days. As bullish sentiments trail the leading Memecoin, veteran future and FX trader Peter Brandt said that although DOGE has broken the bear market channel, it is yet to begin the bull market cycle.
Notwithstanding, crypto trader Rekt Capital believes that the DOGE bull run, could spread the trend to other altcoins.
Arco protocol’s IDO sale which ran on Oct. 29 failed due to network congestion and a delay in the $ARC token claim process.
Consequently, many of the protocol’s partners including Wormhole, Celer Network, and Huobi moved to cancel their partnership deal.
To remedy the situation, Aptos has launched a Twitter poll, asking IDO participants if they should refund their contributions, or continue building with the funds. So far, over 40% of the voters have opted to receive a refund.
The withdrawal is the highest amount of Bitcoin purchased on Binance since January 2022. Recent purchase trends on the exchange indicate that investors may prefer Binance over Coinbase to purchase Bitcoin for long-term holdings.
With respect to the World Cup, national football teams including Argentina and Portugal have reportedly partnered with Chiliz to issue their fan tokens. As a result, more sports fans are flocking into the ecosystem, which is helping to drive its utility and price.
Reddit user, u/gnarley_quinn noted that since the Fortune Favors the Brave advert aired a year ago, Crypto.com’s CRO token has declined by roughly 47%, to trade at $0.11.
Despite CRO’s volatility, it gained about 13% more than Bitcoin which has lost about 60% of its value over the same period.
Leading Bitcoin mining company Argo Blockchain said it is on the brink of shutting down its operation after failing to secure a $27 million investment.
Argo had earlier sold its mining equipment to raise about $5.6 million to fund its operations. However, it said that if it fails to raise further funding, it may cease its services.
The Chinese city of Hong Kong has issued a crypto policy statement seeking to make crypto assets legal in the region.
According to the statement, the government has launched a regulatory body to issue licenses to virtual asset providers and regulate their activities.
The government added that it will integrate stablecoins and NFTs into its system and provide an enabling environment for crypto innovations to thrive.
While speaking at Hong Kong’s FinTech Week, Sam Bankman-Fried (SBF) said that Hong Kong may become the Web3 hub of Asia ahead of Singapore and Busan in Korea.
Many crypto leaders including TRON founder Justin Sun, Crypto.com CEO Kris Marszalek, and New World CEO Zheng Zhigang supported SBF’s view and committed to helping Hong Kong realize its Web3 vision.
A research piece titled “Do Not Rug On Me” claimed that over 97% (roughly 26,957) of tokens launched on Uniswap are scams.
It argued that Uniswap’s simplicity and lack of regulation make it easier for scams to pull off their tricks on the decentralized exchange.
Reports analyzed by CryptoSlate suggest that Ethereum NFT on OpenSea is fast losing its market dominance. In about four consecutive months, trading volume and active traders on Ethereum have declined by 13% (to $303 million) and 5% ($332,824) respectively.
Conversely, Polygon NFTs on OpenSea have surged about 69.25% to reach $10.6 million, following the increased interest of about 3 million users in Reddit NFT avatars.
According to some technical analysts, whenever Bitcoin sits above the 60-day, 120-day, 200-day, 360-day, and 720-day, it signifies a generational buying opportunity.
Over the last seven days, Bitcoin rallied up to $21,000 to cross the 60-day moving average (MA). While it suggests a buying opportunity, it would need to cross above the 120-day MA to sustain the bias.
News from around the Cryptoverse
Happy 14th birthday to the Bitcoin white paper
On this day, fourteen years ago, Bitcoin hero Satoshi Nakamoto published the Bitcoin whitepaper.
India RBI set to test CBDC project
The Reserve Bank of India (RBI) said it is will start testing its CBDC “digital rupee” on Nov. 1, Reuters reported.
The pilot launch will be done in partnership with nine commercial banks including the State Bank of India.
DOJ launch fresh investigation into Tether Fraud charges
The United States Department of Justice (DOJ) has transferred Tether’s fraud case to a new department for intense investigation, as per DBN.
Tether was accused of moving cash through banks without declaring their true motive for such actions.
E.Smitty predicts that 10 XRP will equal $10M in the future
XRP investor E.Smitty predicts that XRP will become the first multimillion-dollar token in the near future, where 1 XRP will be exchanged for $1 million.
In the last 24 hours, Bitcoin (BTC) decreased by 1.36% to trade at $20,417, while Ethereum (ETH) also decreased by 1.86% to trade at $1,566.