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As you may have predicted by now, we have a lot of crypto gossip from October, and we can't wait to share it with you. So, let's not shoot the breeze and go straight to the top 10 latest crypto news and updates.
Elon Musk sealed the Twitter deal
One of the most viral topics of discussion in the past six months is the Twitter deal by Elon Musk. The deal is finally closed at $44 billion, making the wealthiest man the new owner of the micro-blogging platform. Musk agreed to seal the deal on his original proposed terms on 4 October 2022, and it finally wrapped up on 27 October 2022. This deal is significant for the crypto space as Musk expressed his desire to incorporate crypto payments into the platform. As a result, the popular meme coin and favourite cryptocurrency of Elon, Dogecoin (DOGE), have increased by 135% in a week. The Crypto Twitter community is also expecting a launch of a crypto wallet on Twitter and initiation of payment in Dogecoin soon.
One more trouble for Terra founder
In our last part of the top 10 latest crypto updates and news, we told you that Interpol issued a red notice against Terra's founder, Do Kwon. Another legal headache has hit Kwon as 350 terra investors filed a $57 million lawsuit against him in Singapore. These investors specified that Terra and TerraUSD (UST) were not "stable by design" and that Do Kwon was aware of it. Do Kwon has already been facing multiple lawsuits from South Korea and the USA post-Terra LUNA crash. Kwon has been active on Twitter for months and tweeted that he is making zero efforts to hide from the police.
Bitcoin and gold relations strengthen
The correlation between Gold and Bitcoin has hit its highest level in a year, revealed in a report from Kaiko. Gold correlation with Bitcoin has been oscillating between -0.2 to +0.2. However, since the strengthening of the USD is adversely impacting both Gold and Bitcoin, their correlation is increasing, with the new correlation coefficient coming out as 0.3. It suggests that despite the descending crypto market, investors have been increasingly looking at Bitcoin as a haven like gold. However, this correlation would require more time to establish factual data. Once the negative impact of the USD reduces, we will get a better explanation of the Bitcoin and Gold correlation.
Ripple holdings lowered for the first time
The Crypto industry has been criticizing Ripple labs for owning the majority of XRP tokens to be able to control the currency prices by making it centralized. However, its holding dropped below 50% in the second quarter of this year for the first time in history. Its report also revealed that Ripple labs only operates 4 out of 130 validator nodes on the XRP ledger. Another worth mentioning is that Ripple is in a legal battle with the SEC due to the sale of unregistered securities. Both parties will file their reply briefs in November and await the court's decision.
Filecoin launched an environment-friendly initiative
The negative environmental effect of cryptocurrencies is a concerning factor for their global adoption. Keeping this in mind, Filecoin (FIL) launched an initiative called CO2 storage to reduce its environmental impact. It will do so by a web 3 data storage solution that will address the inefficiencies of traditional data storage solutions. Filecoin is a blockchain-based digital storage and data retrieval platform.
German crypto bank asked users to withdraw funds
German Crypto bank Nuri has become another victim of this crypto winter. The bank told its five lakh users to withdraw funds as it is preparing to shut down. As per news sources, the Nuri bank first reported issues to maintain liquidity in August when it filed for insolvency. Its CEO shared in a blog post that the bank could not run its operations despite its best efforts. Unlike other bankrupt crypto institutions which locked user funds before things went out of hand, Nuri is encouraging users to withdraw their funds before 18 December. Its trading feature will continue till 30 November, as per its official announcement.
Russian stablecoin popularity surged amid the war
The Russia-Ukraine War has been proving to be havoc for their citizens. In such adverse conditions, Russian citizens are considering the Russian digital stablecoin as a haven to protect the value of their assets. A report from Chainalysis shows that usage of Russian stablecoin has increased since the beginning of the war. The share of Russian stablecoin transactions volume through Russian services increased from 42% in January to 67% in March. According to some experts, banning Russia from major economies also contributed to the increased use of Russian stablecoins as a medium of exchange.
VISA is all set to get more involved in the crypto space
Credit card giant VISA has recently filed two applications to use its character mark in software for various crypto-centric and NFT-based services and activities. Additionally, VISA corporation implied that it might explore the metaverse where its name would be in the virtually created environment for users to enjoy leisure or entertainment. Moreover, the company has initiated multiple crypto projects and partnerships this year to get a good hold.
Polkadot hits all-time high in development activity
The contribution of Developers to Polkadot reached a new ATH in September when Polkadot recorded more activity than any other network, including Ethereum. Data from Github indicated that more than 500 individual contributions were provided every day in September to Polkadot. Polkadot has been a hive of development activity because of the extra excitement within its community regarding the upcoming plans of the Polkadot Network. The founder of Polkadot, Rob Habermeier, shared a roadmap on the development plans of the platform, which involves making it the fastest blockchain in the world. If everything went well, the network capacity of Polkadot could hit 1 million transactions per second, establishing a new pinnacle for web 3.
Crypto as a working priority in the next G20 presidency
Framing regulations for crypto assets might be one of the eight priorities for the year-long G20 presidency of India, which will begin from 1 December 2022 to 20 November 2023. India's finance minister, Nirmala Sitaraman, said that no single country could individually succeed in regulating crypto assets. She added that India would bring together all the work done by FSB, IMF, OECD, and BIS to have a meaningful conversation on crypto asset regulation.
With this update, this part of the latest crypto updates ends.
We hope the above updates will help you make sound and informed crypto investment decisions.
