© Reuters Crypto Flipsider News – Binance Liquidates FTT. New roadmap for Ethereum; OpenSea Loyalty; Twitter users migrate. BTC & ETH Update
Read the digest:
- Binance Sells $529 Million FTX Tokens – Drama Hits Crypto Market.
- Vitalik Buterin shares an updated roadmap for , including a new ‘Scourge Phase’.
- OpenSea launches new on-chain tool for creators to enforce NFT royalties.
- After the Musk deal, Twitter users jump on the decentralized alternative Mastodon.
- (BTC) & Ethereum (ETH) Prices Update Ahead of October CPI Report.
Binance Sells $529 Million FTX Tokens – Drama Hits Crypto Market
Sundya, Nov. 6, Binance CEO Changpeng “CZ” Zhao announced that his company intends to sell its remaining FTX token (FTT) holdings.
Binance bosses were referring to the reported $3.66 billion in unlocked FTTs that make up Alameda’s assets. The potential has caused a great deal of concern in the cryptocurrency industry.
Alameda Research CEO Caroline Ellison has expressed her company’s willingness to buy FTT tokens from Binance, but the drama has hit the market hard, with many cryptocurrencies leaving the Asian session in the red. started with
In the last 24 hours, only 4 of the top 50 cryptocurrencies ranked by market capitalization have traded green. Most cryptocurrencies show varying levels of loss, with FTT, (SOL), and (BNB) posting the biggest losses of the day.
Flip Cider:
- Glassnode data shows FTT exchange balances are soaring, indicating investors are ready to buy and sell FTT tokens.
why you should care
Today’s downtrend is fueled by fears of another implosion given the volatile nature of FTX and Alameda’s assets (a major player in the crypto industry).
Vitalik Buterin Shares Ethereum’s Updated Roadmap Including New “Scourge Phase”
Ethereum’s move to proof-of-stake is riddled with censorship resistance and criticism of centralization. To combat that, Ethereum co-founder Vitalik Buterin shared an updated roadmap for the network.
Buterin announced on Twitter that he plans to extend the previous five-step Ethereum roadmap with “Scourge phases” into an expanded six-part technology roadmap.
According to Buterin, the Scourge phase “ensures reliable, trustworthy, and neutral transaction inclusion to avoid centralization and other protocol risks with MEV.”
This phase, scheduled to be implemented shortly after the surge, aims to scale Ethereum up to 100,000 transactions per second by rolling up. Scourge is followed by the previously mentioned stages Verge, Purge, and Splurge.
Flip Cider:
- Bitcoin (BTC) Maxis reacted to the update, claiming that Bitcoin is superior to the “over-engineered” ETH.
why you should care
The Scourge is Buterin’s response to growing criticism of the network, aiming to improve the censorship resistance and decentralization of the Ethereum network.
OpenSea Unveils New On-Chain Tool for Creators to Enforce NFT Loyalty
OpenSea, the world’s largest non-fungible token (NFT) marketplace, has taken its stance on loyalty by launching an on-chain tool that helps creators enforce loyalty on their NFTs.
OpenSea CEO David Finzer, who unveiled the tool, explained that the NFT giant “has seen voluntary creator fee payments drop to less than 20%.” Marketplace outright refuses to pay these fees.
Therefore, OpenSea will give creators more power to secure their future revenue with a new tool that allows creators to set royalties on new and future NFT contracts as well as existing upgradeable smart contracts. I’m trying
Finzer further emphasized that creators have free will regarding the use of their chosen solution. OpenSea will not require them to use new tools. The system will be operational from Tuesday, November 8th.
Flip Cider:
- OpenSea says it will solicit community feedback on how to approach existing projects by a voluntary deadline of December 8.
why you should care
OpenSea’s “thoughtful and principled approach” allows creators to continue monetizing their NFTs at a time when competing markets refuse to honor creator royalties.
Twitter users jumpship to decentralized alternative Mastodon after Musk deal
On October 27th, the world’s richest man, Elon Musk, completed his long-awaited $44 billion Twitter deal. While the deal has sparked excitement in the cryptocurrency industry, many users on Twitter appear unhappy with the Musk acquisition.
Users migrating from Twitter have found a new home on Mastodon. It is a decentralized microblogging platform originally created by Eugen Rochko and announced by him on Hacker News in 2016.
In the first 10 days of Musk’s reign as Twitter boss, over 500,000 users have migrated from the platform. According to Mastodon, its user base exceeds his 655,000, with at least 230,000 joining him last week.
Musk’s recent massive layoffs, the first dismissal of executives, and his comments and plans for Twitter’s future have accelerated Twitter’s leaks for a number of reasons.
Flip Cider:
- One of the most popular Mastodon servers, mastodon socialis experiencing lag and downtime as it struggles to keep up with the influx of new users.
why you should care
Mastodon is the perfect alternative for Twitter users to follow other users, post messages called “toots”, and allow other users to reply, like and repost them. It looks like
Bitcoin (BTC) & Ethereum (ETH) Price Updates Before October CPI Report
The first weekend of November had a big impact on Bitcoin (BTC) and Ethereum (ETH). BTC’s price rose more than 8% over the weekend to hit a seven-week high of $21,446.
Bitcoin (BTC) 7-day price chart. sauce: coin market capitalization
Similarly, Ethereum (ETH) recorded one of its biggest recent gains as the price of Ether climbed above $1,660 for the first time since September 13th.
Ethereum (ETH) 7-day price chart. sauce: coin market capitalization
The asset’s price has faced a significant correction since surging over the weekend. The resulting drop in the prices of his BTC and ETH is directly related to the drama that followed Binance’s decision to liquidate his FTT, pushing BTC and ETH prices below $21,000 and he below $1,600 respectively. pushed down.
Bitcoin and Ethereum’s woes may not end there, as another significant event is set to take place next week that could redirect BTC and ETH prices. On November 10th, US inflation data for October will be released. This is projected to increase the volatility of major crypto assets.
Flip Cider:
- Over the weekend, Bitcoin’s Fear and Greed Index hit a three-month high of 40/100. This represents a major positive change in sentiment for Bitcoin.
why you should care
The crypto industry has reacted positively to the macroeconomic report, and the lower than expected CPI reading could conversely prove beneficial for the cryptocurrency market.
