Huobi Global Weekly News

HuobiPublished on 2022-11-13Last updated on 2022-11-13

Abstract

What happened in the crypto market this week? Let's review it.

1. Transactions, deposits and withdrawals on Huobi are operating normally;
2. US Treasury Secretary said FTX incident shows they need to regulate cryptocurrencies;

3. Huobi and Tron DAO promise to accommodate the redemption of Tron tokens deposited on FTX;

4. FTX Japan resumes the withdrawal service of JPY.

#POLICY

1. US Treasury Secretary said FTX incident shows they need to regulate cryptocurrencies;

2. European G20 leaders call for urgent regulation of "crypto conglomerates;"

3. Indonesia's Finance Minister plans to hand over regulation of cryptocurrency investments to Financial Services Authority;

4. Russian Central Bank still saying no to use of crypto in settlements;

5. Crypto regulation bill pushed by SBF may fail to pass;

6. The Treasury Department redesignated Tornado Cash as a sanctioned entity;

7. Dubai presses for crypto companies to set up shop;

8. Countries ignoring crypto AML rules risk placement on FATF's "grey list;"

9. EU Commission set to propose legislation for digital euro;

10. South Korean Political Committee to discuss amendments to the basic law on digital assets on November 15.

#CRYPTOCURRENCY

1. NEAR will release Phase2 slice in 2023, deliver Phase3 slice in 2024;

2. Tether releases quarterly reserves report, consolidated assets exceed its consolidated liabilities;

3. Total supply of Ether has decreased by 8,132 ETH since November 7, with an annualized deflation rate of about 1.27%;

4. JPM strategists sees potential Bitcoin floor of around $13,000;

5. Huobi and Tron DAO promise to accommodate the redemption of Tron tokens deposited on FTX;

6. Stock traders purchase large volume of ProShares Bitcoin Strategy ETF put options;

7. ETH faces liquidation pressure around $11.5 million near $1150;

8. The U.S. government has over $4.4B in Bitcoin;

9. LBRY sold tokens as securities, Federal Judge rules;

10. Ethereum developers call on dApp developers to switch to Sepolia testnet;

11. Metamask now supports bitcoin through snaps;

12. The number of transfers on the Avalanche chain exceeds 400 million;

13. HIVE Blockchain produced 307 BTC in October and now holds about 3,311 BTC;

14. The number of MATIC burnt exceeded 4 million;

15. Flare Network will launch token distribution by January 9 next year;

16. Transactions, deposits and withdrawals on Huobi are operating normally.

#NFT

1. OpenSea has less than 50% volume in Nov but pays 91% of royalties;

2. OpenSea to continue to enforce royalties on existing collections;

3. Animoca Brands is introducing a new set of NFT licenses;

4. Yuga Labs proposes to maintain NFT creator royalties by building allowlists;

5. OpenSea Seaport transaction volume on Ethereum tops $2 billion;

6. Bank of Korea tested NFT trading, remittances with CBDC;

7. Non-Fungible Token (NFT) market will revenue to cross US$ 7636.3 million by 2028;

8. SuperRare launches new NFT collector pass "RarePass: Genesis."

#DEFI

1. Celsius reports $13 million in loans to Alameda Research;

2. DFX Finance's DEX pool is hacked, loss of 3000 ETH;

3. Roblox loses nearly $300 million in third quarter;

4. 13.83K cWBT has been liquidated on Compound;

