By Shikha Singh
Headline 1
Tether Scrutiny and Middle East Tensions Trigger $380 mn Crypto Liquidations.
On October 25, the Wall Street Journal revealed a U.S. Attorney’s Office probe into Tether, causing significant price swings for Bitcoin and other prominent cryptocurrencies. The article suggested that third parties may have used Tether’s platform for illegal activities. Tether responded with a firm denial, calling the report “reckless” and emphasizing that there was no official investigation.
Rising Middle East tensions following Israel’s strikes on Iran, along with this report, caused a bearish shift in the market. Bitcoin briefly fell to $66,500, with other digital assets like Solana, Ethereum, and BNB also declining by over 4%. Daily liquidations spiked to approximately $380 million, heavily impacting leveraged long traders who had bet on price increases.
FTX Settles $228 mn Dispute With Bybit.
FTX and Bybit settled their legal dispute, allowing FTX to recover $175 million in digital assets and sell $53 million in BIT tokens to Bybit’s Mirana Corp. This move aligns with FTX’s court-approved bankruptcy plan to repay up to $16.5 billion to customers, covering 98% of accounts under $50,000 within 60 days. FTX may also reclaim $230 million from DOJ-seized assets, aiming to fully repay customer balances from its 2022 bankruptcy.
Sandbox “SAND” Creator Sells 20 mn Tokens From Binance.
Animoca Brands, the creator of The Sandbox, recently withdrew 20 million SAND tokens (valued around $4.5 million) from the Binance exchange in two separate transactions. The first transaction occurred roughly 20 hours ago, followed by a second about 10 hours later. A wallet address received the tokens. SAND currently trades at $0.2607, up 0.66%, with a 24-hour trading volume of $38.38 million.
Cardano Teams With BitcoinOS to Tap BTC’s $1.4 tn Market.
Cardano, a major DeFi player, recently introduced the Chang rigid fork, enhancing governance power for token holders. Despite an 11% price dip over the past month, Cardano remains above $0.34. Now that Cardano has partnered with BitcoinOS, a BTC smart contract platform, ADA DeFi users will have direct access to Bitcoin’s vast $1.4 trillion market, potentially boosting Cardano’s prospects as a top altcoin to watch.
Emirates NBD to Explore Partior Blockchain For Payment Settlements.
Emirates NBD has partnered with Partior to leverage its blockchain platform for 24/7 real-time payments and settlements in the MENAT region. As the first bank on Partior’s network to offer UAE Dirham, Saudi Riyal, and Indian Rupee settlements, Emirates NBD aims to expand its role in handling major foreign currencies.
Emirates NBD may also invest in Partior, reflecting a strategic alignment in advancing global payments transparency and efficiency.
Aurum Equity Partners $1 bn Tokenized Fund To Invest In Datacenters in UAE & KSA.
Aurum Equity Partners has launched a $1 billion tokenized equity and debt fund for data center investments across the U.S., UAE, KSA, India, and Europe.
Using Zoniqx’s asset tokenization solutions on the XRP Ledger (XRPL), this initiative offers enhanced liquidity, compliance, and interoperability. Zoniqx’s Tokenized Asset Lifecycle Management (TALM) and DyCIST protocols will help transform assets into secure, regulatory-compliant tokenized instruments, enabling efficient secondary market trading.
Curve Finance App Fraudulent Version Hits Top 100 on App Store.
A fraudulent version of the Curve Finance app, titled “Curve defi v3” and developed by “Tao Duong Van,” has emerged on the Apple App Store, quickly rising to the top 100 finance app downloads as of October 26.
This counterfeit app misleads users by mimicking the legitimate Curve Finance logo and falsely claiming to offer token swaps and liquidity staking. User reviews indicate it is a crypto scam, raising concerns over data security and potential fund theft.
Bitcoin Open Interest Hits $33 bn All-Time High Amid Price Drop.
Bitcoin has struggled to stay above the critical $70,000 mark, resulting in $50 million in long liquidations after a 2% drop. This has impacted investor sentiment, raising concerns about further declines. However, many long-term traders remain optimistic, holding their positions despite the volatility.
Bitcoin’s Open Interest (OI) has hit an all-time high of $32.9 billion, indicating strong engagement from both institutional and retail investors. At $67,007, Bitcoin’s current price is approximately 10% lower than its all-time high of $73,800, indicating sustained market interest despite recent challenges.
Essence Finance’s Stablecoin plunges 98% in 24 Hours.
Rumors of the withdrawal of more than $20 million in collateral caused the value of Essence Finance’s decentralized stablecoin, CHI, to plummet by over 90% on October 26. According to Geckoterminal data, CHI, which typically trades at parity with the U.S. dollar, fell nearly 98% to $0.01338 within 24 hours. Allegations have surfaced against the protocol’s developers due to this significant decline. Essence Finance had not commented on the incident or its implications for the protocol’s operations.
OpenAI to Launch Next Flagship AI Model Before The End of 2024.
OpenAI plans to launch a new AI model, codenamed Orion, in December, following the recent release of OpenAI o1. Orion will initially be available only to select partner companies for product development before a wider release. It aims to significantly advance capabilities over GPT-4, focusing on reasoning, problem-solving, and language processing while reducing issues like hallucinations. Microsoft is preparing to host Orion on Azure by November. ChatGPT noted that Orion will excel in sectors like healthcare and finance, reflecting OpenAI’s strategy to remain competitive against rivals such as Google DeepMind and Meta. The recently introduced OpenAI o1 demonstrates notable improvements in code generation and complex problem-solving tasks.
OpenAI to Launch Next Flagship AI Model Before The End of 2024.
OpenAI plans to launch a new AI model, codenamed Orion, in December, following the recent release of OpenAI o1. Orion will initially be available only to select partner companies for product development before a wider release. It aims to significantly advance capabilities over GPT-4, focusing on reasoning, problem-solving, and language processing while reducing issues like hallucinations. Microsoft is preparing to host Orion on Azure by November. ChatGPT noted that Orion will excel in sectors like healthcare and finance, reflecting OpenAI’s strategy to remain competitive against rivals such as Google DeepMind and Meta. The recently introduced OpenAI o1 demonstrates notable improvements in code generation and complex problem-solving tasks.
You need to login in order to Like
