SOL, LUNA and AXS prices hit new all-time highs, while Ethereum fee costs fell 35% after hitting a new all-time high last Wednesday. These and more news in this practical daily summary so that you are always informed with the most recent events that occur within the crypto world.
Bitcoin, cryptocurrencies and altcoins
📍Solana (SOL), Terra (LUNA) and Axie Infinity (AXS) are at new all-time highs. Solana (SOL), Terra (LUNA) and Axie Infinity (AXS) prices grew by 24%, 18% and 16%, respectively, in the last week. These cryptocurrencies, related to the ecosystem DeFi, NFT and the games blockchain, are gaining huge popularity in the market and making huge profits. Over the past year, the growth of these cryptocurrencies exceeds 17.000% for SOL and LUNA, while for AXS the revaluation is over 110.000%. SOL is currently the fourth cryptocurrency in the market by capitalization, while LUNA and AXS are in 12th and 22nd place, respectively.
Yesterday, the price of Solana (SOL) hit a new all-time high of $259,6 and Terra (MOON) of $52,6, while Axie Infinity (AXS) hit a new high of $164,9 last Saturday.
📍Ethereum (ETH) fees drop 35% after hitting a new all-time high. Ethereum (ETH), the industry's second-largest cryptocurrency, hit a new all-time high of $4.674 last week. Since then, transaction costs on the network have decreased by 35%. According to data According to Bit Infocharts, as of November 3, Ethereum commission fees were over $56 on average, while as of this writing, they remain around $36 for simple transactions.
The reduction in network commission costs may be related to the decrease in operating volumes and demand on the network. In the last week, the number of transactions on Ethereum has diminished from 1,4 million to 1,3 million transactions per day.
Crypto adoption and Blockchain
📍Bakkt will open Ethereum trading on its platform. Publicly-listed digital asset manager Bakkt reported which will open the trading and negotiation services for Ethereum (ETH), the industry’s second-largest cryptocurrency by market cap. To date, Bakkt customers only have access to Bitcoin through its digital platform. A company spokesperson told The Block that all formalities had been successfully completed, so trading services for ETH will be available to its customers very soon.
The company highlighted that with this integration, its platform will offer its clients and users access to two cryptocurrencies that represent more than half of the total value of the entire market. It should be noted that Bitcoin and Ethereum account for 59,4% of the total capitalization of cryptocurrencies, which exceeds 2,86 trillions of dollars currently.
📍El Salvador will use Bitcoin profits to fund 20 new schools. The president of El Salvador, Nayik Bukele, returned to Twitter to announce new plans for social investment and development with the profits that Bitcoin, the most important cryptocurrency in the world, is generating. Through Twitter, Bukele reported that the profits that the Central American country has obtained with its investment in Bitcoin will be used to finance the construction of 20 new schools.
The Central American country, the first to adopt Bitcoin as its legal tender, will host the conference LABITCONF, the most important Bitcoin and Blockchain conference in Latin America. LABITCONF will take place in El Salvador from November 15 to 20.
Metaverses, NFTs and DeFi
📍Solana Ventures, Lightspeed and FTX launch $100M fund for Web3 game development. The venture firms announced the creation of a new $100 million fund to boost the creation and development of Web3 games that will enrich Solana’s decentralized ecosystem and facilitate the entry of the next billion users into cryptocurrencies.
According to Lightspeed Partner Amy Wu, the idea behind the new fund is to support developers, builders and industry innovators to create a new generation of blockchain games that expand the use cases for the Solana blockchain, focus on scalability and interoperability, and offer better benefits and experiences to users.
Miners and validators
📍Meten EdtechX, a training and tutoring company, will enter the cryptocurrency mining business. According to reports, China-based Meten EdtechX will soon enter the world of crypto mining as an alternative business due to the restrictions that the Chinese government is imposing on the private tutoring industry. For Meten EdtechX, mining Bitcoin and other cryptocurrencies represents an attractive alternative to expand its business and generate new revenue. The company, which has been publicly traded since last year, closed a $60 million funding round in September.
Cybersecurity
📍Phishing attacks on Google Ads stole $500.000 last weekend. Google Ads, Google's advertising and publicity service, is being flooded with fake ads that only seek to scam the most unsuspecting. According to reports, the MetaMask and Phantom digital wallets are the most used to execute phishing attacks, which seek to trick users into exposing their private keys and thus steal their cryptocurrencies.
The firm Check Point Software Technologies, reported that the advertisements of these Wallets redirected to websites that look authentic, where scammers are waiting to strike. Scams carried out through Google Ads amounted to losses of around $500.000 last weekend.
Metamask scam on Google Ads. Source: Check Point Blog
📍DeFi protocol bZx loses $55 million after private key is exposed. The developers of the bZx protocol reported via Twitter that their private key, which controls the implementation of the protocol on the Polygon and BSC networks, was compromised, allowing the theft of $55 million.
According to reports, the implementation of the protocol DeFi on the Ethereum network and its smart contract are completely safe, since the private key and its deployment remain in the possession of the DAO (Decentralized Autonomous Organization). At the time of this writing, bZx's total value locked (TVL) is 179 million, according to DeFi Llama.
Rules and Regulations
📍Swedish regulators propose new regulations to curb the growing expansion of crypto mining. In Sweden, the Financial Supervisory Authority and the Swedish Environmental Protection Agency are calling on the European Union to establish new regulations to help control the growing interest and expansion of cryptocurrency mining, which is beginning to raise environmental concerns in the country. reported el Financial Spending, Swedish regulators are seeing cryptocurrencies as a potential threat to the climate transition, so they are calling on the EU to impose a ban on proof-of-work mining (PoW).
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