Daily Crypto News

  1. Crypto.com refunded user US$7 million instead of US$68 — took 7 months to realize — Singapore-based cryptocurrency exchange Crypto.com in May 2021 transferred AU$10.4 million (US$7.15 million) to an Australian woman instead of an intended refund of AU$100 (US$68), and took seven months to recognize the mistake, the Herald Sun newspaper reported.
  2. FTX agrees to help South Korea’s Busan build its own crypto exchange — Busan, South Korea’s second most populous city, Tuesday signed a memorandum of understanding (MOU) with global cryptocurrency exchange FTX to help develop a digital asset exchange.
  3. Magic Eden looks to challenge OpenSea’s NFT dominance — “We’re not really a generalized marketplace that plays in every category, we don’t play in one-of-one fine art, we don’t do usernames or domain names,” Lu tells us, noting that Magic Eden largely focuses on “collectibles,” which include things like avatars and profile photos, as well as NFTs related to gaming.
  4. Bitcoin Mining Difficulty Poised to Spike by Most Since January Amid Colder Weather — Bitcoin’s difficulty adjusts automatically to keep the time required to mine a bitcoin block to roughly around 10 minutes, depending on the amount of computing power on the network. The higher the hashrate, a measure of computing power, the higher the difficulty; similarly, as hashrate drops, so does the difficulty level.
  5. El Salvador’s Bitcoin Bond Delays Continue; Investor Interest Wanes: Report — President Najib Bukele announced plans to raise $1 billion via bonds backed by bitcoin (BTC) in November, shortly after El Salvador became the first country in the world to adopt bitcoin as legal tender. The offering was initially supposed to launch in early 2022, but it has faced delays, at least in part, thanks to plunging bitcoin prices.
  6. Stablecoin Issuer Tether Dismisses Wall Street Journal’s Claim of Inadequate Reserves — In an announcement on the company’s website Tuesday, Tether said that U.S. Treasury bills have been the premier safe asset for decades in response to the Journal’s claim that the company has a “thin cushion of equity.”
  7. Ether, Bitcoin Could See Turbulence as Open Interest Leverage Ratio Soars to Record High — Both ether and bitcoin’s perpetual futures open interest ratios stood at lifetime highs above 0.03 and 0.02 at press time, according to data sourced from Decentral Park Capital and blockchain analytics firm Glassnode.
  8. Meta lets users post NFTS on Facebook and Instagram — Meta is now letting users post their Ethereum and Polygon NFTs on Facebook and Instagram. Mark Zuckerberg’s company released an update at the beginning of the week adding that users will also soon be able to post digital collectables, or NFTs, from the Flow (FLOW-USD) and Solana (SOL-USD) blockchains. The tech giant is allowing its users to connect their crypto wallets to their Facebook and Instagram social media platforms. Crypto wallets such as Rainbow, MetaMask, Trust Wallet, Coinbase Wallet and Dapper Wallet are now compatible with Facebook and Instagram.
  9. CME Group launches euro-denominated Bitcoin, Ether futures —CME Group — the world’s largest operator of financial derivatives markets, including the Chicago Mercantile Exchange — has launched euro-denominated futures on Bitcoin and Ether.
  10. The X-to-Earn model: Eat, sleep, do almost anything and get paid in crypto — Axie Infinity — a non-fungible token-based online video game that’s generated over US$4 billion in secondary NFT sales — is credited with kicking off the so-called “play-to-earn” (P2E) craze, allowing gamers to earn money while playing. While the Axie hype has somewhat died down, it also spawned a series of copycat projects that pay users to perform everyday activities.

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