Cryptocurrency

In September 2022, a lawyer argued that despite China’s national crypto ban, the country’s law could protect crypto holders in theft or breach cases. Supporting this perspective, a Shanghai court recognized Bitcoin as virtual property in May 2022, thereby strengthening legal rights for cryptocurrency in China.Despite China’s official stance against cryptocurrencies, the Shanghai Second Intermediate People’s Court recently published an article acknowledging Bitcoin’s legitimacy. The article highlighted Bitcoin’s uniqueness and non-replicability, distinguishing it from other virtual currencies such as Q coins. The author also noted that despite regulatory ambiguity, courts face difficulty ignoring the monetary and property attributes of digital currencies during judicial proceedings.The article further elaborated on Bitcoin’s property attribute, noting its relative scarcity and widespread recognition. Despite its decentralized nature and lack of central authority management, Bitcoin still possesses major functions of currency such as scale, circulation means, storage means, payment means, and global usage. The article emphasized that Bitcoin can be obtained through labor production (mining), inheritance, or buying and selling.This legal opinion provides additional legitimacy to Bitcoin and other digital currencies in China. It suggests that courts might be more inclined to consider arguments classifying cryptocurrencies as personal properties.In related news, Sun’s known cryptocurrency wallets have seen a significant increase in value over the past month. Data from Arkham Intelligence revealed that from August 19 to September 19, the value of cryptocurrencies in Sun’s wallets increased from around $733 million to over $1.1 billion. His largest holding is Wrapped Staked Ethereum (WSTETH), worth about $315 million, marking the volatile nature of the crypto market.This article was generated with the support of AI and reviewed by an editor. For more information see our T&C. More

Infranger highlighted the scalability and interoperability of the XRPL, emphasizing its status as one of the most efficient blockchain networks. He noted that the network’s transaction speed, typically completing within 3 to 5 seconds, has been reliable for over a decade. This swift transaction speed was previously underscored by SpendTheBits, a payment platform on the XRPL, last October.The XRP network consistently logs over 1 million transactions per day due to its remarkable speed, according to Infranger. He stated that more than 2.6 billion transactions have been processed on the XRP Ledger, exceeding Ethereum’s transaction count.Despite these impressive figures, Infranger stressed that enhancing the performance of the XRP Ledger remains a priority for RippleX developers. He indicated that RippleX and its developer community are continually striving to improve the infrastructure.On-chain data provider Bitinfocharts supported Infranger’s assertions. Since the latter half of 2020, XRP has consistently logged daily transactions above 1 million. There were several notable surges in transaction count on the XRP Ledger from January to March this year, reaching an annual peak of over 2.35 million transactions on March 19.Even though XRP underwent a significant price correction in August, daily transactions remained above 1 million. Conversely, daily transaction counts on both Bitcoin and Ethereum networks have been comparatively lower. While Ethereum’s transaction count is close to XRP’s, XRP’s daily transactions have consistently outpaced Ethereum’s. Bitcoin records an average of 400,000 daily transactions—150% less than XRP.Ripple’s quarterly report in January revealed that the XRPL processed over 106 million transactions in Q4 2022, equivalent to more than 1.13 million daily transactions. The figure was slightly higher in Q2 2022, with 114 million transactions recorded.This article was generated with the support of AI and reviewed by an editor. For more information see our T&C. More

A total of 400 ether (ETH) worth about $632,000 was transferred from Buterin’s wallet to the Coinbase (NASDAQ:COIN) cryptocurrency exchange in the early hours on Sept. 25. Over the past ten days, Vitalik’s wallet has systematically transferred ethers to multiple centralized exchanges. A total of 2,421 ETH worth almost $4 million have been deposited on Coinbase since Sept. 15.According to an on-chain data platform, Spot On Chain, the source of the 2000 ETH transaction is the address (0xD04daa65144b97F147fbc9a9B45E741dF0A28fd7) that belongs to Buterin. The platform lists 321 ETH deposited on the Kraken exchange between Sept. 15 and Sept. 19.Buterin also reportedly deposited a total of 1,700 ETH on Bitstamp in multiple transactions on Sept. 17 and 20, and deposited 500 ETH on Paxos on Sept. 19.On Aug. 21, wallet 0xd8d, labeled by the Ethereum Name Service (ENS) as Vitalik.ETH, was seen moving 600 ETH worth $1.01 million to a Coinbase address.The price of ETH fell during trading on the morning of Sept. 25, according to CoinMarketCap. The leading altcoin lost 1% during the day, hitting a 24-hour low of $1,570. At the time of writing, ETH was trading at $1,566.September is traditionally considered a bad month for ETH, but the long-term outlook for Ethereum remains optimistic.This article was originally published on Crypto.news More

