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Crypto Flipsider News – Cryptos Trade Sideways; MakerDAO’s Coinbase Custody; Reddit NFT Explodes; U.K. CBDC Support; Apple NFT Fees By DailyCoin

Crypto Flipsider News – Cryptos Trade Sideways; MakerDAO’s Coinbase Custody; Reddit NFT Explodes; U.K. CBDC Support; Apple NFT Fees

The Digest:

  • While cryptocurrencies trade flat in the market, stocks continue to gain amid China volatility
  • MakerDAO approves proposal to place $1.6 million USDC in Coinbase’s custody
  • Reddit NFT trading volume hits new all-time high, wallets surpass OpenSea
  • United Kingdom’s new prime minister, Rishi Sunak, launches CBDC support
  • Apple (NASDAQ:) refuses to grant NFTs an exemption from the App Store’s 30% fee

Stocks Gain Despite China Volatility, Cryptocurrencies Trade Flat

Bitcoin’s correlation to the stock market continues to wane as it trades sideways while global stock markets experience a significant bump in price after Rishi Sunak was announced as the United Kingdom’s new Prime Minister.

The S&P 500 and had strong performances on Monday to add to the 700+ points they added last Friday after Wall Street closed its best trading week since June.

However, BTC trades sideways. It gained 0.13% in the past 24 hours to trade $19,385. BTC opened for trading today at $19206. It reached a high of $19401 as it continues its month-long rangebound movements.

The 24-hour price chart of Bitcoin (BTC) Source: CoinMarketCap

The situation is the exact same for most crypto markets, with (ETH and (ADA) the only top 10 cryptos that have experienced gains of more than 2%. However, Klaytn (KLAY) continues its strong run of form, gaining over 11% to become today’s biggest gainer.

The 24-hour price chart of Klaytn (KLAY). Source: CoinMarketCap


  • The U.S. equity-index futures are retreating as traders assess a mixed bag of corporate earnings and the Federal Reserve’s ongoing rate-hike campaign.

Why you should care

Sideways trading is usually followed up by an impulsive swing. This, most crypto community members hope, will be in the positive direction.

MakerDAO Approves Proposal to Place $1.6 Million USDC in Coinbase’s Custody

The MakerDAO community voted in overwhelming favor of approving a proposal that could see as much $1.6 billion in (USDC), deposited at Coinbase (NASDAQ.) Prime.

By depositing USDC in Coinbase’s institutional custody service, MakerDAO will receive a reward of 1.5%. The pilot is part-time and the funds will remain custodied at Coinbase until the end.

MakerDAO will not be charged any custody fees for the services, according to the proposal. Coinbase also announced that the collaboration will expand its USDC rewards program to include institutional clients for the first time.


  • Chris Blec is a MakerDAO delegate. He expressed his disapproval The proposal noted that it could signal the end to decentralization and censorship resistance in Maker protocol.

Why you should care

The Coinbase proposal was hailed by the majority of community members as a significant next step in getting the Maker protocol back into profitability.

Reddit NFT Trade Volume Hits New All Time High, Wallets Surpass OpenSea

Reddit announced on July 7, 2022 that it had launched its non-fungible token collection, Collectible Avatars. It took until after the second-generation NFT collection had been released for the market to explode.

Reddit released its second generation NFTs on October 21st. It sold out 40 collectibles within 24 hours. Reddit avatars were created independently by developers and minted using Ethereum and Polygon chains.

Data from Polygon and Dune analytics show that Reddit NFTs traded over $2.5 million in the past 24 hours. This is more than 62% of its cumulative trading volume of $4.1 millions since July’s launch.

On-chain data also shows that there are now more than 3 million Reddit avatar wallets, more than OpenSea, the world’s largest NFT marketplace. Reddit avatars are also more expensive than ever, with some valued at over $24,000


  • In contrast to the Reddit Avatars’ triumph, Discord was faced with severe criticism when they tried to introduce NFTs to the community.

Why you should care

Reddit Avatars are a great way to add some excitement to the NFT space, which has been severely subdued by crypto winter.

United Kingdom’s New Prime Minister Rishi Sunak Launches CBDC Support

Former U.K. Finance Minster and a firm crypto believer, Rishi Sunak has been appointed as U.K.’s newest prime minister by the Conservative Party members on Monday following the controversial exit of Liz Truss, who was in office for just 45 days.

Sunak, in a video posted Monday, announced his plans for bringing money and finance into 21st century. First, he launched a set of principles that will help support the exploration of central bank digital currency (CBDCs), within the G7 as well as beyond.

Sunak first proposed the creation and launch of a CBDC, or ‘Britcoin,’ across the UK economy by 2025 to the HM Treasury and the Bank of England while serving as the Chancellor of the Exchequer in April 2021.

During his tenure as Finance Minister, Sunak unveiled a series of plans to turn the U.K. into a crypto hub, including advocating for stablecoins’ recognition as a form of payment and tasking the Royal Mint with creating NFTs before the year ends.


  • Critics have expressed their worry that Sunak’s pro-crypto rhetoric may likely turn the U.K.’s dire economy into that of El Salvador.

Why you should care

Sunak aims to ensure that the U.K.’s financial sector benefits from the rapidly growing crypto industry and to attract investments from the industry.

Apple Refuses to Grant NFTs an exemption from the App Store’s 30% Fee

Less than a month after announcing that Apple’s standard 30% “Apple Tax” on in-app purchases applies to NFTs, the iPhone-maker’s de facto ban on NFT trading in apps is likely to remain despite the backlash from the crypto community.

The tech giant published updated guidelines to its Apple App Store Guidelines on Monday. It included specific rules regarding NFTs in its App Store guidelines. The guidelines allow for the minting, listing and transfer of NFTs within App Store apps.

All purchases must be made through the App Store, according to the policy update. NFT owners are prohibited from linking, buttons, and actions to services such as OpenSea auctions. This could take customers away the App Store to facilitate purchases.

Apps that are only available in countries and regions that have the appropriate licensing and permission will not be able to facilitate transactions or transmissions on an approved cryptocurrency exchange.


  • Apple’s recent policy update has nixed any hopes of accepting crypto for App Store payments in the short term.

Why you should care

The policy update is expected provide clarity to businesses about how to use the Apple App Store, so NFT owners are not subject to sanctions.

See original on DailyCoin

News Source and Credit

Stocksak Editorial

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