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Actions speak: China’s crypto ban may reveal digital yuan CBDC goals
Chinese regulatory authorities gave yet another shock to the cryptoverse by imposing a ban on all cryptocurrency transactions on Sept. 24. This measure came just as the market was beginning to recover from the government’s June prohibition on cryptocurrency mining activities. The fear, uncertainty and doubt (FUD) that resulted from the ban caused Bitcoin (BTC) to crash nearly 9% within five hours, from exchanging hands in the $45,000 range to bottoming out at $41,142. Soon after, Alibaba announced that it would be banning any sale of cryptocurrency rigs and related accessories starting Oct. 8. However, the flagship cryptocurrency has since recovered to trading above pre-ban levels of around $45,000. At the time of writing, BTC is exchanging hands in the $47,300 range. This recovery c...
Netflix Stocks Reach an All-Time High and Warby Parker Goes Public in This Week’s Business and Crypto Roundup
Many brands are starting to see a recovery despite the challenges initially brought on by the pandemic. Some businesses, especially ones that focused efforts on expanding e-commerce ventures, have even seen profits rise even higher than before. HYPEBEAST has rounded up the top business and crypto stories of the week so you can stay in the know about trends across industries. Business 1. Netflix’s hit K-drama ’Squid Game’ has pushed the streaming service’s stock price to an all-time high Netflix’s popular survival K-drama Squid Game has catapulted the streaming platform’s stock to new highs, Forbes reported. The stock closed at $610.34 USD as of yesterday. She’s an icon. She’s a legend. And she is the moment. pic.twitter.com/jnJoG831YL — Netflix (@netflix) September...
Wall Street’s wild party in jeopardy as Fed threatens aid cutoff
The central bank’s pullback has sparked jitters in financial markets, with the benchmark S&P 500 stock index in September recording its worst month since March 2020. The danger of persistently higher inflation and the prospect of the Fed slowing the economy by hiking rates in 2022 will also pose political peril for President Joe Biden and the Democrats in an election year, where they hope to be able to point to a robust recovery. “The training wheels are kind of off for the economy,” said Michael Feroli, chief U.S. economist at JPMorgan Chase, the country’s biggest bank. “If the party’s going to go on, the Fed’s got to let it go on.” That’s not likely to happen for much longer. Powell acknowledged at a conference on Wednesday that inflation pressures are likely to continue into n...
Finance Redefined: dYdX milestone and $1M DeFi bounty, Sept. 24–Oct. 1
Welcome to the latest edition of Cointelegraph’s decentralized finance (DeFi) newsletter. DYdX surpassed Coinbase in daily trading volume for the first time this week. Read on to discover why this was a seminal moment for the project’s founder. What you’re about to read is the concise version of this newsletter. For the full breakdown of DeFi’s developments over the last week — released with more anticipation than a layer-two airdrop — register below. dYdX surpasses Coinbase in trading volume for first time Decentralized derivatives exchange dYdX has risen to prominence through 2021 as an alternative to the hegemony and governmental transparency of centralized exchanges. It was revealed that dYdX surpassed the daily trading volume of crypto exchange stalwart Coinbase for the first tim...
Altcoins take the next leg up after Bitcoin price holds $47.5K
Bullish sentiment returned to the cryptocurrency ecosystem on Oct. 1 after a 10% spike in the price of Bitcoin (BTC) lifted it above the $47,500 level and resulted in the liquidation of more than $270 million in short positions. The altcoin market quickly followed suit with a majority of the tokens in the top 200 registering double-digit gains for the day. Top 7 coins with the highest 24-hour price change. Source: Cointelegraph Markets Pro Data from Cointelegraph Markets Pro and TradingView shows that the biggest gainers over the past 24 hours were Oasis Network’s ROSE token, Axie Infinity Shards (AXS) and Icon’s ICX token. The allure of privacy draws traders to Oasis Network Oasis Network is a privacy-enabled blockchain designed for open finance and the creation of a responsibl...
Grayscale adds SOL and UNI to Digital Large Cap Fund portfolio
Grayscale Investments, a New-York based crypto asset manager, now includes Solana’s SOL and Uniswap’s UNI tokens in its Grayscale Digital Large Cap Fund (GDLC) portfolio after rebalancing its basket of cryptocurrencies. The quarterly rebalancing of GDLC is done by selling existing components of the portfolio for cash and procuring well-performing crypto assets. Based on the adjustment, SOL and UNI make up 3.24% and 1.06% of the fund’s components, respectively, while Grayscale continues to cut down on Litecoin (LTC) and Bitcoin Cash (BCH) holdings. After the previous quarterly rebalancing, Grayscale’s portfolio included 4.26% of Cardano’s ADA, making it the third-largest asset in the Digital Large Cap Fund. However, the latest adjustment means that ADA now represents 5.11% of the fund...
