Crypto Flipsider News – Biggest Crypto Gain; The Cash app activates Lightning; Musk makes a deal on Twitter; Reddit NFT Shine By DailyCoin

Crypto Flipsider News – Biggest Crypto Gain; The Cash app activates Lightning; Musk makes a deal on Twitter; Reddit NFT Shine

  • Crypto Sees Biggest Daily Gain in Six Weeks, Big Tech Stocks Fall
  • UK Lawmakers Vote To Add Cryptocurrencies To Capital Markets Bill
  • Cash App Enables Lightning Network Payments for 40 Million Users
  • Elon Musk to complete Twitter deal on Friday, Twitter is building a crypto wallet
  • Reddit’s NFTs break into OpenSea’s top 10, challenging top-notch Bored Apes

Crypto Sees Biggest Daily Gain in Six Weeks, Big Tech Stocks Fall

The crypto market is seeing its biggest daily gains in more than six weeks as the top 30 cryptos rally. Bitcoin (BTC), the world’s largest crypto, has gained 6.7% in the past 24 hours to peak at $20,700 – a new six-week high.

The 24-hour price chart for Bitcoin (BTC). Source: CoinMarketCap

The market rally is led by (ETH), which has gained more than 15% in the past 24 hours to trade at $1,542 for the first time before the merger.

The 24-hour price chart for Ethereum (ETH). Source: CoinMarketCap

Toncoin (TON) is today’s top crypto gainer, with its price climbing over 20% in the last 24 hours. TON traded at an interday high of $1.92, just below its three-month high at $2.001.

The 24-hour price chart for Toncoin (TON). Source: CoinMarketCap

(ADA) is another big gainer, rising over 14% to trade as high as $0.4142. Following the massive rally in altcoins, the global crypto market capitalization has increased by more than 7% in the past 24 hours.

The 24-hour price chart for Cardano (ADA). Source: CoinMarketCap

Downside :

  • The crypto market rally comes on the back of poor quarterly performance reported by tech giants including Microsoft Corp. (NASDAQ:)., Alphabet (NASDAQ:) Inc. and Texas Instruments (NASDAQ:) Inc., leading to a loss of 2.4% over the past 24 hours.

Why You Should Care

An array of positive factors are currently driving the rally in the crypto market, including the weakening dollar and positive regulatory outlook, among others.

UK Lawmakers Vote To Add Cryptocurrencies To Capital Markets Bill

UK lawmakers in the House of Commons voted on Tuesday to recognize crypto as a regulated financial instrument during the reading of proposed amendments to the pending Financial Services and Markets Bill.

The amendment proposed by MP Andrew Griffith, if passed, will provide regulatory oversight of crypto promotions and also ban unauthorized crypto businesses. The Crypto Market Will Be Regulated by the UK Treasury Department

In the meantime, Griffith said Treasury will consult with various stakeholders and industry personnel on the approach to ensure the framework operates to maximize the unique benefits and risks posed by crypto activities. .

The bill will proceed to final approval in the House of Lords, the Upper House of Parliament, followed by Royal Assent by King Charles III, to become law.

Downside :

  • Experts suggest Rishi Sunak’s ongoing crypto plans could be short-lived if they further threaten Britain’s already unstable economy

Why You Should Care

The bill already contains a framework to extend existing regulations to payments-focused stablecoins.

Cash app enables Bitcoin Lightning Network payments for 40 million users

Cash App, the popular financial platform developed by Block has announced that its users can now send and receive Bitcoin (BTC) payments instantly following the Lightning Network integration.

Prior to the announcement from the company’s chief product officer, Michael Rihani, Cash App users could only send Bitcoin through the Lightning Network. Now they can also use the Layer-2 Bitcoin solution to instantly receive BTC.

To use the Lightning Network when transacting with Bitcoin, users must open the “Money tab” and select Bitcoin. A QR code or link will be generated, allowing users to transact with other Lightning-enabled wallets.

Since Cash App does not require confirmation on the blockchain, transactions are executed instantly. To use this feature, Cash App’s 40 million users will need to update to the latest version of the app.

Downside :

  • Cash App is currently available in all of the United States except New York State and is also limited to sending or receiving payments up to $999 in BTC.

Why You Should Care

Cash App believes that the Lightning Network will be a game-changer as well as an important element in the global adoption of Bitcoin.

Elon Musk to complete Twitter deal on Friday, Twitter is building a crypto wallet

Billionaire and Tesla (NASDAQ:) CEO Elon Musk reportedly told debt-ridden bankers during a videoconference that the high-profile $44 billion deal to buy Twitter would close by Friday, October 28.

According to the source, Musk’s lawyers have now sent the required documents to equity investors, including Sequoia Capital, Binance and Qatar’s sovereign wealth fund. Marc Andreesen and Larry Ellison are expected to provide the remaining funds.

It was also reported that the banks providing the $13 billion in debt financing – Morgan Stanley (NYSE:) and Bank of America (NYSE:) – have finished setting up the final credit agreement. The report comes after it was revealed that Twitter was working on a crypto wallet.

According to Manchun Wong, the crypto wallet will allow users to deposit and withdraw their funds without resorting to third-party services. However, there is no official announcement from Twitter about it.

Downside :

  • Twitter’s takeover bid was previously blocked after Musk claimed the social media giant failed to meet its contractual obligations because the number of spambots on the platform was underestimated.

Why You Should Care

The move is the clearest sign that Musk plans to comply with the Delaware judge overseeing the lawsuit who gave both sides until Oct. 28 to agree to the deal.

Reddit’s NFTs Break into OpenSea’s Top 10, Challenging Blue-Chip’s Bored Monkeys

Reddit’s Polygon-based non-fungible token (NFT) continued its parabolic rise, with collections generating over $2.5 million in sales on Tuesday, October 25, to edge out popular blue chip projects including Bored Apes.

Data on OpenSea, the world’s largest NFT marketplace, showed that Spooky Season, a series of collectible avatars created by Reddit user poieeeyee, handled a trading volume of 538 ETH ($760,000) to settle. rank second, just behind BAYC.

While the blue chip projects have now taken their place, Spooky Season ranks 6th overall, with a trading volume of 926 ETH in the last seven days. Before the recent increase in new Reddit NFT collections, it had a total trading volume of $4.1 million since its launch in July.

Data from Dune Analytics and Polygon shows that over $3.3 million worth of NFT Reddit has been traded in the past three days, bringing its cumulative sale to over $7.49 million.

Downside :

  • A judge of the High Court of the Republic of Singapore has ruled that NFTs can now be considered as physical goods, like “luxury watches”.

Why You Should Care

The spike in Reddit avatar activity has added a much-needed spark to the NFT space over the past few days.

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About Sandra A. Powell

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