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Review of this week｜Fake news brings a "real bullish comeback", Bitcoin soared to $30,000; the US SEC dropped all charges against Ripple CEO
Summarized by AI
BlockBeats will compile industry news highlights for the week of 10.16-10.22 in this article, and recommend in-depth articles to help readers better understand the market and stay informed of industry trends.
Weekly News Recap
Cointelegraph released false news of "Bitcoin ETF approval", BTC rose to $30,000 and then fell back, causing a network-wide liquidation of $100 million in one hour
On October 16th, the veteran cryptocurrency media Cointelegraph claimed on X (formerly Twitter) that the US SEC had approved BlackRock's iShares Bitcoin Spot ETF. The tweet received nearly 1.5 million views in less than half an hour. Influenced by this news, Bitcoin broke through multiple integer levels and reached $30,000. However, the market soon realized that something was wrong, because mainstream media such as Bloomberg did not report any content on such a historic news event like the Bitcoin ETF.
Later, Bloomberg Terminal information showed that BlackRock stated its Bitcoin spot ETF application is still under SEC review. Cointelegraph has also deleted the false news tweet previously published and issued an apology letter after investigation. Within 10 minutes of the news being released, nearly $100 million was spent on this false news of just 7 words in the market, with short positions liquidated for $72 million and long positions liquidated for $26 million. Related reading: "A fake news worth $100 million that can go down in history".
SEC Drops All Charges Against Ripple CEO Brad Garlinghouse and Executive Chairman Chris Larsen
On October 20th, the US Securities and Exchange Commission (SEC) dropped all charges against Ripple CEO Brad Garlinghouse and Executive Chairman Chris Larsen. This victory marks the third consecutive win for Garlinghouse, Larsen, and Ripple, following the ruling in July 2023 that "XRP itself is not a security" and the subsequent October federal judge decision to dismiss the SEC's appeal. The three-year legal battle has finally come to a close. Read more: "Facing Multiple Pressures, SEC is Releasing the Prelude to Compromise"
Binance Launches BSV 1-50x U Perpetual Contract
On October 20th, according to an official announcement, Binance launched BSV 1-50x U perpetual contract at 20:30 (GMT+8) on October 20th, 2023. Previously, Binance had delisted BSV four years ago due to the comments and actions of BSV founder Craig Wright. Related reading: "Historical Recurrence: BSV Returns to CZ's Embrace Four Years Later".
Uniswap will charge a fixed fee of 0.15% for 11 tokens traded through the official front-end
On October 17th, according to an official announcement, Uniswap will start charging a 0.15% exchange fee for certain tokens in its web application and wallet, including ETH, USDC, WETH, USDT, DAI, WBTC, agEUR, GUSD, LUSD, EUROC, and XSGD. These tokens will only be charged when traded on the mainnet and L2 through the Uniswap Labs interface to sustain Uniswap's operations. Fees will only be charged for exchange transactions where both the sold and bought tokens are subject to fees. Exchanges between stablecoins are not included in this fee. Wrapped ETH transactions between ETH and WETH are also not included in this fee. Related reading: "Uniswap, the most successful US Internet Fintech company under the Web3 dividend" and "What do Chinese KOLs think of Uniswap's front-end fees?"
Vitalik: Never "Sell" ETH for Personal Benefit Since 2018
On October 18th, Vitalik stated on social media: "If you see an article saying 'Vitalik sent XXX ETH to a trading platform', it's actually not me selling, but almost always me donating to some charity, non-profit organization, or other project, and the recipient is selling because they need to pay expenses. Since 2018, I have not 'sold' ETH for personal benefit." Related reading: "Tracking Vitalik's Wallet on the Chain, How Much ETH Has Been Sold?"
Lido will gradually withdraw from Solana and Polygon network staking services, focusing on Ethereum's native liquidity collateral services
This week, Lido, the leader in the LSD track, first announced the cessation of new collateral acceptance on Solana, and its projects on Solana will gradually terminate in the coming months. It then released a new proposal to gradually stop services on Polygon and instead become a provider of Ethereum's native liquidity collateral to avoid risks from smaller TVL pools. Related reading: "Facing losses and unsustainable finances, Lido announces withdrawal from Solana"
The US SEC has included cryptocurrency in its 2024 examination priority list
On October 17th, Fox reporter Eleanor Terrett stated on social media that the US SEC has included cryptocurrency in its 2024 examination priority list. Please note that most cryptocurrency companies are not registered with the SEC and therefore do not pay registration fees.
Meitu executive: The company will consider selling its holdings of cryptocurrency at an appropriate time
On October 16th, according to Hong Kong's Sing Tao Daily, Meitu's Senior Investor Relations Manager Kang Yicong stated that the company's return to profitability this year is largely due to its subscription model, which avoids significant revenue fluctuations due to macroeconomic changes. Meitu's AI business, which has been popular recently, is also a growth driver for the company. It not only helps to promote subscriptions, but its profit contribution is also expected to continue to increase. As for the market's attention to cryptocurrency investments, she revealed that the company will consider selling at an appropriate time, but there are currently no specific plans for disposal. The company has basically not bought any cryptocurrency since 2021, when the purchase was made for strategic considerations, and no further actions have been taken since then. BlockBeats note: According to Meitu's previously released 2023 mid-term financial report data, as of June 30, 2023, Meitu held about 31,000 ETH and 940.4970 BTC, with fair values of $57.41 million and $28.28 million, respectively, and no purchases or sales were made in the first half of the year.
