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Crypto Daily Roundup, 11 Oct: Crypto down on Israel-Hamas tension

11-Oct-2023 By: Lokesh Gupta
Crypto Daily Roundup

Cryptocurrencies that have been the Top Gainers in the last 24 hours

TOP 5 Gainers

Indices LTP Change (%)
Render $1.79 3.43%
eCash $0.00002423 2.31%
UNUS SED LEO $3.73 1.84
Tether Gold $1873 0.65%
Klaytn $0.1193 0.61%

Alon Muroch, founder of SSV Network, announced his draft into the Israeli army during the conflict with Hamas, revealing a grim reality with civilian casualties. The ongoing war impacted SSV Network's native token ($SSV), leading to a 10.74% price drop. Despite challenges, the project remains committed to developing decentralized validator technology.

Amid claims that the Swiss Central Bank uses XRP as a settlement token for their CBDC through the R3 network, experts have debunked the rumor. Moonchaser clarified that R3's Corda primarily uses the XDC token for settlement, not XRP. This dispelled the misinformation in the XRP community regarding the Swiss CBDC transaction.

The Central Bank of Nigeria (CBN) has refuted reports suggesting its e-naira digital currency poses a threat to financial stability. In a statement, the CBN clarified that these reports misinterpreted portions of its document, "Economics of Digital Currencies: Book of Readings," and aims to enhance users' experience and promote financial inclusion with the e-naira.

Bitcoin's hashrate hit a record 440 exahash per second on October 8, 2023, with the upcoming halving event just around 197 days away. Despite the impending 50% reduction in mining rewards, miners continue to commit to the network. The record hashrate coincided with a difficulty increase to 57.32 trillion and potential further adjustments due to variations in block intervals. Miners face challenges like declining earnings and reduced transaction activity, although they have cleared a congested mempool.

Sam Bankman-Fried contemplated shutting down Alameda Research in 2022 due to concerns and rumors about its relationship with FTX. He expressed frustration with the "FUD" (Fear, Uncertainty, Doubt) spread by FTX competitors. He planned to transition Alameda into an investment and infrastructure development firm, no longer actively trading, amid controversies over trading against FTX clients. Alameda faced allegations of unfair advantages and misrepresentation of its balance sheet.

Israel's Web3 community launched "Crypto Aid Israel" to raise cryptocurrency donations for those affected by the conflict with Hamas. The initiative aims to provide humanitarian assistance to displaced Israelis. Over a dozen cryptocurrencies are accepted, with more than $50,000 already collected. Efforts to freeze cryptocurrency accounts of Hamas are also underway.

Hong Kong police warned the public of a phishing scam targeting Binance customers, resulting in 11 victims losing $447,000. Scammers posed as Binance employees, sending text messages and directing users to click a link to verify their identity, granting hackers unauthorized access to their accounts. Authorities advised caution and recommended using licensed trading platforms.

Ethereum whales have sold approximately 12 million ETH, worth $18.9 billion, over the past year, with a constant downtrend since 2020, according to on-chain data. In contrast, Bitcoin whales have exhibited an overall uptrend in their holdings throughout history, with some temporary deviations. Ethereum's larger weightage per token influences the comparison.

Circle, a global fintech firm, has partnered with Philippines-based to promote USDC-denominated remittances, aiming to revolutionize international money transfers. The collaboration targets the Philippines' 18 million users, offering real-time settlements and reduced transaction costs, benefiting the unbanked population. This aligns with the UN's goal to reduce migrant remittance transaction costs to under 3% by 2023.

Also read - 24 Crypto Update, 10 Oct: Cryptocurrency market trades deep in the red

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