5. Solend is struggling to liquidate SOL loan due to congestion;

6. FriesDAO Profanity exploiter has started transfer stolen funds ETH to Tornado Cash.

#FUNDING

1. Moneyfellows raises $31 million in Series B funding round;

2. EOS Network Ventures will launch a $100 million EOS ecosystem fund to empower Web3 entrepreneurs;

3. Driffle has raised $3.4 million in a seed round led by Beenext;

4. European crypto venture firm LeadBlock Partners hits first close of $150 million fund;

5. Decentralized search startup Sepana raises $10 million;

6. Dhiway raises USD 1 million in a pre-seed funding round;

7. UAE's Pyypl raises $20m to expand financial inclusion in Middle East and Africa.

#METAVERSE

1. Meta will stop smart display project and restructuring certain departme;

2. Mitsubishi UFJ enters metaverse;

3. Jacob & Co offer Dubai edition watch in exchange for NFTs at metaverse nightclub VISION.

#WEB3

1. Japan's Web 3.0 lawmaker urges further easing of country's crypto regulation;

2. IMDA, Huawei launch incubator focusing on Web3, fintech and more;

3. LG Electronics seeks Web3 talent for blockchain, NFT efforts;

4. Bernstein says Polygon blockchain is the Web3 king.

#OTHER

1. Musk says FTX incident is being tracked in real-time on Twitter;

2. Musk says Twitter will launch a crypto wallet in the near future;

3. FTX Japan resumes the withdrawal service of JPY;

4. Stronghold Digital Mining misses analyst estimates with $49.6 million Q3 loss;

5. U.S. CPI annual rate without seasonal adjustment in October was announced at 7.7%;

6. Galaxy and Itaú Asset Management partner to launch crypto ETFs in Brazil;

7. Musk's worth falls below $200 billion;

8. Crypto custody firm Copper inks $500M insurance deal with UK giant Aon;

9. Amber Group has paid down all its outstanding Clearpool balances;

10. Twitter usage is at an all-time high, says Elon Musk;

11. Bitcoin miner Iris Energy faces default claim on $103M of equipment loans;

12. Twitter now asks some fired workers to come back.

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What is $BITCOIN

DIGITAL GOLD ($BITCOIN): A Comprehensive Analysis Introduction to DIGITAL GOLD ($BITCOIN) DIGITAL GOLD ($BITCOIN) is a blockchain-based project operating on the Solana network, which aims to combine the characteristics of traditional precious metals with the innovation of decentralized technologies. While it shares a name with Bitcoin, often referred to as “digital gold” due to its perception as a store of value, DIGITAL GOLD is a separate token designed to create a unique ecosystem within the Web3 landscape. Its goal is to position itself as a viable alternative digital asset, although specifics regarding its applications and functionalities are still developing. What is DIGITAL GOLD ($BITCOIN)? DIGITAL GOLD ($BITCOIN) is a cryptocurrency token explicitly designed for use on the Solana blockchain. In contrast to Bitcoin, which provides a widely recognized value storage role, this token appears to focus on broader applications and characteristics. Notable aspects include: Blockchain Infrastructure: The token is built on the Solana blockchain, known for its capacity to handle high-speed and low-cost transactions. Supply Dynamics: DIGITAL GOLD has a maximum supply capped at 100 quadrillion tokens (100P $BITCOIN), although details regarding its circulating supply are currently undisclosed. Utility: While precise functionalities are not explicitly outlined, there are indications that the token could be utilized for various applications, potentially involving decentralized applications (dApps) or asset tokenization strategies. Who is the Creator of DIGITAL GOLD ($BITCOIN)? At present, the identity of the creators and development team behind DIGITAL GOLD ($BITCOIN) remains unknown. This situation is typical among many innovative projects within the blockchain space, particularly those aligning with decentralized finance and meme coin phenomena. While such anonymity may foster a community-driven culture, it intensifies concerns about governance and accountability. Who are the Investors of DIGITAL GOLD ($BITCOIN)? The available information indicates that DIGITAL GOLD ($BITCOIN) does not have any known institutional backers or prominent venture capital investments. The project seems to operate on a peer-to-peer model focused on community support and adoption rather than traditional funding routes. Its activity and liquidity are primarily situated on decentralized exchanges (DEXs), such as PumpSwap, rather than established centralized trading platforms, further highlighting its grassroots approach. How DIGITAL GOLD ($BITCOIN) Works The operational mechanics of DIGITAL GOLD ($BITCOIN) can be elaborated on based on its blockchain design and network attributes: Consensus Mechanism: By leveraging Solana’s unique proof-of-history (PoH) combined with a proof-of-stake (PoS) model, the project ensures efficient transaction validation contributing to the network's high performance. Tokenomics: While specific deflationary mechanisms have not been extensively detailed, the vast maximum token supply implies that it may cater to microtransactions or niche use cases that are still to be defined. Interoperability: There exists the potential for integration with Solana’s broader ecosystem, including various decentralized finance (DeFi) platforms. However, the details regarding specific integrations remain unspecified. Timeline of Key Events Here is a timeline that highlights significant milestones concerning DIGITAL GOLD ($BITCOIN): 2023: The initial deployment of the token occurs on the Solana blockchain, marked by its contract address. 2024: DIGITAL GOLD gains visibility as it becomes available for trading on decentralized exchanges like PumpSwap, allowing users to trade it against SOL. 2025: The project witnesses sporadic trading activity and potential interest in community-led engagements, although no noteworthy partnerships or technical advancements have been documented as of yet. Critical Analysis Strengths Scalability: The underlying Solana infrastructure supports high transaction volumes, which could enhance the utility of $BITCOIN in various transaction scenarios. Accessibility: The potential low trading price per token could attract retail investors, facilitating wider participation due to fractional ownership opportunities. Risks Lack of Transparency: The absence of publicly known backers, developers, or an audit process may yield skepticism regarding the project's sustainability and trustworthiness. Market Volatility: The trading activity is heavily reliant on speculative behavior, which can result in significant price volatility and uncertainty for investors. Conclusion DIGITAL GOLD ($BITCOIN) emerges as an intriguing yet ambiguous project within the rapidly evolving Solana ecosystem. While it attempts to leverage the “digital gold” narrative, its departure from Bitcoin's established role as a store of value underscores the need for a clearer differentiation of its intended utility and governance structure. Future acceptance and adoption will likely depend on addressing the current opacity and defining its operational and economic strategies more explicitly. Note: This report encompasses synthesised information available as of October 2023, and developments may have transpired beyond the research period.

1.1k Total ViewsPublished 2025.05.13Updated 2025.05.13

What is $BITCOIN

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