September 26, 2022

Results of the week, bitcoin updated the minimum since July 2021

Vladimir Putin called on the government and the Central Bank of the Russian Federation to find a compromise on the regulation of cryptocurrencies, bitcoin rate reached its lowest level since the end of July, the price of the Grimacecoin meme-token rose by 259,000% after the McDonald’s joke and other events of the outgoing week. Bitcoin exchange rate fell below $33,000

On Monday, January 24, the price of the first cryptocurrency at the moment dropped to $32,917. The subsequent buyout allowed quotes to rise above $37,000.

At the time of writing, digital gold is trading near $37,977. Hourly BTC/USDT chart on the Binance exchange. Data: Trading View.

Bloomberg noted that bitcoin has reached a record correlation with US technology stocks. Glassnode stated that the market has entered a bearish cycle.

Against the backdrop of partial market recoverymost of the top 10 digital assets by market capitalization ended up in the green zone. The exceptions are Cardano (ADA) and the native token of the Terra protocol (LUNA). The price of the latter is down 21.6% in a week, according to CoinGecko. Data: CoinGecko.

The collapse of the price of LUNA is connected with the scandal aroundDeFi protocol Wonderland. Earlier it became known that the co-founder of the project with the nickname 0xSifu is the co-founder of the bankrupt Canadian crypto exchange QuadrigaCX Michael Patrin.

Another co-founder of Wonderland is DanieleSestagalli is also behind the Abracadabra landing protocol. The latter allows users to borrow in the Magic Internet Money (MIM) stablecoin. Terra’s algorithmic stablecoin UST can be used to secure loans.

According to the CoinCodex service, for a week fromdigital assets with a moderate capitalization, the token of the decentralized autonomous organization ConstitutionDAO has risen in price the most. In a week, the price of PEOPLE has increased by almost 134%. Data: CoinCodex.

Cumulative capitalization of the cryptocurrency marketamounted to $1.8 trillion. The Bitcoin dominance index rose to 39.8%. Vladimir Putin called on the government and the Central Bank to find a compromise on the regulation of cryptocurrencies

The State Duma stated that the position of the Central Bank in relation tocryptocurrencies risks making Russia a laughingstock, and among the members of the working group, not a single government body supports prohibitions. Representatives of the regulator retorted that the initiative is aimed at preventing the withdrawal of capital.

Vladimir Putin commented on the situation -The President of the Russian Federation called on the government and the Central Bank to find a compromise. He noted that the central bank does not stand in the way of technological progress, but introduces digital technologies itself. According to the head of state, Russia has competitive advantages in mining - a surplus of electricity and well-trained personnel.

Deputy Chairman of the State Duma Committee on Security andAnti-Corruption Andrey Lugovoy denied the pressure of the FSB on the Central Bank and gave a forecast that the regulation of cryptocurrencies in the Russian Federation will be approved by the end of 2023. He said that the developed bill provides for mandatory testing of investors for transactions totaling more than 600,000 rubles a year.

The Ministry of Finance of the Russian Federation also opposed the bancryptocurrencies. The department proposed its own concept of regulation, with which Rosfinmonitoring agreed, but criticized the Central Bank. The monetary regulator also saw additional risks from the legalization of mining and mentioned its negative impact on the environment and the country's energy sector.

Against the backdrop of active discussions, the head of the Ministry of Digital Development of Tatarstan, Airat Khairullin, proposed making Kazan a pilot zone for testing the possibilities of market regulation.

At the end of the week, the media reported that the Deputy Prime MinisterRussia Dmitry Chernyshenko approved a roadmap for the regulation of cryptocurrencies until the end of 2022, which will comply with FATF standards. The document provides for: determination of the status of market participants and the procedure for their activities, as well as the appointment of a supervisory authority; development of a mechanism for registration and reporting of organizations through which the circulation of virtual assets in the Russian Federation passes; the introduction of administrative or criminal liability for crimes using cryptocurrencies, in particular for the illegal circulation of assets and evasion from declaring information about transactions with them; creation of a mechanism for verifying the accuracy of the information provided on the ownership of digital currencies; obligatory registration of cryptoplatforms in the Russian Federation by analogy with Internet companies. Ethereum developers have abandoned the terms ETH1 and ETH2

The development team of the second largest cryptocurrency by capitalization abandoned the terms ETH1 and ETH2 in favor of the “execution level” and “consensus level”, respectively.

