Crypto Daily Roundup, 30 Sep: Signs of crypto market recovery

Sam Bankman-Fried's Legal Struggles & Ripple-SEC Developments

Cryptos with the Top Trending in the past 24 hours

TOP 5 Trending Coins

Crypto News Key Highlights:

In 2024, Cosmos aims to enhance modularity, improve developer experience, and address technical debt to compete with Ethereum. Key features like Tendermint and IBC drive interoperability, while efforts focus on expanding the developer base and making the Cosmos SDK more adaptable. Ethereum remains dominant in the smart contract platform landscape.s

On September 28, 2023, a Manhattan federal court ruled that Sam Bankman-Fried, the former CEO of the bankrupt crypto exchange FTX, would remain in jail throughout his trial. His lawyers had requested temporary release, but the judge deemed him a flight risk. Bankman-Fried faces allegations of deceiving customers, enriching himself, and contributing to FTX's collapse. His trial is set to begin on October 3, 2023, and he has already lost multiple bail appeals. One of his associates, Caroline Ellison, has pleaded guilty to fraud and is expected to testify against him.

Google Cloud has joined Polygon (MATIC) as a validator, strengthening the security of Polygon's PoS network with its infrastructure. Over 100 validators support Polygon's Layer 2 Ethereum network, and Google Cloud's involvement adds credibility and expertise. This strategic collaboration aims to advance Web3 technologies, emphasizing decentralization. MATIC, Polygon's native cryptocurrency, recently broke a 3-month downtrend, reaching a yearly low of $0.5040.

MakerDAO , a major decentralized lender, has confirmed its decision to invest billions in US government bonds, boosting its governance coin MKR's value. MKR has surged 77% this quarter, becoming the year's top-performing cryptocurrency, despite a recent 3.9% dip to $1,452. This move aims to secure stable yields amid crypto market fluctuations, with DAI's circulation growing and an 8% annual yield offer. Some traders appear to be preparing for profit-taking as MKR tokens on centralized exchanges rise.

XRP's price could see positive effects from SEC-related developments. While the SEC's interlocutory appeal approval remains uncertain, odds appear against it. If denied, XRP may mimic previous gains after Judge Torres' ruling. Additionally, a Ripple-SEC settlement possibility, influenced by factors like Coinbase's case outcome, could further impact XRP's trajectory. ETH Gate revelations may also push the SEC towards a settlement to protect its credibility.

The Shiba Inu community eagerly awaits a statement from Shytoshi Kusama, the chief architect of SHIB, hinting at significant updates for the project. Recent developments include the decentralization of BONE and the introduction of Wrapped BONE (WBONE) on Shibarium. Speculation centers on ShibaSwap's transition to Shibarium and the broader vision for the Shibarium platform, including non-fungible tokens (NFTs) and "Shib: The Metaverse." Excitement builds for what's next in the Shiba Inu project.

The SEC has extended the delay for BlackRock's Spot Bitcoin ETF application, soliciting comments on the iShares Bitcoin Trust's approval/disapproval reasons. The deadline for the decision is now January 15, 2024. Similar delays apply to Bitwise, Invesco, and Valkyrie's applications, potentially pushing ETF launches to mid-March. Valkyrie, however, gains approval to offer ETH futures exposure.

Former President Donald Trump disclosed holdings of $250,000 to $500,000 in Ethereum-based assets in a crypto wallet. This comes after his previous criticism of cryptocurrencies in 2019. The assets originate from NFT sales in December 2022, generating nearly $9 million in revenue. Trump's track record in promoting economic balance has some suggesting he could positively impact the crypto industry if elected again, especially in contrast to current President Joe Biden, who has proposed crypto-unfriendly policies.

Cryptocurrencies are gaining traction in the online gambling industry due to their advantages over traditional fiat payment methods. Cryptos offer speed, borderless usability, enhanced security, and lower fees. However, challenges such as regulatory issues, complexity, and volatility hinder wider adoption. Gambling sites accepting crypto are improving payment convenience for players, reshaping the industry.

Also read - Crypto Daily Roundup,29 Sep: Is Valkyrie's ETH ETF launching tomorrow?