headlines
Morgan Stanley report: Crypto bear market may be over, bull market may be coming
In an article published on its website, Morgan Stanley Wealth Management said: Based on current data, there are signs that the cryptocurrency winter may be over and spring may be on the way. Morgan Stanley noted that in In previous crypto bear markets, Bitcoins bottom occurred 12 to 14 months after the peak; it reached an all-time high of approximately $68,000 in November 2021 and bottomed a year later. Strategist Denny Galindo wrote: A 50% rise in the price of Bitcoin from its lows is usually a good sign that it has hit a bottom. Bitcoin is up 70% so far this year and is up 77% from last years lows. Furthermore, the magnitude of Bitcoin’s decline is also important; in previous cycles, its price lows were down approximately 83% from its previous highs. The report states that most of Bitcoin’s gains have occurred directly after the halving, and that this “bull cycle begins with the halving event and ends when Bitcoin price reaches its previous peak.” In addition, the report adds: “ There have been three such bull markets since the inception of Bitcoin, each lasting 12 to 18 months.”
New York Attorney General Letitia James filed a lawsuit against cryptocurrency exchange Gemini, cryptocurrency lending company Genesis, its parent company DCG and two executives: former Genesis CEO Michael Moro and DCG CEO Barry Silbert. The indictment alleges that the companies defrauded more than 230,000 investors, including at least 29,000 New Yorkers, in an attempt to cover up losses of more than $1 billion. The lawsuit seeks to restrain the defendants from participating in the sale of securities and commodities in New York State, to pay damages and fines, and to forfeit any profits derived from those activities. Subsequently, DCG issued a statement: refuting all accusations and clearing them of any wrongdoing.
Fed mouthpiece: Powell hints that the interest rate pause will be longer
Fed spokesman Nick Timiraos recently issued a statement commenting on Fed Chairman Powells speech. Powell hinted that he was pleased with the decline in inflation this summer and that the Fed was unlikely to raise interest rates again unless there was clear evidence that increased economic activity would jeopardize inflation progress. Powells comments closely mirror recent comments from other Fed officials, who have signaled a readiness to keep rates on hold at the next meeting. Thats partly because a rise in long-term yields over the past month could slow economic growth, effectively displacing a rate hike if yields rise. When describing whether monetary policy will tighten again, Powell twice used the word may instead of the more hawkish word will: Evidence of a strengthening economy may put the progress of further inflationary pullback at risk or become a Reasons for further tightening of policy.”
Industry News
Grayscale: Form S-3 filed as part of effort to convert GBTC to ETF
Grayscale posted on the Explanation of Form S-3: Generally, an issuer will file a registration statement on Form S-1 for an initial public offering of equity securities registered under the Securities Act. However, GBTC is eligible to use Form S-3, a shorter filing incorporated by reference into its SEC disclosures and reports, because its shares have been registered under the Securities Exchange Act of 1934 since January 2020, and meet other SEC requirements.
Parity research analyst Joe Petrowski said in response to a question in the Polkadot governance forum that Agile Coretime (i.e. Polkadot 2.0) is expected to be launched on the Rococo test network by the end of the year, on the Kusama first network in the first quarter of next year, and on the second quarter. Polkadot mainnet. This means that projects will soon be able to directly access Polkadot Relay chain services without the need to rent parachain slots for long periods of time.
Coinbase has selected Ireland as its primary operational and regulatory center in the EU
Coinbase has chosen Ireland as its primary operational and regulatory center in the EU. It is reported that Coinbase has established an office in Dublin since 2018 and has approximately 100 employees in Ireland. Coinbase has submitted an application to the Central Bank of Ireland for a license under the EU’s new Markets in Crypto-Assets (MiCA) regulations, which will come into effect in December 2024. If approved, Coinbase will obtain a general MiCA license in Ireland, which it can then use to “extend” its services to Germany, France, Italy, the Netherlands and other EU countries. This will make it easier for Coinbase to launch new products in these markets without having to apply for separate licenses in each country.
