Crypto Hacking: FTX Chief Share A Solution To End It

Over the last few months, crypto hacking has turned rampant, especially in the decentralized finance (DeFi) market. This month itself, more than $750 million have been already lost in crypto hacks as per data from Chainalysis.

Rewarding Crypto Hackers?

Crypto billionaire and FTX chief Sam Bankman-Fried have recently outlined a framework to deal with this problem of crypto hacks. Interestingly, the solution proposed by SBF involves rewarding the hackers.

In his latest blog post, the FTX chief proposed a “5-5 standard” wherein the hackers get to keep 5% of the total funds stolen. Alternatively, they can also keep $5 million whichever is smaller. 

Other provisions include that the hacker acts in “good faith” and intends to cooperate on returning most of the crypto-assets.

In crypto hacking, some of the hackers are also white-hat hackers who seek to expose vulnerabilities. The hackers will do this in the protocol in return for a reward instead of making malicious gains. The SBF chief noted:

“Hacks are extremely destructive to the digital asset ecosystem. The 5-5 approach would have curbed the impact of hacks more than 98%.”

However, SBF is unsure of what would be the right standard for this process. The FTX chief also stated:

Keeping DeFi and peer to peer transfers free is crucial. There are policies I honestly think are key to achieving that. I could be wrong about those policies–I probably am wrong about some! But in the end the most important thing is to keep commerce and expression free.

As said, DeFi protocols have been the most vulnerable to hacks this year. So far in 2022, the DeFi protocols have lost a sum total of more than $4.4 billion.

FTX On Crypto Regulations

Sam Bankman-Fried also said that the U.S. arm of the crypto trading platform FTX will start conducting its own analysis. Their analysis will be on whether the crypto assets work as securities before listing them.

In the blog post, SBF said that FTX plans to use its internal framework for crypto securities. This they will do until there’s more clarity from the SEC. However, this internal framework doesn’t guarantee that FTX will be free from scrutiny by the U.S. SEC.

Meanwhile, Elon Musk Does Damage Control

The crypto market struggles due to a wide variety of macroeconomic factors. The altcoins market in particular faced a major crisis. Ethereum fell by 2% in the last 24 hours and is trading at $1281. 

Meanwhile, Cardano and Solana fell by 3% and 5% respectively. The Tesla earnings report was an important reason for the poor performance of the altcoins market.

Tesla missed its expected earnings for the third quarter and the company’s stock plummeted as a result. In the after-market, $TSLA is down by 6.25%. 

Tesla CEO Elon Musk informed investors that despite strong demand in the fourth quarter, the company will miss its vehicle delivery target in 2023.

Tesla was expected to earn over $22 billion in the third quarter. However, the company revealed that its third-quarter revenue was $21.45 billion. Tesla’s gross automotive margin also missed the estimates.

Why Tesla Earnings Impacts The Altcoin Market

The crypto market is strongly correlated to the broader general market. In particular, it shows a strong correlation between technology stocks and the tech-oriented NASDAQ. As major companies miss earnings estimates, the stock market plummets. As a result, the crypto market struggles too.

Moreover, Tesla’s earnings stoke fears of a slowdown in the economy and a potential recession. The World Bank believes that the economy will face a recession in 2023. Major figures such as Amazon founder Jeff Bezos believe that a recession is inevitable.

Tamadoge To Launch 1000 New NFTs Today

Trending NFT project Tamadoge (TAMA) has been turning heads recently following the launch of its NFT collections. 

While the October 6th release of the ultra-rare NFT collection sold out quickly, investors have another chance to acquire some Tamadoge NFTs. This is possible thanks to the October 17th release of the rare Tamadoge pet collection.

What Is Tamadoge?

Tamadoge is a new meme coin with a distinct focus on utility. In contrast to the majority of meme coins, Tamadoge is unique. Other tokens generate hype but provide little in the way of intrinsic value. However, Tamadoge blends some of the hottest sectors within cryptocurrency. They do this in order to create a diverse and value-rich ecosystem that crypto enthusiasts love.

