The Summary: Binance Under Attack, XRP vs. ETH, TradFi and Crypto, MiCA…

Summary: XRP future, MiCA finalized, SGSS and crypto, Cardano accelerates…

Piracy On Binance SmartChain; cboe and GoldenTree immerse yourself in A challenge, XRP won a round against DRYING; The European Council affirms mica; MakerDAO diversify its reserves… Back to crypto news of the week.

TradFi accelerates on crypto

Digital and traditional finance continue to mergeweek after week. Swift thus positioning itself as a player in interoperability. In addition to blockchain interoperability and tokenization, the banking messaging system has developed a gateway for CBDC. Another illustration of this convergence: cboe joins the Pyth Network to share market data.

For the asset management giant, faithfulnesson crypto is an increasingly controlled market. The company launched a new index fund this week: the Ethereum Index Fund. The drop in prices, including that ofETH, offers investment opportunities. Fidelity intends to facilitate these transactions. Another asset management professional, GoldenTree revealed his involvement in A challenge via DEX SushiSwap. This information quickly led to a spike in the price of the native token.

A heavy blow to Binance and its bridge

The news has already demonstrated it several times. The interchain bridges suffers from vulnerabilities into which the pirates quickly rush. Touted as a safe alternative to cross chain bridges, Nomad lost $200 million. The bill was $100 million for Horizon and $600 million for Sky Mavis’ Ronin.

Binance is not immune to attacks no more. The world’s leading exchange was forced to pause its Binance Smart Chain blockchain. This solution is a consequence of the BSC Token Hub cross-chain bridge hack. Damages are estimated at over $100 million in the BNB. A significant amount, but one that could have been had be much larger without stopping the BSC. The cryptocurrency exchange giant’s blockchain outage reignites the debate decentralization.

2024 target for MiCA and crypto regulation

After the signing of the interim agreement at the end of June, mica it still had to be written. It was made in September. on European Council also approved its contents at first reading, now allowing the proposed regulation of cryptoassets to be driven within the European Parliament.

The MPs will vote next week on the conditions governing in particular the activity of PSAN and their approval, but also the issuance of stable coins – which no longer restricts the liquidity of dollar-denominated stablecoins. It should be noted that digital asset service providers see other obligations. It will be their responsibility to collect credentials during transfers.

The Bored Ape community wants to grow and prosper

NFTs are going through a tough time. The bear market is not sparing irreplaceable tokens and their valuation. In addition, according to Gartnerthem NFT are now positioned in the “disappointment trough” of his Hype Cycle.

Yuga Labs and his collection Bored Ape Yacht Club however, they appear to be more resilient to the price crash in the crypto market. The price of its BAYC tokens is holding up despite the defeat of Bitcoin and Ethereum. And the company has just formalized the creation of a community board. Its purpose: to represent token holders. Its board includes 7 Bored Apes selected by the startup. They were chosen for their investment “proactively and positively in the club from the beginning”.

When Stablecoins Bet on Treasury Bills

Crypto players are not limited to digital assets. The stable coins are a good illustration of this, at least for those whose model is based on reserves made up oftraditional assets. This is the case for example with USDC on circleand also USDT from I’m tying. However, the latter is often criticized for the lack of transparency of its reserves or their low liquidity. Since then, the company has been trying to remedy the situation, specifically by investing more heavily in US government bonds. These bonds now represent approximately 58% of its assets.

For MakerDAO and on DAI, this share is still not so significant. Nevertheless, the protocol continues its diversification strategy by integrating traditional financial assets. The hodler community approved the conversion of 500 million DAI to the bond market, including 80% of US Treasury bills.

XRP verdict expected, but a (faint?) win

DRYING and pulsations ask the court to rule and issue a preliminary ruling on the dispute that has arisen between them. This legal news has short-term effects on the price of XRP, at the heart of this case, as it qualifies as securities by the stock market watcher.

However, the blockchain firm hopes to soon have a solid case to dismantle the SEC’s strategy. his hopes Ripple bases them specifically on internal documents. The emails refer to the doctrine of authority in relation to Ethereum. But are these elements the desired grail of protection? Lawyers are a priori reserved on this issue. A case to follow.

Also not to be missed:

Every Sunday morning on Coins.co.ukfind the week’s top news in ” Crypto Recap “.

I follow Angles.en on TwitterLinkedin, Facebook Where Telegram so you don’t miss anything

Leave a Comment

Your email address will not be published. Required fields are marked *