| Hey Cryptonews, here's our curated daily bundle of crypto news. | | Bitcoin bounces back above $35,000 due to BlackRock's ETF relisting |  | Bitcoin's resurgence above $35,000 was linked to BlackRock's iShares ETF re-listing on the DTCC market, raising hopes for ETF approval Fear and greed index hit 71, signaling market greed, while analysts anticipated a 5% BTC correction and potential Year-To-Date high
Bitcoin rebounded above $35,000 following a recent dip. The resurgence was attributed to growing market optimism sparked by the re-listing of BlackRock's iShares ETF on the Depository Trust and Clearing Corporation market. DTCC, a U.S.-based company offering financial market clearing and settlement services, briefly hosted the iShares ETF, hinting at a potential expedited approval of BlackRock's ETF application.
Shortly thereafter, the listing was removed, and the U.S. SEC fined BlackRock $2.5 million, unrelated to the DTCC listing, for failing to disclose certain investments.
Despite BTC trading at $34,445, the fear and greed index surged to 71, indicating market sentiment. Values below 50 represented fear, 50-74 signified greed, and 75 and above indicated extreme greed. The index's high value suggested profit potential and hinted at a potential BTC price correction.
Analysts, including Ali Martinez, predicted a 5% BTC correction to $33,000, potentially leading to a new Year-To-Date high. | | | Learn More | | Lido Finance's wstETH integrates into BNB Chain for omnichain fungible token utility |  | Lido Finance's wrapped staked Ethereum launched on BNB Chain through LayerZero's interoperability protocol, serving as an OFT Lido's TVL surpassed $15.97 billion, with significant growth driven by increased trust and liquidity
Lido Finance's wrapped staked Ethereum was integrated into BNB Chain, an Ethereum Layer 2 and Avalanche network, through LayerZero, an omnichain interoperability protocol. wstETH served as an Omnichain Fungible Token through this integration, simplifying interactions between blockchains.
LayerZero selected Lido's wstETH due to its widespread adoption and compatibility with the decentralized finance sector. This aligned with Lido's strategy of expanding across various chains as a Liquid Staking Derivative project, making it a prominent player in the sector.
Lido's Total Value Locked reached $15.97 billion, marking a 17.58% increase in the last 30 days. A higher TVL indicated increased trust and liquidity in the protocol. The BNB Chain team welcomed the integration, emphasizing its positive impact on accessibility, decentralization, and DeFi user experience.
Data from Dune Analytics revealed growing interest in wstETH liquidity pools on Ethereum bridges, particularly via Loopring, Arbitrum, and Optimism, with a surge in users minting ETH to receive staking rewards. Arbitrum had the highest number of Lido wstETH bridges among Ethereum L2s, followed by Optimism and Loopring. | | Learn More | | Avalanche developers enhance Web3 ecosystem with Chainlink automation tools |  | Chainlink Automation 2.0 on the C-Chain enabled offloading Solidity computations off-chain, potentially reducing gas costs by up to 90% Chainlink Functions 1.0 provided a serverless platform that simplifies connecting smart contracts to external data sources
Avalanche developers received a significant boost with the introduction of Chainlink Automation 2.0 and Chainlink Functions 1.0 on the C-Chain, a part of the Chainlink ecosystem. These innovative tools transformed Web3 application development within the Avalanche ecosystem.
Chainlink Automation 2.0 allowed developers to automate and offload Solidity computations off-chain, resulting in potential savings of up to 90% in gas costs. Gas costs were incurred for each operation in Solidity, and by automating smart contracts through Automation 2.0, developers could save both time and money while reducing reliance on centralized automation providers.
Chainlink Functions 1.0 was a Web3 serverless platform that streamlined the connection of smart contracts to external data sources, accelerating custom computations. Beyond Avalanche, other Ethereum Virtual Machine-compatible chains like BNB Chain and Optimism also integrated these automation solutions.
The addition of Chainlink's automation tools was expected to further strengthen Avalanche's already robust developer ecosystem, as indicated by the recent rise in development activity. AVAX, the native token, responded positively to this news, experiencing a 7.29% increase in the last 24 hours, reaching $11.18. | | Learn More | | UK passes law allowing seizure of cryptocurrencies linked to illicit activities |  | UK lawmakers grant authorities the power to seize and freeze cryptocurrencies tied to cybercrime, drug trafficking, and terrorism without the need for a conviction This legislative move aligned with the UK government's commitment to regulating cryptocurrencies and combating their illicit use
UK lawmakers passed legislation that permitted the seizure and freezing of cryptocurrencies, including Bitcoin, if they were linked to illicit activities. The Economic Crime and Corporate Transparency Bill received royal assent on 26 October, marking the completion of all parliamentary stages.