The project allows users to explore a Metaverse world known as the Tamaverse. They do this while raising 3D-animated NFT-based pets and interacting with other players. 

Leveling up a Tamadoge pet using items from the in-game store will reward the owner with Dogepoints. Furthermore, it will also boost their leaderboard ranking and increase the share of the rewards pool. Especially to the degree to which the holder is entitled. 

The Tamadoge NFT Collections

Recently, Tamadoge launched its first NFT collection – a series of 100 ultra-rare pets with boosted stats. This collection sold out quickly, even briefly hitting the number 1 trending spot on OpenSea

Tamadoge has now launched its second collection, a series of 1,000 rare NFTs. 

Each Tamadoge NFT features unique artwork and is attributed various stats that will affect the pet’s performance. The most obvious way it can be affected is in the upcoming Tamdoge arcade-style and flagship games. 

Meanwhile, the current Tamadoge pet NFTs will be usable in the mini-games. Consequently, holders will also be airdropped a Tamadoge puppy once the full game is released.

Furthermore, the ultra-rare Tamadoge collection has gone from selling for roughly 1.5 to 3-ETH each to a price of 5.99-ETH. 

This happened within the space of a week and we could see huge moves for the rare and common NFTs. It’ll be interesting to see how things progress. But as it stands today, Tamadoge could be the best NFT drop in 2022. 

Big Eyes Is On The Rise

Big Eyes Coin has attracted a lot of attention since its inception. The new platform provides its users with an array of services from which they can earn and save tokens. Big Eyes Coin has adopted a unique zero-tax policy on shopping so you can save more of your BIG tokens!

The Big Eyes Coin platform is built on the Ethereum blockchain, utilising its newly updated Proof-of-Stake consensus. This is to increase its transaction speed while reducing its environmental impact. Big Eyes Coin will donate 5% of its tokens to ocean conservation efforts to protect a crucial part of our ecosystem. Not only that, but to also showcase its commitment to sustainability.

NFTs will become a big part of the Big Eyes Coin ecosystem when they launch at stage three of the roadmap. Big Eyes Coin is moving away from having NFTs as something to look at. Instead, Big Eyes Coin is bringing utility to NFTs and using them as keys to access exclusive events and clubs.

Ethereum Merge Helps NFT Transactions

Now Ethereum is a Proof-of-Stake platform, users can take advantage of its fast transaction speeds that can reach up to 100,000 per second at its peak performance. Those worried about the environmental impact of Ethereum can put their mind at ease. With the new update, Ethereum has reduced its carbon footprint by 99%.

Ethereum hosts the most popular NFT marketplace in the blockchain industry, OpenSea. Since the Merge has increased transaction speeds, OpenSea users will enjoy increased speeds with potentially lower fees.

How Gitcoin Taps Community Voting

Despite the protracted crypto winter, Gitcoin continues to fund critical global projects for the public good. In March, according to Ukraine’s Ministry of Digital Transformation, Gitcoin Grants sent nearly $1 million in Ethereum donations. These donations were made to the Ukrainian government and NGOs operating in the region during the Russian invasion.

We need to almost reframe public goods,” Gitcoin fundraising and partnerships lead Azeem Khan said.

Gitcoin’s New World?

Gitcoin, Khan continued, imagines a world where Web3 allows people to own their financial transactions, search engines, and social media. A world that replaces private companies that use people as the product.

“For us to be able to do that, the infrastructure needs to be built,” he said. “So instead of thinking about clean air and libraries and things like that. It is also the roads, tunnels, and bridges of Web3 that will allow us to get to that place.” To do this, Gitcoin utilizes quadratic funding.

Quadratic funding was proposed in 2018 by Ethereum co-founder Vitalik Buterin and economists Zoë Hitzig and Glen Weyl. The idea promotes a democratic form of matching funding for public goods, services, or causes. With quadratic funding, any projects deemed valuable or worthwhile to a community receive funding through community voting.

The purpose of it is sort of an anti-whale mechanism,” Khan said. “In traditional worlds, when capital is allocated, it goes to a venture capitalist or an angel, but it’s usually a friend of a friend who ends up getting the money.”

