Metamask's Update, Bybit's $100m Fund, & Russia's Crypto Exchange
Yesterday’s Market Moves
BTC
ETH
S&P
$20821 |
+ 14,84%
$1528 |
+ 9,25%
$3,928 |
- 0,09%
In a mixed week for the markets, we are seeing a flurry of bullish actors in the crypto sector! As the FTX saga inspires movie adaptations, Russia and El Salvador are accelerating crypto adoption, Metamask has updated its privacy policy, and Bybit has launched a new $100m fund!
How many crypto ATMs have been installed in 2022?
Read the full issue to find out
MARKETS

In the last few days, markets have been stabilised by signs that the U.S. central bank would retreat from its current diet of hawkish 75 basis point interest rate hikes.

Cryptocurrency prices were back in the red today though. The total crypto market volume over the last 24 hours has decreased by 22.20% to $47.41 Billion. DeFi’s total volume is currently $3.12B, accounting for 6.58% of the total crypto market 24-hour volume.

Bitcoin has dropped by more than 1% and is currently trading at $16,429.48 USD, with a 24-hour trading volume of $24,673,125,048 USD. Ether was recently changing hands at about $1,195, up 1.16% over the past day. Other cryptos were mixed, with Cardano (ADA) down almost a percentage point (-0.96%) and Quant (QNT) trading up 0.32%.

Litecoin recorded about 99.91 million daily social engagements, a record last hit over a year ago. Interestingly, the asset’s surge in social engagements comes amidst its MimbleWimble upgrade.

In Other News,
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Headline
MetaMask will start collecting user info

According to a revised privacy policy agreement published by ConsenSys, MetaMask will begin collecting users’ IP addresses and Ethereum wallet addresses during on-chain transactions. 😰

However, ConsenSys, the wallet’s creator, explains that the collection of users’ data will only apply if they use MetaMask’s default Remote Procedure Call (RPC) application, Infura. Individuals using their own Ethereum node or a third-party RPC provider with MetaMask are therefore not subject to the newly updated ConsenSys privacy policy. Instead, the terms of the other RPC provider apply.

According to ConsenSys, information gathered in this manner may be disclosed to affiliates, during business deals, or to comply with Know Your Customer and Anti-Money Laundering requirements dictated by law enforcement. MetaMask is currently one of the most popular self-custody wallets on the market with more than 21 million monthly active users.

In other news,

  • CoinList addresses 'FUD' on withdrawals, cites technical issues for delays. Read More
  • Turkey Investigates Former FTX CEO Sam Bankman-Fried for Fraud, Seizes Assets. Read More
  • Proximity Labs unveils $10 million developer fund for trading protocols on Near. Read More
  • Matrixport Technologies Is Looking to Raise $100M Despite Market Crisis. Read More
  • Bahamas Property Worth $121 Million Acquired by FTX, SBF’s Parents. Read More
In Other News,
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RBL LABS
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Enter the BLACK FRIDAY Sale
In Other News,
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Adoption
Russia prepares to create government-controlled crypto

Members of the State Duma, the lower house of Russia’s parliament, are working on a legal framework that will enable the authorities in Moscow to set up a Russian crypto exchange. The deputies discussed the initiative with representatives of the industry in mid-November, according to a local report.

The lawmakers plan to prepare a draft taking into account the opinions of the market participants and then submit it to the government and the Central Bank of Russia. The plan is to introduce the necessary amendments to the country’s law “On Digital Financial Assets,” which went into force in January of 2021. It’s still the main piece of legislation regulating the country’s crypto space, although only partially.

Other changes proposed last week aim to legalize mining, while banning the circulation, exchange, and non-targeted advertising of cryptocurrencies in Russia, with the exception of special “experimental legal regimes” allowing their use in payments for imports.

In other news,

  • Bank of Japan to Experiment with CBDC in 2023. Read More
  • BIS report finds uneven progress, differing motivations in African CBDC adoption. Read More
  • El Salvador Preps New Law To Pave Way for All Crypto. Read More
  • Belgium says BTC, ETH and other decentralized coins are not securities. Read More
In Other News,
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Exchanges
Bybit launches $100M support fund for institutional traders

Crypto derivatives exchange Bybit has launched a new support fund to help institutional traders access liquidity in the wake of the FTX collapse!

The support fund, valued at $100 million, is available to market makers and high-frequency trading institutions struggling with financial or operational difficulties following the collapse of FTX earlier this month. The funds will be distributed to eligible applicants at a 0% interest rate.

To be eligible, institutional traders must be active on Bybit or other exchanges. The maximum amount distributed per applicant is $10 million and the funds must be used for spot and Tether perpetual trading on Bybit.

In other news,

  • Binance Chief Doubles the Target for Crypto Recovery Fund to $2 Billion. Read More
  • Latam Based Cryptocurrency Exchange Ripio Expands to US. Read More
  • Coinbase CEO Says Company Holds 2 Million Bitcoin. Read More
In Other News,
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Quiz Answer
According to Crypto Presales, approximately 6,100 crypto ATMs have been installed in 2022.
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