Cryoto Currency

Crypto Flipsider News – Dogecoin Leads Rally; Bitcoin Nears $21k; Meta’s Stocks Plummet; Binance Oracle Network; Google Updates Compliance


© Stocksak. Crypto Flipsider News – Dogecoin Leads Rally; Bitcoin Nears $21k; Meta’s Stocks Plummet; Binance Oracle Network; Google Updates Compliance

The Digest:

  • (DOGE) Soars as Elon Musk’s Twitter Deal Nears Completion
  • (BTC) Close to $21K in a $1 Billion Liquidation for Short Positions
  • Meta Stock Falls as ‘Reality Labs’ Posts $3.7b loss, Metaverse can’t be Self-Regulated
  • Binance Launches Native Oracle Network (NYSE:) Network to Bridge Web3.0 and Blockchains
  • Google Adopts Compliance Reforms to Prevent Search Warrant Data Loss

Dogecoin (DOGE) Soars as Elon Musk’s Twitter Deal Nears Completion

The most widely used memecoin, DOGE, has gained double digits for the second day in a row. DOGE has gained more that 21% in the last 24 hours to become October 27th’s biggest gainer.

The 24 hour price chart for Dogecoin, DOGE. Source: CoinMarketCap

DOGE traded at a $0.08028 inter-day high, a new 10-week record for the meme coin. Dogecoin is now the 10th largest cryptocurrency, with its market cap increasing to $10.53 Billion from $8 Billion three days ago.

According to recent reports, the DOGE rally is linked to Elon Musk’s recent tweets that he is planning to close the Twitter deal this week. Musk, a well-known Dogecoin proponent, and self-proclaimed Dogefather, has recently been linked to the DOGE rally. Musk is expected to close the deal by Friday, 28 October.

The recent rise in DOGE’s price also coincides with huge whale transactions. Santiment, an on-chain data provider, reported that there have been more then 420 DOGE whale transactions in the last 24 hours. Each transaction was valued at over $100k.

Flipsider:

  • Despite Dogecoin’s massive rally, it has been outshined by its ecosystem token Dogechain (DC), which has gained over 400% in the last week.

Why you should care

There are several positive factors driving the Dogecoin rally, and the completion of the Twitter agreement could give DOGE a boost.

Bitcoin (BTC), nearing $21K amid $1 billion liquidation short positions

After weeks of sideways trading Bitcoin saw its largest price surge in six weeks, thanks to the rally in the crypto market. BTC’s price climbed to $20,938 after a 7% rally. This was the first time since September 13th.

The 3 day price chart for Bitcoin (BTC) Source: CoinMarketCap

Bitcoin trades at $20,000. This is well above the $20,000 psychologically significant level. The recent price rise helped push the global cryptocurrency market to the $1 trillion mark.

Positive macroeconomic conditions can be linked to the rally, with reports indicating that the United States Federal Reserve could issue smaller-sized interest rates hikes within the next two months.

The rally also coincides with the stock market’s posting multi-day rally to notch their biggest gains since June. Rishi Sunak, a crypto-friendly prime Minister, was also announced by the United Kingdom.

Flipsider:

  • Bitcoin’s rally above $20k triggered a wave of liquidations of more than $700 million on October 26th. In the last 24 hours, BTC positions worth more than $217 million have been liquidated.

Why you should care

Bitcoin would be well-positioned to hold more than $20k in order to take advantage of favorable macroeconomic conditions.

Meta stock falls ‘Reality Labs’ posts $3.7B loss, metaverse can’t be self-regulated

Meta, the parent of Facebook (NASDAQ) and Instagram, and a large investor in metaverse, has seen the share price plummet by more that 19% and seen its market value drop to more than $65billion.

The fall in the stock price of Meta comes after its Reality Labs unit – responsible for developing virtual reality and related augmented reality technology for the Metaverse, reported a loss of more than $3.7 billion for the third quarter.

The U.K. media regulator Ofcom chief Melanie Dawes warned metaverse creators like Meta (NASDAQ:) could not be self-regulated.

According to the Ofcom chief, self-regulating the metaverse by Meta and Microsoft won’t fly under the U.K.’s Online Safety Bill, which seeks to curb harmful content from being widely shared on the internet.

Flipsider:

  • Meta has announced that it is prepared to lose even more as “Reality Labs operating losses in 2023 will grow significantly year-over-year.”

Why you should care

Despite taking massive losses in building the virtual world, Meta’s Mark Zuckerberg believes in the future of the Metaverse and patient investors will be rewarded.

Binance launches its native Oracle Network in order to bridge web 3 & blockchains

Binance, the world’s largest cryptocurrency exchange, on Wednesday, October 27th, announced the launch of a “reliable and secure” native oracle network to bridge Web3 and blockchains via smart contracts.

The Binance Oracle will integrate with the BNB Chain and provide index prices for most digital assets. The Binance Oracle network already has 10 of the most popular dApps.

Blockchain Oracles allow smart contracts to access data not stored on a blockchain. The Binance Oracle will allow existing decentralized apps (dApps), and Web3 projects on BNB Chain, to access data sources and advanced computations.

According to the announcement, the security of Binance Oracle network has been given the highest priority. Binance says that the oracle network’s recovery time objective or tolerance for downtime is “nearly zero.”

Flipsider:

  • The Binance Chain suffered a major attack that saw more $100 million stolen from it.

Why you should care

Binance believes that blockchain Oracles will allow the BNB Blockchain Chain ecosystem and the larger space of digital assets to flourish for users’ benefit.

Google agrees that it will implement compliance reforms to prevent search-request data loss

The United States Department of Justice (DOJ), announced Tuesday, October 25, that it had reached an agreement with Alphabet, the parent company of Google, to resolve a dispute regarding the loss of data responsive for a 2016 search warrant.

According to the DOJ, THE “first-of-its-kind resolution” would result in Google reforming “its legal process compliance program to ensure timely and complete responses to legal process such as subpoenas and search warrants.”

The DOJ obtained in California a search warrant in 2016 for data held at Google that was related to the investigation into the criminal cryptocurrency trading platform BTC-e. Google was unable, however, to retrieve data stored outside of the United States.

According to Alphabet, the company has now spent over $90 million “on additional resources, systems, and staffing to implement legal process compliance program improvements.”

Flipsider:

  • Alphabet, the parent company of Google reported weaker-than-anticipated third-quarter (Q3) results, citing the crypto winter as one of the causes.

Why you should care

Google clarified that the agreement does not change its long-term commitment to protecting our users’ privacy.

See original on DailyCoin

News Source and Credit

Stocksak Editorial

We are a financial blog that covers topics such as investing, saving, spending, and earning more money. Please feel free to peruse our site and read any of the articles that catch your interest.

Related Articles

Leave a Reply

Your email address will not be published.

Back to top button