Gitcoin And Quadratic Funding

Furthermore, Gitcoin does support global events like the cause of Ukraine. However, its primary focus is providing funding mechanisms for Web3. In June, during its 14th grant round or GR14, Gitcoin announced the launch of the Lootverse Round. This implies a $130k round funded by the Loot project to support projects in the Loot ecosystem.

Gitcoin recently completed its 15th grant round, raising over $1 million from 390,000 contributors.

As Khan explains, quadratic funding makes it possible to make sure funds go to the projects that need them most. It is not just a small group of projects headed by “friends” of the investors.

Web3 projects

“As much as people want to talk about inclusivity and diversity,” Khan continued. “The reality is the majority of capital ends up going to nepotism.”

Meanwhile, using the “it takes a village” way of funding, Gitcoin has prioritized underserved communities. This it has done by funding grants for projects led by or supporting women, youth-focused groups, marginalized communities, and people of color. 

Traditionally, these groups have less access to funding from banks and venture capitalists.

In addition, some of these projects include the Dream DAO. Dream DAO is a group that invests in web3 and social impact causes around the globe. 40Acres is like Dream DAO. It is a social DAO dedicated to creating self-sustaining communities of color using blockchain technology. 

Furthermore, 40acres also involves The Minority Programmers Association, an international network of developers that aims to build socially impactful software solutions. Not just building solutions, they also intend to spread Web3 education to marginalized communities.

It shows that being able to get the community out there voting with their dollars, on the things they find important, we found it quite successful,” he said.

In other news, Bitcoin is showing serious signs of recovery. Will the stable coin be able to climb back to its former glory? Only time will tell.

Bored Apes Creator, Yuga, Investigated By The SEC

The United States Securities and Exchange Commission is investigating Yuga Labs. The investigation is over whether its Bored Ape Yacht Club Ethereum NFTs and the ApeCoin token are unregistered securities. This info was according to Bloomberg.

The Report On Bored Apes

The report, which cites an unnamed source, claims that the agency is exploring a few things. One of them is whether the crypto startup broke federal law by issuing NFTs that act like stocks. The other is based on exploring the distribution of the Ethereum-based ApeCoin token that launched earlier this year. 

Yuga Labs has not yet been accused of any wrongdoing and the investigation may not necessarily lead to charges.

It’s well-known that policymakers and regulators have sought to learn more about the novel world of Web3. We hope to partner with the rest of the industry and regulators to define and shape the burgeoning ecosystem.” The above statement was by Yuga Labs. “As a leader in the space, Yuga is committed to fully cooperating with any inquiries along the way.

The Bored Ape Yacht Club is one of the most successful NFT projects to date. It has a main collection of 10,000 NFTs initially selling to the public at $190 worth of Ethereum apiece. That sale yielded Yuga roughly $1.9 million. Follow-up and spin-off projects, the Mutant Ape-Yacht-Club and the Otherside metaverse game, then raked in $96 million and $319 million, respectively.

How Much Does Bored Ape Really generate?

BAYC has also generated nearly $2.5 billion worth of secondary trading volume, per data from CryptoSlam. Mutant Ape Yacht Club and Otherside have added another $3.35 billion worth of secondary trading volume to that tally. Yuga Labs earns a 2.5% royalty fee on each of those sales.

Bored Ape NFT owners are entitled to various benefits, including access to a private community and live events. In addition, also the ability to use their owned illustration to create and sell derivative artwork and projects. Many of the NFTs have sold for seven-figure sums. 

Furthermore, the project has attracted a number of celebrity owners as it has gained popularity.

Holders Benefits

Furthermore, Bored Ape NFT holders have been granted various past benefits. These includes free Bored Ape Kennel Club, Mutant Ape Yacht Club, and Otherside NFTs. In addition to these, an allotment of ApeCoin when that token launched in March.

Officially, ApeCoin was not created or launched by Yuga Labs. The token was issued by the Ape Foundation, which is fronted by a board that includes prominent Web3 builders. Builders like Reddit co-founder Alexis Ohanian and FTX Ventures head Amy Wu.

