Here’s what happened in crypto today

Need to know what happened in crypto today? Here is the latest news on daily trends and events impacting Bitcoin price, blockchain, DeFi, NFTs, Web3 and crypto regulation.

Sam Bankman-Fried's criminal trial continued on Oct. 30, where he was asked to explain his previous derogatory remarks toward regulators. Meanwhile, CME now ranks second in the list of BTC futures exchanges and a hacker has reportedly stolen $4.4 million in crypto from 25 users that appear to be connected to LastPass.
Bankman-Fried grilled on his approach to crypto regulation
Former FTX CEO Sam Bankman-Fried was asked at his criminal trial to express his true feelings toward crypto regulation after it came to light that he had made disparaging remarks in the past.
Assistant U.S. Prosecutor Danielle Sassoon reportedly asked Bankman-Fried if he recalled his previous Twitter statements where he supported crypto regulation. "I don't remember," he said. Sassoon then asked, "But in private, you said, fuck regulators, right?"

Binance Q3 report calls crypto market ‘challenging’ amid high interest rates

It’s been a challenging quarter for crypto, Binance has confirmed in its Q3 “Market Pulse” report. The market was down in many sectors, the report found, although the entry of institutional players such as Deutsche Bank, Sony and PayPal helped offset some of the pain. 
The global crypto market capitalization was down 8.6% quarter-on-quarter (QoQ), “with the ‘higher for longer’ interest rate rhetoric set to persist.” Fundraising was at its lowest since Q4 2020 and down 21.4% QoQ, with infrastructure doing significantly better than other sectors.

Activity was down slightly on blockchains, with Near being the big exception. It saw an increase of about 120% QoQ. Near also saw a spike in active addresses that started in August. BNB Chain fell sharply, while Ethereum rose slightly and Solana fell slightly.
Related: Q3 2023 crowned most ‘damaging’ quarter for crypto amid $700M losses: Report
Total value locked (TVL) dropped 13.1% across decentralized finance despite an influx of real-world assets, while liquid staking saw a 10.5% increase. Ethereum was the leading blockchain with 55.1% of TVL, despite an 18.6% decline. Tron’s TVL rose by 17.9% QoQ. Tether USDT$1.00 accounted for 67.2% of the stablecoin market’s share. 

pectively, by unique active wallets, showing increased interest in move-to-earn games.

Bitcoin whale 'FOMO' hits as BTC price coils below $67K liquidity zone

Bitcoin bulls are closing in on ask liquidity, which, if taken, would overcome key resistance and unlock BTC price discovery.
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Bitcoin 
BTC
$66,320
 kept up pressure on key resistance into April 24 as research showed whales “buying the dip.”

BTC/USD 1-hour chart. Source: TradingView
Bitcoin whales seize the day
BTC price action circled $67,000 after a boost at the latest daily close, data from Cointelegraph Markets Pro and TradingView confirmed.
Still within a narrow range, bulls continued to grind away at nearby order book liquidity.
BTC liquidation heatmap (screenshot). Source: CoinGlass
According to current figures from monitoring resource CoinGlass, a bid wall of around $35 million on Binance was taken into the daily close, with the bulk of ask liquidity now sitting between $67,000 and $67,500.
“A 1-Month view of the order book illustrates how dynamic changes in liquidity placement impact overall price action,” trading resource Material Indicators wrote in part of a post on X (formerly Twitter).
“The NET effect of blocks of Bitcoin ask liquidity moving lower, and some blocks of bid liquidity moving higher tightens up the active trading range to roughly $62k - $68k.”
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BTC/USDT order book liquidity for Binance with whale volumes. Source: Material Indicators/X
An accompanying chart additionally showed trading behavior among classes of Bitcoin whales.
Of interest is the $1-$10 million order category, which, in contrast to others, increased exposure through April.
This adds to existing findings from research firm Santiment, with new analysis now revealing “FOMO” on the part of wallets with a balance between 1,000 and 10,000 BTC ($66.7 million — $667 million).

There are several ways to earn cryptocurrency, depending on your skills, resources, and risk tolerance. Here are some common methods:
1. **Mining:** This involves using computer power to solve complex mathematical problems that validate transactions on a blockchain. Miners are rewarded with cryptocurrency for their efforts. However, mining can be resource-intensive and may require specialized equipment.

2. **Staking:** Some cryptocurrencies use a proof-of-stake consensus mechanism, where users can earn rewards by holding and staking their coins in a wallet. This helps secure the network and validate transactions.