Introduced in September 2022, the law extended the authorities' powers to combat cryptocurrency use in cybercrime, scams, drug trafficking, and terrorism. Notably, it allowed the confiscation of crypto assets involved in crimes without requiring a conviction, as some wrongdoers might have remained unidentified.
This move aligned with the UK government's commitment to robustly regulate cryptocurrencies, addressing the illicit use of digital assets in its economic crime plan for 2023-2026. The UK became a significant cryptocurrency economy, ranking as the largest in Central, Northern, and Western Europe in terms of transaction volume, according to a report by Chainalysis in October 2023. Additionally, London was identified as the world's most crypto-ready city for business in February 2023, surpassing Dubai and New York, as reported by the crypto tax platform Recap. | | Pro-Ripple Lawyer predicts prolonged legal battle with SEC, hints at settlement conditions |  | John Deaton anticipated a lengthy legal dispute in the SEC vs. Ripple case, with a possible duration of up to a year Settlement discussions between Ripple and the SEC remained elusive, with the SEC's $770 million penalty demand as a major obstacle
Pro-Ripple lawyer John Deaton foresaw a protracted legal battle in the United States Securities and Exchange Commission vs. Ripple case, possibly spanning a year. He suggested that a settlement might only be on the table if Coinbase successfully dismissed the SEC's case against it.
In a detailed Twitter post, Deaton discussed the absence of serious settlement discussions between Ripple, its leadership, and the SEC. He pointed out the SEC's insistence on a $770 million penalty and outlined the complexities of the penalty phase, involving depositions, document requests, emails, financial records, contracts, and on-demand liquidity (ODL) transactions.
Deaton suggested that Ripple might seek to reduce the $770 million penalty by excluding ODL transactions and minimizing additional costs, citing the LBRY case as an example where the SEC initially pursued $23 million but settled for a $130,000 fine after eight months of litigation. He stated,
"... I didn't expect a final judgment from Judge Torres until late summer at the earliest. It could have taken a full year before an appeal was filed in this case." | | U.S. Senator Lummis calls for investigation on Binance, claims potential ties to terrorism |  | Senator Cynthia Lummis and Representative French Hill urged the U.S. Justice Department to investigate Binance's alleged links to terrorism They emphasize the need to differentiate between crypto intermediaries and call for an assessment of whether Binance and Tether
Cynthia Lummis, a proponent of cryptocurrencies representing Wyoming in the U.S. Senate, urged the U.S. Justice Department to investigate and potentially charge crypto exchange Binance in the wake of the recent terrorist attack by Hamas on Israel.
In a letter dated 26 October to U.S. Attorney General Merrick Garland, Lummis and Arkansas Representative French Hill called for swift action to assess whether Binance and Tether supported terrorism through violations of sanctions laws and the Bank Secrecy Act. They emphasized the need to cut off funding sources for terrorist activities targeting Israel.
While some lawmakers like Senator Elizabeth Warren had linked crypto payments to terrorist financing, Lummis and Hill stressed the importance of not painting all crypto intermediaries as suspects. They acknowledged that many of these intermediaries sought compliance with U.S. regulations to harness the potential of cryptocurrencies and distributed ledger technology.
The letter came after Binance froze Hamas-linked accounts following the 7 October attacks, but Lummis and Hill argued that this action was insufficient, given that the exchange had allegedly allowed terrorist groups to use its platform knowingly. | | Taiwan introduces virtual asset management bill to boost oversight and customer protection |  | Taiwan's new Virtual Asset Management Bill established regulations for virtual asset service providers, promoting the segregation of customer funds in local trade associations The bill imposed fines for unlicensed operation and offers a six-month grace period for existing market players to obtain licenses
Taiwan's Legislative Yuan introduced the Virtual Asset Management Bill on 25 October, enhancing customer protection and industry oversight. The 30-page bill proposed reasonable requirements for virtual asset service providers, including the segregation of customer funds from company reserves, implementation of internal controls, and joining local trade associations. Notably, it did not mandate a 1:1 reserve ratio for stablecoin issuers or address algorithmic stablecoins. Marketing rules were determined by the competent authority.
Operating without a license could incur fines ranging from 2 million to 20 million Taiwanese dollars (approximately $60,000 to $600,000). Existing market players had six months to obtain a license after the bill's enactment.
In September 2023, Taiwan's Financial Supervisory Commission issued guidelines for VASPs, requiring foreign VASPs to obtain regulatory approval before offering services in Taiwan. These regulations aligned with the efforts of local cryptocurrency exchanges, including MaiCoin, BitstreetX, Hoya Bit, Bitgin, Rybit, Xrex, and Shangbito, who formed the Taiwan Virtual Asset Platform and Transaction Business Association on 26 September to support the crypto industry and collaborate with regulators. | | Bearish trend takes down Bitcoin |
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