That approach was due to regulatory concerns, although Bloomberg reports that the SEC is still investigating the launch and distribution of the token. 

Yuga Labs and its founders have benefited greatly from the launch of ApeCoin. The token has a current price of about $4.75 per token and a market cap of just over $1.5 billion.

ApeCoin’s price tumbled shortly after the report was published. Consequently, it’s down about 9% over the last 24 hours per data from CoinGecko.

The SEC has increased its scrutiny of the crypto and NFT markets under the leadership of chair Gary Gensler. Gensier was named to the post in April 2021. 

Gensler has shared a view that nearly any other crypto token besides Bitcoin could be a security. To this end, he has pursued a number of recent actions – including naming nine tokens listed on Coinbase as securities.

The Cryptocurrency Market Is Bracing For A Feds Tsunami

Bitcoin and cryptocurrency prices have crashed this year in the face of the Federal Reserve’s “brutal” interest rate hikes as it battles against soaring inflation.

The bitcoin price has plunged under $20,000 per bitcoin. This is down from almost $70,000 late last year. 

Meanwhile, ethereum and other top ten cryptocurrencies BNBBNB, XRPXRP, solana, cardano and dogecoin have also crashed. This is happening despite some game-changing developments such as The Merge‘.

The Reality Of The Cryptocurrency Market

Currently, following a stronger-than-expected U.S. jobs report this week, things are shaky. The report sent the bitcoin price sharply lower. 

Consequently, all eyes have turned to the latest consumer price index (CPI) report, due on Thursday. Some think it will “decide the fate of this market.”

CPI next week will decide the fate of this market,” one influential trading analyst posted to Twitter. He did this after data showed U.S. employers added 263,000 jobs in September. This was down from 315,000 in August but higher than an anticipated 255,000.

With this jobs report it seems clear we are on course for another significant hike from the Fed. I say this considering the market pricing in a 75 [basis point] rise in interest rates at its next meeting.” The above statement was by Paul Craig, portfolio manager at Quilter Investors, told Coindesk.

Consumer Price Index

September CPI is predicted to have slowed slightly from the month before, forecast to drop to 8.1% year-on-year. A larger-than-expected slow down in price rises could mean the Fed eases up on its program of interest rate hikes.

The last U.S. CPI reading of 8.3% showed prices were still climbing. Prices climbed despite the Fed embarking on a series of historic interest rate hikes this year. This led to torpedoing stock markets and cryptocurrency prices.

Worries are firing in from all fronts following the latest robust snapshot on the U.S. labour market.” The above comment was by Susannah Streeter, senior investment and markets analyst at brokerage Hargreaves Lansdown

Investors are simultaneously fretting that the fall in the pace of hirings indicates a slowing economy. However, also that the better than expected data shows that the jobs market hasn’t slowed enough to stop the Fed. Especially from hiking rates aggressively.”

Cryptocurrency Losses So Far

The bitcoin and crypto market, after touching $3 trillion last year, has lost a staggering $2 trillion. This happened in under 12 months in what’s been branded the latest crypto winter. 

The crypto market has previously spun on cycles of boom and bust with the last crypto winter lasting through 2018 until late 2020. 

This week, one crypto founder predicted how long this latest crypto winter could last.

We will need to see some consistent economic slowing figures before the Fed-pivot trade is realistically in play.” The above statement by William Marsters, senior sales trader at Saxo, said in an emailed note. “CPI numbers and FOMC minutes are out next week which will continue to build the picture for the outlook.”

Expectations had built this week. Expectations that the Federal Reserve could be about to swing dovish in its flight against inflation. Especially with one closely-watched analyst predicting the price of bitcoin, it could be about to “outperform most major assets.”

However, Minneapolis Fed president Neel Kashkari said this week that the central bank has “more work to do.”

Until I see some evidence that underlying inflation has solidly peaked. Until there are signs of it heading back down, I’m not ready to declare a pause,” Kashkari said.

NFTs: “Jpegs Are Not The Future Of NFTs” Says Polygon Studios

In the early years of the NFT space thus far, it’s been profile pictures and artwork that have yielded top-dollar sales. And rightly, they have also consistently dominated headlines. However,  as the market evolves and the immersive future internet of the metaverse takes shape, a question beckons. Will tokenized images continue to be the most prominent use case for NFTs?

