The crypto ecosystem saw significant developments in the past week, starting with spot Bitcoin ETFs registering their second-biggest inflows since their listing on Thursday.
Other important developments include Mt.Gox moving 500 BTC to cold storage wallets following another delay in repayments and the blockchain gaming platform Immutable stating it has received a Wells Notice from the United States Securities and Exchange Commission shortly after its first meeting with the regulator.
Bitcoin
Defunct cryptocurrency exchange Mt.Gox has reportedly moved 500 BTC worth $35 million to cold storage wallets. The move comes after it announced another delay in customer repayments by a year. Blockchain intelligence firm Arkham identified the transfers.
Spot Bitcoin ETFs saw a surge in inflows this week as they recorded the 3rd biggest inflows on Wednesday. This was surpassed on Thursday when spot Bitcoin ETFs purchased another $896 million worth of BTC, the second biggest inflow since they were listed.
Bitcoin (BTC) featured highly on the BRICS nations’ agenda as they discussed the possibility of using it and other cryptocurrencies for payments on imports during the BRICS summit this week. Using crypto as a dollar alternative could help BRICS countries to counter international sanctions.
DeFi
Suilend has announced a new token standard, SpringSui, that can potentially shake up the staking landscape on Sui. The first proof-of-concept comes in the form of SpringSui (sSUI). sSUI will be a liquid asset for SUI stakers, enabling them to earn additional yield across DeFi protocols.
Etherscan has launched on the XDC Network, sparking optimism among those in the Bitcoin community interested in expanding programmability for decentralized finance (DeFi) and payment systems. The launch has the potential to make a significant impact on the broader blockchain landscape.
Parallel MPC (multi-party computation) network IKA has launched on Layer1 blockchain Sui. Previously known as dWallet Network, Ika is an interoperability solution that allows assets originating on Bitcoin, Ethereum, and Solana to be used on Sui.
Altcoins
Ripple has posted a robust third quarter amid the growth of transaction volume on the XRP ledger and a significant spike in institutional demand for the XRP token. The spike in demand for the XRP token can be attributed to new XRP offerings and its fight against the United States Securities and Exchange Commission (SEC).
Business
Trading platform Robinhood has revealed a significant jump in crypto trading volume and revenue in its Q3 2024 results compared to Q3 2023. However, despite reporting an impressive year-on-year surge, the platform missed Wall Street estimates and reported a 12% decline in HOOD shares during after-hours trading.
Singapore’s Monetary Authority (MAS) has given Gemini preliminary approval to begin operations in Singapore. Preliminary approval allows Gemini to provide cross-border money transfers and digital payment token services.
Web3
Privacy-focused blockchain COTI has presented a proposal for a decentralized marketplace to trade RWAs at the Bank of Israel’s Digital Shekel Challenge. The event explores the use cases for CBDCs (Central Bank Digital Currencies), with COTI being the only blockchain invited to participate.
io.net has announced a partnership with GAIB, the economic layer dedicated to the future of AI and compute. The collaboration combines io.net’s decentralized infrastructure and GAIB’s expertise in GPU tokenization, aligning both companies' shared mission of democratizing access to critical computing resources.
Regulation
Blockchain gaming platform Immutable has pledged to fight any potential SEC action after revealing it received a Wells Notice from the regulator shortly after their first meeting. While the notice did not divulge much information, Immutable believes the notice could be related to the listing and private sale of IMX tokens in 2021.
Coinbase CEO Brian Armstrong launched a scathing attack on the current leadership of the Securities and Exchange Commission for inconsistent regulations regarding crypto. He also urged the next SEC Chair to withdraw frivolous cases and apologize to the public.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
