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The September conversion of the Ethereum blockchain, reduced the rate of new ETH coin issuance by 90%, thanks to a change from PoW consensus to PoS. At the same time, the developers left in place a mechanism to burn off some of the transaction fees, which led to the first deflation in the network last week.

According to the Ethereum blockchain, the total supply of coins decreased by 0.13% during last week for the first time in history.

The reason for the deflation of 4,000 ETH was the XEN project, created by a former Google manager. The new smart contract accounted for 40% of all transactions of the network at the end of last week. User activity led to an increase in commissions and coin burns.

Despite deflation, which usually increases the value of the cryptocurrency Ethereum lost 3% of its value by the end of the week.

https://altcoin.ng/xen-crypto-burns-4000-eth-on-ethereum-network/

Researchers from a Chinese government think tank have floated the idea of a pan-Asian digital currency, the “Asian yuan,” with the aim of reducing dependence on the US dollar-driven economy

The views of researchers Liu Dongming, Song Shuang and Zhou Xuezhi of the China Academy of Social Sciences (CASS) unit were published in an issue of World Affairs in late September.

Similar to similar existing and tested central bank digital currencies (CBDC), the researchers said distributed ledger technology (DLT) would form support for an Asian token that would be pegged to a package of 13 currencies from all 10 Association of Southeast Asian Nations (ASEAN) member countries, as well as the Chinese yuan, Japanese yen and South Korean won.

“MORE THAN 20 YEARS OF DEEPENING ECONOMIC INTEGRATION IN EAST ASIA HAVE LAID A GOOD FOUNDATION FOR REGIONAL CURRENCY COOPERATION. GRADUALLY FORMED THE CONDITIONS FOR THE FORMATION OF THE ASIAN YUAN,” THE RESEARCHERS WROTE

The magazine is affiliated with China’s foreign ministry, and the researchers are from the “Institute of World Economy and Politics,” one of many research units of CASS, a think tank with various ties to the country’s ruling party.

The U.S. dollar, and more recently cryptocurrencies, have become a popular way of doing business in Southeast Asia, sending remittances and hedging against inflation of the respective local currencies.

https://altcoin.ng/china-to-launch-asian-yuan-to-reduce-dependence-on-the-us-dollar/

A hacker took advantage of a vulnerability in the withdrawal mechanism of the crypto exchange FTX and stole a commission of 81 Ethereum (more than $100 thousand), blockchain researcher X-explore reported on Twitter.

The reason for what happened is that FTX imposed zero withdrawal commissions on XEN tokens, but did not set limits on the amount of gas for transactions.

Gas is a unit of measure for commissions for transactions or smart contracts. It is not a coin or part of a coin, it is a dynamic metric through which cryptocurrency is billed. The gas limit is the maximum amount of it a user is willing to spend on a transaction.

The hacker conducted about 17,000 transactions with the XEN token. And each of them resulted in a gas fee debit from the FTX wallet, as there was a zero fee for these transactions for platform users. As a result, the exchange lost 81 ETH.

Part of the funds the hacker has already sold on the decentralized platforms DoDo and Uniswap, according to the description of the incident. According to X-explore, the problem has not yet been solved, and the withdrawal continues.

According to analytics platform Chainanalysis, hackers have stolen $718 million worth of cryptocurrencies since the beginning of October. This month has already become the highest yield for attackers in 2022, despite the fact that only 13 days have passed since the beginning of October.

https://altcoin.ng/hacker-hacked-crypto-exchange-ftx/

US inflation data blocking the rise of the crypto market

Cryptocurrency prices are falling as data points to stronger-than-expected inflation in the United States.

Bitcoin price is still flat and fluctuating around the $18,600 mark. Bitcoin has lost almost 7.33% in the last 7 days.

Ethereum is also showing a slight daily decline and is trading below $1300 at $1236. This figure is well below levels before the sensational network merger.

The rest of the altcoin market also faced the weight of market volatility: BNB fell more than 4% to $260, XRP was down 11.6% to $0.446 (CoinGecko data).

