Crypto News Headlines (30-May-2023)

Crypto storage technology firm Qredo has revamped its self-custody wallet platform, bringing to market a cheap, open source option for institutional crypto traders that no longer want to risk allowing digital assets to be held by others in centralized situations.

Like the earlier version of the protocol, New Qredo, announced on Tuesday, uses clever key sharding tech called multi-party computation (MPC), with improved control over team permissions and approval processes, the company said in a press release.

Having complete control over digital assets is ever more vital in the wake of last year’s blows-up of FTX and the bankruptcies of various other centralized crypto platforms. As such, there’s a gap in the market for a custody system that’s open-source, on-chain and doesn’t cost the earth, according to Qredo chief operating officer Josh Goodbody.

At 7:56 a.m. Eastern Time on March 29, the digital currency trading platform Bkex took to Twitter to share important news about the suspension of withdrawals. In an announcement on Monday, Bkex revealed that a user’s funds were linked to a money laundering incident. To facilitate the collection of evidence, the crypto exchange will temporarily halt all withdrawals and collaborate closely with the police.

“[The] Bkex team will fully cooperate with the regulatory investigation and do its best to restore the normal operation of the exchange,” the announcement details. “The team will actively work with the relevant authorities to resolve the current issues faced to ensure that the rights of our users are protected to the greatest extent possible.”

PayBito, a prominent US-based cryptocurrency exchange platform, has recently introduced an exciting opportunity for entrepreneurs, individuals, and business owners by launching an online franchise business. Using PayBito’s renowned brand and skills, this new venture will enable people to explore the world of Bitcoin franchise companies.

With so many new companies entering the crypto space every day, having an established online franchise platform on which to create your brand may be a huge competitive advantage. PayBito has released its “white label crypto broker platform,” which is designed for use by anybody looking to get into the cryptocurrency market. The platform provides a pre-built exchange with access to more than 20 different fiat currencies and 400 different cryptocurrency marketplaces.

Russian lawmakers have decided to end plans for creating a state-owned cryptocurrency exchange, planning instead to set rules and regulations for already existing enterprises, a Russian news outlet reported Sunday.

Colin Wu of Wu Blockchain broke the story on Twitter early Monday morning. He linked a translation of a Russian news outlet that explained that the country’s new focus would be to allow private companies to build crypto exchanges

According to the news report, Ivan Chebeskov, Director of the Financial Policy Department of the Ministry of Finance for the Russian Federation, said, “The [Ministry] did not support the establishment of one national crypto-exchange.” The idea, instead, is to “legally regulate the possibility of creating such sites by business.”

Bitcoin BTC $27,865 is trading hands at a hefty discount on the Australian branch of the Binance crypto exchange, with the price of Bitcoin down as much as 21% if traded against the Australian dollar.

The move comes as traders rush to cash out their crypto holdings into Australian dollars before the door for local bank withdrawals closes in a few days.

On May 18, Binance Australia informed users that it is suspending Australian dollar services after a decision by its third-party payments provider.

Deposits via bank transfer were halted immediately, while withdrawals using the PayID service are set to remain open until June 1 at 5 pm local time. The exchange has also warned its Australian clients that any Australian dollars remaining on the exchange after May 31 would be automatically converted into USDT.

Bitcoin (BTC) has regained some poise since last Thursday, but the cryptocurrency still appears on track for its first monthly loss since December.

The leading cryptocurrency by market value traded near $27,800 at press time, a 7.5% rise from lows under $25,900 registered last week. However, prices were still down about 5% for the month, the first monthly decline of the year (assuming, this loss is held through Wednesday’s UTC close). Bitcoin has put in a positive performance in January, March and April and ended February on a flat note.

Against ether (ETH), bitcoin looked set for a monthly decline of nearly 7%, CoinDesk data show.

The 2023 Axios Harris Poll 100 has revealed that FTX has a less-than-stellar reputation among the top 100 companies ranked from best to worst in terms of reputation. The survey’s is to “gauge the reputation of the most visible brands in America,” as stated by Axios. Interestingly, the poll has added two crypto-themed elements this year: the now-defunct crypto exchange FTX and the leading crypto asset by market capitalization, bitcoin (BTC).

Crypto Industry’s Reputation Takes a Hit: FTX and Bitcoin Rank at the Bottom of 2023 Axios Harris Poll 100

The poll revealed that FTX and bitcoin are at the bottom of the list, indicating that they have lackluster reputations among a list of other visible brands. FTX, in particular, has landed in the second-to-last position, just above the Trump organization, which is considered the worst visible brand in the country. Meanwhile, Fox (98), Twitter (97), Meta (96), and Spirit Airlines (95) are just above the bankrupt crypto company.

Richard Heart on Monday exclaimed that Bitcoin (CRYPTO: BTC) had reached a fresh all-time high on PulseChain decentralized exchange, with the asset’s value surging from $27,000 to $70,000.

What Happened: The price hit $70,000 in just 20 minutes, as compared to its on-spot value of $27,000. However, this sudden surge in price was short-lived and lasted for only 10 minutes.

Upon further analysis, it could be inferred that the low liquidity of the wBTC token, which has its value attached to Bitcoin for the purpose of bridging to Ethereum (CRYPTO: ETH), might have been the reason behind this unusual spike in price.

Why It Matters: The volume of trade during this time, as reported by the dexscanner was around $19.8 million in the last 24 hours. Dexscanner is a platform that provides up-to-date information on the liquidity and trading volumes of decentralized exchanges.

The market’s largest decentralized stablecoin got a minor decentralization boost.

At press time, the amount of Circle’s USDC stablecoin backing MakerDAO’s DAI has hit 23.6%. This figure was a whopping 50% last August, sparking concerns over DAI’s centralization.

DAI is a U.S. dollar-pegged overcollateralized stablecoin, governed by the MakerDAO decentralization organization. DAI is the largest decentralized stablecoin with a market capitalization of $4.6 billion, per Coingecko, backed by cryptocurrencies like Ethereum and stablecoins, as well as so-called real-world assets.

Now, as its dependence on USDC wanes, those real-world assets, or RWAs, are taking up a larger portion of DAI’s backing. RWAs refer to non-crypto assets and those that are linked to real-world businesses or entities.

Bitcoin Ordinals are the latest layer-2 solution enabling decentralized storage of digital art on the Bitcoin blockchain. Ordinals will now allow users to migrate their Ethereum ERC-721-based nonfungible tokens (NFTs) to the Bitcoin blockchain with the launch of the BRC-721E standard.

The BRC-721E standard was jointly launched by the Ordinals market — an Ordinals-based marketplace — and the Bitcoin Miladys NFT collection. The new BRC-721E standard enables the conversion of immutable, verifiable ERC-721 NFTs to Ordinals. Initially, metadata is not stored on-chain, but users can store a lower-quality preview image and include a reference to the Ether ETH $1,910 burn in the raw image data.