Crypto News: Sam’s coming back!

DATE: 22-12-22

Hey Cryptonews, here's our curated daily bundle of crypto news.

Polygon launches zkEVM's second testnet

This is the final step before Polygon zkEVM's mainnet launch.
The goal of the testnet is to try out a new scalability update.

Polygon recently launched the second public testnet of its zero-knowledge Ethereum Virtual Machine, moving the platform to its final stage before a mainnet launch. The testnet would oversee a new upgrade called recursion, which it claims could result in exponentially scaling Ethereum.

While no designated timeline has been revealed, Polygon claimed that it is the first zkEVM to reach public testnet with open-source code for its proving system. The Ethereum scaling technology has not been proven yet, however, it could vastly improve Ethereum's transaction costs and speeds.

Furthermore, it could eventually enable on-chain privacy as well as make it easier for developers to build applications on the mainnet. This could open the door for a host of new on-chain applications, bridging the gap between off-chain data and real-world assets into crypto.

Alameda's Caroline Ellison, FTX's Gary Wang plead guilty to fraud

Caroline Ellison and Gray Wang plead guilty to committing fraud that led to FTX's collapse.
Both former executives are currently cooperating with the investigation.

Caroline Ellison and Gary Wang have pled guilty to fraud charges related to the collapse of FTX and are cooperating with prosecutors. Moreover, the United States Securities and Exchanges Commission (SEC) has also charged Ellison and Wang for defrauding investors.

Notably, SEC's charges against Ellison are based on manipulating FTT's – FTX's token – price. The charge alleges that the former Alameda boss bought the token in huge quantities in order to increase its price. Additionally, the commission accused Wang and SBF of diverting customers' funds to Alameda. It also stated that the funds were transferred from FTX to Alameda via a code developed by Wang.

SBF is now in the custody of the Federal Bureau of Investigation (FBI) and is being extradited back to the United States. Notably, the news came a day after Bankman-Fried refused to fight the extradition decision in Nassau court.

Ripple partner, Moneygram to launch remittance service in Brazil

Moneygram has partnered with Frente Correta, one of Ripple's main partners.
This would allow users in Brazil to make real-time cross-border transfers.

MoneyGram International has launched an online remittance service in Brazil as part of a new partnership with Frente Correta, a startup using Ripple's technology to offer low-cost money transfers. This would allow users to send funds from their origin country in "near real-time" to anyone throughout the world.

According to Alex Holmes, MoneyGram Chairman and CEO,

"We are extremely proud of the immersive online platform we've built for customers around the world, and our sustained digital growth globally demonstrates that consumers truly value our leading user experience. We're confident that this launch will enable us to capture growth from new customer segments, deepen relationships with established customers and create tremendous value for years to come."

Moreover, recipients could receive the funds through a "suite of options designed to meet their unique needs," including through puck-ups at retail locations. Furthermore, Moneygram stated that the service is being launched with no transaction fees for users.

Chiliz announces listing of 16 new fan tokens

Chiliz revealed that it has listed 16 fan tokens on MEXC global.
CHZ's inflows as well as whale holdings have been increasing too.

According to an announcement, Chiliz has listed 16 new fan tokens on the crypto-exchange MEXC global. This is one of the network's largest collective listings that it has ever announced. Fan token listings for tokens made through Chiliz are important for the network's community as they underscore the upsurge in the network's adoption rate.

The new token listings may have also enhanced the current investor sentiment for CHZ as the weighted sentiment rose to 5.901, suggesting that investors have been leaning towards the bullish side. Additionally, Chiliz noted positive exchange netflows of about $73.75 million, indicating that inflows are increasing for the alt.

CHZ's supply held by top addresses as a percentage of total supply registered an increase too. At the time of press, Santiment noted that the metric stood at 65.525. This indicated that the whales were accumulating CHZ, emphasizing a higher probability of a bullish relief rally.

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1INCH's tokenomics overhaul, incentivized staking proposal goes live

1INCH's 1IP-11 proposal to improve the network's tokenomics as well as staking is being voted on.
1INCH made the top-10 gainers list in the Avalanche ecosystem over the last 24-hours.

A major proposal for the total overhaul of 1INCH tokenomics and incentivized staking is now underway. The 1IP-11 proposal brings multiple new features, including the Staking Pod system, wherein users could lock their 1INCH tokens in a staking contract to get st1INCH tokens. The blog explained,

"The longer the lock period, the more st1INCH tokens the user gets. st1INCH tokens can be used by stakers for 1inch DAO governance, and the 1inch DAO can choose to use these token balances for reward distribution. The system is modular as anyone can launch a new Modular Delegation Pod and can use the reward functionality to incentivize certain actions and/or assign utility to the 1INCH token."

1INCH also became one of the top gainers in the Avalanche ecosystem over the last 24 hours. Furthermore, the 1inch Network also made it to the list of the top 6 Optimism dApps in 2022, with the same measured by their number of transactions and fees generated.