Brian Trunzo, metaverse lead at Polygon Studios, doesn’t think so. In an interview at the Chainlink SmartCon 2022 conference, he made a statement. Brian stated that the crypto industry will have achieved mainstream adoption of Web3 technology, NFTs, and the metaverse when “we stop saying it.” Emphasizing that things will change only when those terms are no longer necessary.

Trunzo believes that skeptics of the technology are informed by a limited understanding of Web3. Consequently, suggesting that a wider set of NFT use cases will take hold in the future.

NFTs, What Are Those?

An NFT is a blockchain token that can serve as a proof of ownership for an item. It can represent digital things like profile pictures, artwork, and collectibles. Furthermore, it also involves interactive video game items, customer engagement rewards, real estate deeds, and more.

Polygon Studios works with creators and companies that are building on Polygon, a sidechain scaling network for Ethereum. In his role as metaverse lead, Trunzo and his team help pave the way for technology to support immersive applications and NFT-powered experiences from various creators.

He pointed to Starbucks’ recent NFT announcement as an example of how the assets are being used as an asset class itself. Starbucks will use Polygon to give away NFT stamps to customers. These includes premium NFTs, all of which can earn customers real-world perks and experiences.

“If Web2 was measured in engagement, [then] Web3 will be measured in gamification—brand immersion,” he explained.

In the case of Starbucks, it won’t be a game-like 3D metaverse akin to Decentraland or The Sandbox. However, the NFT-powered program is designed to engage users across digital and physical spaces alike.

Furthermore, that sort of Web3 gamification is one of the biggest opportunities he sees in the space, along with digital fashion. Trunzo, who previously co-founded real-world menswear brands, said that metaverse fashion will tap into users’ need for 2 reasons. One of them is for self-expression. The other is good-old vanity and a desire to showcase virtual “flexes.”

NFTs Gaming, A Firm Future?

Furthermore, when it comes to true video game experiences, Trunzo is unsurprisingly on the side of the debate that sees NFTs as a prospective benefit. Many gamers aren’t thrilled about NFTs. In part because of scams and speculation. But also a widespread belief that creators and publishers will use them to extract even more value from players.

Moreover, with that stigma out there, Trunzo expects a “genie out of the bottle moment.” One in which more and more players embrace the benefits of using NFTs in games. 

In his view, the ability for players to truly own their progress and unlocked benefits as NFT assets will be a real plus.

Nevertheless, he doesn’t expect that all future video games will use NFTs when that happens. Some games may live entirely on-chain, some may not see a need for NFTs, and others could land somewhere in between. In Between modest and limited Web3 functionality.

“We’re not trying to cram it down people’s throats that you have to incorporate NFTs into your game,” Trunzo said.

Poor Graphics

In the meantime, some early metaverse games have been criticized for underwhelming graphics compared to the traditional game industry’s top titles. 

Trunzo acknowledged that Web3 gaming is early, but also said that games don’t necessarily need hyper-realistic graphics to look beautiful.

Bitcoin And Ethereum Could Be Poised For Recovery

The bitcoin price has been bouncing around $20,000 per bitcoin since mid-June (despite some eye-popping bitcoin price predictions). However, ethereum has fallen sharply in the aftermath of its long-awaited, energy-saving upgrade, flying in the face of expectations.

Now, as Blackrock and Fidelity make surprise moves to enter the bitcoin and crypto market, a new finding surfaces. A survey of professional investors who collectively manage $2.2 trillion in assets has returned a huge crypto price prediction.

How Investors Are Taking This Bitcoin Price Action?

Institutional investors and wealth managers were found to be optimistic about the future price of bitcoin and ethereum. Furthermore, 46% forecasting bitcoin will be worth $35,000 or more within six months. However, 64% predict the price of ethereum will exceed $2,000 during the same period.