3. **Trading:** Buying and selling cryptocurrencies on exchanges can be a way to earn profits through price fluctuations. However, trading requires knowledge of the market and carries a high risk of loss.

4. **Investing:** Investing in promising cryptocurrencies and holding them for the long term can potentially yield significant returns if the value of the coins increases over time.

5. **Freelancing and Services:** Some platforms and websites pay in cryptocurrency for freelance work, such as writing, coding, or graphic design. You can also offer goods or services and accept cryptocurrency as payment.

6. **Airdrops and Bounties:** Some projects distribute free tokens through airdrops or offer bounties for completing tasks or promoting their project. Participating in these programs can earn you cryptocurrency.

7. **Interest Accounts:** Some platforms offer interest on deposited cryptocurrencies. By holding your coins in these accounts, you can earn a passive income.
8. **Lending:** Some platforms allow you to lend your cryptocurrency to others and earn interest on the loan.
It's important to research and understand the risks associated with each method before getting involved.

Crypto: MetaMask now has 30 million monthly active users!

The Ultimate Guide to Earning Cryptocurrency: Unleash the Power of Digital Assets

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‘Fuck regulators,’ said SBF behind closed doors: Report
The disgraced crypto executive frequently praised the need for crypto regulation in public.

Despite publicly supporting drafting crypto regulation to protect customers, disgraced crypto exchange FTX founder Sam “SBF” Bankman-Fried appears to have shared a deep disdain for regulators.

During SBF’s ongoing criminal trial, Assistant U.S. Prosecutor Danielle Sassoon inquired if the crypto executive could recall his previous Twitter statements regarding his support of blockchain regulation to protect customers. “I don’t remember,” SBF said. Sassoon asked, “But in private, you said, fuck regulators, right?”
“I said that once,” SBF replied. Among other profanities, the former crypto executive also stated that he viewed a “subset of people” on Crypto Twitter as “dumb motherfuckers.” Before his arrest, SBF testified in a 2021 hearing before the U.S. House Financial Services Committee on crypto regulation. 
“You said it [regulations] was P.R. [public relations]?” asked Sassoon. SBF responded, “I said something like that.”

During additional questioning, SBF also claimed that the benefits of helping draft crypto regulation included assisting in FTX taking market share from competitor exchange Binance. Before FTX’s collapse last November, SBF revealed that the exchange, along with sister hedge fund Alameda Research, held close to $15 billion in customers’ deposits, with $10 billion reported missing.
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On Nov. 8, 2022, Binance founder Changpeng Zhao signed a letter of intent to acquire FTX. The deal fell apart just a day later after Binance reportedly viewed FTX’s books and discovered the asset discrepancy. SBF recalled that on Nov. 7, 2022, customer net withdrawals amounted to $4 billion, or 100 times the volume of an average trading day, sending the company into a deep liquidity crisis.
#bitcoin #cryptocurrency #ftx #SBFFTX

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BTC price nears 2023 highs — 5 things to know in Bitcoin this week

Bitcoin BTC$30,591 starts the last week of October in classic style as 3% BTC price gains take cryptocurrency markets higher.
In what could yet turn out to be a classic “Uptober” for Bitcoin and altcoins, BTC/USD is back near 2023 highs as a resistance battle brews. Can the bulls win?
That is the key question for traders and market observers going into the week’s first Wall Street open as Asia sets the tone for a crypto comeback.
Given the extent of resistance to overcome, however, traders are playing it safe, with lofty

BTC price predictions less evident than expected, and few believe that the road beyond $32,000 will open up quickly or easily.
Bitcoin must also dodge potential headwinds in the form of macroeconomic data prints at a time when inflation continues to beat expectations.
Ahead of the United States Federal Reserve’s interest rate decision on Nov. 1, the month’s final prints will be all the more significant. Geopolitical events, meanwhile, add another element to market unpredictability.

With much at stake for crypto and risk assets, the week thus looks to be a rollercoaster in the making as Bitcoin bulls seek to effect a major trend change via a breakout from a multimonth trading range. #bitcoin #crypto2023

Five years ago, before the launch of Uniswap v1, I deployed a token called HayCoin to use for testing. This was back when gas was so cheap that mainnet could be used as as a testnet. After the launch of v1, I created a small test liquidity pool with a tiny fraction of the total supply and left the remainder in my wallet. I also used it to test the migration contract from Uniswap v1 to v2. Over the years, a few people have noticed it and bought it as a joke/for the novelty of it. Was extremely surprised to see people buying and selling significant dollar amounts this past week, treating it like a memecoin. Crypto can be weird sometimes. Ultimately, I’m uncomfortable owning almost the entire supply (~99.99%) of a token that people are memeing and speculating on, so I decided to burn the full amount in my wallet (”valued” at an absurd ~$650b). To be extremely clear, I will have no future involvement, have burned all the HAY in my wallet, and think speculating on it is silly. Also prefer a new logo that is not my PFP - ultimately if my photo is used in this way I may consider image takedowns.

