Dear Teroxx Community,
This week, we saw a digital asset market that saw setbacks on a weekly basis.
As usual, we are also providing detailed videos for those who want to delve deeper into the subject.
Latest crypto news
BITCOIN CITY – El Salvador plans a city that is “all about Bitcoin”.
Important crypto companies such as Bitfinex and Blockstream are also to be involved in the construction of the world’s first Bitcoin City. The small Central American country continues to make rapid strides in its adoption of Bitcoin (BTC), with President Nayib Bukele now announcing plans to build a dedicated city around the market-leading cryptocurrency, to be funded by $1 billion worth of Bitcoin bonds. In this regard, President Bukele states:
“The #BitcoinCity will feature tech and digital education. The entire city will be powered by natural gas and will have a sustainable public transport system.”
The Robinhood CLO rejects the Coinbase proposal to establish a separate authority to oversee the crypto industry. Dan Gallagher, the chief legal officer of major trading platform Robinhood, says the proposal for a new crypto regulator is “just silly”.
Gallagher made the relevant remarks at a conference on Wednesday, clearly referring to the large competitor Coinbase, which had put the idea up for discussion in mid-October. At the Georgetown University Financial Markets Quality Conference, Gallagher further discussed in this context that in his opinion it “makes no sense” to mix any more authorities into the “Washington alphabet soup”. To explain: In the American capital there is a multitude of authorities with unclear or overlapping responsibilities. The agencies all have letter abbreviations to simplify their long names.
Thus Robinhood actively opposes its competitor and thus clearly positions itself in the sense of most investors.
Jack Dorsey presents white paper for Decentralised Bitcoin crypto exchange
The “centralised” Decentralised Crypto Exchange aims to combine the best of both worlds and simplify the use of Bitcoin for everyone. According to the paper, tbDEX, which is designed to trade Bitcoin (BTC), has several features that make it less like a classic Decentralised Crypto Exchange (DEX) in order to eradicate the weaknesses of this type of trading platform and retain the strengths. Accordingly, a KYC procedure must be completed and transactions should also be able to be tracked. The “centralised” functions of tbDEX could meet with approval from crypto users, at least in part, because the white paper also proposes, among other things, a type of refund that does not normally exist on decentralised crypto exchanges. This would allow Square to reverse transactions in a targeted manner, which would completely prevent fraudulent losses by investors as with so-called rug-pulls.
Technical term of the week
Rug Pull: A rug pull is a malicious maneuver in the cryptocurrency industry where crypto developers abandon a project and run away with investors’ funds. Rug pulls usually happen in the decentralized finance (DeFi) ecosystem, especially on decentralized exchanges (DEXs), where malicious individuals create a token and list it on a DEX, then pair it with a leading cryptocurrency like Ethereum.
Once a significant amount of unsuspecting investors swap their ETH for the listed token, the creators then withdraw everything from the liquidity pool, driving the coin’s price to zero. The coin’s creators may even create a temporary hype around Telegram, Twitter, and other social media platforms and initially inject a substantial amount of liquidity into their pool to cultivate investor confidence.
Bullish outlook: $60,000 as resistance to support would be a bullish market event and would confirm the positive market.
Bearish outlook: A loss of support at ~$55,000 would trigger further selling pressure on the market.