EU Preparedness Regulations on DeFi; Bitcoin Mining Difficulty Hits New ATH

The biggest news in the cryptosphere for Oct. 10 includes Dominic Frisby’s opinion on Bitcoin and gold investments, the EU Commission’s tender outlining a regulatory framework for DeFi, and BitBoy Crypto’s accusations against former CEO from the SEC for accepting bribes to declare Ethereum a commodity.

CryptoSlate Top Stories

EU Signals Regulatory Intent With Study On “Integrated Supervision” Of Ethereum DeFi

Details of the EU Commission’s DeFi tender were revealed by Circle policy adviser Patrick Hansen.

According to Hansen, the EU Commission is working to improve technical expertise in DeFi’s integrated supervisory mechanics on the Ethereum network.

The Commission is making this call despite the fact that the MiCA framework published last month excludes decentralized services.

BitBoy Crypto Alleges Former SEC Director Accepted Bribes to Label ETH a Commodity

According to crypto influencer BitBoy Crypto, former Securities and Exchange Commission (SEC) Director William Hinman accepted bribes to declare Ethereum (ETH) a commodity.

BitBoy Crypto made the allegations against Hinman on Oct. 9 through his Twitter account. Cardano (ADA) founder Charles Hoskinson and the Ripple community also said that the accusations against Hinman are based on facts.

Interest in cryptocurrencies fades as investors pile into bonds

The Federal Reserve driving interest rates higher has negatively affected the crypto and equity markets. The Fed’s attempt to rein in inflation forced investors to turn to US Treasuries.

Based on September figures, the average daily trading volume saw an increase of 17.2% year over year metric, with the total trading volume reaching $25.1 trillion.

Furthermore, the 10-year Treasury chart showed an increase of 3.89%, while the 10-year charts for Bitcoin and Ethereum reveal a 60% decline in value.

‘Horrendous’ KYC risks on display as website detailing Celsius user losses goes live

A new website was launched on Oct. 10 detailing user losses from bankrupt crypto lender Celsius (CEL). Angel investor Stephen Cole found the website and referred to it as “a perfectly horrendous illustration of the risks of KYC.”

TrueFi Issues Notice of Default to Venture Capital Firm Blockwater on $3.4M Loan

Blockwater Technology borrowed around $16.8 million from crypto lending platform TrueFi (TRU) in 2021. It paid back around $13.4 million and requested an extension on the repayment period.

On October 10, TrueFi issued a notice of default to Blockwater Technology, asking it to repay the remaining $3.4 million.

Interest in XEN Crypto Makes Ethereum Deflationary

A new project on Ethereum called XEN Crypto appears to be responsible for over 40% of all Ethereum transactions and burns. By itself, the minting of XEN pushed the network transaction fee above $1.

So far, users have paid more than $1.8 million in gas fees to interact with the token contract.

Brazilian Police and US Authorities Dismantle a Transnational Crypto Fraud Network Led by ‘Bitcoin Sheikh’

The Brazilian Federal Police, the US Homeland Security Investigations (HSI) and other enforcement agencies have dismantled a crypto fraud ring called “Bitcoin Sheikh.”

The Brazil-based fraud network was led by Francisco Valdevino de Silva, also known as the Bitcoin Sheikh.” The group had committed crimes of international money laundering, operation of a criminal company, fraud and crimes against the national financial system.

Exclusive to CryptoSlate

Dominic Frisby Gives His Opinion On Investing In Bitcoin, Gold

the author of “Bitcoin: The future of money?” Dominic Frisby gave an exclusive interview to CryptoSlate to talk about gold, Bitcoin and geopolitics.

Frisby said that gold was his gateway to anti-fiat thinking. However, as millennials become dominant in the global economy, that is no longer the case.

He said:

“As the world continues to shift toward technology and millennials become a more dominant part of the global economy, we should expect Bitcoin to also take on an increasingly influential role in financial markets, especially in regards to being a ‘recession-proof’ asset. ”

He added that holding both Bitcoin (BTC) and gold will serve the best when it comes to protecting one’s financial integrity during these precarious geopolitical times.

Featured Research

Research: Bitcoin Mining Difficulty Adjusts Over 13%, Highest Since May 2021

The total hash rate of the Bitcoin network reached its all-time high after a sharp increase in mining difficulty. The rate reached 240 EH per second and is expected to increase further.

Bitcoin average hash rate

The current rate is roughly three times higher than the network lows in July. At that point, the hash rate had dropped to around 89 EH/s, a two-year low.

News from around the Cryptoverse

FTX V2 will be released on November 21

The founder of the exchange giant FTX, Sam Bankman-Fried, tweeted about the upcoming improvements in the FTX exchange. SBF said the platform would get a new order matcher, lower latency API routes, and other features, all of which will be released on November 21 as FTX V2.

TeraWulf increases operational capacity

Carbon-free Bitcoin mining company TeraWulf announced that it has increased its mining capacity by more than 1.6 EH/s. The announcement also included news about $17 million of new capital. About $9.5 million was in a non-brokered private equity placement, while the remaining $7.5 million was under incremental proceeds under the Company’s Term Loan.

crypto market

According to CryptoSlate data from the last 24 hours, Bitcoin (BTC) decreased 1.24% to trade at $19,235, while Ethereum (ETH) also fell 0.87% to trade at $1,309.

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