https://t.me/CryptoMarketUpdates

2022-11-02 07:59:02 Crypto exchange volumes hit 23-month low

Cryptocurrency exchange volume in October was just $543 billion — down from $733 billion in September — according to The Block's data dashboard. The last time levels were this low was in December 2020, when they came in at $385 billion. (The same month, bitcoin hit multiple new all-time highs, trading above $28,000.)

October marked six months since the crypto downturn began and five months since the high-profile TerraUSD collapse. Prices were stagnant for most of the month before rallying last week. Volatility hit its lowest levels since July 2020 in October. North American volumes fell to just over $78 billion. Coinbase accounted for the majority of volumes in this region, with around 60% of the volumes — $46.9 billion — flowing through the exchange.

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2022-11-01 06:55:02 Aptos-based DeFi protocol Arco offers refund option after IDO issues

According to an announcement by the team, the protocol had network congestion because over 300 people deposited on it simultaneously, and there was a delay with the $ARC token claim process. Aptos-based (APT) DeFi protocol Arco has asked the community to determine its fate after a failed initial DEX offering.

Apart from that, the team revealed that several partners of the DeFi protocol had ended their partnerships because of the issues that happened during the IDO. Some of the failed partnerships included that of Wormhole and Celer Network. Arco Protocol posted a Twitter poll asking the community to make a decision on whether it should refund users, hand over control of the project to the community, or trust the team to keep building the protocol.

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2022-10-31 09:11:02 SeatLabNFT Launches On NEAR Protocol to Enhance Ticketing

A new grade of innovation is about to hit entertainment, music, and sports ticketing. SeatLabNFT is set to glorify the future of NFT ticketing, beginning with its launch on the NEAR Protocol. The platform seeks to bridge the gap between fans and their fancied artists or football clubs while toning down peddling and touting.

SEATLABNFT has taken up the mantle with the mantra “revolutionizing ticketing using NFTs and blockchain technology.” Nevertheless, invading the secondary market is an existing jumbo challenge encountered by the ticketing ecology. Event tickets primarily sell out within minutes due to scalpers and peddlers. However, these tickets turn up on secondary markets to sell at substantial prices. However, sports and music fans have made peace with this unfortunate reality.

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2022-10-30 09:40:03 Binance Wants to Use Crypto and Blockchain to Help Twitter Fight Bots

Binance has doubled down on its engagement with Twitter following the Musk acquisition. After allocating $500 million to support Elon Musk’s Twitter buyout, the world’s largest crypto exchange said it wants to establish a dedicated unit to help the social media platform’s upcoming challenges. The statement from the company, as reported by Bloomberg..

Fake accounts have been a major issue for the social media giant, especially such that promote fraudulent scams, many of which involve cryptocurrencies. In fact, one of Musk’s reasoning for why he wanted to acquire Twitter was to get rid of bots. However, this could have actually ruined the deal at one point since the company failed to provide the precise number of its active users, and Musk wanted to back off.

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2022-10-29 06:50:03 WisdomTree meets estimates, reveals declining crypto holdings in Q3 earnings

Asset manager WisdomTree met estimates as it reported $0.06 earnings per share for the third quarter, while revealing that its crypto holdings have fallen to less than $200 million. WisdomTree's crypto assets under management fell from $265 million to $178 million during the third quarter. The fund's crypto holdings have now fallen 56% since January, from $406 million.

The asset manager also plans to bring "mainstream exposures, like fixed income, equities, and commodities, into the digital world through blockchain-enabled funds and tokenized exposures," Lillien said. We’re building the foundation that will allow us to lead in the coming evolution of financial services and lay claim to the deepest exposures in the digital wrapper, positioning us, in an even larger opportunity, to expand into blockchain-enabled finance, where spending, saving and investing are merged.