Uniswap founder burns $650B HayCoin against speculation

Uniswap's Hayden Adams burned 99% of the HayCoin (HAY) supply on Oct. 20 over concerns about price speculation.

Uniswap founder Hayden Adams burned 99% of the HayCoin (HAY) supply on Oct. 20, according to an announcement on X (formerly Twitter). The majority of the tokens have been removed from circulation due to Adams’ concerns about price speculation over the previous days.
Adams deployed the HAY token for testing five years ago, before the launch of the decentralized protocol Uniswap. He created a small test liquidity pool with a tiny fraction of the total supply and kept over 99.9% of HAY tokens in his wallet. Just a few weeks ago, the token was trading like a memecoin in the six-figure range:
"Over the years, a few people have noticed it and bought it as a joke/for the novelty of it. Was extremely surprised to see people buying and selling significant dollar amounts this past week, treating it like a memecoin. Crypto can be weird sometimes."
According to Adam's post, about $650 billion worth of HAY tokens were burned. The Uniswap’s founder dubbed price speculation as "silly," noting that he does not want his profile picture associated with the token:
"Ultimately, I’m uncomfortable owning almost the entire supply (~99.99%) of a token that people are memeing and speculating on, so I decided to burn the full amount in my wallet (”valued” at an absurd ~$650b)."

When a token is burned, it is permanently removed from circulation. But it also creates inflationary effects on their price since it decreases the amount of available units. At the time of writing, the HAY token is traded at $2,392,640, up over 235% in the past 24 hours, according to CoinGecko.
Adam’s move raised a few eyebrows on X. Aside from the impact on the HAY price, users pointed out that the token burning could be considered a taxable event. "Assuming a cost basis of $0, a ~$650 billion disposal gives rise to ~$128 billion long-term capital gains liability," wrote a user.

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US Treasury sanctions Gaza-based crypto operator allegedly tied to Hamas

According to the U.S. Treasury, federally designated terrorist groups including Hamas, ISIS and an al-Qaeda affiliate used the Buy Cash Money and Money Transfer Company to transfer funds.

The Office of Foreign Assets Control (OFAC) of the United States Department of the Treasury has sanctioned a crypto operator allegedly connected to the Palestinian militant group Hamas.
In an Oct. 18 notice, OFAC announced sanctions for Hamas operatives and financial facilitators following the group’s attack on Israel. The entities added to OFAC’s list of specially designated nationals included a “Gaza-based virtual currency exchange and its operator” with a Bitcoin BTC$29,600 wallet address.
According to the Treasury Department, the sanctions were aimed at “root[ing] out Hamas’s sources of revenue” following an Oct. 7 attack that resulted in the deaths of many Israelis. The exchange using digital currency, named Buy Cash Money and Money Transfer Company, is operated by Gaza resident Khan Yunis — with the Treasury alleging that both the firm and Yunis were “linked to Hamas”. Ahmed M.M. Alaqad, the owner of the business, was also named in the sanctions.
“We will continue to take all steps necessary to deny Hamas terrorists the ability to raise and use funds to carry out atrocities and terrorize the people of Israel,” said Treasury Secretary Janet Yellen. “That includes by imposing sanctions and coordinating with allies and partners to track, freeze, and seize any Hamas-related assets in their jurisdictions.” 

Blockchain analytics firm Elliptic reported on Oct. 18 that several terrorist groups had used the money transfer company, with more than $25 million in BTC and Tether USDT$1.00 moving through the firm since 2015. In addition to Hamas, the entities allegedly connected to the firm included an al-Qaeda affiliate and ISIS (Islamic State of Iraq and Syria). 