Cardano has been the biggest loser in the top 10, as it has seen its price drop 10.5% in the last 24 hours, with weekly losses approaching 18.2%. ADA is currently trading at $0.353. Solana has fallen nearly 8.08% in the last 24 hours to $28.79.

Meme coins also faced a downward trend: both Dogecoin and Shiba Inu fell by 7% on average during the day.

Experts believe that the growth of the crypto market is hampered by the restrictive monetary policy of the United States Federal Reserve and the new producer price index data, which was worse than expected, exacerbates the situation.

What kept the market from falling, even more, was the fact that the basic PPI, without taking into account food and energy prices, was at the level of 7.2%, which is less than the forecasted 7.3%.

https://altcoin.ng/us-inflation-data-blocking-the-rise-of-the-crypto-market/

Since the beginning of October, hackers have stolen about $718 million worth of cryptocurrencies, according to analytics platform Chainanalysis.

October has already become the most “profitable” for attackers in 2022, despite the fact that only 13 days have passed since the beginning of October. During this time, 11 hacks were committed.

Analysts estimate that a total of more cryptocurrency will be stolen in 2022 than in any other previous year. So far, the amount of cryptocurrency funds stolen as a result of 125 attacks have already exceeded $3 billion.

Previously, most of the attacks were carried out on centralized platforms, but now the hackers’ main targets are DeFi-protocols. In doing so, hackers most often exploit vulnerabilities in blockchain bridges. An attack on three of those bridges this month resulted in $600 million in losses, 82% of all losses this month.

One of the most high-profile incidents in October was the hacking of the BSC Token Hub bridge in the BNB Chain blockchain. Hackers managed to steal over $544 million worth of cryptocurrency, but were only able to withdraw $100 million

https://altcoin.ng/hackers-stole-718m-worth-of-cryptos-in-early-october/

Bitmatrix platform founder Burak Keceli, created and executed a complex bitcoin blockchain transaction that temporarily took out part of the Lightning Network micropayment network.

Lightning Network is a second-tier solution designed to make bitcoin transactions fast and cheap.

As an experiment, Keceli, made a multisig transaction, using 998 private keys out of the maximum possible 999. He paid a fee of about $4.9 when transferring less than a dollar in bitcoin.

The transaction caused problems for Lightning Network node operators, whose customers could not sync with the network. This was caused by exceeding the maximum size of the “witness” script.

The developers found out that the failure was caused by a bug in the btcd parsing library. It checked the limitation of the script size with an old version of the code from the time of SegWit v0.

The team members have already fixed the bug.

https://altcoin.ng/bitmatrix-founder-crashed-bitcoin-lightning-network/

Lightning Network is a second-layer bitcoin blockchain solution. It is a network of payment channels between users. It is open-source software.

The project is designed to scale bitcoin and can offer faster and cheaper transactions than the basic mainnet. The commission for the Lightning network transfer is 1 satoshi (0.00000001 BTC).

The project has been criticized for insufficient economic incentives to keep the network running and lower user anonymity compared to the bitcoin blockchain.

History of Lightning Network development

The concept of payment channels was suggested by Satoshi Nakamoto in 2009, when he provided the community with a code outline, which suggested creating special channels between users. In 2013, bitcoin developer Mike Hearn published a letter from Satoshi detailing these mechanisms.

In February 2015, bitcoin developers Joseph Poon and Thaddeus Draya published the first unfinished white paper of the LN paper “The Bitcoin Lightning Network”. In early 2016, the main version of the LN white paper was released.

Continue reading: https://altcoin.ng/lightning-network-fast-and-cheap-bitcoin-transactions/

Bitcoin Whales Increase Buying Amid Stable Price

In a weekly report on October 10, Glassnode pointed out that bitcoin has been remarkably stable in recent weeks compared to traditional asset markets such as forex, volatile equity, and credit.

Separately, it is emphasized that bitcoin showed unusually low volatility amid rising rates by the central bank, raging inflation, and a strong US. dollar.