The focus of the blockchain climate discussion is missing the point
As the nonfungible tokens craze took off at the start of the year, many climate-conscious artists vocalized their disapproval of Ethereum’s energy consumption. In May, Elon Musk then derailed Bitcoin (BTC), citing the energy consumed by Bitcoin as cause for Tesla to withdraw its plans to accept BTC as payment for its electric cars. Both of these events have provoked a surge of debate from inside and outside the blockchain community. In particular, the arguments tend to focus on two areas: Bitcoin’s energy consumption and its dependency on climate-damaging fossil fuels versus renewables and, secondly, the benefits of one blockchain platform over another — generally focusing on consensus models and promoting proof-of-stake as the greener option. Each debate is overflowing with arguments for ...
Electronic Livestream Mainstay Boiler Room Acquired by Ticketing Platform Dice
The company plans to work with Boiler Room on enhancing its programming and creating additional revenue for artists, rights holders, collectives, festivals and clubs. U.K.-based ticketing platform Dice has acquired the long-running electronic livestream series Boiler Room. According to a statement from Dice, the company plans to work with Boiler Room on enhancing its programming and creating additional revenue for artists, rights holders, collectives, festivals and clubs. The news comes just a week after Dice announced that it would use its newly-acquired $122 million in Series C funding to grow its team, reach new artists and venues and expand its livestream offerings. Founded in 2014, Dice is a discovery and events app that works with over 3,600 venues, festivals and promoters ...
‘Squid Game’ Drives Netflix Stock to All-Time High
Netflix’s popular survival K-drama Squid Game has catapulted the streaming platform’s stock to new highs, Forbes reported. The stock closed at $610.34 USD as of yesterday. Executives at the streaming service predicted that the Korean-language series will be Netflix’s most popular show ever, already ranking at #1 in several countries, including the United States, since it made its debut on September 17. Earlier this year, Netflix launched a plan to channel $700 million USD into building its Korean content and it appears that the investment is already paying off. Following Squid Game’s release, Netflix’s user growth “is most evident in the Asia-Pacific region,” according to Bloomberg, although “downloads jumped globally” as well. The platform has been angling to expand its subscriber base in...
Biden admin weighing bank-like regulation for stablecoin issuers
The Biden administration is reportedly considering a new legal framework for stablecoin issuers that would put them in the same category as banks, raising questions about the future of crypto regulation in the country. Citing people familiar with the matter, The Wall Street Journal reported Friday that the administration is looking to convince Congress to create a new “special-purpose charter” for stablecoin issuers and other companies that fall within the same category. Although it’s not entirely clear how the legislation will look, it’s expected to be tailored specifically to these types of business models. Policymakers have been sounding the alarm over stablecoins in recent months because they believe these dollar-pegged assets aren’t properly regulated. Earlier this week, Federal Reser...
Price analysis 10/1: BTC, ETH, ADA, BNB, XRP, SOL, DOT, DOGE, LUNA, UNI
The month of September stayed true to its billing as a historically weak period for cryptocurrencies. Bitcoin (BTC) closed the month with a loss of about 7%. However, October may bring cheer to the bulls because Bitcoin has risen in six of the past eight years, falling only in 2014 and 2018. The bulls started the month on a positive note as bears scurried to close their short positions. Data shows that more than $270 million worth of short positions were liquidated within minutes. Bitcoin’s enthusiasm was also shared by several altcoins which have surged higher today. Daily cryptocurrency market performance. Source: Coin360 Bitcoin has closely followed PlanB’s Stock-to-Flow model projections in the past two months. If PlanB is lucky enough to be right for the third time, then Bitcoin...
OMG eyes a new all-time high after unveiling its ‘Boba Network’ layer-2 solution
In September the frenzy that propelled the nonfungible token (NFT) sector quieted down but a burst of fresh energy emerged as the layer-two sector heated after the successful launch of Ethereum (ETH) scaling solutions like Arbitrum and Optimism. Another project that has benefited from the sector’s transition to layer-1 and layer-2 alternatives is OMG Network (OMG), a non-custodial layer-two protocol that utilizes an optimistic rollup scaling solution to improve Ethereum scalability. Data from Cointelegraph Markets Pro and TradingView shows that after hitting a low of $8.42 on July 20, the price of OMG has climbed 380% to reach a daily high at $13.52 on Oct. 1 on a record $3.37 billion in 24-hour trading volume. OMG/USDT 1-day chart. Source: TradingView Prior to the market-wide ...