Binance, Snapchat and capital among things SBF was ‘freaking out’ about
Former FTX CEO Sam Bankman-Fried was once “freaking out about” getting regulators to crack down on Binance and raising capital from a Saudi crown prince, according to former Alameda CEO Caroline Ellison.
Weeks and months before the collapse of crypto exchange FTX, former CEO Sam Bankman-Fried was “freaking out” about Alameda, buying shares in Snapchat, raising capital from Saudi royalty and getting regulators to crack down on rival crypto exchange Binance.
So was written in former Alameda Research CEO Caroline Ellison’s personal notes about
#CRYPTO FTX and Alameda, which prosecutors presented on the second day of her testimony in New York.
During the trial, Ellison told jurors that a crash in the Terra ecosystem in May 2022 was significant enough to get Bankman-Fried to consider shutting down Alameda and seeking to raise $1 billion in capital from the Saudi Prince, known for his investments in blockchain gaming through Saudi Arabia’s sovereign wealth fund. ​​
Another priority for Bankman-Fried a year ago was “getting regulators to crack down” on the crypto exchange Binance, a move intended to increase FTX’s market share, according to Ellison. She didn’t provide any details on how Bankman-Fried planned to do it.
Bankman-Fried was also seeking more funds from crypto lender BlockFi, which had already lent Alameda over $660 million, she said. His other top concerns included trading bonds issued by the Japanese government, buying Snap Inc (SNAP) stocks and “Willie being happy.”
While the list doesn’t specify who “Willie” was, the name was possibly a reference to Bankman-Fried’s mentor, William MacAskill.
According to Ellison, Bankman-Fried blamed her for Alameda’s troubles and poor hedging. During the trial, Ellison admitted that a better hedge strategy could have helped Alameda face the crypto winter, but noted that the company also had large open-term loans and had spent billions from its line of credit with FTX.
#crypto2023

Binance.US asks users to convert USD into stablecoins for withdrawals

Binance.US users “may convert” their U.S. dollar holdings to stablecoins or other digital assets to withdraw the funds from their accounts, the firm said.

Cryptocurrency exchange Binance.US has updated its terms of service, hinting that direct withdrawals in United States dollars are no longer supported on the platform.
Binance.US updated its terms of service on Oct. 16, modifying the section about the “BAM Fiat Wallet,” referring to Binance.US services related to U.S. dollar custody.
In the updated terms, Binance.US wrote that users “may convert” their U.S. dollar holdings to stablecoins or other digital assets to withdraw the funds from their accounts.
Some cryptocurrency enthusiasts took to X (formerly Twitter) to confirm the terms of service’s change on Binance.US. “Binance seizes USD. Don’t worry you can buy Tethers printed out of thin air or shitcoins,” one crypto observer wrote on X.

Similarly to previous terms of service updates, Binance.US stressed that digital assets are not eligible for insurance protection by the Federal Deposit Insurance Corporation (FDIC).
“In the event we terminate our relationship with a USD custodian and we are unable to find another USD custodian, we will provide notice and time to withdraw your U.S. dollar deposits,” Binance.US wrote in an update on May 5, 2023. The firm added:
“Any U.S. dollar deposits that are not withdrawn by the deadline provided in the notice will be converted to stablecoin digital assets and transferred to your digital assets account.”
The latest updates to Binance.US’ terms of service notably differ from a version posted in May 2023. At the time, the page included now-removed information that BAM — Binance.US’ operator — is not a member of FDIC and is not a bank but has “worked with the USD custodians” to ensure U.S. dollar deposits are held by custodians in omnibus accounts at FDIC-insured banks.

Crypto Aid Israel raises $185K in 10 days, distributes aid to 4 organizations

The organization is a collective of Israeli Web3 community members and international companies striving to alleviate suffering in the south of Israel.

The Crypto Aid Israel collective has raised over $185,000 since its creation less than two weeks ago and has distributed aid to several humanitarian groups. 
The organization has carried out two rounds of aid distribution so far, dispensing around 200,000 shekels ($50,000). Nongovernmental organizations benefitting from its efforts include the Foundation for Advancing Citizens of Eshkol Regional Council, which has provided transportation and shelter to people living close to Gaza.
Zaka has received funds to purchase medical equipment and protective gear for its workers on the front lines.
Related: Crypto donations to surpass $10B in a decade: The Giving Block
Lev Echad by Or Hanegev veHagalil, which normally works with at-risk youth, has received funds for food, hygiene products and clothes for residents of areas adjacent to Gaza who chose to remain in the areas to provide protection and support.
Latet is using funds for a large-scale operation to provide food and hygiene products for people from the south of Israel who remain there or have been relocated. Eyal Gura, crypto and new digital initiatives adviser to Latet, said:

“We believe that while modest initially, the crypto channel is an important, speedy and innovative one and will enable new contributors to join our global ecosystem and support Israel in such an important hour.“
Donations to Crypto Aid Israel can be made to a multisignature wallet via its website. The organization warns people to be cautious when they donate, as phishing attacks have occurred.

