Bitcoin dropped 5.83% this week, falling from over $65,000 to about $62,000. While many altcoins suffered, SUI surged 115% in a month after adding USDC to its blockchain, boosting user activity.
In other news, the upcoming HBO documentary “Money Electric: The Bitcoin Mystery” hints at revealing the true identity of Bitcoin's creator, Satoshi Nakamoto. Filmmaker Cullen Hoback is behind the project.
As such, late cryptographer Len Sassaman is gaining attention, with Polymarket bettors believing he might be unveiled as Bitcoin's inventor in the documentary.
Let’s dive into six key crypto stories from the past week! Check them out below!
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TOP CRYPTO NEWS RECAP (September 29 – October 05, 2024)
● HBO Documentary Teases Revelation of Bitcoin's Creator, Satoshi Nakamoto
● Coinbase to Delist Noncompliant Stablecoins by December under EU MiCA Rules
● Visa Unveils Tokenized Asset Platform for Digital Asset Management
● SEC Appeals Ripple Ruling on XRP Classification
● PayPal Completes First Corporate Payment Using PYUSD Stablecoin
● SWIFT to Launch Digital Asset Trials with Banks in 2025
HBO Documentary Teases Revelation of Bitcoin's Creator, Satoshi Nakamoto
Filmmaker Cullen Hoback, known for his HBO miniseries on QAnon, is set to release a new documentary, Money Electric: The Bitcoin Mystery. The documentary hints at the possible unveiling of Bitcoin creator Satoshi Nakamoto. While Hoback teases that the film could reveal Nakamoto’s identity, neither the trailer nor his statements confirm if an individual or group has been definitively identified. The documentary, airing on October 8, explores the long-standing mystery surrounding Bitcoin's origins, which has intrigued the crypto community since Nakamoto's disappearance in 2010.
Coinbase to Delist Noncompliant Stablecoins by December under EU MiCA Rules
Coinbase will remove stablecoins that don’t comply with the European Union’s Markets in Crypto-Assets (MiCA) regulations by December 30, 2024. This move aligns with stricter oversight of crypto firms. European Economic Area (EEA) users can convert non-compliant stablecoins into compliant ones like USD Coin (USDC). MiCA requires stablecoin issuers to hold an e-money license within the EU, impacting major tokens like Tether (USDT). Other exchanges, such as OKX and Bitstamp, are also adjusting their offerings to meet these regulations.
Visa Unveils Tokenized Asset Platform for Digital Asset Management
Visa introduced the Visa Tokenized Asset Platform (VTAP)on October 3. It is designed to issue and manage digital assets, including stablecoins and central bank digital currencies (CBDCs). In a sandbox phase, participants like Banco Bilbao Vizcaya Argentaria (BBVA) are testing the platform. VTAP offers an infrastructure for secure minting, transferring, and settling digital assets across blockchains. Visa aims to help banks digitize operations using blockchain technologies, with plans for a live pilot phase in 2025, leveraging public and permissioned blockchains for interoperability.
SEC Appeals Ripple Ruling on XRP Classification
On October 2, the U.S. Securities and Exchange Commission (SEC) filed an appeal in its lawsuit against Ripple Labs, aiming to overturn a 2023 ruling by Judge Analisa Torres. The ruling declared that secondary sales of Ripple's XRP did not qualify as securities under the SEC's Howey test. While Torres ruled early sales to institutional investors as securities, the broader decision was seen as a win for Ripple and the crypto industry. The appeal could reignite legal challenges surrounding XRP’s classification.
PayPal Completes First Corporate Payment Using PYUSD Stablecoin
On October 3, PayPal processed its first business paymentusing its proprietary stablecoin, PayPal USD (PYUSD), in a transaction with accounting giant Ernst & Young. The payment was facilitated through SAP’s digital currency hub, though the invoice amount was undisclosed. Launched in August 2023, PYUSD is backed by U.S. dollar deposits and short-term U.S. Treasuries. PayPal’s senior vice president, Jose Fernandez da Ponte, highlighted the stablecoin’s potential for corporate transactions, offering faster payments with reduced volatility. PYUSD currently ranks eighth among stablecoins in terms of market capitalization.
SWIFT to Launch Digital Asset Trials with Banks in 2025
SWIFT announced that it will begin trials of digital assets in 2025, involving banks from North America, Europe, and Asia. The trials will explore multi-ledger transactions across digital currencies and asset classes, focusing on payments, foreign exchange, and securities. SWIFT aims to address the fragmentation in the digital asset space, linking disconnected platforms and digital currencies with traditional financial systems. The goal is to create a unified network for seamless global transactions using digital assets and fiat currencies.
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