The paper also compared current market conditions to previous bear market lows to conclude that “onchain performance, market structure, and investor behavior patterns dot the i’s and cross the t’s of the textbook bear market.

The report compared two charts, one in a bear market from September 2018 to April 2019 and the current one, which started in April 2022. They showed a high degree of similarity.

In addition, there are reports of a surge in bitcoin withdrawals from exchanges, which is also a signal of accumulation, as the asset is not being prepared for sale. Net withdrawals of cryptocurrencies from exchanges reached 15.7 thousand BTC, the highest since June 2022.

Glassnode specialists used the Accumulation Trend Score metric to determine the cumulative intensity of active investors’ balance changes over the past 30 days. The Accumulation Trend Score “indicates significant accumulation by large companies,” and also indicates that the current environment suggests an equilibrium or neutral market structure similar to that of early 2019.

According to WooCharts, bitcoin is still trading below key indicators of the long-term price pattern, including the 200-week moving average at $23,561 and the realized price at $21,204.

https://altcoin.ng/bitcoin-whales-increase-buying-amid-stable-price/

NotBeenPaid:

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Hey, Do you have a telegram or WhatsApp group? I'd love to join.

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No i don't.

Titanium001:
You sound like a novice, tho; even though you think that you know too much. But I trust the market to cut you to size. You are lucky this time

The problem here is that you just want to take a jab to feel happy about yourself. I was just sharing one of my experiences while investing in crypto

This is not the first time, I have invested a lot of money in crypto and made returns. have I made losses, yes and i have missed opportunities to make money, yes.

Bitcoin and altcoins

Over the weekend, Bitcoin barely moved. The price of Bitcoin at the time of writing is $19288.

According to Coinmarketcap, the cryptocurrency market capitalization is 900 billion, Bitcoin dominance index is 41.24%.

So the week begins with acutely negative news. How it will affect the market we will know in the nearest future. Bitcoin is testing the lower boundary of the range and most likely, this time the support may not hold. The lower border of $18800, and $17700 looks logical to collect liquidity.

Altcoins are also losing their price. Leaders of growth in altcoins for the last 24 hours are JST and WOO with more than 5% growth. The rest of the altcoin market is losing, following Bitcoin’s decline.

The priority option for Bitcoin’s price movement is down to the closest liquidity zones noted above.

https://altcoin.ng/bitcoin-and-altcoins/

A Northern District of California grand jury indicted a local man for using cryptocurrencies to launder more than $5.3 million in drug trafficking proceeds.

According to the U.S. Justice Department, John Khuu, 27, and his associates distributed counterfeit prescription drugs and other drugs on the darknet, receiving payment in bitcoin and other digital currencies. Collectively, the defendant conducted more than hundreds of transactions valued at $5.3 million.

The California man was arrested in August. He now faces charges of conspiracy to launder money and smuggling controlled substances. He faces up to 20 years in prison for each count.

Recall that in mid-September the organizer of the fraud scheme IGOBIT was sentenced to 42 months in prison in the United States. More than 60 people became victims of the scheme and the losses exceeded $600,000.

https://altcoin.ng/drug-trafficker-accused-of-laundering-5-3m-in-bitcoin/

it is hard to predict a crypto pump and dump, greed rules the market

I invested about 700k into Tamadoge last week, at the height of the pump, my 700k was worth 4.5 million

I thought the token could pump up a little but it didn't and the price fell to almost presales prices. now my 700k is worth 1,474,680

I reluctantly sold and still made a profit of 774,680 but this is not what i wanted.

I wished i sold at the top, i came to understand that greed is a strong human emotion, to win in this crypto world, you need to tame your greed and know when to bow out, no chart will tell you this.

George Thacker, the former head of Ray County, Tennessee, spent $650,000 of his budget on cryptocurrency.

From May 2020 to February 2021, Thacker filed two bogus claims for compensation because of a lockdown to combat the spread of the coronavirus. After receiving money from the Treasury, George used it to buy bitcoins, Ethereum (ETH), and several other digital assets.

