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2022-11-10 17:40:02 EU crypto legislation will mitigate events like FTX collapse: policy experts

The proposed acquisition of the FTX crypto exchange by rival Binance is bringing European regulators and experts forward — and they're commenting that the bloc’s new digital asset legislation will mitigate such market spirals in the future. EU regulators may be influenced by the unfolding story while drafting the new rules for the MiCA regulation. The crypto space is not a gambling casino," Stefan Berger, a social-liberal member of the European Parliament who was a lead negotiator on the Markets in Crypto-Assets legislation expected to pass Parliament early next year.

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2022-11-10 09:14:02 Nearly $1 billion of solana is set to be unstaked in 24 hours

Solana validators are scheduled to unlock 49.6 million SOL ($945 million) when the current epoch ends in less than 24 hours time. Representing 13% of the coin's supply, it's the second-largest volume of tokens to be unlocked in any Solana epoch and it is coming amid a time of considerable tumult in the crypto market. An epoch refers to a number of slots (like blocks) on the chain and takes around two to three days. Data from Solana Compass shows that Epoch 370, the current Solana network epoch, is set to end at around 8.30 AM UTC on Nov. 10.

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2022-11-10 03:14:01 Ether officially turns deflationary amid intense crypto-market fear

Ether, the native coin of the Ethereum network, officially turned deflationary 55 days after The Merge — its transition from proof-of-work to proof-of-stake. The post-Merge supply of ether has declined by over 400 ETH ($469,000), as of 5:35 a.m. ET, according to the Ethereum supply tracking website ultrasound.money. Ethereum's deflation rate is currently 0.001% annually. Though Ethereum proponents are widely pleased to see the total ether supply decrease, it comes at a worrying time for the blockchain and cryptocurrency industry. Following a withdrawal freeze, FTX announced its intention to sell to rival crypto exchange Binance after apparently turning insolvent.

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2022-11-09 21:06:01 Riot Blockchain third quarter revenue falls short of analyst estimates

Bitcoin mining company Riot Blockchain fell short in the third quarter, missing analyst targets for revenue. Riot posted a net loss of $36.6 million, or 24 cents a share, compared to $15.3 million, or 16 cents a share, from a year earlier, the company said. Revenue dipped 28% to $46.3 million, missing what Bloomberg said was a $54.2 million analyst expectation. Despite the decreasing revenue, Riot is still in relatively strong shape compared to other mining firms. Iris Energy faces default claims, Core Scientific warned it might have trouble paying its debts and Argo said it was in a similar position.

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2022-11-09 15:19:01 Bitmex to launch trading of its BMEX token on Friday

Bitmex said on Tuesday that the token will be used to reward customers, as the company aims to regain market share in the derivatives space. Rewards will be offered in the form of trading fee discounts, withdrawal fee waivers, improved staking rewards and access to new products and services, said Bitmex. The exchange first announced the BMEX token in December last year and started airdropping to users in February. Bitmex today said it has airdropped "millions of BMEX to over 80,000 traders" since February. In June, the company delayed the listing of its token, citing "market conditions." But now is the right time to launch, according to Bitmex's chief marketing officer Benjamin Usinger.

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2022-11-09 09:14:02 Coinbase Germany ordered to address risk management by BaFin

Germany’s financial supervisor, BaFin, has ordered the German branch of crypto exchange giant Coinbase to “ensure proper business organization,” the regulator wrote in an official statement published on Tuesday. BaFin indicated violations of the German Banking Act, pointing at two particular sections. One section outlines requirements for sustainable development. The German regulator also expects Coinbase to “ensure ongoing appropriate and effective risk management that includes the outsourced activities and processes,” following the Banking Act. The order has been in effect since Oct. 27. "Coinbase is committed to meeting all legal requirements under this regime.

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2022-11-06 03:14:01 Pre-production Solana phone to ship to developers in December

Pre-production versions of the Solana phone will be shipped to developers from Dec. 15, as the phone gears up for introduction in early 2023. Around 3,500 developer-focused kits have been manufactured and are boxed up, according to an update at Breakpoint, Lisbon. The last hurdle is the release software that’s going through final testing. The phones will let developers in the Solana ecosystem test decentralized applications for the Solana dApp store. They will also let developers try out the Solana Mobile Stack and the Seed Vault, the way the phone stores private keys.

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2022-11-05 20:09:01 EU Delays Vote on MiCA Crypto Legislation Until February

The European Parliament was to take its final vote on the Markets in Crypto-Assets legislation in an upcoming plenary session in November. But the draft needs to be translated into the 24 official EU languages. But since the text is technical and lengthy, the regulation’s adoption is now anticipated for February 2023. The MiCA legislation gives European regulators a period of 12 to 18 months to write and apply new rules based on the legislation. During this time, Europe’s financial supervisors and the European Commission will iron out final details as to how to implement the law.

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2022-11-05 15:14:02 Coinbase burns $546M of USD resources as it reports another quarter in the red with a 55% revenue decline

Coinbase reported its third-quarter earnings after the bell on Nov. 3, revealing a decline of 55% in revenue year-over year as Q3 revenue came in at $590.3 million, down from $1.31 billion in Q3 2021. The company’s also recorded a net loss of $540.6 million, or $2.43 per share, versus net income of $402.3 million, or $1.62 per share, in the third quarter last year. Assets on platform at the end of Q3 totaled $101 billion, a decline of $154 billion from Q3 2021. The company’s market share of the total crypto market capitalization also fell to 9.6% at the end of Q3 from 9.9% at the end of Q2. Coinbase noted that trading volume has been shifting away from the U.S.

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2022-11-05 09:14:02 Terra Do Kwon wants to invite the police for a conference

Embattled Terra founder Do Kwon said he would throw a meetup/conference to end all the talks of him being in hiding soon, according to a November 3 tweet. Kwon stated that those spreading falsehood would have a VIP invitation to the event and also expressed willingness to pay for their plane ticket. Since Terra’s crash in May, the crypto community has extensively wondered about his location. South Korean authorities stated that Kwon had left Singapore for Dubai. South Korean prosecutors also claim they have found evidence of price manipulation. The reported evidence is a “messenger conversation” between Kwon and a former Terraform Labs employee, where he ordered that the price of LUNC be manipulated.

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