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Weekly Crypto News Roundup - 12 Stories You Should Know About (2nd of November - 8th of November)

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Every week, I will be collecting some news stories / opinion pieces that I have found to be interesting in the crypto world and condensing them down into one easily digestible article. All the article and images are taken from a news source that I like to use and an alternative to CoinTelegram called BeInCrypto

BeInCrypto is a news website founded in August 2018 that specialises in cryptographic technology, privacy, fintech, and the Internet — among other related topics. The primary goal of the website is to inject transparency into an industry rife with disingenuous reporting, unlabelled sponsored articles, and paid news masquerading as honest journalism. You can visit their website by clicking here or join their new Telegram Trading channel by clicking here. I am also part of that group and like the content they are discussing. There is a lot of news that came out last week, So let's get started!

 

Ethereum 2.0 Launch Slated for Dec 1 — The Staking Debate Rages On

Ethereum and the US Presidential election are dominating the news this week as the deployment of the ETH 2.0 deposit contract opens the doors to staking after months of testing.After three months of testing on Medalla and various other testnets, the first stage of Phase 0 has been officially initiated with the deployment of the ETH 2.0 deposit contract on Nov 4. This means that ETH holders can now stake 32 ETH to become a validator on the new blockchain.

Are you excited for this? You can read the full article by clicking here.

 

Upcoming Bitcoin Cash Hard Fork Has Crypto Exchanges and Companies Feeling Mixed

Satoshi Labs, the manufacturer of the TREZOR hardware wallets, has announced it will not offer immediate support for a Bitcoin Cash blockchain split that might occur this month. The firm said it would not be taking a snapshot of the network’s blockchain prior to the proposed hard fork date. Meanwhile, plenty of exchange platforms have pledged support for an upcoming fork. Among them are Binance, Huobi, and the still-struggling OKEx.

What do you think about the hard fork? You can read more about this story by clicking here.

 

U.S. Authorities Seize $24 Million in Crypto Linked to Scam

Working in collaboration, U.S. and Brazilian authorities have reportedly seized $24 million in crypto linked to an internet fraud scheme. Referred to as “Operation Egypto,” the investigation was led by Brazilian authorities with American law enforcement aid. It succeeded in tracking down several suspects, including alleged ringleader Marcos Antonio Fagundes.

According to a press release from the U.S. Department of Justice (DOJ), Fagundes, a Brazilian national, has been charged with a slew of crimes, including the operation of a financial institution without legal authorization, fraudulent management of a financial institution, money laundering, and the violation of securities law. You can read more by clicking here.

 

SuperRare Sells Over $4M in Digital Art as NFT Market Explodes

NFT digital artwork platform, SuperRare, has logged its best month yet, selling over $4 million in October. The platform and NFT market in general have seen exponential growth and improvements in the past few months.The platform announced that over 10,000 pieces of art had been sold, with artists earning $3 million. The performance is a testament to the sudden popularity of NFTs, which have matched the enthusiasm of the DeFi (Decentralized Finance) sector.

What do you think about the NFT sector? You can read more about this by clicking here.

 

Binance Recovers Funds Stolen in Wine Swap Exit Scam

Leading cryptocurrency exchange BINANCE says it has succeeded in tracing and retrieving funds stolen by the architect of Wine Swap, a DeFi exit scam. According to a blog post published on November 4, Binance has reportedly been able to recover nearly all the stolen funds — an estimated 99.9% of $345,000 worth of cryptocurrency taken by purported automated market maker Wine Swap last month.

To read more, click here.

 

PayPal Going Global with Crypto Services and CBDC Support in 2021

The CEO of payments giant PayPal has revealed more details about the firm’s lofty cryptocurrency ambitions at a recent Q3 earnings call.PayPal CEO Dan Schulman expanded on its plans to aggressively push into the crypto sector next year, which included support for central bank digital currencies (CBDCs). The comments came at the company’s third-quarter earnings call on Monday evening.

To read more, click here.

 

Dharma DeFi Exchange Launches Direct Bank Purchases on Uniswap

The Dharma cryptocurrency trading platform has announced that it would be enabling bank and fiat payments for tokens on Uniswap after the second governance proposal it made was rejected. The exchange stated that first-time users on Uniswap will struggle due to the convoluted process of buying ETH from exchanges, waiting for the purchase to clear, transferring it to Metamask, and then dealing with gas fees.

To read more, click here.

 

Lightning Labs Unveils Pool to Earn a Yield on Bitcoin, Targets Miners Next

Bitcoin maximalists have waited patiently as decentralized finance, or DeFi, has had its moment in the sun. It’s not that bitcoin isn’t a part of the DeFi movement. It is, through products like wrapped BTC, for instance. Now that Lightning Labs has announced a pool of its own, however, Bitcoin’s DeFi profile is on the rise. 

What do you think about this? You can read more by clicking here.

 

Dutch Crypto Exchange BLOX Receives Regulatory Nod From Central Bank

BLOX, a crypto exchange based in The Netherlands is now one of only three officially recognized platforms by the Dutch Central Bank (DCB) as the registration deadline inches closer. To read more about this exciting news, click here.

 

China’s Digital Yuan Reaches $300 Million Spent

The People’s Bank of China’s CBDC pilot program has seen $300 million worth of Digital yuan spent, as of Nov 2, 2020. This occurred over four million separate transactions. While the race for a large economy to launch a digital currency continues unabated, China is making some headway.

To read about this topic, click here.

 

Grayscale Investments Now Managing Over $9 Billion in Crypto Assets

Digital asset management firm Grayscale Investments has revealed that its assets under management have exceeded $9 billion. It also suggests that there is much more growth to be found going forward.

To read more about this, click here.  

 

OKEx Withdrawals Remain Suspended as Exchange Stays Tight-Lipped

OKEx provided an update on the exchange’s status, saying that withdrawals remain suspended. The exchange reiterated that it has always complied with regulations.

The exchange had suspended withdrawals amid reports that founder Star Xu had been arrested. Now the exchange says “claims that a concerned party related to OKEx is under criminal detention have been refuted — we can confirm that these are rumors.”

Few updates have been offered since withdrawals were suspended on Oct. 16. The exchange has now suspended withdrawals for roughly three weeks as it attempts to sort out the matter. To read more, click here

 

That is my weekly roundup of the interesting news coming from the crypto world. What do you think about the topics / news stories and what was your favourite article? If you liked the content, please consider following me and tipping the article. Also are you a trader? If you are check out my favourite Telegram Trading chat, where you can discuss and find out more about crypto projects. Click here to start conversations with other crypto traders!

 

 

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 11/8/2020

Digital & Hitech

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