The Arbitrum Foundation sent 69.4 million unclaimed Arbitrum (ARB) tokens to its decentralized autonomous organization (DAO), the Arbitrum DAO, on Sept. 24, the foundation announced on X (formerly Twitter).Continue Reading on Coin Telegraph More

Ether, the second-largest cryptocurrency by market capitalization, also recorded a 1.5% decline to $1,575. Other smaller cryptocurrencies or ‘altcoins’ like Cardano and Polygon reported losses of 1% and 2% respectively. Meme-based cryptocurrencies such as Dogecoin and Shiba Inu were not immune to the downward trend, with both falling by 2% and 1%.This decrease in cryptocurrency prices coincides with historically low trading volumes and volatility in the crypto market, suggesting a decline in investor interest. The market continues to anticipate a decision from the Securities and Exchange Commission regarding spot Bitcoin exchange-traded funds (ETFs). However, this potential catalyst may take several months to materialize.External macroeconomic factors have also been influencing cryptocurrency prices. Similar to traditional stock market indices like the Dow Jones Industrial Average and S&P 500, Bitcoin’s price movements have shown responsiveness to shifts in interest rate outlooks. With interest rates currently at generational highs, increased returns on risk-free cash or government debt could deter investors from venturing into riskier assets such as Bitcoin.Investors are closely watching whether the Federal Reserve will increase interest rates in November. Subsequent decisions on lowering rates are also critical considerations. Strong economic data could discourage the Federal Reserve from reducing rates while signs of economic weakness could prompt a more accommodative stance.Economic indicators due this week could potentially influence these decisions and consequently impact cryptocurrency markets. These include Monday’s Dallas Fed manufacturing activity data for September and the Chicago Fed national activity index for August. Later in the week, revisions to the U.S. gross domestic product over the past five years and the personal-consumption expenditures index, the Fed’s preferred inflation measure, are expected.This article was generated with the support of AI and reviewed by an editor. For more information see our T&C. More

The term “latency” in cryptocurrency trading refers to the delay or lag in the amount of time it takes for data to move between two points in a trading system. Data latencyOrder execution latency Network latencySoftware latencyHardware latencyMarket data feed latencyMarket latencyExchange latency Execution speedArbitrage opportunitiesAlgorithmic tradingMarket turbulenceCompetitive advantageRisk managementHFT impact Continue Reading on Coin Telegraph More

Not for us, of course — the nerdy crypto crowd. We’re perfectly happy to open wallets, engrave seed phrases on steel cards we bury in the ground, find exchanges we haven’t been blocked from yet, wrap some assets to leverage yield, and become OpSec professionals while we pray to the blockchain gods that the North Koreans aren’t online right now.Continue Reading on Coin Telegraph More

In a Sept. 24 blog post, Worldcoin announced that more than 200,000 Chileans had signed up for its global identity protocol, World ID. For a country boasting a population of approximately 19.5 million, these figures represent over 1% of the citizens.According to Worldcoin, to cater to its burgeoning demand, new operations have been kick-started in the cities of Vina del Mar and Concepcion via its project contributors, Tools for Humanity (TFH).The surge in Chile aligns with Worldcoin’s escalating global engagement and its continued success in South America. Alex Blania, the Worldcoin co-founder and CEO of TFH, recently praised Chile’s receptiveness to initiatives like Worldcoin during a fireside chat on the Ethereum Argentina Mainnet Stage. In August, Worldcoin announced a reservations feature in its World App component, empowering unverified users to secure their WLD tokens. The feature reportedly allows users to reserve tokens in advance, even without completing their World ID verification. In addition, Worldcoin recently set a record in Argentina, onboarding 9,500 new users within a day.Spearheaded by OpenAI’s Sam Altman, Worldcoin’s stated purpose is to create a global digital passport that will allow people to prove their personhood online. The organization has also voiced its ambition to establish basic income on a global scale by distributing its native cryptocurrency, WLD, to people around the world. However, it is currently facing scrutiny over its data collection practices in several countries. In Argentina, local authorities are investigating its legality. The Argentine Agency for Access to Public Information (AAIP), whose primary aim is to safeguard user privacy, stated that the company needed to provide detailed information regarding its data processing policy. Worldcoin’s activities are also currently suspended in Kenya pending investigations into the legality of its biometrics and data collection. According to local press, about 635,000 Kenyans had downloaded the World App before the Kenyan government put a halt to the organization’s activities in the country.France and Germany’s data regulators have also teamed up to examine Worldcoin’s data collection techniques, emphasizing the international commitment to consistent data protection standards.This article was originally published on Crypto.news More