Binance to set up blockchain team for Twitter after $500 million investment; Terra Collapse Triggered BTC Supply Growth
The biggest news in the cryptoverse for October 28 includes Binance making a $500 million contribution to Elon Musk’s Twitter deal, Ethereum outperforming other Layer-1 networks, deBridge introducing a new standard for cross-chain transfers, and Wisdom Tree recorded a loss of approx. 36% in crypto assets in the third quarter.
CryptoSlate Top Stories
Binance founder CZ confirms $500M equity investment to back Musk’s Twitter deal
The world’s richest man Elon Musk finally took ownership of Twitter today, with the backing of leading crypto exchange Binance.
Binance CEO Changpeng ‘CZ’ Zhao confirmed that his company backed Musk’s $44 billion deal with a “small contribution” of $500 million. The grant will help bridge the gap between social media and web3 and drive wider adoption for the cryptocurrency industry.
Ethereum price outperforms other L1 networks
It’s been a monumental week for Ethereum after its recent price gains saw it become the 50th most valuable asset globally, now surpassing other Layer 1 networks.
According to CryptoSlate data, ETH has gained over 18.7% in the past seven days to cross the $1,500 mark, while other Layer-1 tokens such as ATOM, MATIC and SOL gained 17.86% respectively, 15 .56% and 12.49%.
DeFi protocol deBridge launches new standard for cross-chain transfers
deBridge said it will launch a liquidity-based infrastructure called the DeSwap Liquidity Network (DLN), which will facilitate transfers across chains without slippage.
According to DLN’s design, it will provide on-demand liquidity, thus eliminating the need for protocols to unlock before completing transactions. The DLN infrastructure will help reduce the risk of bridge exploitation, as the total value locked in protocols remains zero.
Wisdom Tree Takes 36% Loss in Crypto Assets in Q3
Investment management firm Wisdom Tree said it lost about $87 million from its crypto holdings to the bear market, according to its third-quarter report.
Between June and September, it recorded around 36% in losses after its crypto holdings fell from $265 million to $178 million.
Costa Rican congresswoman proposes bill to regulate, recognize cryptocurrency
Costa Rica’s Congress has received the “Cryptoassets Market Law (MECA)” bill from Congresswoman Johana Obando.
The MECA bill seeks to recognize cryptocurrency as an investment asset in Costa Rica, but would exempt crypto miners from paying taxes on their mining profits.
US Trustee opposes Celsius’ $2.9 million employee bonus plan
Celsius had sought court approval to pay up to $2.9 million in retention bonuses to 62 employees who helped with the restructuring effort.
The American trustee submitted moved to oppose the proposal, saying it is illogical for a company that owes its customers billions of dollars to propose a multi-million employee bonus plan. It claimed that the unnamed employees may as well be insiders to the management team.
Research highlight
Terra collapse triggered explosive growth in long-term Bitcoin supply
The Terra collapse which recorded over $60 billion in losses for investors has been seen as the downfall of the crypto industry. However, on-chain metrics analyzed by CryptoSlate suggest that it helped boost Bitcoin’s long-term holding rate.
After the collapse in May, long-term owners fell significantly, but since the beginning of September, the long-term owners’ net position has risen to new heights.
As a result, long-term ownership has been increasing, while short-term ownership is rapidly decreasing.
News from the entire Cryptoverse
Binance to help Twitter with blockchain
A spokesperson for Binance told Reuters that the crypto exchange is creating a team to help Twitter integrate blockchain and crypto solutions, following Elon Musk’s takeover.
Twitter’s blockchain team will work on using on-chain solutions to reduce bot account issues plaguing the leading social media platform.
NFT trading comes to Twitter
Twitter so it will integrate NFTs from Rarible, Magic Eden, DapperLabs and Jump Trade on Twitter Tiles to make it easier for users to trade NFTs on the go.
VISA files trademark for crypto wallet, NFTs and Metaverse
Leading payments giant VISA has reportedly filed two trademark applications in the US to offer services related to crypto wallets, non-fungible tokens (NFTs) and Metaverse.
THORChain resumes operations
A software glitch forced the THORChain blockchain to halt operations on October 27. About 24 hours later, the project team announced that the problem is fixed and that users’ funds are safe for access.
Premier League partner Sorare to create NFT for football teams
Sky News reported that the Premier League is offering up to £30m to NFT platform Sorare, to help create digital images of footballers across 20 English clubs.
Hong Kong to legalize crypto trading
Hong Kong is reversing its anti-crypto stance after it announced plans to legalize retail cryptocurrency trading, Bloomberg reported.
All crypto exchanges in the country will be mandated to obtain a regulatory license before offering trading services to retail investors.
Crypto market
In the last 24 hours, Bitcoin (BTC) gained +1.05% to trade at $20,650, while Ethereum (ETH) also gained +2.35% to trade at $1,562.
