tl;dr
There are some macro moves that are truly shaping the future of crypto, including a faux pas by a well-established Bitcoin miner. Here is what is on my mind today.1. Gary got grilled yesterday and he is still clutching on to his stance on crypto. The problem with that is lawmakers are now saying thi...
There are some macro moves that are truly shaping the future of crypto, including a faux pas by a well-established Bitcoin miner. Here is what is on my mind today.
1. Gary got grilled yesterday and he is still clutching on to his stance on crypto. The problem with that is lawmakers are now saying things out loud and are questioning whether or not they can trust him. If they are asking that question out lout now, you have to wonder how long they have been saying that behind closed doors. The man won't even admit the defeat he suffered in the Ripple ruling. No, Gary. It was not a minor thing. It was a sign that you are on the wrong side of history right now and there is still time to right the ship.
2. Apparently, there were enough fingers wagging that Marathon Digital had to release a statement admitting to their faux pas of mining an invalid Bitcoin block. In the statement they said they use a portion of their hashrate to experiment with their mining pool. "In no way was this experiment an attempt to alter Bitcoin Core in any way…This incident, while unintended, underscores the robust security of the Bitcoin network, which rejected and rectified the anomaly." The incident was first noticed by anonymous Bitcoin developer 0xB10C and confirmed by BitMex. The Cryptoverse is united in pointing out the level of security in the Bitcoin infrastructure. Frankly, I think, at the end of the day, someone got curious and tried it.
3. Originally reported in Bloomberg, it sounds like Kraken is giving more than serious thought to entering the stock trading space. This would be in direct competition with Robinhood who came from the other direction doing stock trading then entering the Cryptoverse. I think this could be a more than just a good step for the centralized exchange.
4. I keep telling people to not sleep on Chainlink. The world's biggest and most widely used crypto oracle just expanded their Cross-Chain Interoperability Protocol to Base. This is a very big deal and they already have several projects integrating CCIP. Remember, The protocol has already had success in bridging traditional financial systems with crypto technologies having performed several SWIFT transactions across many banks, including BNP Paribas, BNY Mellon, Clearstream, Euroclear, Lloyds Banking Group, and The Depository Trust & Clearing Corporation.
5. While telling ARK Invest and 21Shares to go pound sand by preemptively delaying decisions on Bitcoin Spot ETFs, the SEC sped up the launch of Ethereum Futures ETFs for Valkyrie Bitcoin and Ether ETF. It has also been rumored that the SEC had been telling companies to hurry up and get their IPOs done ahead of an impending government shutdown. Given the government is going to shut down this coming Friday, I would say their moves in these areas was smart. The delays are ominous though since those decisions were not expected until November.
6. I wonder what happened to make Binance get the hell out of Dodge. I had told you before that Binance was going to finally cease operations in Russia. Well, it looks like there is a new centralized exchange in Russia born from the sale from Binance. CommEx, a Seychelles-based company, will be taking over operations as per a statement released yesterday.
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