Both components make up a single Ethereum ecosystem.

According to the developers, the term ETH2 formsthe "wrong mental model" of new users. They mistakenly believe that ETH1 will cease to exist after the transition to ETH2. Vulnerability in OpenSea allowed buying NFTs at discounted prices

OpenSea users were warned about the API vulnerability - it was known at the end of 2021, but active exploitation began this week.

To avoid paying NFT delisting fees,users move tokens to and from third-party wallets. As a result, they are no longer displayed in the platform interface, but remain available for purchase through the API used by sites like Rarible.

Several community members took advantage of this at once - the income of one of them reached 347 ETH.

To solve the problem, the OpenSea team launchedseveral new features, including a service for viewing and unlisting. The company also paid damages to affected users. In total, she paid out 750 ETH (~$1.95 million at the exchange rate at the time of writing), according to Bloomberg. The price of Grimacecoin meme-token from McDonald's joke increased by 259,000%

Bitcoin's latest correction raised inthe cryptocurrency community a wave of jokes about investors forced to consider working at McDonald’s. On January 25, the corporation responded to the ironic entries on Twitter.

Elon Musk did not miss the opportunity to mention hisfavorite among cryptocurrencies. He promised to eat the Happy Meal on TV "if McDonald's starts accepting Dogecoin." In response, the corporation offered Tesla to sell electric cars for the fictitious Grimacecoin token (a reference to the character from the 1970-1990 marketing campaign).

After the tweet, the coin of the same name appeared on the market - in a matter of hours after the launch, it rose in price by more than 259,000%. The IMF urged El Salvador to abandon bitcoin as a means of payment

The Executive Board of the International Monetary Fund (IMF) recommended that El Salvador deprive the first cryptocurrency of the status of a legal means of payment in the state.

Representatives of the IMF admitted that the electronicThe Chivo Wallet could increase financial inclusion, but noted the need for strict regulation of digital gold. The organization was also concerned about the country's plans to issue $1 billion bitcoin bonds.

Salvadoran President Nayib Bukele responded to the IMF on Twitter: Bloomberg reported the possible collapse of the Diem project from Meta

Bloomberg publication, citing its ownMeta-backed stablecoin project Diem (formerly Libra) is falling apart under pressure from regulators, and the Diem Association is considering selling intellectual property and other assets to “return capital to investor members,” sources said.

Later, the WSJ learned the name of a possible buyer -Silvergate Bank, the former issuer of the Diem USD stablecoin. According to the newspaper, Meta allegedly agreed with him to buy the assets and intellectual property of the cryptocurrency project for $200 million. The Anti-Covid Fund from India returned part of his donations to Vitalik Buterin

India's COVID-19-focused Crypto Relief Foundation has returned some of the funds he donated to the organization in May 2021 to Vitalik Buterin.

The parties decided that the Ethereum co-founder couldact more quickly, because it is not limited by local law. Buterin will direct funds to finance scientific and charitable projects to combat the pandemic. For asset management, he created the Balvi organization.

Also on ForkLog:The third single miner in a month mined a block of bitcoin. YouTube will consider the possibility of integrating non-fungible tokens. FTX US has raised $400 million at a valuation of $8 billion. What else to read and see

We figured out the features of the Optimistic rollups L2 solution, compared the advantages and disadvantages of the technology, and also assessed the prospects for scaling Ethereum.

Especially for ForkLog, the author of the Telegram channelCryptoEssay Stepan Gershuni told how DAOs work, how to distinguish a scam from a fundamental innovation, and how to check all these statements on your own. He also explained how to build an effective decentralized team and create a community culture.

In ForkLog educational flashcards, we figured out what natural language processing and the Terra (LUNA) project are.

The decentralized finance sector continues to attract increased attention from cryptocurrency investors. ForkLog has collected the most important events and news of recent weeks in a digest.

January 24 live ForkLog LIVEmet with the new general managers of Binance in Russia and Ukraine — Vladimir Smerkis and Kirill Khomyakov. The meeting was also attended by the director of Binance in Eastern Europe, Gleb Kostarev.

On January 25, the first open dialogue between global market leaders and global regulators was held in Moscow at the RBC conference “Cryptoassets: everything you wanted to know about regulation, but were afraid to ask”.