Web3 🌕 Monday Highlights: South Korea's Crypto Regulation, Ethereum's Testnet Glitch, Binance.US Volume Drop, Bitcoin's Rally, and Europe's Bitcoin ETF Lead!
✨ South Korea's Crypto OTC Focus
🚀 Ethereum's Holesky Testnet Adventure
📉 Binance.US Volume Update
💰 Bitcoin at $26K: Good News for MKR, AAVE, RUNE, RNDR
🏆 Europe Leads in Bitcoin ETF Race
For in-depth details, dive in! 📚
In the ever-evolving landscape of Web3 technology, staying updated with the latest trends and advancements is essential. This week, we bring you a curated selection of significant updates. Join us as we dissect these pivotal updates, providing you with a deeper understanding of their significance in the world of Web3 and decentralized finance. Stay tuned for detailed insights into each development
1. South Korea's Crypto OTC Focus
South Korean regulators are shifting their focus towards the unregulated over-the-counter (OTC) crypto market, aiming to address issues arising from recent crypto scandals. This comes in the wake of the Terra-Luna scandal, which left numerous domestic investors in the lurch. Allegations of market manipulation, particularly with "kimchi coins," have further highlighted the need for OTC market regulation. While previous efforts primarily targeted centralized exchanges, authorities are now addressing problems in the OTC sector. OTC traders face charges related to smuggling and tax evasion concerning "kimchi premium" trading. The event titled "Legal Challenges in the Virtual Assets Field" emphasized the urgency for more robust crypto regulations, considering OTC markets as hotbeds for virtual currency-related crimes like fraud and money laundering. Regulators are determined to bring oversight to high-value investor-driven OTC markets, signaling a significant shift in approach.
2. Ethereum's Holesky Testnet Adventure
Ethereum developers encountered a rare setback as a misconfiguration in the Holesky test network's genesis files delayed its launch, intended to mark the one-year anniversary of the "Merge" upgrade. While some validators manually initiated the test network, a fix is needed. Holesky, set to address scalability, aims to accommodate twice as many validators as the mainnet. Though a restart is possible, developers lean toward a fresh start for a long-lasting network. This delay isn't expected to impact the upcoming Dencun hard fork, focused on scaling through proto-danksharding. Ethereum's transition to a "proof-of-stake" model continues, distinguishing it as a key smart contract-enabled blockchain.
Margaux Nijkerk
3. Binance.US Volume Update
Binance.US, facing regulatory challenges and executive departures, experienced a sharp decline in trading activity in September. On Sep. 16, the exchange volume plummeted to $5.09 million, compared to around $230 million on Sep. 17, 2022. The SEC filed a lawsuit against Binance and Binance.US on June 5, alleging violations related to unregistered securities offerings and wash trading. This led to the suspension of trading for over 100 token pairs. The departures of key executives, including CEO Brian Shorder, are reportedly linked to an ongoing U.S. Department of Justice investigation into Binance, CEO Changpeng "CZ" Zhao, and Binance.US. The SEC accused Binance.US of non-cooperation in the investigation, claiming a lack of document production. A judge recently granted the SEC's motion to unseal case documents.
Ana Paula Pereira
4. Bitcoin at $26K: Good News for MKR, AAVE, RUNE, RNDR
Bitcoin shows signs of a relief rally, potentially influencing MKR, AAVE, RUNE, and RNDR. Its recovery from $24,800 support sparks interest in select altcoins. The Federal Open Market Committee's meeting could impact volatility. Bitcoin's rise above the 20-day EMA ($26,303) indicates reduced selling pressure. The BTC/USDT pair aims for the 50-day SMA ($27,295), with $28,143 as a potential target. Maker MKR surged above the 50-day SMA ($1,162), heading towards $1,370, facing resistance. Support lies at the 20-day EMA ($1,162). Aave AAVE climbed above moving averages, aiming for $70 and $76. The 20-day EMA ($56) is vital support. THORChain RUNE recovered, nearing resistance at $2, signaling potential uptrend to $2.80. Render RNDR broke above the 50-day SMA ($1.58), indicating reduced selling pressure. A bullish crossover of moving averages and positive RSI suggests a potential rally to $2.20. Support lies at the 20-day EMA ($1.50).
Rakesh Upadhyay
5. Europe Leads in Bitcoin ETF Race
Europe has outpaced the U.S. in digital asset advancements, signaling a role reversal in regulatory environments. In August, Europe saw the launch of its first Bitcoin spot ETF, while the EU's MiCA framework brought legal clarity for digital assets. In contrast, the U.S. faced delays in spot ETF approvals and increased crackdowns on crypto exchanges. European startups surpassed U.S. counterparts in funding, highlighting the continent's growing prominence. This shift challenges the longstanding notion of U.S. regulations being less stringent. Notably, Europe's swift progress in the Bitcoin spot ETF race contrasts with the U.S.'s decade-long struggle for approval, showcasing Europe's regulatory edge. Lars Christensen, CEO of Seier Capital, emphasized Europe's lead, stating the U.S. has catching up to do.
Nicholas Morgan
The world of Web3 is undergoing dynamic changes and challenges across the globe. South Korea is considering regulations for the crypto OTC market, while Ethereum faces setbacks with its Holesky Testnet launch. Binance.US has experienced a significant dip in trading volume amidst regulatory issues and internal departures. On a brighter note, Bitcoin is showing promise at $26,000, with optimism for altcoins like MKR, AAVE, RUNE, and RNDR. Meanwhile, Europe is outpacing the U.S. in embracing digital assets, exemplified by its Bitcoin ETF developments. These updates illustrate the ever-evolving landscape of Web3 and the competition between regions in shaping its future. Stay tuned for more exciting developments in the world of cryptocurrencies and blockchain technology!
