With hundreds of new cryptos and NFTs constantly popping up, it's really hard to keep up with all the news and major updates. From 99.99% falls in price and 1000% gains, to updates about crypto regulations in different countries and the latest NFT sales, find the most recent news on the market right now.
Trending Coin of the Week - Ripple (XRP)
Designed for international payments, XRPL is a crypto platform. This network trades the cryptocurrency XRP, which was introduced in 2012. Jed McCaleb and Chris Larsen founded XRP Ledger together. Stefan Thomas, David Schwartz, and Arthur Britto are a few further creators of the technology behind XRP Ledger. Former Ripple CTO Stefan Thomas was responsible for technology. XRPL's first white paper's co-author and current CTO is David Schwartz (Chief Technology Officer). The first white paper on Ripple was co-authored by Arthur Britto.
Based on market cap, XRP is placed sixth with a $23 billion market cap. Furthermore, it is also placed sixth when measured by its $1.6 billion 24 hour volume. Its price is $0.4625, up 9.35% from the previous week, and it has a circulating supply of 49.90B XRP. It may be purchased on a number of exchanges, including Bitstamp, Binance, etc. Numerous lawsuits have been made against XRP Ledger, raising concerns about the security of its blockchain, and it has been engaged in a legal conflict with the SEC since the late 2020s.
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Ripple Wins Decisively in SEC Lawsuit
Judge Torres’ decision for the SEC to turn up records from a 2018 speech by William Hinman, who was then the director of the SEC’s Corporate Finance Division, is a significant victory for Ripple Labs. After the decision was made public, XRP increased 10%. This decision follows a protracted legal dispute that might determine the future of several cryptocurrencies.
According to Forbes report, Helium Insiders Made Money Off the Project at expense of the community
According to a Forbes article, Helium insiders profited from the blockchain network to the disadvantage of the general public by almost $250 million. One of the wallets is reportedly associated with the wife of the CEO of Helium. In the first three months after its inception in 2019, these wallets mined more than 3 million of all HNT coins, according to analysis of on-chain statistics.
Vitalik wants Dogecoin and Zcash to switch to proof-of-stake
Vitalik Buterin, co-founder of Ethereum, expressed optimism that Dogecoin and Zcash will switch to PoS. When Ryan Selkis questioned Buterin at Messari Mainnet 2022 on whether all networks should switch to PoS, Buterin expressed this.
A third of UK citizens now own cryptocurrency as the pound declines
More than one-third of Brits already hold cryptocurrencies, with 41% of men and 27% of women having made investments. According to a recent study by VoucherCodes, 34% of British people own some sort of digital asset. British cryptocurrency consumers prefer the following currencies over all others: Bitcoin (20%), Ethereum (8%), Dogecoin (6%), Litecoin (5%), and Chainlink (3%). With petrol prices skyrocketing and the pound tanking versus its foreign competitors, the revelation that one-third of British citizens have entered the cryptocurrency market is set against a crisis in the cost of living.
For $1.4 billion, FTX to acquire Voyager Digital Assets
Sam Bankman-Fried, a cryptocurrency billionaire, won the auction for the assets of the defunct digital asset lender Voyager Digital using his FTX exchange. The largest offer was made by FTX, valued at $1.42 billion as per the statement made on September 26. The bid represented the fair market worth of all of Voyager’s cryptocurrency assets as of a future date that would be established. At today’s market pricing, this is projected to be worth roughly $1.31 billion. Additional attention has also been given to an estimated $111 million in added value.
Jihan Wu's Bitdeer Plans to Spend $250 Million Purchasing Assets From Dying Crypto Miners
Bitdeer, owned by Jihan Wu, will put aside $250 million to purchase assets from cryptocurrency miners. The business will raise an additional $200 million from outside investors in addition to investing $50 million in a junior tranche. Bitdeer CEO Matt Kong said regarding the plans, “We can buy the cheaper machines and run them in our existing facilities with stable and cost-effective power purchase agreements.”
According to a new report, Apple charges 30% commission for in-app NFT purchases
According to reports, Apple is charging businesses the standard 30% charge for in-app purchases on all NFT trades. “It feels like the position is that Apple doesn’t really want [its] users to be able to purchase or sell NFTs,” Alexei Falin, CEO of NFT startup marketplace Rarible told the paper. Because of Apple’s fees, Magic Eden co-founder and chief technology officer Sidney Zhang told The Information that the company has never attempted to provide buy and sell functionality on its app.
