Crypto Flipsider News – Bitcoin (BTC) Update; ENS Spikes 10%; EU Crypto Regulation; MENA Crypto Adoption; Celsius (CEL) Execs Indicted
Read in the Digest:
- Bitcoin (BTC) holds above $20k, hashrate reaches new all time-high
- Ethereum Naming Service (ENS) spikes by 10% in the past 24 hours
- European Council approves the EU’s MiCA crypto regulatory framework
- MENA region emerges as the fastest-growing crypto region in the world
- The top 3 executives of Celsius withdrew $56m in crypto before bankruptcy
Bitcoin (BTC) Holds Above $20k, Hashrate Reaches New All-Time High
After the surprise surge on October 5th that drove the price of Bitcoin (BTC) above $20,000, the world’s largest crypto is keeping up the momentum to hold above the critical support region.
Over the last 24 hours, Bitcoin is showing marginal gains of 0.9% to trade at an inter-day high of $20,408. Bitcoin’s tenacity to stay above $20k is in contrast to the macroeconomic environment, which remains bearish.
The 24-hour price chart for Bitcoin (BTC). Source: CoinMarketCap
The price rise for Bitcoin (BTC) comes as whales resume reaccumulation of the asset. Data tracker Santiment has reported that the BTC balance on exchanges has dropped to 9% for the first time since 2018, as whales continue buying in bulk.
In addition, the Bitcoin mining hashrate has also surged to a new all-time high. Amidst the growing accumulation, the Bitcoin hashrate tapped a new ATH of 321.15 EH/s before plummeting to 226 EH/s.
Flipsider:
- Cardano’s founder, Charles Hoskinson, has called for Bitcoin mining to be halted as mining consumes a “humongous” amount of power.
Why You Should Care
The rally brings a much-needed moment of relief for the tumultuous crypto market, with investors hoping for more gains in the month of “Uptober.”
Ethereum Naming Service (ENS) Spikes By 10% in the Past 24 Hours
The Ethereum Naming Service (ENS), a distributed naming system based on the Ethereum blockchain, that converts addresses like test.eth to alphanumeric codes that are machine-readable, is enjoying a strong move to the upside.
Breaking out of its September-bound range, the price of ENS has been reinvigorated in Uptober, recovering from as low as $14.13 to trade as high as $17.79 on Thursday, October 6th.
Over the last 24 hours, the price of ENS has risen by 10%, making it the second-biggest gainer of today. The price spike has shot ENS into the top 100 cryptos ranked by market cap.
The 24-hour price chart for Ethereum Naming Service (ENS). Source: CoinMarketCap
Flipsider:
- Despite the bearish market of September, over 437k new names were created on ENS, taking its total to over 2.6 million names.
Why You Should Care
The price rise is linked to increased activity and interest in the naming service. In the last 24 hours, more than $160 million worth of domains has been traded on the Ethereum Naming Service, the highest volume recorded since August 22nd.
European Council Approves the EU’s MiCA Crypto Regulatory Framework
The European Council, on October 5th, approved the European Union’s Markets in Crypto-Assets (MiCA) regulation in a bid to establish consistent legislation to guide the operation of digital asset exchanges and other service providers in EU member states.
If the proposal is approved by the European Parliament’s economic affairs committee on October 10, it will be translated into over 20 official EU languages. The framework will then be covered by the EU’s official journal to formalize its enforcement.
After MiCA’s 12-18 month adaptation period, the legislation can then be formally adopted at the start of 2024, at the earliest. The EU also seeks to exchange views with US officials on the development of crypto legislation.
The European Council adopted MiCA in 2021, after its initial proposal in September 2020 by the European Commission. The European institution negotiated the technical details of MiCA after reaching a political agreement in June 2022.
Flipsider:
- MiCA’s restriction on non-euro-denominated stablecoins like USDT and USDC was reincluded in last Wednesday’s approved draft by French officials.
Why You Should Care
MiCA will establish a first–time regime of regulated crypto-asset service providers across EU member states once it becomes operational.
MENA Region Emerges as Fastest-Growing Crypto Region in the World
The adoption of cryptocurrencies has steadily been on the rise despite the bearish market. A new study from Chainalysis shows that the Middle East & North Africa (MENA) region is adopting the technology faster than others.
According to the report published by Chainslysis, users in the MENA region obtained $566 billion in cryptocurrency from July 2021 to June 2022, an increase of 48% from what they received the year before.
Chainslysis reports Turkey, Egypt, and Morocco to be the top countries in the Mena region in terms of crypto adoption. These countries are now ranked 12th, 14th, and 24th based on Chainslysis’ global crypto adoption metrics.
The region is followed closely by Latin America, North America, and Central and Southern Asia. These regions recorded an increase of 40%, 36%, and 35%, respectively, in the last year.
Flipsider:
- Chainalysis published a report showing that global cryptocurrency adoption was slowing down in developed regions due to the impacts of the crypto winter and inflation.
Why You Should Care
The rise in adoption in the MENA region is helped by people turning to crypto for savings preservation and remittance payments.
Top 3 Executives of Celsius Withdrew $56M in Crypto Before Bankruptcy
The Wednesday court filings of Celsius indicate that the top three executives of the now-bankrupt crypto lender withdrew a total of $56.12 million in crypto before the firm froze withdrawals and filed for bankruptcy.
According to the Statement of Financial Affairs, former CEO Alex Mashinsky withdrew around $10 million in cryptocurrency in May, former CSO Daniel Leon withdrew about $7 million between May 27 and May 31, and CTO Nuke Goldstein withdrew about $13 million.
In addition, Leon and Goldstein withdrew an additional $4 million and $7.8 million worth of CEL denoted as “collateral.” According to the filing, the withdrawals were between May and June and were done in bitcoin (BTC), ether (ETH), USDC (USDC), and CEL tokens.
Flipsider:
- Celsius has experienced some notable changes in the past weeks. On Tuesday, CSO Leon stepped down, to be replaced by Celsius’ global tax director, Lior Koren, a week after the resignation of CEO Mashinsky.
Why You Should Care
The filing cast more light on Celsius as an independent examiner has been appointed to investigate why Celsius fell apart and how it managed and stored customer deposits.
Text source: DailyCoin.com