FTX used over $1 billion in customer funds to buy back shares from Binance
The U.S. Department of Justice (DOJ) hired University of Notre Dame accounting professor Peter Easton to track billions of dollars in funds between Alameda and FTX. The professor said during testimony at the SBF trial hearing that FTX used customer funds to buy back in 2022. More than $1 billion of the companys entire stake in Binance comes from FTX customer funds. Easton testified that user deposits were also reinvested in businesses and real estate, used for political contributions and donated to charities. Previously, in 2019, Binance invested an undisclosed amount in FTX as part of a strategic partnership between the two companies. Binance CEO CZ said in a 2022 article that the company had received more than $2.1 billion in BUSD and FTX’s FTT tokens as part of the buyback. According to previous news, in response to regulatory scrutiny, SBF will repurchase CZ’s FTX shares for US$2.275 billion in 2021.
The SECs legal action against Do Kwon and his company Terraform Labs may hinge on the role of market maker Jump Trading, according to court documents filed Wednesday. In May 2022, Do Kwon’s TerraUSD stablecoin (UST) collapsed, and he was subsequently sued by the SEC for misleading investors. New filings in the case show scrutiny of the role of market maker Jump, which appears to have made a $1.28 billion profit when UST collapsed. UST was temporarily decoupled from the U.S. dollar at the time, and while Kwon told investors that UST maintained a value of $1 due to its automated algorithms, SEC experts said this was because Jump intervened in the market at Terraforms behest. The Do Kwon defense team said the defendants deny the allegations and claim that Jumps UST transaction was not the cause of USTs re-anchoring in May 2021. The filing added: “The de-anchoring of UST in May 2022 was the result of intentional ‘shorting’ by third parties and involved direct public intervention to combat short selling.” Furthermore, its defense team claimed that the SEC did not have jurisdiction because of the Assets are currencies, not securities.
Bandai Namco suspends downloads of Gundam Metaverse due to rumors of leaked design documents
Japanese game publisher Bandai Namco today suspended downloads of its new Gundam Metaverse amid rumors that design files for certain Gundam models have been leaked. Bandai Namco said in an announcement: Unfortunately, downloading of client files has been suspended. When downloading resumes, we will post a notification on this website. Gundam Metaverse will be released in the United States and Japan opened it to the public, only to suddenly suspend downloads just a week later. Bandai Namco did not elaborate on the reason for suspending downloads in its statement. According to images posted on Reddit and Hong Kong news site HK 01, rumors emerged earlier this week that a downloaded file contained unknown models related to certain models from the upcoming animated film Gundam Seed Freedom, which is due to be released in January 2024. Encrypt design files.
DefiLlama data shows that there are 4 Web3 social protocols with current TVL exceeding US$1 million, namely:
- Base-based friend.tech, TVL of $43.39 million;
- Linea-based Tomo, TVL $1.85 million;
- New Bitcoin City based on Bitcoin Layer 2 network NOS, TVL is $1.48 million;
- Avalanche-based Stars Arena with a TVL of $1.04 million.
SEC drops all charges against Ripple CEO and executive chairman
Ripple announced that the U.S. Securities and Exchange Commission (SEC) has dropped all charges against its CEO Brad Garlinghouse and Executive Chairman Chris Larsen. Ripple has had two previous successes, including a July 2023 court ruling declaring that “XRP itself is not a security,” and an October federal judge’s decision to deny the SEC’s appeal request.
