Coin circle news focus:

  • Is the Cryptocurrency October “Uptober” coming? Bitcoin continues to dominate the market

  • Reddit decides to end blockchain-based “Community Points” reward service

  • Following the bankruptcy of FTX, users are expected to get back about 90% of their assets in mid-2024

The currency circle boss said this:

  • Louround: "The crypto market is in a bear market, and the good wins over the bad!"

Critical hit chance this week:

  • Faycy: "Ethereum expansion project Starknet potential airdrop ambush!"

Prices of Bitcoin and other cryptocurrencies | CoinGecko Top 100 Cryptocurrencies (2023.10.17 AM 08:00 ~ 2023.10.18 AM 08:00

Coin News Focus

Is the Cryptocurrency October “Uptober” coming? Bitcoin continues to dominate the market

As cryptocurrency trading volume reached its October high, the overall cryptocurrency price trend showed an upward trend in the past two days, bringing the overall cryptocurrency market value to $1.1 trillion. Ahead of the supply halving in April 2024, Bitcoin is regaining market dominance, having once again surpassed 50% of the overall cryptocurrency market since June 28.

Although Bitcoin and other altcoins face a series of macroeconomic challenges, including rising interest rates, wars, inflation and other factors, the growing interest in Bitcoin from traditional financial institutions is improving overall market sentiment. Bitcoin was trading at $28,443 at press time, down 0.1% in the past 24 hours and up 3.6% in the past seven days.

 

Reddit decides to end blockchain-based “Community Points” reward service

Reddit, a well-known European and American community platform, announced that it will discontinue its blockchain-based reward service "Community Points" in order to face the increasingly difficult scalability and encryption regulatory environment. Reddit stated that as the U.S. regulatory environment becomes stricter, it has increased the difficulty of expanding community points. They are currently trying to break away from community points and have brought more products that bring value to Reddit users.

"Community Points" were first launched in 2020 to reward users of certain discussion boards for participating, such as commenting or posting, and will receive the encrypted wallet "Reddit Vault" (ERC-20 token) stored in the platform. Can be used to purchase online products such as emoticons or badges.

 

Following the bankruptcy of FTX, users are expected to get back about 90% of their assets in mid-2024

The FTX Bankruptcy Committee stated that the two users of FTX and FTX. US will likely recover approximately 90% of their assets by the end of the second quarter of 2024, and both former FTX creditors and debtors have reached a settlement.

Currently, this proposal has not been approved by the bankruptcy court, and FTX debtors expect that users of both exchanges will not be fully compensated in the end, and FTX users may suffer more losses.

 

Other currency news

  • The decentralized exchange Uniswap's charging of 0.15% interface usage fee has caused controversy. UNI currency holders cannot share profits. 1inch posted a mockery and dYdX stated that it will switch to a purely public welfare agreement.
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  • Binance Smart Chain BNB Chain has launched its own decentralized database Greenfield mainnet, providing a new generation of Web3 data storage solutions.

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