ALSO: THORChain halted for 20 hours, Huobi delists its HUSD stablecoin and more |
The biggest crypto news and ideas of the day |
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Hello and welcome to The Node. This is Daniel Kuhn and Xinyi Luo, here to take you through the latest in crypto news and why it matters. In today's newsletter: |
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Binance Invested in Musk's Twitter Buyout: Binance's CEO Changpeng Zhao confirmed the mega-crypto exchange wired approximately $500 million to help finance Elon Musk's $44 billion acquisition of Twitter. The exchange received equity in Twitter. - "We aim to play a role in bringing social media and Web3 together in order to broaden the use and adoption of crypto and blockchain technology," Zhao said in a press release.
- Although Musk is supportive of dogecoin, potential crypto integrations for Twitter remain unclear.
- Speaking of, DOGE has rallied 16% in the lead up to the deal's completion.
THORChain Suffers an Outage Due to Software Bug: THORChain, a blockchain in the Cosmos ecosystem focused on providing cross-chain liquidity, halted on Thursday due to an unexplained "unique transaction type," developers said. The chain resumed operations after more than 20 hours of down time. - The team behind the blockchain noted that the incident had "nothing to do with solvency." And that a "post-mortem will be released next week."
Crypto Exchange Huobi Converts Its HUSD Stablecoin to USDT: Huobi, a top 10 exchange by trading volume, is cutting ties with the stablecoin it developed, the troubled asset HUSD. The crypto exchange will begin delisting HUSD at 8:00 UTC Friday and will in the interim begin converting assets to USDT on a 1:1 basis. – Xinyi Luo |
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Putting the news into perspective |
(Peter Unger/Getty Images) Is Credit Suisse a Canary in the Financial Industry Coal Mine? Credit Suisse on Thursday released a restructuring plan after several dramatic flubs in recent years. The Swiss bank's embarrassing losses on borderline frauds like Archegos and Greensill invite very pointed questions about whether it has the talent and discipline needed to handle high finance, David Z. Morris writes. Read the full article. |
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This week, CoinDesk delves deep into all sides of crypto trading, from practical strategies to how traders stay sane amid market turmoil. We explore what moves markets and what motivates traders. Stay tuned for a mix of features, TV interviews, op-eds, and research. From Hairstylist to Crypto Trader: A Cautionary Tale A New York hairstylist to rock stars became a technical trader in Puerto Rico. Here's how she got rich, only to lose everything in the crypto winter. Novel Trading Opportunities in DeFi for TradFi The crypto industry can provide novel opportunities to generate value, but some of those avenues can't all be found in traditional finance. |
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Overheard on CoinDesk TV... |
"There's a regulatory gap in that there is no one market regulator over bitcoin or other commodities [and] digital assets that are not securities." – CFTC Commissioner Chirsty Goldsmith Romero, on CoinDesk TV's "First Mover" |
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Polkadot Privacy Project Manta Network Eyes Crypto's Largest Trusted Setup Ever (Decrypt) Brookings Institution disputes claim that crypto improves financial inclusion (Protos) The surprising maturity of the crypto-rave crowd (The Economist)
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