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Last Updated : October 28, 2022 / 08:07 AM IST
Cryptocurrency roundup for October 28: Largest Bitcoin miner in the world foresees bankruptcy, Crypto exchange FTX developing a stablecoin, Hong Kong to allow retailers trade in cryptos, and more<!– Moneycontrol Daily | Your Essentials 7 –>
A daily round-up of the most interesting articles on cryptocurrencies like Bitcoin, Ethereum and Tether to help jump-start the day
Market Buzz
Bitcoin and Ethereum flat, but Dogecoin steals the show
While popular meme coin Dogecoin took centre stage as billionaire and Tesla CEO Elon Musk’s acquisition of Twitter reached the endgame, Bitcoin was trading at roughly $20,500 on October 27, down marginally. Over the previous day, Dogecoin saw a 12 percent increase. Although he is being sued by a Dogecoin investor for allegedly running a pyramid scheme with the coin, Musk has been a significant backer of Dogecoin.
The increase in Dogecoin comes after the surge in Bitcoin on October 26 when it briefly reached the $21,000 level and hit its highest level in almost a month. Ethereum also traded at its monthly highs of around $1555 level, up 21 percent over the last week
Big Story
Bitcoin miner Core Scientific warns of bankruptcy, stock drops over 75%
One of the biggest Bitcoin miners in the world, Core Scientific, issued a warning to its shareholders on October 27 that it would file for bankruptcy if its financial situation did not improve. As a result, the stock fell by almost 75 percent.
The firm said in a statement to its shareholders that it was looking into a number of solutions to overcome the gap, including hiring advisors, raising extra funds, or reorganizing its current capital structure. Read further
Corporate Watch
FTX is developing a stablecoin, says Sam Bankman-Fried
Sam Bankman-Fried, the CEO of cryptocurrency exchange FTX, on October 27 said the company is developing a stablecoin even as he claimed that his recent acquisitions were meant to stabilize the ailing digital assets market and strengthen its position in the United States.
Bankman-Fried expressed his optimism for the future of cryptocurrencies in an interview with The Big Whale, noting that they will have more applications as a result of advances in the underlying technology. Details here
Regulation review
Hong Kong to legalise crypto trading
Hong Kong is getting ready to enact new rules that would make trading in digital assets by retailers lawful in the city, as part of its efforts to position itself as the center for cryptocurrencies. The initiative, which is scheduled to start in March of next year, would necessitate the licensing of cryptocurrency platforms. However, the timeline for the change is still up for public opinion.
The city’s move to allow crypto trading comes as it works to recover its status as a leading cryptocurrency hub after COVID-19, political unrest and regulations dimmed the city’s image as a favourable location for cryptopreneurs to operate. Read further
Tech forward
Google to introduce a blockchain node engine for Ethereum developers
Software giant Google announced a cloud-based node engine service for Ethereum developers and projects. This service would let Google’s customers automatically manage and keep an eye on their nodes.
Web3 companies who require dedicated nodes can relay transactions, deploy smart contracts, and read or write blockchain data with the reliability, performance, and security they expect from Google Cloud compute and network infrastructure, Google stated. Read more
Market movement
Crypto exchange Huobi Global to delist its HUSD stablecoin
Cryptocurrency exchange Huobi Global on October 27 announced the ceasing of trading and the delisting of its stablecoin HUSD which was launched in 2018 as a “stablecoin solution” that accepted the backing of dollar-pegged tokens.
In a notice to its users, Huobi Global stated that the service termination and delisting of HUSD will start at 08:00 (UTC) on October 28, 2022, and in the meantime, users’ HUSD assets will be converted to USDT assets at a 1:1 ratio. Details here
Market Minutes | All you need to know ahead of the opening bell
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