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2022-10-28 07:45:04 Hacker uses $2,700 to drain $15.8 million from Team Finance

Team Finance has suffered a malicious exploit with the attacker draining $15.8 million worth of tokens from the protocol. Team Finance is a DeFi platform that helps other projects lock their liquidity. This is done to reduce the risk of what's known as rug pulling — where a project's liquidity is withdrawn, causing the value of the token to crash.

Today’s attacker targeted the liquidity tokens under Team Finance’s custody, according to PeckShield. The attack affected four projects, namely CAW (A Hunters Dream), Dejitaru Tsuka, Kondux, and Feg. CAW was the most impacted in the incident with the attacker removing $11.5 million worth of its liquidity tokens. The attacker used 1.76 ether ($2,700) to launch the attack, PeckShield noted. The attacker’s wallet address still holds the proceeds from the exploit, including $6.43 million in the DAI stablecoin and 880 ETH ($1.36 million).

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2022-10-11 08:12:02 TerraClassicUSD jumps over 35% in 24 hours as re-peg proposal emerges

After the broadly publicized collapse of Terraform Labs’ stablecoin TerraUSD (UST) and its native token Terra (LUNA), the stablecoin now under the name TerraClassicUSD (USTC) has seen its price rally to a monthly high as the Terra Classic community welcomes the re-peg proposal. Tobias Andersen, a blockchain engineer and senior developer at Bitcoin Suisse AG.

TerraClassicUSD price rallied to a new monthly high; the cost of USTC, Terra Classic’s algorithmic stablecoin, has climbed by over 37.44% and is now trading at $0.04057 on October 10, up from $0.02989 just a day earlier. Similarly, the Terra Classic (LUNC) token, which represents the native governance and utility digital assets of the Terra Classic network, saw a slight increase in value.

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2022-10-10 08:05:02 NFT, GameFi Sectors Show Optimistic Trends: DappRadar

On-chain indicators signal a recovering crypto market, said DappRadar in its Q3 report. Despite starting on a promising note, the global macroeconomic environment influenced and adversely impacted the crypto market, which sustained several damaging corrections. The same could be said for the NFT market.

The NFT trading volume soared by 10.4% in September alone compared to the previous month. Furthermore, the sales count increased by 21%, which was indicative of the fact that the NFT business continues to be in great demand. The overall drop in trading volume, on the other hand, may have been contributed by the decline in the values of the cryptocurrency market. The report also revealed that NFT trading volume on Ethereum has nosedived by 76% from Q2.

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2022-10-09 08:57:02 Dow Jones is now officially more volatile than Bitcoin

Bitcoin (BTC) has traded in tandem with stocks, with both asset classes battling prevailing macroeconomic factors led by skyrocketing inflation and interest rate hikes. However, Bitcoin’s volatility appears to cool down compared to traditional stocks as the flagship crypto shows signs of decoupling from equities.Dow Jones index that tracks the 30 largest industrial stocks.

Bitcoin’s latest achievement highlights the asset’s maturing nature considering it has been classified among the most volatile investments. Notably, proponents have maintained that once Bitcoin matures, characterized by increased adoption, the asset will be less volatile and trade like traditional assets. Overall, Bitcoin has historically been marred by volatility, but traditional financial markets are usually much more stable.

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2022-10-08 08:39:02 Bitcoin miners capitulation passes, but spiking hash rate keeps pressure on

On October 3, the Bitcoin hash rate soared to a new all-time high of 244.25 EH/s. Commenting on this, Binance CEO Changpeng Zhao said, “miners know something we don’t.”. Meanwhile, since the November 2021 market top, mining difficulty has also increased but not to the same magnitude seen in hash rate increases – all of which squeezes the miners’ bottom line.

Two days later, the hash rate surged yet again, smashing the previous record to print a new all-time high of 314.58 EH/s, further signaling miner confidence despite growing price uncertainty amid crypto winter. Currently, BTC-denominated rewards come in as low as four BTC per day. This equates to around $80,000 a day in revenue per exahash, which is on par with revenues seen in late 2020 when Bitcoin was around $10,000. Meanwhile, mining difficulty has increased alongside the hash rate.

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