Due to Reddit's closure of blockchain-based community point services, the value of related tokens plummeted
On October 18th, Reddit decided to terminate its nearly three-year-old blockchain-based community point service. Tim Rathschmidt, Reddit's Consumer and Product Communications Director, said, "Although we see some future opportunities for community points, the resources required are too high to sustain. In addition, the regulatory environment has increased difficulties in this area." After the news was announced, the native token Moons (MOON) of the Reddit r/CryptoCurrency community fell by 85%, the Bricks (BRICK) token of the r/Fortnite sub-forum fell by 67%, and the Donut (DONUT) token representing the community points of the r/ethtrader sub-forum fell by 66%. Related reading: "Cancellation of Token Points, the Black Swan Event of Reddit's Cryptocurrency Community"
Bitcoin releases new protocol Taproot Assets, sparking community discussion
On October 18th, Lightning Labs released the Taproot Assets mainnet alpha version, which means stablecoins and other assets can now be built on the Bitcoin network. These assets are completely decentralized and controlled by Bitcoin Script's programmable features, and will ultimately be applied through the Lightning Network. Is Bitcoin entering a true BRC20 era? What is the technical implementation logic of Taproot Assets? How does it differ from BRC20 on Ordinals? Will it bring another wave of new BRC20 token issuance frenzy? Related reading: "What is the technical implementation logic of Taproot Assets, the "true BRC20" asset built on the Bitcoin network by Lightning Network?" and "Taproot Assets: may lead the new era of multi-asset in Bitcoin".
SBF Trial Week 3: Former Engineering Director Testifies, Confirming FTX Used User Funds for Political Donations
With the testimony of former FTX Engineering Director Nishad Singh, the third week of the SBF trial has begun. Singh is another important member of the exchange leadership and SBF core circle. Singh's testimony further confirms explosive allegations that FTX participated in illegal political donations, including the fact that user account funds were misappropriated without prior permission. Singh stated that Alameda would send him stolen customer funds, which were then used for political donations from his account. In addition, he revealed that the stolen funds were used by SBF for investment and other expenses. Related reading: "SBF Trial Week 3: Former Engineering Director Testifies, Confirming FTX Used User Funds for Political Donations".
This Week's Popular Articles
A fake news worth 100 million US dollars that can go down in history
On October 16th, according to Cointelegraph, the US Securities and Exchange Commission has approved BlackRock's iShares Bitcoin Spot ETF. When the three highly anticipated words "Bitcoin", "ETF", and "approve" are finally linked together, it's hard to believe that this is a $100 million fake news. In 10 minutes, nearly $100 million was spent on CoinTelegraph's "mistaken news", with short positions liquidated for $72 million and long positions liquidated for $26 million.
Uniswap, the most successful US internet Fintech company under the Web3 dividend
With the support and coercion of various VCs such as a16z and Paradigm, Uniswap has taken a clearly defined management development path. Following the FTX scandal, Uniswap has become the most successful internet fintech company in the Web3 world. Currently, Uniswap's market share in the DEX market has exceeded 80%, with a weekly trading volume of up to $16 billion, far surpassing its competitors. With the recent announcement of the launch of front-end transaction fee functionality, the team's strategy of separating from the protocol has become even more apparent, providing a viable compromise for Web3 entrepreneurs.
Uniswap starts charging for front-end services, what do Chinese community KOLs think?
Uniswap will start charging a 0.15% exchange fee for certain tokens in its web application and wallet starting from October 17th, including ETH, USDC, WETH, USDT, DAI, and more than ten other tokens. These tokens will only be charged when traded on the mainnet and L2 through the Uniswap Labs interface to sustain Uniswap's operations. This has caused a lot of attention and debate in the community, and BlockBeats has compiled the following Chinese community opinions for reference.
One week before the Polkadot ecosystem development organization went to Mallorca for their annual vacation, its 385 employees received some shocking news: the company will lay off most of its staff. Employees said that only the core engineering, developer relations, ecosystem operations, and Asian teams were not laid off. The company ran out of cash and had to downsize after aggressively hiring in the past year, ultimately leading to financial difficulties. Eric Wang, the head of strategic growth projects at Polkadot ecosystem development organization, said, "The executives were paid high salaries, but did not bring much actual results."
On October 18th, Lightning Labs released the Taproot Assets mainnet alpha version, which means stablecoins and other assets can now be built on the Bitcoin network. These assets are completely decentralized and controlled by the programmable feature of Bitcoin Script, and will ultimately be implemented through the Lightning Network. At first glance, it seems that Bitcoin has ushered in a true BRC20 era?
Taproot Assets: or may lead the new era of multi-asset Bitcoin
aproot Assets is a new protocol based on the Bitcoin blockchain. It utilizes the latest Bitcoin upgrade, Taproot, to achieve higher privacy and scalability, providing core functionality for developers to issue, send, receive, and discover assets on the Bitcoin blockchain.
Community introduces KYC Hook for Uniswap, will it threaten the decentralization of DeFi?
On October 10th, Uniswap founder Hayden shared a community post on social media, stating that "just a few months away from the release of v4, there is already a hooks directory site and 75 different hooks built by the community. As an expressive native feature, hooks have won in public construction." It is worth noting that KYC Hooks was introduced by community developers in the Uniswap V4 directory as one of the optional features, and KYC verification will be executed by NFT, which has caused a great deal of discussion in the community.
Facing multiple pressures, SEC is releasing the prelude to compromise
Celestia TGE price prediction and simple supply analysis
Encryption KOL predicts that the minimum price of Celestia TGE is $2.5 by calculating the circulation at the time of Celestia TGE and the early investor's price.
Historical Cycle: Four Years Later, BSV Returns to CZ's Embrace
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