The U.S. Secret Service uncovered the scam and Thacker was charged with fraud. He confessed to the crime at trial and received a relatively light sentence. He was sentenced to a term of imprisonment of 33 months and a fine of $665,600. In addition, after his release from prison, George will be under the supervision of law enforcement agencies for three years.

Thacker wasn’t the only crook to have his hand in the COVID-19 pandemic relief fund.

At the end of September, the U.S. Justice Department indicted 48 criminals who stole $240 million from the state. The perpetrators used the dead souls scheme from Gogol’s novel of the same name. They created lists of non-existent children, submitted them to the government, and received money from the budget to feed fictitious schoolchildren.

https://altcoin.ng/tennessee-politician-spent-650k-from-his-budget-on-crypto/

Over 2 million BNB ($500 million) got hacked on Binance by hackers exploiting the Binance smart chain.

Binance in a statement on Twitter has suspended trading to prevent further damage.

https://twitter.com/binance/status/1578148574205878272?s=20&t=sK7v_G7hsmaVDPWZMZxuww

https://altcoin.ng/binance-suspend-trading-as-over-2-million-bnb-hacked/

Decentralized financial service sovryn lost bitcoins and Tether Stablecoins (USDT) worth over $1.1 million.

An intruder managed to get hold of coins by manipulating the price of the cryptocurrency. First, he bought WRBTC on RskSwap, and then he borrowed some more WRBTC.

Afterward, the perpetrator transferred assets to the credit smart contract sovryn to increase liquidity, repaid the debt, burned the received iRBTC tokens, and converted WRBTC on the RskSwap platform. As a result of these actions, the iRBTC coin price plummeted, and the scammer received much more WRBTC than he had initially. He managed to earn 44.93 BTC and 211,045 USDT on the credit pool.

The perpetrator managed to exchange and withdraw the cryptocurrency. The sovryn team has already recovered about half of the assets the criminal gained due to the manipulation of the value of iRBTC.

Experts are now working to trace and retrieve the remaining assets. The management of the DeFi promises to compensate the fraudster’s victims in full. The service suspended its work while it conducted an investigation to find the vulnerability that allowed the attack.

https://altcoin.ng/scammer-stole-crypto-worth-1-1-million-from-sovryn/

The Securities and Exchange Commission (SEC) accused Kim Kardashian of illegally advertising a cryptocurrency.

The cryptocurrency was offered by EthereumMax project, moreover, Kardashian did not specify the amount she received for the promotional post.

The celebrity has agreed to pay a $1.26 million fine and will cooperate with an SEC investigation.

Today we charged Kim Kardashian with illegal cryptocurrency advertising. This case is a reminder that celebrity endorsements of investment solutions, including crypto-asset-backed securities, do not mean they are appropriate for all investors,” SEC Chairman Gary Gensler tweeted.

https://altcoin.ng/sec-fines-kim-kardashian-1-2million-for-promoting-cryptocurrency/

(NFT) sales fell sharply in the third quarter as crypto investors lurched in anticipation of “crypto winter,” and demand for the highly speculative digital asset shows little sign of recovery

According to DappRadar, NFT sales were $3.4 billion in the third quarter of 2022, up from $8.4 billion in the previous quarter and $12.5 billion at the market peak in the first quarter of the year.

While the fledgling NFT market benefited from rising cryptocurrency prices and investors’ high-risk appetite in 2021, those conditions changed dramatically in 2022 as rising central bank rates prompted investors to abandon risky assets.

Sales in the largest NFT market, OpenSea, fell for the fifth straight month in September.

“I THINK WHAT MAKES THIS ENVIRONMENT UNIQUE IS THAT IT IS AT THE INTERSECTION OF BOTH THE MACROECONOMIC DOWNTURN AND THE CRYPTO-WINTER. PREVIOUS CRYPTO WINTERS HAVE BEEN A LITTLE MORE INSULATED FROM CRYPTOCURRENCY PRICES, SO I THINK IT’S WISE TO BE CAUTIOUS ABOUT HOW LONG THIS MAY CONTINUE,” SAID DEVIN FINZER, CEO OF OPENSEA

He noted, however, that the company is in a “good financial position,” and he is encouraged by NFT’s long-term potential, calling the downturn a “building phase.”

