Bitcoin held around $37,000; Binance unveiled its own Web3-wallet, a Moscow court fined Coinbase, and other events of the week just ended.
Bitcoin nears $38,000
This week the price of the first cryptocurrency rose firmly above $35,000 again, and on Thursday, 9 November, approached the $38,000 mark.
On Binance, the rate at one point reached $37,972.
By week’s end, Bitcoin held above $37,000, and Ethereum — above the $2,000 level.
All top-10 assets by market capitalization ended the week in the green. The biggest gainers were Solana (+44.3%), Cardano (+14.7%), and Dogecoin (+12.8%).
The total market capitalization of cryptocurrencies reached $1.47 trillion. Bitcoin’s dominance index stood at 49.3%.
Binance launches its own crypto wallet
The cryptocurrency exchange Binance announced the launch of a Web3-wallet, accessible to users through the platform’s mobile app.
The utility runs in the main Binance trading app and uses multi-party computation (MPC), which splits private keys into three parts and stores them on different servers.
Two of them are tied to the user’s account, while the third is held by the exchange. The encryption method reduces the risk of wallet compromise and lowers system vulnerability, the announcement said.
Binance clarified that the app is not available to users in the United States.
The documentation states that the wallet’s terms of use are governed and construed in accordance with Hong Kong law. The company also complies with anti-money-laundering laws and intends to screen transactions for financing of terrorism, sanctions evasion, and suspicious activity, blocking undesired transfers.
Trust Wallet launches Wallet-as-a-Service and names Binance its first client
The Binance-owned non-custodial wallet Trust Wallet introduced the service Wallet-as-a-Service (WaaS), which enables corporate clients to launch decentralized applications on the project’s stack.
“WaaS is designed for a broad audience: from Web3 users and centralized crypto exchanges to startups and traditional enterprises seeking to expand their offerings with blockchain solutions,” the team explained.
Among the advantages of the service are faster deployment of products and easier adoption of the technology, with improved navigation and security.
As an implementation example of WaaS, representatives cited the Binance wallet.
What to discuss with friends?
- Arthur Hayes saw a threat in institutional interest in Bitcoin.
- Pavel Durov will give away Telegram premium accounts purchased with TON.
- An expert said that Bitcoin is transitioning from accumulation to a bull market.
- The head of the SEC backed a relaunch of FTX “within the law.”
Russia develops technology to cash out digital rubles
VTB introduced a technology for withdrawing digital rubles via ATMs, the bank’s press service said.
First to test the new feature will be VTB Online users taking part in the pilot of Russia’s CBDC.
Cash can be withdrawn at any of the bank’s 14,000 ATMs nationwide.
To do this, the customer must point their smartphone camera at the ATM’s QR code. In the opened VTB Online app, select the digital ruble account as the source of funds.
Report: Ukraine lost $52 billion due to the grey Bitcoin market
Due to the lack of regulation of the cryptocurrency market, Ukraine lost more than $52.8 billion from 2016 to 2022, according to a study by the Ukraine Economic Outlook analytical group.
Experts calculated the potential gains for the population from investments in cryptocurrency, earnings of mining farms, and the emission of stablecoins domestically.
According to their assessment, $48.8 billion of the losses were in direct household and corporate income (GDP), with $4 billion in foregone tax receipts.
Alexander Bornyakov, deputy minister of digital transformation, responded to the publication, stressing the importance of crypto market regulation.
“Large capital stays where there are transparent regulatory rules, state mechanisms protecting property rights work effectively, and tax incentives stimulate the economy,” he wrote.
Nasdaq confirms BlackRock application to launch a spot Ethereum ETF
The proposal to register BlackRock for the launch of the iShares Ethereum Trust — a spot ETF based on the second-largest cryptocurrency — was confirmed by Nasdaq. The exchange filed the corresponding application with the SEC on behalf of the investment giant.
If approved, the product would be listed on the platform.
According to the document, Coinbase will act as custodian of the ETF. The company is also mentioned in the agreement on joint surveillance to prevent fraud and market manipulation.
Earlier the BlackRock proposal appeared on the Delaware Department of State’s Division of Corporations website. The publication sparked a rally in Ethereum.
Also on ForkLog:
- CoinGecko compiled a miners ranking by Bitcoin volume.
- The App Store appeared a Binance messenger app. CZ said it was for testing.
- The head of the Bank of Russia backed cross-border Bitcoin payments.
- OpenSea’s valuation fell to $1.4 billion. NFT market turmoil.
Coinbase fined in Russia
A Moscow court fined Coinbase 1 million rubles for failing to localise the data of Russian citizens.
The platform was found guilty of an offense under Part 8 of Article 13.11 of the RF Administrative Offences Code (failure by the operator to meet obligations to record, systematize, accumulate, and store personal data of Russian citizens).
Coinbase received the minimum possible fine for this article — the amount could have been up to 6 million rubles.
What else to read?
This week blockchain lawyer Eliza-Tatyana Vasilyeva, in the ‘Becoming’ column, shared her experiences building a career in the industry.
In the traditional digest, we round up the week’s main cybersecurity news.
The cryptocurrency industry is drawing more and more institutional players. The most important investment news of the past weeks is in ForkLog’s overview.