Since the merge, ETH issuance has decreased by 98%
Since the merger, the issuance rate of Ethereum has dropped by more than 90%. On-chain data indicates that the daily issuance of Ethereum has been dramatically reduced since the Merge, indicating that the asset is headed for deflation. Some claim that the drop in token supply is not solely attributable to the switch to PoS. They attributed the move on the Ethereum network’s decreased activity, which also implies cheaper gas prices.
Researchers at Stanford Suggest Reversible Ethereum Transactions
New Ethereum token standards termed ERC-20R and ERC-721R have been suggested by Stanford academics Kaili Wang, Qinchen Wang, and Dan Boneh. They were created as experimental opt-in token standards that permit undoing transactions when the circumstances and available proof so demand. The requirement for a reversible transaction is justified by the recent BAYC phishing attempts, Poly Network attack, Harmony Bridge penetration, and Ronin theft.
The most popular smart contract among Ethereum whales is Shiba Inu's BONE
BONE is the smart contract that the top 1000 Ethereum whales utilize the most, according to statistics from Whale Stats. The significant increase in the token’s value during the previous week might be connected to the recent attention.
Ethereum is just 55% finished
On September 15, Ethereum successfully “Merged,” but other network updates, including the Surge, the Verge, the Purge, and a Splurge, are on the way. The changes will each increase the scalability and security of Ethereum’s proof-of-stake protocol overall (PoS). According to co-founder Vitalik Buterin, Ethereum’s metamorphosis is just 55% complete, compared to the blockchain’s move to the environmentally friendly PoS consensus mechanism following the Merge.
Veritaseum accuses Coinbase of infringing its patent, which results in a $350 million lawsuit
Another cryptocurrency startup is suing Coinbase, the largest exchange in the country, on the grounds that Coinbase infringed on its proprietary crypto transfer method. The cryptocurrency company demands $350 million in damages from the exchange. Veritaseum said Coinbase had gained a “significant profit by virtue of the infringement” and that this conduct had resulted in sustained harm for its companies in order to justify the hefty damage cost.
China's Graphics Card Prices Drop Weeks After the Ethereum Merge
Following the Ethereum Merge earlier this month, prices for graphics processing units (GPUs) have dropped to their “lowest level ever” in China. According to the SCMP, sellers of graphics cards in China have reported plunging prices for mid- and high-end units over the previous two months. Electronics retailers in Shanghai claim that during the previous three months, demand and prices have fallen by roughly 40%.
Chinese Law Enforcement Forces Disrupt 200 Million Yuan Money Laundering Activities Using Digital RMB
Chinese law enforcement dismantled a scheme to launder money using digital yuan. The nation’s CBDC testing programme has recently expanded to new provinces. Authorities in China have put an end to a money-laundering scheme using its central bank’s digital currency that involved 200 million renminbi. Local media sites said that the operation was conducted in the country’s Fujian region after law officials uncovered a hint in August of this year.
IRS targets cryptocurrency users who do not pay taxes
A New York bank receives a John Doe summons from the IRS asking the transactional data of the partners’ clients. According to the new Inflation Reduction Act, the IRS will get $46 billion from the federal government for enforcement. According to U.S. Attorney Damian Williams, “Taxpayers are required to truthfully report their tax liabilities on their returns, and liabilities that arise from cryptocurrency transactions are not exempt.”
Details of Australia's CBDC Pilot Program and Whitepaper are published
The official whitepaper for the Reserve Bank of Australia’s central bank digital currency (CBDC) was made public on September 26. A pilot programme is scheduled to begin in the middle of 2023. In the project, the Reserve Bank of Australia will collaborate with the Digital Finance Cooperative Research Center (DFCRC). The nation is starting to control the cryptocurrency business more strictly as the whitepaper is released.ohhhh, i finished all of my parts
NFT and Metaverse Stats of the Week
Top NFT Sale of the Week – CryptoPunk #2924 – Ξ3.3k ($4.44M)
Top NFT Collection of the Week – CryptoPunks – Volume – Ξ7939 (~$10.3M)
Top Gaining Metaverse Token – Ethernity +184.62%
This Week’s Gainers and Losers
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