Crypto Daily Roundup, 18 Oct: Top Cryptocurrency News for Today

Top-performing cryptocurrencies in the last 24 hours

TOP 5 Gainers Coins

Crypto News Key Highlights:

In 2012, 50,000 stolen Bitcoin from the Silk Road valued at $3 billion remained a crypto mystery. A 2019 theft report by Jimmy Zhong led IRS agents to the hacker, who mistakenly linked his identity in a crypto exchange transfer. Zhong, involved in Bitcoin's early development, transformed from creator to thief, pleaded guilty, and was sentenced to prison. Victims can reclaim seized Bitcoin, benefiting the government and police.

Meme coins have suffered a $3.2 billion market cap decline in 2023 amid the crypto bear market. Dogecoin (DOGE) and Shiba Inu (SHIB) are trading significantly lower than their all-time highs, offering potential for substantial returns in a bull market. Newcomer Pepe Coin (PEPE) has shown promise and may rally further, currently standing at 84% below its all-time high.

Amid recent Shiba Inu (SHIB) market volatility, a whale moved $32.4 million in SHIB tokens to an unknown wallet, piquing investor interest. While the substantial transaction's size is noteworthy, it may not significantly impact the market on its own. The transfer may have been between wallets controlled by the same entity, potentially not related to buying or selling.

Binance Japan's entry with a wide range of cryptocurrencies may threaten smaller exchanges. Japan's strict regulations and market saturation have made it challenging for them. Binance's arrival could rejuvenate the market or further strain smaller exchanges in a bear market.

The Basel Committee on Banking Supervision has released a consultation paper for standardizing crypto asset exposure disclosure by banks, with a proposed implementation date of January 1, 2025. Qualitative information about crypto activities, exposures, capital and liquidity requirements, and accounting classifications would be required. Comments are invited by January 31, 2024.

Binance.US, the U.S.-based subsidiary of the world's largest crypto exchange, Binance, has lost its FDIC-insured status for crypto deposits, as stated in updated terms of use. The changes require users to convert fiat U.S. dollars to digital assets or stablecoins for withdrawals, no longer offering FDIC insurance protection on accounts. Binance.US is currently facing regulatory scrutiny in the United States, including legal actions from the SEC.

Scroll, a network utilizing zero-knowledge proofs to enhance Ethereum's scalability, has launched its mainnet. This innovation, zkEVM technology, promises to reduce fees, increase speed, and enable unlimited scalability while maintaining Ethereum's functionality. The project aims to onboard infrastructure providers initially and subsequently develop a decentralized proof network, expanding Ethereum's possibilities.

Sui Coin faces a probe by South Korea's Financial Supervisory Service (FSS) for allegedly providing false information about its circulation volume and staking profits. Democratic Party lawmaker Min Byung-deok criticized the Digital Asset Exchange Joint Consultative Body (DAXA) for not taking action against Sui Coin. FSS will investigate potential fraud regarding the coin's distribution volume and disclosure practices.

Fed Governor Michelle Bowman expressed her skepticism regarding the need for a U.S. central bank digital currency (CBDC). She stated that the case for a CBDC hasn't been convincingly made and pointed to existing innovations like the Fednow instant payment system, emphasizing the risks and tradeoffs associated with CBDCs.

Also read - 24 Crypto Update, 17 Oct: Bitcoin stays above $28,000, Altcoin Mixed