Daily Crypto News
- Crypto Lobbyist Group Blockchain Association Asks Court for Permission to Support Ripple Against SEC Case — The Blockchain Association, a crypto lobbying organization based in Washington, D.C., filed for permission to support Ripple as a friend of the court in its ongoing defense against the Securities and Exchange Commission (SEC) late Friday. The SEC sued Ripple at the end of 2020 on allegations that it sold XRP as an unregistered security. The case has gone through a number of procedural motions since, and the parties recently filed their motions for summary judgement. On Friday, the Blockchain Association asked the court overseeing the case for permission to join the case, as well as the actual amicus brief.
- Crypto.com Trading Volume Sinks 91% One Year After ‘Brave’ Matt Damon Ad — The advertisement compared crypto investors to astronauts, mountain climbers, and the Wright Brothers. Shortly after it came out, in November, Crypto.com spent $700 million for naming rights of the Los Angeles arena formerly known as the Staples Center. At the time, the marketing efforts appeared to have given the exchange a boost. Meanwhile, the Damon ad made the rounds in crypto circles for a few months and then started to reach people outside the industry by January of this year. The reactions were not good. The ad even got skewered by a South Park episode that featured a pee-drinking parody.
- Bitcoin Heads for Best Week in 3 Months — Bitcoin (BTC) rose Friday after a U.S. government report showed the Federal Reserve’s preferred inflation gauge rose slower than expected last month. The reason that matters is because it shows progress in the Fed’s campaign to tamp down the pace of price increases, in turn signaling that it might be able to let up sooner rather than later in tightening monetary policy — seen as a negative for prices of risky assets, from stocks to bitcoin.
- Meme Crypto Dogecoin Rallies On Elon Musk Twitter News — Elon Musk finally purchased Twitter (TWTR) and news of the $44 billion buyout sent Dogecoin flying this week. The popular memecoin rallied 35% as Musk — the self-proclaimed “Dogefather” — repeatedly touted the crypto and engaged with its community of users. long they’ve become a really popular investment vehicle for a lot of people and it’s kind of easy. The cryptocurrency was created on a lark in 2014, without any serious intent behind the project. However it gained popularity through its community’s widespread memes online. The price skyrocketed last year along with the craze of meme stock investments but subsequently crashed because it has very little utility. And the developers haven’t made any major changes since 2015, according to crypto analytics site CoinGecko.
- Crypto Twitter Reacts to Elon Musk’s First Day as ‘Chief Twit’ — Parag Agrawal out; Elon Musk in. With the world’s richest man — and chief Dogecoin enthusiast — now in charge of Twitter, the platform’s biggest crypto influencers are nothing short of ecstatic. Twitter’s new “Chief Twit,” as Musk now refers to himself in his Twitter bio, has made his plans for the platform clear. And the new CEO’s commitment to free speech, plus his opposition to permanently banning users, have proven particularly popular within crypto circles.
- TradFi Regulations Can Be Applied to Crypto — to an Extent, CFTC Commissioner Says — Crypto may pose some risks to financial stability but may just need clearer guidelines rather than an entirely new set of rules, Christy Goldsmith Romero, a commissioner at the Commodity Futures Trading Commission, said. Still, during an appearance on CoinDesk TV’s “All About Bitcoin’’ on Thursday, Goldsmith Romero said because digital assets are different than traditional financial products, “we have to be a little careful about going to bespoke treatments because we don’t know the consequences of doing so,” explaining that officials should review the established ways of regulating traditional financial markets to see whether they can be applied to crypto.
- Dogecoin has soared 44% in the past week as Elon Musk’s Twitter takeover lifts hopes for expansion in payments — Shiba Inu inspired cryptocurrency dogecoin has gained as much as 44% since Monday as the Elon Musk-Twitter saga neared its conclusion. The meme token was up nearly 10% on Friday, trading at $0.085. The cryptocurrency has been promoted in the past by Musk, and often moves with his comments on Twitter. Musk completed his bid for the social media company and officially took over as chief executive late Thursday, with his Twitter handle now labeling the Tesla CEO as “chief twit.”
- El Salvador, Lugano Sign Agreement to Help Spread Bitcoin Adoption and Education — The country of El Salvador and the Swiss city of Lugano have signed a memorandum of understanding (MOU) aimed at boosting bitcoin adoption in their own regions as well as neighboring states and countries. Appearing at Lugano’s Plan B Forum on Friday, Milena Mayorga, El Salvador’s ambassador to the U.S., also announced her country’s opening of a “bitcoin office” in Lugano staffed with a new Honorary Consul to proselytize for bitcoin in the city, Italy and Europe. More than one year ago, El Salvador became the first country to adopt bitcoin as legal tender. Lugano has no such power in Switzerland, but about seven months ago launched its Plan B program with the goal of bringing bitcoin adoption to that city of 70,000.
- Stablecoin Issuer Frax Finance Unveils Ether Staking Service With a Dual Token Model — Decentralized stablecoin issuer Frax Finance has entered the ether liquid staking war with a unique two-token model that supposedly allows users to earn above-average staking yields. Called Frax Ether, the liquid staking system, went live on Oct. 13 in a soft community launch with an official announcement expected soon. The system has three components — frax ether (frxETH), staked frax Ether (sfrxETH) and the Frax ETH Minter. Staking refers to locking up coins in a crypto wallet in return for rewards. Liquid staking is the process of locking up funds to earn rewards while still having access to the funds locked via their liquid derivative coins.
- Tether’s Paolo Ardoino Says Bitcoin Adoption in Lugano, Switzerland, Going Well — Appearing on the opening panel of Plan B Forum here alongside Lugano Mayor Michele Foletti, Paolo Ardoino, chief technology officer of stablecoin issuer Tether, says bitcoin (BTC) adoption in the city is “working well.” Seven months after the two teamed up to bring widespread use of bitcoin to the city, Ardoino says 40 merchants are already using the crypto with their point-of-sale systems. While that may not seem like much, Ardoino said the aim is to bring adoption along in a “scientific way.” It’s one thing — as many politicians have done — for an official to say he or she is pro-bitcoin, noted Ardoino, but it’s another thing to put a plan together. To that end, Ardoino said that rather than trying to achieve widespread use quickly, it was more important that things worked smoothly for the initial adopters. He now expects 1,000 Lugano merchants will be able to accept bitcoin as a form of payment in the first quarter of 2023.
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