ALSO: A staking platform halted withdrawals, Turkey's Erdogan endorsed "blockchain" 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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Crypto Staking Platform Freeway Halts Withdrawals, Citing Market Volatility: Freeway, a crypto staking platform, announced late Sunday that it had paused withdrawal services, citing volatility in the crypto and forex markets that sent its token into a free fall. The relatively small crypto platform promised users up to 43% in annual awards. - Separately, the federal regulator's annual enforcement report revealed that over 20% of the U.S. Commodity Futures Trading Commission's enforcement actions in 2022 involved crypto.
Ripple's Director of Engineering Leaves Firm as XRP Turns 10: Ripple's chief engineer, Nik Bougalis, said he is leaving the company. At Ripple, Bougalis oversaw a series of developments to the ledger's code base including the introduction of non-fungible tokens (NFTs), which is scheduled to go live in November. Build on Blockchain, Stay Away From Gambling With Crypto, Turkey's Erdogan Says: Although Turkey's government is not known to be friendly towards the industry, President Recep Tayyip Erdogan recently made comments in favor of blockchain, speaking at the Blockchain Istanbul Programme. - Erdoğan wants Turkey to be a producer, not a consumer, in crypto and the metaverse. "I advise our young people to take part in...blockchain technology and turn to larger and more fertile channels instead of crypto money gambling that has no basis," he said.
- Elsewhere, Rishi Sunak, who shepherded the U.K.'s new crypto ambitions during his time as finance minister, has been chosen by the majority Conservative Party to be the country's next prime minister following Liz Truss' controversial exit from office last week.
– D.K. and Xinyi Luo |
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Putting the news into perspective |
(Gorodenkoff/Getty Images) Why Trading Is Essential for Crypto Noelle Acheson, formerly of Genesis and CoinDesk, wrote about crypto traders' yin to investor's yang for CoinDesk's "Trading Week." While crypto traders often give the industry a bad reputation (see: DeFi degens), they also perform a necessary function of filtering information and valuing projects. Long-term investors may give crypto more stability and prestige, but none of that would be possible without the markets traders make. Read the article here. |
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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. A Day in the Life of a Crypto Trader How do the pros spend their time? Jeff Wilser asks two of the best. The Art of Trading Without Trading Dollar-cost averaging may be better for your crypto portfolio – and your soul – than active trading. |
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Overheard on CoinDesk TV... |
"Not many people are making tons of money from royalties."
– Galaxy Digital Research Associate Salmaan Qadir, discussing Galaxy's most recent NFT marketplace, on CoinDesk TV's "First Mover"
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Meet the Teams Collaborating to Build an Infinite Universe of Metaverses* For people waiting for the metaverse era to begin, these are exciting moments, with a range of projects across the world readying themselves for launch in the year ahead. It will be fascinating to see which of the many competing visions and concepts win the public's hearts. *This is sponsored content from Translucia. |
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- Binance 'Narrowing Down' Identity of $570M Smart Chain Bridge Attacker (Decrypt)
- SBF Replies to 'Constructive Feedback' on His Regulatory Proposals (The Defiant)
- Crypto Is More Attractive as SEC Gets Aggressive, Investors Say (Bloomberg)
- Crypto's Political Megadonor Has Shut His Wallet (The Atlantic)
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