According to market tracker NonFungible.com, NFT’s weekly number of buyers has more than halved from its peak in late January.

While the traditional art market quickly picked up on the craze, sales volumes dried up, with NFT sales at Christie’s, Sotheby’s, Phillips and Bonhams collectively totaling $9.41 million since the beginning of the year, compared with $130 million in the same period last year.

Recall, that in September, we reported that users have lost interest in NFTs

https://altcoin.ng/nft-sales-collapsed-by-60-in-the-third-quarter/

Among cryptocurrencies with fiat support, FTX had the highest volume in September – 24.6%. Coinbase is next in the list with 22.7%, followed by Upbit with 1З%.

Exchanges reported $210.6 billion worth of total fiat currency exchanges in September, compared to $219 billion in August.

The monthly change from August to September reached -3.8%, though the largest decrease in the last five months was from May to June (-20%).

The downturn in the crypto market prompted many of these companies to make layoffs.

In June, Coinbase cut 18% of its staff, and the following month Gemini reduced its staff by 68 people.

https://altcoin.ng/fiat-volume-on-exchanges-fell-for-the-month-of-september/

The Ethereum MEV bot got 800 ETH on Tuesday night using smart arbitrage but lost it all and more to a hacker an hour later.

Here’s how the situation played out online:

The event began when a third-party trader mistakenly lost almost $2 million due to spreads on the Uniswap v2 trade.

Although he originally traded for $1.8 million, he only got $518 in return.

According to Flashbots product manager Robert Miller, this only created a “huge arbitrage opportunity” for another trader who swooped in and demanded a lot of ETH.

“0xbaDc0dE [the MEV bot] dutifully performed a mempool response (!) in a very long branch involving multiple protocols,” he explained. The bot ended up earning 800 ETH.

However, just an hour later that ETH was completely stolen. Miller claims that the bot did not properly protect the feature it used to perform flash dydx credits, making it vulnerable.

“When you get a quick loan, the protocol you borrow calls the standard function of your contract,” he said. “Unfortunately, code 0xbaDc0dE allows arbitrary execution.”

Using this vulnerability, the attacker approved all of the bot’s WETH to spend under contract, then transferred them to his address. In total, it was 1,106 WETH, worth more than $1.4 million at the time of writing.

Approximately $1 million in ETH has been hacked this month from the many vanity addresses generated by Profanity.

https://altcoin.ng/how-a-bot-made-and-lost-over-1-million-in-eth/

Crypto trader Justin Bennett told his 109,600 Twitter followers that altcoin markets, with the exception of bitcoin (BTC), are poised for explosive growth.

The trader singled out Ethereum (ETH), the leading altcoin by market capitalization, and VeChain (VET), a blockchain popular among corporations.

VeChain is a blockchain-based smart contracts platform for enterprises. It offers services to improve product lifecycle management and data certification. Smart contracts on VeChain move value through VET transactions. The Altcoin was at the peak of last year’s bear market, but then headed down, like most of the altcoin market.

At this range low, combined with a downward wedge since August, the VET is looking more and more attractive. Range play is possible in October,” says Bennett.

https://altcoin.ng/trader-sees-strong-growth-potential-in-altcoin-market/

By order of Indian authorities, Binance froze $1.6 million worth of bitcoins withdrawn from the WazirX trading platform.

Law enforcement authorities reported that the digital assets belonged to the creator of the mobile investment app E-Nuggets, Aamir Khan, and his associates. After the attackers attracted a large number of investors, they deleted customer information from their servers and stole the assets of users.

To launder some of the money, Khan registered an account on the WazirX exchange with fictitious details, bought 77.62 BTC, and sent the coins to a Binance account. He laundered a total of $1.6 million in illicit proceeds.

