Google's Nodes, Binance's Twitter Stake, & China's Regulations
Yesterday’s Market Moves
BTC
S&P
WTI
21,047.60 |
+ 1.56%
3,900.11 |
- 0.30%
111.29 |
+ 1.57%
As the bear market rumbles on, there are plenty of interesting anecdotes that hint at a bright future for the space! In today's Digest, we have Google committing more to blockchain development, a raft of regulatory updates, and Binance’s role in Elon Musk’s highly publicized twitter takeover!
How many countries have legalized cryptocurrencies?
Read the full issue to find out
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Markets

Most of the major cryptos were down in the past 24 hours following a plunge in US technology stocks as key companies reported lower-than-expected earnings. Bitcoin has previously followed the movement in technology stocks.

The equities drop came even after an unexpectedly strong GDP report in the U.S., with economic growth expanding 2.6% in the third quarter versus expectations for 2.4% growth, as reported. Tech-focused Nasdaq 100 finished 1.63% lower on Thursday, while S&P 500 fell 0.61%.

Dogecoin (DOGE) rebounded after losing some 7.7% in 24 hours following a two-day rise as Elon Musk neared his takeover of Twitter. Cardano (ADA) led declines amongst large cap cryptos, falling almost 6%. Bitcoin (BTC) lost about 2% while ether (ETH) and Solana (SOL) fell 3%.

The total crypto market cap fell about 2.02% to $980.02 billion and its trading volume was down by 14.91% to $88.11 billion. Meanwhile, crypto-tracked futures racked up just $97 million in liquidations, a lower-than-usual figure that suggested the declines were mostly spot driven.

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Headline
Google introduces cloud-based blockchain node service for Ethereum

Google has announced it will be launching a cloud-based node engine for Ethereum projects.

The company said its Google Cloud Blockchain Node Engine will be a “fully managed node-hosting service that can minimize the need for node operations,” meaning that Google will be responsible for monitoring node activity and restarting them during outages.

A node is a type of computer that runs a blockchain’s software to validate and store the history of transactions on a blockchain’s network. At the time of launch, Google will be supporting only Ethereum nodes.

In addition, Google announced in January that it was building a Digital Assets Team for Google Cloud, showing its commitment to building Web3 projects.

In other news,

  • Elon Musk Fires Top Twitter Execs, Assumes Ownership. Read More
  • Kazakhstan to Integrate its CBDC on BNB Chain, CZ Confirms. Read More
  • UAE Central Bank Completes First CBDC Payment Transaction. Read More
  • Telegram Launches Username Auction Using TON Blockchain. Read More
  • Cash App Users Can Now Send and Receive Bitcoin via Lightning. Read More
In Other News,
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Exchanges
Binance wired $500M to back Elon Musk’s Twitter takeover

Binance CEO Changpeng “CZ” Zhao says the company followed through with a $500 million commitment to back Elon Musk’s high-profile Twitter takeover.

Binance had indicated that it would co-invest in Twitter in May 2022, alongside 18 other investors including Sequoia Capital Fund, Fidelity Management and Research Company. Musk reportedly sealed the deal yesterday, October 27th.

Today, CZ confirmed that the company had indeed put its money on the table as Musk finalized his ownership of Twitter. In a tweet, CZ said that the company had wired the funds earlier in the week.

Binance’s $500 million stake in Twitter makes it the fourth biggest contributor to the takeover. The Lawrence J. Ellison Revocable Trust invested $1 billion to make it the biggest contributor to the Musk-led acquisition of the social media platform.

In other news,

  • FTX Very Likely to Launch a Stablecoin, SBF Confirms. Read More
  • Huobi Delists Its HUSD, Will Convert Stablecoin to USDT. Read More
  • Binance Launches 'Reliable And Secure' Oracle Network. Read More
In Other News,
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Regulation
Crypto is NOT prohibited in China! 🇨🇳

Despite half a dozen bans on crypto-related activities, the government has never forbidden one thing, to actually own cryptos.

Yes, you read correctly, owning Bitcoin (or any other cryptocurrency) is still legal and legally protected in China. Here’s how

And if you can legally own something, then you also have the right to sell it to someone else. After all, it is legal property, and everyone can decide for themselves what to do with it. You only get legal problems if you try to set up a professional trade in cryptocurrencies.

It’s important to also note that the Chinese government sees private cryptocurrencies largely as a means of money laundering, tax evasion, and illegal fundraising. However, there is a lot ambiguity in the enforcement of laws that actually prohibit its use - a fact that entrepreneurs in the country are quick to exploit.

In other news,

  • Hong Kong May Overturn Crypto Rules, Open Trading to Retail Investors. Read More
  • UK Seeks to Recognize Bitcoin and Crypto as Regulated Financial Instruments. Read More
  • The Australian Taxation Office Introduces Bitcoin Taxation at Capital Gains Rates. Read More
  • Costa Rican Lawmakers Propose Nixing Almost All Taxes on Bitcoin. Read More
  • UK Stablecoin Rules Approved by Lawmaker Committee. Read More
In Other News,
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DeFi
Celo ecosystem raises $77.3M in support of interoperability, ReFi

Projects building on the Celo blockchain have collectively raised $77.3 million in support of various business initiatives, underscoring the growing adoption of the payments-focused developer network.

Celo announced on Oct. 27 that projects impactMarket, Loam, Tatum, Circular Impact, Sanergy, Hyperlane, RedStone and Jia secured funding to further the adoption of theirWeb3 business models.

Projects focused on regenerative finance (ReFi) — including impactMarket, Loam and Sanergy — raised a combined $6 million. ReFi is an emerging paradigm within the crypto community focused on using blockchain and Web3 technology to address environmental and social issues.

On the decentralized finance (DeFi) side, RedStone secured $7 million and Jia added $4.3 million in preseed funding.

In other news,

  • Frax Finance Unveils Ether Staking Service With a Dual Token Model. Read More
  • Compound Unanimously Votes to Pause Activity for 4 Cryptocurrencies. Read More
  • MakerDAO Votes to Custody $1.6 Billion in USDC With Coinbase. Read More
  • SushiSwap to create three DAOs in Panama and Cayman in business restructuring. Read More
  • Solana DeFi Projects Reopen Following $114M Mango Markets Hack. Read More
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Quiz Answer
At the time of writing, cryptocurrencies are legal in 34 countries, including the U.S.A, UK, Malta, Australia, Switzerland and Japan.
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