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U.S Senator Toomey submits new bill to regulate stablecoins

The Bill has been dubbed the Stablecoin TRUST Act of 2022.
If passed, the bill would establish a new federal license for payment stablecoin issuers.

US Senator Pat Toomey introduced a new stablecoin bill, aimed at creating a regulatory framework for "payment stablecoins" less than two weeks before his retirement. If passed, the bill would allow non-state and non-bank institutions to issue stablecoins, as long as they obtain a federal license that was created and issued by the U.S. Office of the Comptroller of the Currency (OCC). Toomey stated,

"I've put forward a regulatory model that won't undermine competition by favoring entrenched incumbents. I hope this framework lays the groundwork for my colleagues to pass legislation next year safeguarding customer funds without inhibiting innovation."

The proposal also stated that it would require issuers to fully back their payment stablecoins with "high-quality liquid assets." Furthermore, they would have to comply with the established new, standardized public disclosure requirements for issuers as introduced by the bill. Disclosures would include the assets backing the payment stablecoin, redemption policies and attestations from public accounting firms.

British Columbia pauses all energy requests from new crypto-mining firms

British Columbia is temporarily suspending new requests for power from crypto-mining firms.
This would allow the government to develop a framework that better balances all needs.

Canadian province British Columbia has temporarily paused new electricity connection requests from cryptocurrency miners for the next 18 months. This has been done to support the province's climate action and economic goals with a regulatory framework. Minister of Energy Josie Osborne stated,

"We are suspending electricity connection requests from cryptocurrency mining operators to preserve our electricity supply for people who are switching to electric vehicles and heat pumps, and for businesses and industries that are undertaking electrification projects that reduce carbon emissions and generate jobs and economic opportunities."

The seven mining projects already operating in B.C. and the six projects in advanced stages of planning will not be affected. However, new cryptocurrency mining projects will not be able to initiate the process of connection. Similarly, earlier this year, Manitoba suspended new requests from miners to give the province time to create a regulatory framework for the industry.

Crypto-market sees marginal movement

Coin

Price

24hr

Market Cap

↓BTC

$16,854

-0.2%

$324 Billion

↑ETH

$1,218

+0.1%

$146 Billion

↓BNB

$246

-1.0%

$40 Billion

Bitcoin was seen changing hands at $16,854 at the time of press. The Moving Average line was seen moving above the candlesticks. This indicated a bearish connotation for the alt. Capital outflows superseded the capital inflows as the Chaikin Money Flow was seen moving above the zero-line.

Ethereum moved marginally down at the time of writing. The MACD emanated red histograms below the half-line as the lines moved steadily in a southward direction, hinting at a bearish sign for the alt. Buying pressure was down as the RSI was seen moving below the 50-mark.

BNB decreased by about 1% during the day's trading session. The Awesome Oscillator denoted several green histograms below the half-line, which could mean a short-term bearish momentum for the alt. The Bollinger Bands were seen widening around the candlesticks, which hinted at an increased price volatility.

Altcoins trade in the green

Coin

Price

24hr

Market Cap

↑XRP

$0.347

+0.8%

$17 Billion

↑DOGE

$0.074

+1.2%

$10 Billion

↑LTC

$66.16

+1.1%

$4 Billion

XRP increased by almost 1% in the past 24 hours. However, negative signs were noted. The MACD exhibited red histograms below the half-line as the lines moved in a southbound trajectory. The dotted line of the Parabolic SAR reaffirmed this bearish trend as it was seen moving below the candlesticks.

Dogecoin rose by about 1.2% in the aforementioned period. Nevertheless, the Awesome Oscillator hinted at a bearish momentum as multiple red signal bars were noted below the half-line. Capital inflows were seen decreasing as the Chaikin Money Flow was seen moving below the half-line.

Litecoin grew by more than 1% at press time. The Moving Average line was spotted moving above the candlesticks, which hinted at a short-term bearish momentum. Traders can expect an increase in the price volatility of the alt as the Bollinger Bands were seen moving away from each other.

DOT, SOL, AVAX down by >14% in a week

Coin

Price

Market Cap

↓↓DOT

$4.46

-14.5%

$5 Billion

↓↓SOL

$12.15

-14.1%

$4 Billion

↓↓AVAX

$11.74

-14.6%

$3 Billion

DOT plummeted by about 14.5% in the past seven days. Capital outflows outweighed the capital inflows as the Chaikin Money Flow was seen moving below the half-line. The dotted line of the Parabolic SAR was seen moving above the candlesticks. This suggested a price fall in the near future.

Solana plunged by more than 14% in the aforementioned period. The Awesome Oscillator depicted a green signal bar below the half-line. This indicates short-term bullish momentum for the alt. However, selling pressure was more than the buying pressure as the RSI was seen moving near the 35-mark.

AVAX nosedived by about 14.6% during the week's trading session. The MACD showed red histograms below the half-line as the lines moved in a downward direction, suggesting a bearish connotation for the alt. The Bollinger Bands were seen diverging around the candlesticks, which hinted at an increase in the price volatility of the alt.

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