As part of a special operation to catch the swindlers, the Indian police conducted searches, during which were confiscated over 2000 SIM cards, about 3000 bank cards, several laptops and 173 million rupees (920 million Naira).

Law enforcers detained five suspects in the fraud, but gang leader Aamir Khan could not be captured because he lives abroad.

https://altcoin.ng/binance-froze-1-6-million-worth-of-bitcoins-at-the-request-of-indian-authorities/

A blockchain researcher known under the pseudonym ZachXBT accused crypto influencer Lark Davis of implementing schemes to pump and dump the value of Shitcoins. ZachXBT described how Lark manipulated the value of cryptocurrencies using eight examples.

On February 9, 2021, Davis received 62,500 Umbrella Network (UMB) tokens, supposedly as payment for advertising the coins. He published a post about the release of digital assets and sold them within hours, earning over $136,000.

According to ZachXBT, Lark acted in a similar manner with virtual currencies Shadows (DOWS), SHOPX (SHOPX), Blind Boxes (BLES), Platinum Monsters (PMON), Bridge Mutual (BMI), Exeedme (XED) and APY.Finance (APY).

Davis disagreed with the charges. He said that in all of the cases listed by ZachXBT, he purchased the coins and did not receive them for free from the developers. In addition, Davis allegedly reported that he invested in these digital assets.

The catch is that he didn’t talk about it in the promotional publications. For example, of the Umbrella Network, Lark wrote the following, “Wow! UMB skyrocketed after the listing! Ha market is crazy right now.”

https://altcoin.ng/zachxbt-accuses-lark-davis-of-making-1-2-million-manipulating-shitcoins/

Crypto companies registered in the European Union may face a ban on servicing Russian citizens and companies.

As specified by Bloomberg, the restrictions will be part of a new sanctions package, which is now being negotiated in Brussels. In particular, cryptocurrencies based in the EU jurisdiction will not be able to store digital currencies of users from Russia.

In addition, Russian individuals and legal entities will not be able to use European platforms to transfer funds to other countries. New sanctions against Moscow were announced the day before by the European Commission.

Major stock exchanges have been imposing restrictions on Russian users for the past several months.

Currently, Russians can store virtual currencies in European cryptocurrencies for amounts not exceeding 10,000 euros.

After the new sanctions package comes into force, this limit will be eliminated.

The administration of the Binance exchange said that it will continue to serve Russian investors, but the trading platform promises to comply with the sanctions law.

https://altcoin.ng/eu-to-ban-crypto-services-for-russian-citizens/

Yesterday, several pieces of news came out about Chainlink’s development plans.

First, Chainlink and SWIFT announced that they are working together on a cross-network interoperability protocol (CCIP) that will help the interbank network exchange data across all blockchain environments.

Second, the company announced the launch of staking rewards as early as this December, as well as two programs that could improve the economic sustainability of its services.

The first program is “Build,” in which prospective teams donate 3-5% of their own tokens in exchange for access to Chainlink data. The second program, “SCALE,” should help reduce the network’s transaction costs associated with smart contract oracles to almost zero.

Yesterday, there was high whale activity in the marketplace. According to Santiment, it reached mid-June levels.

At its peak, the price of LINK reached $8.39. Further on the Santiment chart, we see that this growth of the token contributed to the growth of take-profit transactions to a 6-month high.

Santiment suggested that such behavior of large market participants should lead to a sustained rally. However, as we can see in the chart below, the activity was due to the fact that the price approached a strong resistance level of $8.09, and traders who bought the asset at the lows began to take profits. As of this writing, the token is trading around $7.73.

https://altcoin.ng/traders-activity-in-chainlink-reached-record-highs/

The Polygon project and cryptocurrency bank Xend Finance have opened applications for an eight-week training program on blockchain and Web3 for developers from African countries. The selected participants will create decentralized applications on the Polygon blockchain. At the end of the training, they will receive certificates of completion and some will receive cash rewards.