Project News
A new proposal from the Lido community recommends shutting down the Polygon (MATIC) staking service
The Lido community released a discussion proposal, recommending that the MATIC liquidity staking solution Lido on Polygon initiate a sunset process and switch to becoming a native ETH liquidity staking provider to avoid taking risks from smaller TVL capital pools. The proposal states that the current TVL of Lido on Polygon is approximately 151 million MATICs (approximately 86 million US dollars). Based on this data, the annualized fee income of Lido DAO on Polygon is 314,835 MATICs (approximately 166,863 MATICs). Dollar). Lido DAO issued 450,000 LDO tokens to Shard Labs over the past 12 months as compensation for achieving the 3% milestone of staking MATIC market share. An additional 150,000 LDO tokens will soon be released to Shard Labs to achieve the 4% staking MATIC market share milestone.
Web3 growth and DAO creation platform Superdao has announced that it will be shutting down. Superdao said that in 2022 it began building growth and analysis tools for the Web3 project that was already up and running, but Superdao found that it became clear that the crypto industry itself became much smaller than the original ambition (the new Internet) for crypto companies. Providing specialized tools is unlikely to generate venture-scale returns. In light of this view, Superdao decided to return a significant amount of remaining funds to investors and gradually cease operations. Superdao team members have launched at least seven new companies. Some of the work will be released as open source projects. According to previous news in January 2022, Superdao announced the completion of a US$10.5 million seed round of financing at a valuation of US$160 million, with participation from AllianceDAO, Signal Fire, Pear VC, DIGITAL, One Block Capital, etc.
The DeFi platform Shell Protocol plans to launch the V3 version, which encapsulates DeFi protocols such as Uniswap, OpenSea and Aave into modular Shell primitives. Specifically, it can be divided into 5 stages:
Phase 0: SHELL’s token generation event (TGE) in December 2023; having a liquidity token and a decentralized, independent DAO will lay the foundation for the Shell ecosystem to enter the next stage.
Phase 1: Modifying the core protocol Ocean to support adapter primitives will be carried out in December at the same time as TGE.
Phase 2: Integrating Shell smart contracts and DApps with major DeFi protocols will be completed in Q1 2024.
Phase 3: Implementing Shell Intents, where users only need to specify what they want to accomplish, enabling gas-free, MEV-resistant transactions. Shell Intent MVP will be released in Q2 2024.
Phase 4: Integrating cross-chain bridge primitives into the core protocol, users can access any protocol on any chain through Shell DApp.
dYdX has launched the dYdX Chain V4 test network
dYdX has launched the dYdX Chain V4 test network. Earlier this week, dYdX just shut down the dYdX Chain V3 testnet.
DEXTool data shows that Meme project REKT has risen from the initial price of 1.7 USDT to a maximum of 25 USDT in the past hour, and is temporarily trading at 22.3 USDT, an increase of 1211%. On-chain data shows that the total issuance of REKT is 500,000, and the current FDV is US$11.15 million. Odaily checked and found that BitMEX founder Arthur Hayes has posted several times in the past two days mentioning the project. The community questioned that his account was stolen for REKT promotion but was denied; REKT claimed to be a game BOT running on Telegram, but Odaily experienced Later, I found that currently all functions except recommendations are basically unavailable.
global policy
German regulator BaFin: MEXC exchange provides financial services without authorization
German regulator the Federal Financial Supervisory Authority (BaFin) warned consumers on Tuesday that the MEXC exchange has been providing financial services without authorization. BaFin stated that MEXC’s cryptocurrency custody services require authorization from BaFin and stated on its website: “Only with the necessary authorization, relevant companies can provide financial services in Germany.” In addition, in April this year, Japan Financial The agency also said in a warning letter that MEXC Global had been operating in Japan without the necessary registration.
Investment and Financing
Crypto data company Coin Metrics raises $6.7 million
Crypto data company Coin Metrics announced the completion of approximately $6.7 million in financing, which included a variety of security types including equity and options. Specific investors were not disclosed. Coin Metrics provides data on cryptocurrency markets, networks and prices. Coin Metrics previously raised $35 million in a funding round led by BNY Mellon and Acrew Capital, with additional support from Goldman Sachs, Brevan Howard Digital, Cboe Global Market, Avon Ventures and others.
