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What is happening in the world of cryptocurrency — review of October 3

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what is happening in the world of cryptocurrency

What is happening in the world of cryptocurrency? Bitcoin (BTC) rates recovered above the $19,000 mark after a brief drop on Sunday evening, October 2. At the time of publication, the cryptocurrency was trading at $19,460, virtually unchanged daily. Bitcoin’s 24-hour low was $18,928 and its high was $19,377.

The second most capitalized cryptocurrency, Ethereum, tested a local low of $1,262 on Monday morning, October 3. Now, the coin is trading at $1,291.

In the top 10 most capitalized cryptocurrencies, BNB had the best dynamics for the day and for the week — +4.4%. Ripple (XRP) had the biggest loss -8.7%.

In the top 100 most capitalized cryptocurrencies, Maker (MKR) has the best result for the day (+5%). For the week (+69%) — Terra Luna Classic (LUNC). Chiliz (CHZ) is in the worst situation for a day and for a week: it lost almost 10% of its value. Evmos (EVMOS) remains the leader of falling during the week — minus 27% of its value.

Important news in the crypto world

One of the important news in the crypto world, which demonstrates the trends — NFT-marketplace OpenSea in the third quarter earned on the commissions of $144.5 million Analysts found that the platform kept only $35 million, the remaining money — that is, 76% of revenues — received by content creators. NFT’s sales have fallen more than 90% since the beginning of the year, from $5.2 billion in January to $349 million in September.

Another big news in cryptocurrency — decentralized exchanges aggregator Transit Swap lost $1.2 mln in a hack. An intruder took advantage of a vulnerability in the platform’s swap contract. The project team reported the hack on its Twitter account.

In September, trading volumes on fiat crypto exchanges were down about 4 percent compared to August. Fiat-backed crypto exchanges reported a decline in total trading volume from $219 billion in August to $210 billion in September. FTX accounted for nearly a quarter of all turnover (24.9%). Coinbase came in second with 22.7% of total trading volume. Upbit rounds out the top three with 13%.

Earlier, we reported that the Solana network stopped blockchain generation for the sixth time.

Cryptocurrency

Poloniex rolled back support for stablecoins on Binance Smart Chain (BNB Chain)

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Crypto exchange Poloniex (one of the key investors of which is the creator of the ecosystem TRON Justin Sun) stopped supporting stablecoins on Binance Smart Chain (today – BNB Chain). Poloniex tech support announced this in a tweet.

Tech support later deleted the tweet, but it is still viewable on the websites that linked to it. When trying to open an announcement about the termination of support for Binance Smart Chain stablecoin, the exchange’s website takes you to an authorization form.

According to the saved copy of the announcement, the exchange stopped supporting USDT, USDC, TUSD and BUSD based on the BEP20 protocol back on November 24. However, support for other BNB Chain-based tokens remained in place.

The exchange said that it stops not only deposits but also withdrawals of stablecoins on BEP20, but is ready to convert assets to their counterpart on other networks: Ethereum (ERC20) or TRON (TRC20). It is not clear what exactly caused the change. At the same time, Poloniex representatives on Telegram ignore users’ questions about the reasons for stablecoin support stopping on BEP20, but note that users can still deposit tokens on BEP20.

Earlier, we reported that MakerDAO will exclude renBTC from DAI stablecoin reserves due to the drop in renBTC price.

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Binance Launches Proof-of-Reserves System

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crypto exchange reserves

Binance has released a Proof-of-Reserves system based on Merkle Tree, an algorithm for verifying crypto exchange reserves. The Proof-of-Reserves system proves that the company holds user funds in full. When a user deposits one bitcoin, the exchange’s reserves increase by one bitcoin in real time, proving the transparency of balances and the safety of funds.

The first version of Proof-of-Reserves is available for bitcoin (BTC). Similar functionality will soon be available for ETH, USDT, USDC, BUSD and BNB. Binance will also bring in an independent third-party auditor to verify the data.

“Given recent events, it is clear that the community will demand more from crypto exchanges than what is currently required of traditional financial institutions. That’s why we are excited to provide our users with this newest feature to verify crypto exchange reserves,” said Binance CEO Changpeng Zhao.

He added that Binance’s community is larger than that of any other crypto exchange. Therefore, it will take several weeks to get data for most assets.

“We are working to get the next update out as quickly as possible. As much as possible to meet community expectations,” Zhao noted.

Right now, users can check funds in two ways: through the Binance website or by copying the source code into a Python application and cross-referencing.

Also, the ZK-SNARK tool will soon be introduced, providing privacy and simplicity for confirming reserves. The service will help audit users’ balances and confirm that they have assets to cover collateral.

Earlier, we reported that New York City restricted the cryptocurrency mining business.

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Polkadot offers money for fighting crypto fraudsters

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cryptocurrency scammer list

Blockchain project Polkadot has launched Anti-Scam Bounty, an anti-crypto fraudsters program to improve the security of its ecosystem. As part of the new program, Polkadot will pay users cash rewards for helping them fight crypto fraudsters.

Users are required to find fraudulent websites, fake social media profiles and phishing apps that masquerade as Polkadot. They also need to protect Discord servers from hacker attacks. The tasks include creating training materials for users, as well as developing a special Anti-Scam toolbar to protect against fraud in the company’s ecosystem.

“Decentralizing anti-cryptocurrency scammer list efforts and moving them online is no easy task, mainly because most of the anti-scamming happens in Web2,” Polkadot said in a statement.

Each task is overseen by members of the Polkadot community. They will interact with implementers and suggest their own initiatives to better achieve results. Users will receive USD Coin (USDC) awards for helping to fight fraud. The program is now run by three mentors from the Polkadot community and two employees from the Web3 Foundation.

“The threat to Polkadot’s brand development is real, but that’s not our only concern. We don’t want Polkadot to be a free ecosystem. We want it to be a secure ecosystem where users don’t have to constantly worry about getting caught and scammers should think twice before casting their nets,” Polkadot said.

Polkadot concluded by reaching out to scammers, promising that they will have a tough time in the ecosystem.

“So pack your bags and go for it. Or better yet, get a job and stop stealing from people!” the authors of the release concluded.

We previously reported on why the collapse of FTX won’t kill the crypto industry.

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