The Crypto Aid Israel initiative was led by the Israeli Web3 community, with companies providing support as well. Global accounting firm KPMG assisted with fundraising and distribution. Zengo, Fuse, Wonderland, Psagot Equity and other companies have contributed to the effort as well.

Binance Q3 report calls crypto market ‘challenging’ amid high interest rates

The world’s largest cryptocurrency exchange painted a somber picture of the market, with occasional bright spots for individual players

It’s been a challenging quarter for crypto, Binance has confirmed in its Q3 “Market Pulse” report. The market was down in many sectors, the report found, although the entry of institutional players such as Deutsche Bank, Sony and PayPal helped offset some of the pain. 
The global crypto market capitalization was down 8.6% quarter-on-quarter (QoQ), “with the ‘higher for longer’ interest rate rhetoric set to persist.” Fundraising was at its lowest since Q4 2020 and down 21.4% QoQ, with infrastructure doing significantly better than other sectors.
Activity was down slightly on blockchains, with Near being the big exception. It saw an increase of about 120% QoQ. Near also saw a spike in active addresses that started in August. BNB Chain fell sharply, while Ethereum rose slightly and Solana fell slightly.
Related: Q3 2023 crowned most ‘damaging’ quarter for crypto amid $700M losses: Report
Total value locked (TVL) dropped 13.1% across decentralized finance despite an influx of real-world assets, while liquid staking saw a 10.5% increase. Ethereum was the leading blockchain with 55.1% of TVL, despite an 18.6% decline. Tron’s TVL rose by 17.9% QoQ. Tether USDT$1.00 accounted for 67.2% of the stablecoin market’s

Nonfungible token (NFT) sales continued their slide. September was the worst month for NFT sales since January 2021 at around $300 million. The average sale price that month was $38.17, down from a high of $791.84 in August 2021. However, transactions with NFTs were up overall despite a sharp downturn in September. 

Binance shutting down European Visa debit card in December

Mastercard ended its partnership in Latin America and Bahrain with Binance in September, possibly due to the regulatory environment.

Binance Visa debit card services will close down in the European Economic Area (EEA) on December 20, according to an announcement by the cryptocurrency exchange on Oct. 20. Binance accounts will be unaffected.
According to a Binance letter to customers posted online, the Binance card issuer, Finansinės paslaugos “Contis” — or Contis Financial Services — will stop issuing the card. Contis is a Lithuanian electronic money institution and currency exchange operator owned by German banking-as-a-service platform Solaris Group, which is active in 30 European countries.
The Binance Visa debit card converts crypto in users’ Binance accounts into local currencies, thus allowing them to use crypto to pay for purchases in stores and online. The EEA comprises all 27 European Union member states and Iceland, Liechtenstein and Norway.

Sam Bankman-Fried asked FTX attorney to ‘come up’ with legal argument for $8B hole

Former FTX CEO Sam Bankman-Fried instructed former general counsel Can Sun to “come up” with any legal explanation for the $8 billion hole in Alameda Research’s books, according to Sun’s testimony in court on Oct. 19.
Sun flew from Japan to testify in the ongoing trial as part of his nonprosecution agreement with the United States Department of Justice. During his testimony, Sun revealed that he learned of the billion-dollar hole between the two companies on Nov. 7 after receiving a spreadsheet indicating the debt. “I was shocked,” he told jurors.
Asset manager Apollo Capital was intended to receive the spreadsheet as FTX attempted to raise new funding during the “liquidity crunch” of early November. In response to Apollo’s inquiry about the $8 billion hole, Bankman-Fried allegedly asked Sun to “come up with a legal justification.”
As Sun admitted in his testimony, he had considered some legal options. Among them were dormancy fees and collateral liquidations during the market downturn, but the missing amounts were too large to ignore. Also, FTX’s terms of service were clear that funds belonged solely to users:
“None of the Digital Assets in your account are the property of, or shall or may be loaned to, FTX Trading; FTX Trading does not represent or treat Digital Assets un user’s accounts as belonging to FTX Trading.” 
Bankman-Fried “wasn’t surprised at all” with the circumstances, Sun claimed, while former engineering director Nishad Singh “was gray, like his soul was taken from him.” 
Later that same day, Sun learned from Singh about Alameda’s $65 billion line of credit with FTX. He resigned the next day, over a year after joining the exchange. 
During his time at the company, Sun relied on Bankman-Fried’s assurance that funds were segregated to produce legal documents for FTX and answer inquiries from regulators, he told jurors. “I’d never approve anything like that.”