“Predicting future price movements in the cryptocurrency market is always a challenging endeavor. However, the survey clearly points to constructive price recovery expectations by institutional investors.” This was stated by Anatoly Crachilov, the chief executive of London-based crypto asset manager Nickel Digital.

Meanwhile, over half (58%) of respondents said they expect the crypto bear market to end within six months. This suggests a spring price rally.

“It is a well-grounded long-term optimism,” Crachilov added. “Investors acknowledge that the ongoing crypto winter still has some way to run but there is also a recognition that, if history is any guide, once the winter ends these high-beta markets will stage strong recovery.”

This Week on Bitcoin And ethereum

This week, as the stock market buckled under pressure from the Federal Reserve and fears rampant inflation could require an even stronger response.  Bitcoin, and other crypto prices climbed before falling back, with the bitcoin price dropping to just over $18,000.

“The $18,000 level has continued to provide decent support and if bitcoin doesn’t break down in the coming days, we could see upward movement in October with $24,000 and $26,000 being initial levels to watch,” Joe DiPasquale, the chief executive of bitcoin BitBull Capital, said in emailed comments.

After a sharp drop in the last few days, crypto tokens regained some flair. Top crypto tokens were moving in tandem with other riskier assets, rising higher on Thursday.

Whats Up With The Crypto Markets In Russia

Russia escalated its unprovoked invasion of Ukraine and the prospects of a severe global recession increased exponentially. Consequently Bitcoin, the largest cryptocurrency by market capitalization, was trading above $19,000.

Barring the US dollar-pegged USD Coin, all top crypto tokens were trading sharply higher on Thursday. BNB zoomed more than 5%, whereas Bitcoin, Solana and Ethereum rallied 4% each. XRP and Polygon were 3% up.

The global cryptocurrency market cap was trading significantly higher at $941.75 billion, jumping by 3% in the last 24-hours. However, the total trading volume tumbled over 12 per cent, close to $82.32 billion.

Expert take

This week, the global crypto market cap saw rapid changes with key cryptocurrencies including Bitcoin and Ethereum plummeting. The tokens dropped below their reserve prices but only to make corrections as spot volumes increased. According to Prashant Kumar, Founder & CEO, weTrade.

“Almost a fortnight after the Merge, Ethereum is trading at $1,300,” he added. “The strengthening US dollar, increased rate hikes and calls for broader regulations for stablecoins by the US Federal Reserve chair are all affecting the market.”

On the global scene, AQUA, a Web3 community platform for gamers, has launched its flagship marketplace for trading in-game assets. The startup also announced a $10 million investment from DIGITAL, an investment firm backed by Steve Cohen.

Japan’s Crypto Regulator (JVCEA), Warns Exchanges

The Financial Services Agency (FSA), Japan’s crypto market regulator, has issued a renewed warning to the Japan Virtual Currency Exchange Association (JVCEA). The warning is about the October full-scale implementation of FATF travel rules for crypto. 

Local news outlet CoinPost reports that the FSA also criticized the management of the JVCEA. Furthermore, the financial market watchdog stated that it is dissatisfied with the JVCEA’s speed in rolling out anti-money laundering rules. The body is also dissatisfied with how the organization handles decision-making and communication, and how it handles delegating executive responsibilities. 

In addition, the JVCEA has stated that it is working to meet up with the FSA’s standards. However, it still faces challenges.

For one, its efforts to introduce anti-money laundering rules for crypto exchange in Japan have been undermined by the cross-border nature of the crypto market. This has made reporting transactions difficult. 

Masako Yamaga, a director of the JVCEA and a professor at Meiji University, made a remark. He stated that implementing the travel rules will require international collaboration. Similarly, he noted management and communication challenges come from not having enough manpower with experience in crypto-regulations. 

Notably, this isn’t the first time the FSA is expressing its dissatisfaction with the JVCEA’s pace of rolling out regulations. Back in July, Financial Times reported that the JVCEA was in the middle of internal crisis. One that had the FSA bearing down on it. 

At the time, the FSA emphasized the same concerns even as employees of the association sought to unionize. This was in a bid to oppose the JVCEA’s plans to downsize its employee headcount. The association had been struggling to keep running costs down as the crypto market entered bear territory globally. 