Crypto wallet company Ryder has raised $1.2 million in funding, with participation from Oak Grove Ventures, Bitcoin Frontier Fund, Muneeb Ali of Trust Machines and SBX Capital. Ryder also launched its flagship Ryder One hardware wallet, which supports social recovery, where users find five friends or family members who can help restore access to their crypto wallet if the mnemonic phrase is lost.
Character *Voice
Elon Musk, Mark Cuban call for overhaul of SEC administrative procedures
Fox reporter Eleanor Terrett posted on the X platform that billionaires Elon Musk and Mark Cuban are joining forces to fight against the SEC. In a joint amicus brief filed today, the two expressed support for an overhaul of the SECs current administrative procedures. The current process allows its in-house judges to preside over cases brought by the SEC itself and prohibits defendants from having a right to a jury trial.
Matrixport: Bitcoin could rise to $56,000 if BlackRock Bitcoin Spot ETF is approved
Jihan Wu’s Singapore-based crypto financial services company Matrixport said in a report that if BlackRock’s spot Bitcoin ETF is approved by the U.S. Securities and Exchange Commission, the price of Bitcoin could rise to $42,000 to $56,000 between US dollars. Matrixport, based on an analysis of 15,000 U.S.-registered investment advisers, estimated that about $12 billion to $24 billion worth of funds could flow into such ETFs.
Elon Musk: Reports considering taking X out of the EU or blocking access to EU users are untrue
In response to reports that Elon Musk is considering withdrawing X from the EU or blocking EU users from accessing it, Elon Musk posted a message on the X platform saying that the report by the source Business Insider is untrue. Earlier today, sources familiar with the matter revealed that Elon Musk is considering withdrawing X from Europe or blocking EU users from accessing it.
Former League of Legends mobile game producer Jonathan Chao has now joined Azukis development team Chiru Labs and will be responsible for building interactive games for the Azuki Metaverse. According to his public resume, Jonathan Chao has worked for major game companies such as Ubisoft, Riot Games, and Tencent TiMi. During his tenure at TiMi, he served as the balance director responsible for managing the character balance of the League of Legends mobile game. On September 22, Jonathan Chao revealed on the
Tether CEO: RGB protocol represents best opportunity for stablecoin issuance on Bitcoin
Tether’s new CEO Paolo Ardoino said in an interview that the RGB protocol represents the “best opportunity” for issuing stablecoins on Bitcoin. Ardoino believes that RGB will be the “legitimate successor” after Tether stops using Omni to issue USDT. Ardoino said: “Regarding Omni, we believe that RGB actually represents the best opportunity to have a modern, scalable, client-side smart contract system. In fact, many big names in the Bitcoin community support RGB, and we believe that RGB integrates all With the right elements, it can become the legitimate successor of Omni.” It is reported that RGB is a smart contract system and off-chain protocol for Bitcoin and Lightning Network, allowing the mining and issuance of Bitcoin-based digital assets. Bitcoin advocate Giacomo Zucco originally envisioned it in 2016 as a non-blockchain asset system, leveraging early ideas from Bitcoin Core developer Peter Todd, according to its website.
Chainalysis: Some reports may overestimate the role of cryptocurrencies in terrorist financing
In the wake of Israel’s recent attack by Hamas, crypto data analytics firm Chainalysis says many people are wondering how various terrorist groups might be using cryptocurrencies and looking to Chainalysis to answer those questions. But Chainalysis said some reports of supposed uses may have exaggerated metrics and used flawed analyses. Chainalysis wrote in a blog post: While terrorist financing accounts for only a small portion of illicit cryptocurrency transaction volume, some terrorist groups use cryptocurrencies to raise, store, and move funds. Terrorist groups have historically used, and may continue to use, traditional fiat-based methods such as financial institutions, hawalas (informal transfer methods) and shell companies as their main financing vehicles.”
