According to BlockBeats, in response to the news that "Tesla made its first Bitcoin transfer in two years, transferring $770 million in Bitcoin to multiple new addresses", CryptoQuant CEO Ki Young Ju said that even if Tesla chose to sell these Bitcoins, the impact would only be slightly more than half of the German government. The German government's actual profit was $816 million, while Tesla's was $515 million as of today.
According to CoinDesk, total crypto venture capital investment in the third quarter of 2024 was $2.4 billion, a 20% decrease from the second quarter, and the number of transactions decreased by 17%. The total investment in the first three quarters of this year was $8 billion, and the full-year investment is expected to be slightly higher than in 2023.
The Galaxy Digital report states that high interest rates, spot crypto ETFs, and the industry crash in 2022 have affected investor interest. Early-stage companies received 85% of investments, while late-stage companies received only 15%.
According to Odaily Planet Daily, Claudia Sahm, founder of Sam's Rule and economist, said she expects the Federal Reserve to continue to steadily cut interest rates, but is unlikely to cut interest rates by 50 basis points as sharply as in September. Although the Fed's efforts to curb inflation have been successful so far, Sahm acknowledged that consumers may not view the economy as positively as experts.
● Radiant Capital suspends lending market following $50 million cybersecurity breach
Radiant Capital has suspended its lending market after it and two cybersecurity firms disclosed a cybersecurity breach of more than $50 million, PANews reported.
Cybersecurity company Ancilia Inc. estimated the losses at around $50 million. Radiant was controlled by a multi-signature wallet, and the attacker controlled the private keys of multiple signers and then controlled multiple smart contracts.
● Binance Research: EU MiCA Act may have a profound impact on global stablecoin regulation
The latest research report released by Binance Research points out that stablecoins are becoming an increasingly important application of blockchain technology, and the regulatory attitudes of various regions towards stablecoins are evolving rapidly.
Globally, stablecoin regulation began with the launch of Facebook’s Libra project in 2019 and subsequently accelerated significantly following the collapse of Terra UST in 2022. Governments aim to ensure the stability of the financial system and protect consumer rights while promoting technological innovation and development. Stablecoins are mainly divided into three types: real asset-linked, digital asset-backed and algorithmic. Real asset-linked stablecoins are currently the most common type and are subject to strict supervision in various places.
The report shows that the European Union, Dubai, Singapore and other places have developed their own stablecoin regulatory frameworks, while the UK has adopted a step-by-step strategy, prioritizing comprehensive analysis and emphasizing cooperation with stakeholders. The MiCA Act launched by the EU is considered to be one of the most comprehensive stablecoin regulatory frameworks in the world. Its goal is to unify regulations, reduce market fragmentation, and provide market participants with a clear legal basis.
Meanwhile, the United States has not yet formed a unified federal framework for stablecoin regulation, but multiple agencies have already regulated it. In contrast, Singapore and Dubai have adopted clear regulations to ensure the transparency and security of stablecoins in their financial systems.
Binance Research said that forward-looking regulation of stablecoins is essential to establishing a global framework for an open financial system. By establishing clear and comprehensive regulatory policies, we can protect the interests of the market and consumers while encouraging innovation, laying a solid foundation for the future development of digital finance. The advancement of such regulation will greatly enhance market confidence in stablecoins and provide legal certainty.
● Binance Labs invests in Lombard to help Bitcoin connect to the DeFi ecosystem
According to Binance blog news, Binance Labs announced its investment in Lombard. Lombard is the developer and issuer of LBTC, a security-first Bitcoin liquid pledge token that represents Bitcoin pledged to the Babylon platform. Users can participate in DeFi through the platform while maintaining the value of the original assets and earning income.
Lombard is currently the largest Bitcoin liquidity staking platform, with a total locked value (TVL) of over $500 million. This investment will help Lombard expand to more blockchain networks and further promote the integration of Bitcoin and DeFi.
● Thailand's Siam Commercial Bank launches stablecoin cross-border payment service
According to Cointelegraph, Siam Commercial Bank (SCB), Thailand’s oldest commercial bank, announced that it will cooperate with fintech company Lightnet to provide customers with stablecoin cross-border payment and remittance services.
The service will allow customers to conduct cross-border transactions around the clock and reduce transaction costs. Lightnet CEO Tridbodi Arunanondchai emphasized that this project promotes financial inclusion and provides unique value to retail, corporate and institutional customers.
The service has been tested under the Bank of Thailand’s regulatory sandbox, which allows financial institutions to experiment with digital assets under looser restrictions.
