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Last Updated : October 31, 2022 / 10:46 AM IST
Top cryptocurrency news on October 31: Now trade NFTs by tweeting, Binance invests $500 million in Twitter and more
A daily round-up of the most interesting articles on cryptocurrencies like Bitcoin, Ethereum and Tether to help jump-start the day
Market Buzz
Top cryptocurrencies trading in the red over the weekend
Top cryptocurrency prices were trading in the red early today as the global crypto market cap experienced a downfall of nearly 2 percent over the last day. The world’s largest and most popular digital token Bitcoin was trading about 1 percent lower in the past 24 hours and is fluctuating around the $20,500 mark. On the other side, Ethereum lost about 3 percent compared to the previous day. Other major cryptocurrencies like BNB, XRP, ADA, and SOL were trading mildly in the red, however up considerably over the past week. See more
Big Story
Twitter to allow NFT trading by ‘Tweeting’
Social media giant Twitter has announced a partnership with four marketplaces to enable users to purchase, sell, and display non-fungible tokens (NFTs) through tweets. The integration, known as “NFT Tweet Tiles”, places an NFT’s artwork in its own panel within a tweet and adds a button that directs users to a listing on a marketplace.
The integration, which is still in testing, presently functions with markets from four distinct partners: Magic Eden, a platform-agnostic NFT marketplace protocol, Rarible, Dapper Labs, developer of the Flow blockchain, and Jump.trade, a sports-focused marketplace. Details here
Invest
Binance becomes a shareholder in Twitter with $500 million investment
Even as Tesla CEO Elon Musk acquired social networking giant Twitter in a whopping $44 billion deal, Binance co-founder and CEO Changpeng Zhao on Friday announced the company has “wired” $500 million towards the purchase, making the crypto exchange a stakeholder in the company.
“Our intern says we wired the $500 million two days ago, probably just as I was being asked about Elon/Twitter,” Zhao tweeted, suggesting that funds had been transferred towards the acquisition even before Twitter got acquired. Read further
Policy watch
Kazakhstan’s pilot CBDC program will be implemented on BNB Chain: Binance CEO
The National Bank of the Republic of Kazakhstan (NBK) will incorporate its central bank digital currency (CBDC) on the BNB Chain, the underlying blockchain of the Binance network, according to co-founder and CEO of Binance Changpeng Zhao.
Zhao claimed that Binance had met with Berik Sholpankulov, the First Deputy of the Governor of the NKB, and Binur Zhalenov, the Head of the Payment and Technological Centre, since receiving authorization to operate in Kazakhstan two weeks prior. Read more
Corporate Watch
Cryptocurrency exchange Coincheck to list on NASDAQ next year
Coincheck, a cryptocurrency exchange with headquarters in Japan, will combine with Thunder Bridge Capital Partners IV to complete its NASDAQ listing. Originally scheduled to take place in March of this year, the merger’s projected value was $1.25 billion. More here
Funding
Blockchain.com looking for new funding at $4 billion valuation, over 70% decrease from its previous round
Cryptocurrency exchange blockchain.com is in discussions about a down-round fundraising that may result in its valuation reduction of more than 70 percent. The exchange plans to raise money at a fraction of the $14 billion valuation it earned earlier this year. The fundraising would follow strategic financing the company obtained in the third quarter at an unspecified valuation from investors led by UK-based investment firm Kingsway Capital. Details here
Analysis
Dogecoin replaces Cardano as the 8th largest currency as it doubles its price in a week
Popular meme coin Dogecoin has displaced Ethereum’s rival, Cardano, to become the eighth largest cryptocurrency by market value after a mind-numbing gain of nearly 100 percent in the last week, amid Tesla CEO Elon Musk’s acquisition of social networking behemoth Twitter. Dogecoin, which was originally created as a joke, was up by over 25 percent in intraday trade, before shedding its gains and trading 15 percent lower over the previous 24 hours. The meme coin was trading at $0.11 at the time of writing, with a market capitalisation of $15.8 billion.
Cardano, the ninth-largest cryptocurrency, is now priced at $0.41 and has a $14.4 billion market value. Read more
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