Crypto Flipsider News – Aptos Launches; Ripple Introduces ETH Sidechain; 3AC under investigation; Texas Probes FTX; Encouraging signs from BTC

©Reuters. Crypto Flipsider News – Aptos Launches; Ripple Introduces ETH Sidechain; 3AC under investigation; Texas Probes FTX; Encouraging signs from BTC

Read in the digest:

• Aptos mainnet goes live and receives support from exchanges and anchors.

• launches EVM sidechain to bring smart contracts to XRPL.

• Three Arrows Capital’s bankruptcy is reportedly under investigation by US regulators.

• Texas securities regulators are investigating Sam Bankman-Fried and FTX US.

• rebounds in equities – long-term metrics show encouraging signs.

Aptos mainnet goes live, gaining support from Exchanges and Ankr

Aptos, the Proof of Stake (PoS) Layer-1 blockchain developed by former Meta employees, has finally launched its mainnet after four years of technical development.

The Aptos blockchain, which runs on the Move language, the Byzantine Fault Tolerant (BFT) consensus approach, and a virtual machine (MoveVM) for dApps, is said to process 160,000 transactions per second (TPS).

Aptos has received strong support from exchanges, with Binance, Coinbase (NASDAQ:), FTX, Huobi, and OKX all listing the APT token shortly after its launch.

Web 3.0 infrastructure provider Ankr has also offered support and has partnered with Aptos to become the first Web 3.0 infrastructure provider to connect dApps to Aptos endpoints. Following the deal, Ankr developers can now build dApps on the Aptos blockchain.

Flipsider:

• The Aptos mainnet’s first day was filled with controversy, from its lack of APT tokenomics to users complaining about slow transaction speeds and the temporary closure of its Telegram and Discord community channels.

Why you should care

Aptos advertises itself as “the most secure and scalable layer 1 blockchain” and has garnered a lot of attention since its launch on October 17th.

Ripple Introduces EVM Sidechain to Bring Ethereum Smart Contracts to XRPL

RippleX, a community of XRP Ledger (XRPL) developers, in collaboration with blockchain software company Peersyst, has started testing a new sidechain on top of the XRP Ledger (XRPL) that will make the blockchain compatible with the Ethereum network.

Per the announcement, XRPL is now live on the Ethereum Virtual Machine (EVM) compatible sidechain. This means developers are now able to “evaluate available technologies” and “deploy existing Solidity apps on the EVM sidechain”.

RippleX explains that the launch represents the first step towards EVM compatibility with the XRP-based sidechain XRPL. The goal of RippleX is to create a permissionless EVM-compatible sidechain on top of the XRPL.

According to the announcement, the second phase, in which the sidechain will become permissionless, meaning anyone can join, is scheduled to go live in early 2023, while the third phase, in which RippleX will get a full release, is planned for Q2. 2023

Flipsider:

• In its ongoing case with the SEC, TapJets has filed an amicus brief in favor of Ripple, stating that XRP’s status as an alternative to fiat currency must be preserved.

Why you should care

The project will allow the XRP ecosystem to implement and benefit from the work developers have put into building Ethereum smart contracts on the XRP ledger.

Bankruptcy of Three Arrows Capital, reportedly under investigation by US regulators

The Securities and Exchange Commission (SEC) and Commodity Futures Trading Commission (CFTC) are reportedly investigating whether Three Arrows Capital’s (3AC) case was caused by violating investor conduct regulations.

According to a report, two anonymous people familiar with the matter claimed that regulators are investigating whether the crypto hedge fund broke laws by exaggerating the strength of its balance sheet to investors and failing to register with the SEC and CFTC.

The blockchain implosion in May and the extreme market conditions that followed prompted 3AC to file for bankruptcy on July 1, resulting in the bankruptcy of lenders like Celsius Network, Voyager Digital, and Vauld when it was unable to meet their margin calls.

Flipsider:

• In early October, 3AC was charged with transferring a collection of more than 300 NFTs to a Gnosis safe wallet address.

Why you should care

Although the SEC and CFTC have yet to make the investigation official, the Monetary Authority of Singapore (MAS) is already investigating 3AC in a similar matter for providing false information about assets under management.

Texas Securities Regulators are investigating Sam Bankman-Fried and FTX US

FTX US, the North American arm of the popular cryptocurrency exchange, is under investigation by the Texas State Securities Board along with its founder Sam Bankman-Fried for the potential offering of unregistered securities in the form of high-yield accounts.

The investigation was initiated by Texas State Securities Board Enforcement Director Joe Rotunda in a filing Friday filed in Voyager Digital’s bankruptcy case, which is currently under review by the Enforcement Division.

Rotunda suggested that securities regulators should halt FTX’s $1.4 billion acquisition deal for Voyager until they can verify that FTX Trading, FTX US and their principals, including Sam Bankman-Fried, are in compliance with securities guidelines.

He adds that the board is reviewing the FTX US accounts provided by the firm, which pay investors a yield in exchange for staking their crypto (better known as yield farming), as it is believed that the risk of these offerings offloads investors was not disclosed.

Flipsider:

• Although investigations are ongoing, neither FTX US nor Bankman-Fried themselves have been charged with any violations of the law.

Why you should care

The outcome of the investigation could delay the acquisition of Voyager and prompt other US regulators to consider SBF’s bids.

Bitcoin Rebounds With Stocks – Long-term metrics show encouraging signs

Weak US economic data in the form of the Empire State Manufacturing Index led Bitcoin (BTC) to rally in line with stocks as the S&P 500 and the Index rose 2.7% and 3.2%, respectively. gained.

The rally propelled the price as high as $19,672, up 3.5% from the weekend lows of $19,020. Bitcoin is now trading at $19,662 at the time of writing and is holding gains of 1.1% over the past 24 hours.

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

Although Bitcoin’s price has remained in the same range over the past four months, the long-term metrics are pointing to encouraging signs of a trend reversal. Bitcoin’s Median Invested Dollar Age (MDIA) is at an all-time high, according to data tracker Santiment.

Santiment also reports that Bitcoin’s MDIA and network realized loss of profit (NRPL) is at the same level as 2019, just before its now-famous surge.

Flipsider:

• Bitcoin’s social volume has declined since the market peaked last year, and sentiment has made many more lows than highs in the meantime.

Why you should care

The metrics highlighted by Santiment suggest that Bitcoin has bottomed and could be on the verge of another bull season.

See original on DailyCoin

Learn Crypto Trading, Yield Farms, Income strategies and more at CrytoAnswers
https://nov.link/cryptoanswers