The program will be divided into two tracks: for beginners and experienced developers. The first group will include beginners who have not yet had experience with the Web3 sector. The best developer in this category will be rewarded with a cash prize of $5,000, while the second and third-place winners will receive $3,000 and $2,000, respectively. Creators of ten more projects that manage to stand out will each receive $500.

Continue reading here: https://altcoin.ng/polygon-and-xend-finance-to-launch-web3-education-program-for-african-developers/

Bitcoin falls below $19,000 as negative stock markets return

Cryptocurrencies were once again in the red on Wednesday, September 28, amid mounting pressure on the stock markets.

Bitcoin fell to $18,700 and continues to trade at a two-week low. Ether rolled back to $1282. The Merge fork has not improved the appeal of the largest altcoin, and it has been retreating since mid-September.

The biggest losses of the top 10 cryptocurrencies were XRP and Solana. These virtual coins fell about 10% to $0.423 and $0.059, respectively. Market capitalization fell to $915.86 billion.

Pressure is back on the stock markets after a slight weakening last Tuesday, Bloomberg reported. Shares of Asian IT companies are falling along with commodities, while the dollar index, by contrast, is holding at a 20-year high.

The MVIS CryptoCompare Digital Assets 100 indicator, which tracks the performance of leading cryptocurrencies, has fallen 60% since the beginning of 2022.

According to FRNT Financial CEO Stephan Ouellette, digital currencies correlate with stocks. Therefore, the flight of speculative capital from the IT industry will inevitably provoke a return of negativity in the cryptosphere.

https://altcoin.ng/bitcoin-falls-below-19000-as-negative-stock-markets-return/

Experts at Santiment, a leading cryptocurrency data platform that tracks the activity of the top 2,000 cryptocurrencies, believe that Terra Luna Classic (LUNC) will experience tremendous volatility during the week.

The statement comes after Binance announced the implementation of a mechanism to burn fees LUNC for spot and margin trading. Thus, the world’s largest exchange by trading volume will send all commissions for these transactions to LUNC, which will reduce the number of tokens in circulation.

Following the platform’s announcement, the price of LUNC responded by climbing more than 40% in 24 hours to a one-month high of $0.00031. This upward spurt can be seen in the Santiment chart below.

https://altcoin.ng/lunc-burning-on-binance-will-lead-to-high-volatility-of-the-token/

Bitcoin overcame the $20,000 level, Ethereum price approached $1400

The price of bitcoin has risen more than 8% in the past 24 hours, returning to above $20,000.

As of this writing, Bitcoin is trading at around $20,232.

Uniswap’s UNI token showed the highest growth over the past 24 hours – 18.1%. Solana (SOL) and Polkadot (DOT) gained 8.9%.

Total market capitalization reached $1.01 trillion, according to CoinGecko.

Glassnode’s on-chain analysts observe that short-term investors are currently suffering significant losses. Hodlers remain resilient, and many metrics point to a “market cycle detox.”

As a reminder, bitcoin reacted with a sharp correction to the US Federal Reserve’s key rate hike on September 21.

https://altcoin.ng/bitcoin-overcame-the-20000-level-ethereum-price-approached-1400/

Chinese police have uncovered the activities of a major criminal group allegedly involved in laundering 40 billion yuan ($5.6 billion) in cryptocurrencies.

Authorities across the country arrested 93 people, raided 10 physical locations, confiscated more than 100 electronic devices, and froze about 300 million yuan, according to police in Hengyang County, southern China’s Hunan Province.

The operation was dubbed the “Hundred Day Action.” The criminal group reportedly bought cryptocurrencies with funds from telecom and gambling scams and then exchanged the cryptocurrency for US dollars.

China banned cryptocurrency trading in September 2021 to crack down on what it calls a sector that has disrupted the economic and financial order.

Despite the ban on cryptocurrency transactions, China ranks 10th on the list of countries with the highest rate of cryptocurrency adoption in 2022. The ranking is compiled by the analytical company Сhainanalysis.

https://altcoin.ng/chinese-police-arrest-93-people-for-laundering-5-6-billion-in-crypto/