Wanchain

“reHash” — Your Weekly Summary of Everything Important in the Crypto World — issue no. 3

Published by Liam on

reHash issued for October 2nd to October 8th 2020

Hey everyone and welcome back to reHash, this one comes just a few days after the previous one was released. It might be just me, but I feel as though this week has been a little less action-packed than we are used to. Not necessarily a bad thing. Without a further ado, this week in crypto!

NOTE:
reHash is not intended to be original journalism. It is intended to be brief summary of significant articles and events from the past week with links to the original sources. Sources will always be linked and credited. If you know any good newsletters or Twitter accounts which provide news we have been missing, please mention them in the comments!

ADOPTION

  1. Square Inc. has purchased $50 million in Bitcoin (4700 BTC). “We believe that bitcoin has the potential to be a more ubiquitous currency in the future,” said the CFO of Square Inc., the purchase translates to about 1% of Square Inc’s total assets; their stock price reacted positively
    SOURCE: 1, 2, 3, 4

  2. Christie’s one of the worlds most known auction houses sells their first NFT art for over $ 131 thousand; it was the first NFT to be sold at a major auction house
    SOURCE: 1, 2, 3

  3. Godfrey Bloom, a former member of the European Parliament (fames for example for calling the entire banking system a scam) has bought BTC; he has been a long time gold investor
    SOURCE: 1, 2

  4. Estonia is working on a CBDC; Eesti Pank (Bank of Estonia) confirmed last Friday that it was working on CBDC with the blockchain partner, Guardtime and The SW7 Group; The Bank of Korea will test their own CBDC as well
    SOURCE: 1, 2, 3

  5. China has transferred over $162 million over DCEP during it’s trial, China seems to be leading the CBDC race
    SOURCE: 1, 2, 3

DEVELOPMENT

  1. Ethereum 2.0 Testnet blockchain has already reached 75 GB of data (2 months); for comparison BTC’s whole blockchain sits at around 350 GB of data for over a decade worth of existence; Ethereum 1.0 mainnet sits at about 500 GB over four years.
    SOURCE: 1

  2. IOTA Smart Contracts are in the pre-alpha stage
    SOURCE: 1

REGULATION

  1. Bitmex CEO Arthur Hayes resigns following recent legal fillings. Samuel Reed, Ben Delo and Greg Dwyer will all not hold executive positions in the 100x Group; “leadership changes at 100x Group”;100x is the parent company of Bitmex; over $420 million has left BitMEX following these Federal Charges
    SOURCE: 1, 2, 3, 4, 5

  2. Ripple might consider moving the headquarters over the harsh regulation in the USA and their problems with SEC (is it a security or not) according to the Executive Chairman Chris Larsen, according to him USA is losing the technology cold war with China
    SOURCE: 1, 2, 3, 4, 5, 6

  3. John McAfee has been arrested in Spain and faces extradition to the US over tax evasion charges; the charges include McAfee leveraging his fame to make more than $23.1 million by recommending at least seven ICO’s to his followers
    SOURCE: 1, 2, 3, 4

  4. UK regulator, FCA, bans crypto derivatives sale to retail consumers, ban comes into effect on January 6, 2021; it pertains to the companies in UK; could be a blow for companies like Revolut;
    SOURCE: 1, 2, 3, 4

GENERAL UPDATES

  1. Kucoin apparently traced the suspects of the hack or incident that happened last week, law enforcement officials and police are involved to take action; Kucoin was able to recover substantial amounts of money that were stolen ($204 out of $281 million as per Kucoin’s claims); Kucoin has reopened deposits and withdrawals
    SOURCE: 1, 2, 3, 4

  2. 150,000 BTC that Mt. Gox is to redistribute to users have a deadline of being returned of October 15th, however might face further delays
    SOURCE: 1, 2

  3. 2,034 BTC from the 2016 Bitfinex hack were recently moved to 5 unknown wallets
    SOURCE: 1, 2

  4. The volumes on Uniswap have fallen to $280 million down from $1 billion in the hottest period recently. Apparently “application integrations” and DEX aggregators were excluded from the Uniswap aidrop; and feel they deserve it; a first governance proposal wants to dilute 10% of the value by adding another 15,8~ million UNI tokens to compensate; apparently a ‘feature’ in Uniswap allows bots to slowly siphon the ETH from the liquidity pairs
    SOURCE: 1, 2

  5. USA debt nears 100% GDP; projected to rise to 195% until 2050
    SOURCE: 1,

  6. A user farming UniCats ($MEOW) tokens has been scammed of $140 thousand in an exploit that allowed the UniCat smart contract to unlimitedly spend the UNI on his address.
    SOURCE: 1, 2

  7. SingularityNET is migrating a part of their network to the Cardano blockchain from Ethereum; the fees and congestion on Ethereum are amongst the reason says the CEO of SingularityNET; recent hike in transactions fees and speed are likely to make some other projects follow suit, since the Ethereum throughput upgrades are still a long time away
    SOURCE: 1, 2, 3

  8. Travala, a travel platform with crypto payments has published a report; total bookings in September was for just shy of $400 thousand; which is an increase of 279% compared to September last year; probably a solid growth during the times in which travel is severely impaired; 69% of the people paid with cryptocurrencies of which BTC was the most popular at 24%
    SOURCE: 1, 2

  9. MetaMask has hit 1 million monthly users, a growth of apprx 400% year to date; the growth can be associated with the DeFi apps and ease of use of MetaMask with them
    SOURCE: 1, 2, 3, 4

  10. Ethereum has broken the 250 TH/s for the first time since August 2018, up 80% since beginning of the year; still some way to go to hit ATH (little shy of 300 TH/s)
    SOURCE: 1, 2, 3

  11. US FED has printed over $9 trillion in the last seven months; which is 22% of all USD created ever, Venezuela has purchased 71 tons of paper to print more cash; Venezuelan currency is already fairly worthless
    SOURCE: 1, 2

And that’s all for this week, thank you for reading, hope you did enjoy and found my work on compiling those articles and news useful!

About Wanchain

Wanchain is the infrastructure connecting the decentralized financial world. Wanchain’s live cross-blockchain solution is EVM-based, includes optional private transactions, and provides a decentralized, permissionless, and secure approach for interoperability. Wanchain has employees globally with teams in China, the USA, and other team members around the world in Asia, Africa, and Europe.

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