Furthermore, amidst the tussle, the JVCEA has also successfully introduced some more lenient rule changes for exchanges. The association has put together a “GreenList” of cryptocurrencies that registered exchanges can list without rigorous processes of screening. 

JVCEA Still Attracting Crypto Exchanges With Its Web 3.0 Policy

While JVCEA registered exchanges struggle to meet up with the FCA’s implementation of the FATF travel rules. Consequently, exchanges are looking to enter the Japanese market. Bloomberg reports that the global biggest crypto exchange by trading volume, Binance is making moves. The exchange platform is ,making moves to reopen in Japan after leaving four years ago. 

Binance’s renewed attention is thanks to the new economic policy introduced by Japan’s Prime Minister Fumio Kishida. Furthermore, under this policy, the Japanese government has already set up a Web 3.0 Policy Office that will focus on promoting the adoption of Web 3.0-related innovations.

Elsewhere In Cryptocurrency

With cryptocurrency investors increasingly worried about Hong Kong’s regulatory ambiguity on crypto, a number of major crypto-focused businesses. And events have decided to move their activities to Singapore and other countries considered as more friendly to their industry.

Hong Kong’s lawmakers are advancing plans. Plans to require licensing for crypto trading platforms through an amendment to the city’s anti-money laundering legislation. This legislative change would require firms to offer such services exclusively to professional investors. Investors with a portfolio of at least HK$8 million (US$1 million). However, should the amendment go through, the move could discourage numerous crypto investors from conducting their business in Hong Kong.

“There was a point in time where Hong Kong had a leading position in cryptocurrency and business related to crypto,” Padraig Walsh, a partner at the Hong Kong law firm Tanner De Witt, told local daily.

The South China Morning Post. “That isn’t the case any more, and I think regulation has been a key part of the reasons why.”

Cryptocurrency Prices Today: ETH And BTC Are Starting To Recover

Top Cryptocurrency gains today as bitcoin and Ethereum manage to show signs of recovery after days of serious slumps following the Merge. While bitcoin managed to climb above $19,000 mark on Thursday, Ethereum on the other hand saw a 24 hour gain of about 5%. Other altcoins which include the likes of Dogecoin, Litecoin and Solana were all in greens this morning.

Furthermore, Ripple emerged as the biggest gainer, with a 24-hour gain of 34.13%. At the time of writing this report, the global cryptocurrency market cap stood at $950.8 billion. Consequently, this marks a 4.73% gain in the last 24 hours, as per CoinMarketCap data.

Top Cryptocurrency Prices Today

Bitcoin price stood at $19,38.77, seeing a 24-hour gain at 3.34%. Meanwhile, ETH price stood at $1,339.17, marking a 24-hour gain of 5.70% at the time of writing. Dogecoin followed by registering a 24-hour gain of 6.66% as per CoinMarketCap data, currently priced at $0.0614.

Litecoin also saw som magic as the cryptocurrency saw a 24-hour gain of 4.51. At the time of writing, it was priced at $54.26. XRP price stood at $0.5328, seeing a 24-hour gain of 31.01%.

Furthermore, Solana price stood at $32.90, marking a 24-hour gain of 5.47%. Today’s price action saw the biggest gainers as Ripple (XRP) at 34.13% in 24hours. The best loser being Terra Classic, with a 4.93% gain in 24 hours.

What Cryptocurrency Exchanges Are Saying About The Current Price Action

Mudrex co-founder and CEO Edul Patel told ABP Live: “Bitcoin and Ethereum rose on Thursday after going through a roller coaster ride in the past few days. BTC managed to trade above $19,300 with the support of buyers. If BTC can close above $19,500 today, we might see an upward trend in the next week. But if it falls below the current level, we might see BTC going back to the $18,000 support. The second largest cryptocurrency, Ethereum, has also shown a bullish sentiment in line with BTC. This price action comes as a relief to the market participants after the successful Merge. If ETH can hold above the current level, we might soon see it reaching the $1,500 level.”

