Crypto NFT Today: The Latest News in Blockchain, Cryptocurrency, and NFTs: Nov. 2-8, 2022

2 November 2022

in NFT

Reading Time: 3 mins read

Welcome to another edition of Crypto NFT Today! If you enjoy cryptocurrency, NFTs, and riding emotional rollercoasters, this is the place to be.

Are you ready for the crunch? Let’s get started.

SEC became a defendant in the NFT classification lawsuit

30 July 2024

DraftKings Dumps NFT Business, Citing Legal Developments

30 July 2024

Twitter Introduces ‘Tweet Tiles’

Twitter’s massive shake-up is affecting the blockchain world. Despite a hectic week, Twitter rolled out a new feature around NFTs Friday. The site is piloting “Tweet Tiles” to expand links to certain NFT marketplaces, a tweet from Twitter’s developer account revealed.

[crypto-donation-box]

The move will allow users to buy and sell NFTs through tweets in partnership with the marketplaces.

Platforms the integration currently operates with include Magic Eden, Rarible, Dapper Labs and Jump.trade.

Reddit recently opened its platform to the NFT marketplace, and with Elon Musk now at the helm of Twitter, a whole new world relating to cryptocurrency and blockchain technology could soon emerge on the platform.

“No doubt, you can bet that Elon and his team are seeing what’s happening with Reddit and thinking about the possibilities with Twitter,” Mahesh Vellanki, managing partner at crypto venture firm SuperLayer, told Blockworks. “Maybe they’ll choose to incorporate payments, in addition to NFT integrations, perhaps with Bitcoin’s Lightning Network or Solana Pay.”

Dogecoin Benefits from Twitter Acquisition

Dogecoin has seen gains of 94% in the last week, marking a growth in total value from around $8.1 billion to $15.9 billion. It has even surpassed coins such as Cardano and Solana, becoming the eighth largest cryptocurrency by market capitalization, according to CoinGecko.

Musk has been a proponent of the memecoin since as far back as 2019, when he first tweeted about the token.

In 2021, Musk’s space-faring company SpaceX decided to accept Dogecoin as payment. The long history between the billionaire and the Shiba Inu-faced crypto has many investors convinced it could become the digital currency of choice for Twitter transactions moving forward.

Binance Sees $1.1B in Bitcoin Withdrawal in 24 Hour Period

Binance saw a record withdrawal of Bitcoin from the platform Wednesday. Binance saw a net position change of over 55,000 BTC on Oct. 26 — the most ever.

Bitcoin’s moderate gains and return to its six-week high Wednesday led to a sea change in exchange user behavior, with BTC balances dropping across the board.

The outflows beat all other buying sprees, including the $17,600 dip in June this year and the March 2020 crash, according to CoinTelegraph.

Digital Yuan Pilot Phase Expands

China’s digital yuan pilot phase is showing promising results, expanding to include millions of users and billions in transaction volume.

Chinese central bank governor Yi Gang talked about the progress of the digital currency and emphasized the importance of privacy protection at this year’s Hong Kong Fintech Week.

In his speech, he explained how the two-layer payment system would offer controllable anonymity to users.

According to Gang, at tier one, the central bank supplies digital yuan to the authorized operators and processes inter-institutional transaction information only. At tier two, the authorized operators only collect the personal data necessary for their exchange and circulation services to the public.