This Week in Crypto (October 24 — October 31)

By akohad Oct31,2022


The past week saw big news out of the largest existing companies in the Web2 space interacting with the new world of Web3. Starting with Apple, the company announced a number of changes on how users may access and use NFTs in its ecosystem. For starters, the policy said users may buy and sell NFTs on apps featured in its store but must use its in-app payment system. Apps must also be licensed in the nations where they operate. The news shared further insight that regulators may not be the only players writing the rules on how Web3 will be shaped.

Next, Google unveiled a new on-demand blockchain node service with initial support for Ethereum validators. Google’s move into the crypto space represents a way to draw more people — namely developers — into their cloud service. Lastly, from the Web2 giants, Meta (ex Facebook) announced its metaverse unit Reality Labs lost $3.7 billion in the third quarter of this year. That brings Reality Labs’ year-to-date losses to a staggering $9.4 billion. The figure highlights the high conviction Meta shows in the technology, however, the sharp decline in its market cap signals that not all investors are onboard with its vision.

Two major announcement in the stablecoin world. Firstly, FTX is preparing to launch its own stablecoin following an earlier move from Binance to make its BUSD coin the primary stablecoin on its exchange. Secondly, Near Foundation announced a fund to replenish a $40 million collateral deficit found in USN stablecoin, the native stablecoin on the Near blockchain. The developer behind USN, Decentral Bank, announced that it will gradually wind down the stablecoin.

On the regulatory front, The Monetary Authority of Singapore (MAS) is seeking to ban debt-financed and leveraged crypto trading for retail traders. The proposal is part of a consultation paper issued by MAS as it looks to further tighten the country’s crypto regulatory regime. The rules come after a number of high-profile crypto firms collapsed this year, including Three Arrows Capital and Celsius.

This week’s long read presents the latest blockchain letter from Pantera Capital. The read dives deep into this year’s macroeconomics situation, studying return correlations between crypto and traditional asset classes.

Major Headlines:

Apple Welcomes NFTs in App Store Under Tight New Rules

Google Ramps Up Web3 Strategy With Node Management Offering

Meta’s metaverse losses top $9.4 billion for the year

Revolut to add crypto payment feature starting next month

FTX Prepares Stablecoin For Launch: Report

Near Foundation spends $40 million to replace USN stablecoin’s ‘collateral gap’

Singapore regulator proposes banning crypto trading with borrowed capital

Binance confirmed as investor in Twitter takeover, as Musk reportedly plans to take reins as CEO

Big read:

Pantera Capital BLOCKCHAIN LETTER October 2022: Blockchain’s 2003 Moment

Chart of the week:

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By akohad

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