Sathvik Vishwanath, CEO and co-founder of Unocoin said, “Indian markets mainly reacted to the US central bank’s hawkish tone on interest rates, which created pessimism among investors. The Fed’s latest quarterly summary of policymakers’ projections shows that US central bankers expect to raise the key interest rate, now in a range of 3-3.25% after Wednesday’s 75 basis point increase, to 4.4% by the end of this year and to 4.6% until the end of this year. cryptocurrencies fended off declines triggered by the US Federal Reserve’s next big interest rate hike, although sentiment remained cautious given the central bank’s warning of economic pain ahead of policy tightening. Bitcoin had some positive price movement in the morning but ended with 1.5% negative by end of the day. Second-biggest coin Ether continued to underperform, falling 2% as well.”

WeTrade Founder Has His Say On The crypto Situation

WeTrade founder Prashant Kumar offered his take on the market scenario as well, “After days of movement in the red due to increased interest rates, the crypto market cap saw some positive movement with a 4% increase during Asia trading hours on Friday morning. Bitcoin caught up by 3.8% but is still trading below $20,000.”

Everything You Need To Know About NFT Bubblegoose

Sometimes you get so many voices in a room telling you what to do that you can lose your own voice. It’s not uncommon for a TV network to want to reach or market to a specific demographic. This can pull away from the authenticity of an NFT project — and this ‘inauthenticity’ does not have a place in our current cultural space.”

Carl Jones

The above quote is a core tenet of Carl Jones’s latest project — part of the fuel launching the talented Boondocks producer and actor into the Web 3.0 space. The Project? Bubblegoose Ballers.

The Web 3.0 Movement

This Web 3.0 undertaking is here to not only become the top project on Solana’s NFT blockchain but also disrupt the streaming/TV space. 

The acclaimed animation producer has been a creative force on projects like The Boondocks, Black Dynamite, Tyler the Creator’s Jellies. It also has The Last OG, as well as more projects on the way under his own animation studio dubbed Martian Blueberry.

Shows like The Boondocks have become culture-disrupting, cult classic. However it is still relevant as ever due to their nuanced animation, potent social commentary, and gut-busting jokes. 

Furthermore, despite all of the success, Jones will be the first to tell you that building a property with your own distinct creative vision. And voice is no easy feat, and can be impossible — even if you are a veteran in the industry.

What is Bubblegoose Ballers?

An idea born out of his childhood in Fayetteville “Fayettenam,” North Carolina. Bubblegoose Ballers is a 10,000-piece NFT collection with a growing and passionate community around it. 

With their help, Jones aims to develop a new series starring the Bubblegoose Ballers. The show is expected to be honest, edgy, and even more crazier than Black Dynamite or The Boondocks.

By using Web 3.0 technologies, the producer believes he can create original content and develop an active community around it. One that not only gets the opportunity to creatively shape Bubblegoose Ballers in real-time. But also financially benefits from the success of the project. 

If done right, Jones believes he can build a multimedia company with a wide range of creatives . people who can cultivate IP, build worlds, and establish communities. In short, he plans on creating the next-gen Pixar.

The initial idea of Bubblegoose Ballers can be tied all the way back to your childhood: How did you come up with it?

I grew up in a town called Fayetteville, North Carolina, “affectionately” known as “Fayettenam” during the hype of the crack epidemic. The ballers in my neighbourhood wore “Bubblegoose Coats.” They were status symbols in the same way that sneakers are, or even NFTs today. It was all about the flex.

The jacket let people know that you were successful and tough. Looking back, the coat was aspirational to me. With that context, as a kid, I started drawing this goofy little goose in a Bubblegoose Coat — a character that, in many ways, reflected my personality. The character just stayed with me over the years until I had the opportunity to launch a new TV series over at Adult Swim.

What about this Bubblegoose NFT community resonates with those audiences?

You can buy a Bubblegoose Baller. But I don’t really like to see myself as someone who sells NFTs. I say that because NFTs have been stigmatized a lot because of the bad actors in the space. 

I like to focus more on the brand and community-building side of things. So this project is more of a continuation of what I have been doing my whole career. The blockchain just provides the technology needed to pursue the creative freedom I’ve been seeking.