Read in the Digest:
- Dogecoin (DOGE) Soars as Elon Musk’s Twitter Deal Nears Completion
- Bitcoin (BTC) Nears $21K Amidst $1 Billion Liquidation of Short Positions
- Meta Stock Falls as ‘Reality Labs’ Posts $3.7b loss, Metaverse can’t be Self-Regulated
- Binance Launches Native Oracle (NYSE:ORCL) Network to Bridge Web 3.0 and Blockchains
- Google Agrees to Compliance Reforms to Prevent Search Warrant Data Loss
Dogecoin (DOGE) Soars as Elon Musk’s Twitter Deal Nears Completion
The most popular memecoin has continued the rally stronger than the entire crypto market, gaining double digits for the second consecutive day. Over the last 24 hours, DOGE has gained more than 21% to become the biggest gainer of October 27th.
The 24 hours price chart for Dogecoin (DOGE). Source: CoinMarketCap
The price surge has seen DOGE trade at an inter-day high of $0.08028, a new 10-week high for the meme coin. Dogecoin has now reclaimed the position of the 10th-largest cryptocurrency as its market cap has shot up to $10.53 billion from under $8 billion three days ago.
The DOGE rally has been linked to the recent reports that Elon Musk, a famous Dogecoin proponent and self-acclaimed Dogefather, is preparing to conclude the Twitter deal this week. Musk is reportedly looking to seal the deal by Friday, October 28th.
The recent spike in the price of DOGE also comes amid huge whale transactions. In the last 24 hours, on-chain data provider Santiment has reported that there have been more than 420 DOGE whale transactions, each valued at over $100k.
Flipsider:
- Despite Dogecoin’s massive rally, it has been outshined by its ecosystem token Dogechain (DC), which has gained over 400% in the last week.
Why You Should Care
Several positive factors currently drive the Dogecoin rally and the completion of the Twitter deal could serve as more boost to the price of DOGE.
Bitcoin (BTC) nears $21K amidst $1 billion liquidation of short positions
After weeks of sideways trading, Bitcoin has gotten its biggest price outbreak in over six weeks as the crypto market rallied. A 7% rally saw the price of BTC climb as high as $20,938 for the first time since September 13th.
The 3 days price chart for Bitcoin (BTC). Source: CoinMarketCap
Bitcoin currently trades at $20,600, holding above the psychologically important $20,000 level. The recent price rally helped push the global cryptocurrency market cap above the $1 trillion mark.
The rally can be linked to positive macroeconomic conditions specifically reports emerging that the United States Federal Reserve could roll out smaller-sized interest rate hikes in the next two months.
The rally also coincides with the stock market’s posting multi-day rally to notch their biggest gains since June. In addition, the United Kingdom announced a crypto-friendly prime minister, Rishi Sunak.
Flipsider:
- Bitcoin’s rally above $20k triggered a wave of liquidations of more than $700 million on October 26th. Over the last 24 hours, more than $217 million in BTC positions have been liquidated.
Why You Should Care
With macroeconomic conditions favouring the crypto market, Bitcoin would look to hold above $20k in preparation for more gains.
Meta stock falls ‘Reality Labs’ posts $3.7B loss, metaverse can’t be self-regulated
Meta, the parent company of Facebook (NASDAQ:META), Instagram, and WhatsApp, and a big investor in the metaverse has seen its share price tumble by more than 19% and has seen more than $65 billion wiped off its market value.
The fall in the stock price of Meta comes after its Reality Labs unit – responsible for developing virtual reality and related augmented reality technology for the Metaverse, reported a loss of more than $3.7 billion for the third quarter.
The disappointing Q3 earning report was compounded by the U.K. media regulator Ofcom chief, Melanie Dawes warning that metaverse creators like Meta and Microsoft (NASDAQ:MSFT) cannot be self-regulated.
According to the Ofcom chief, self-regulating the metaverse by Meta and Microsoft won’t fly under the U.K.’s Online Safety Bill, which seeks to curb harmful content from being widely shared on the internet.
Flipsider:
- Meta has announced that it is prepared to lose even more as “Reality Labs operating losses in 2023 will grow significantly year-over-year.”
Why You Should Care
Despite taking massive losses in building the virtual world, Meta’s Mark Zuckerberg believes in the future of the Metaverse and patient investors will be rewarded.
Binance launches native Oracle Network to bridge web 3 and blockchains
Binance, the world’s largest cryptocurrency exchange, on Wednesday, October 27th, announced the launch of a “reliable and secure” native oracle network to bridge Web3 and blockchains via smart contracts.
According to the announcement, the Binance Oracle will start with the BNB Chain, providing index prices for the most popular digital assets. The 10 leading dApps have already integrated with the Binance Oracle network.
Blockchain Oracles make it possible for smart contracts to access data that exists outside of a blockchain. The Binance Oracle will allow existing decentralized applications (dApps) and Web3 projects on BNB Chain to access data sources and advanced computations.
As per the announcement, emphasis has been placed on the security of the Binance Oracle network. Binance says that the oracle network’s recovery time objective or tolerance for downtime is “nearly zero.”
Flipsider:
- The Binance Chain recently suffered a major exploit that saw more than $100 million stolen from the chain.
Why You Should Care
Binance believes blockchain oracles will allow the BNB Chain ecosystem and the larger digital asset space to flourish for the benefit of users.
Google agrees to compliance reforms to prevent search warrant data loss
On Tuesday, October 25th, the United States Department of Justice (DOJ) announced that it has entered into an agreement with Alphabet (NASDAQ:GOOGL), the parent company of Google to resolve a dispute over the loss of data responsive to a 2016 search warrant.
According to the DOJ, THE “first-of-its-kind resolution” would result in Google reforming “its legal process compliance program to ensure timely and complete responses to legal process such as subpoenas and search warrants.”
In 2016, the DOJ obtained a search warrant in California for data held at Google related to the investigation of the criminal cryptocurrency exchange BTC-e. However, Google was unable to recover data stored outside the United States.
According to Alphabet, the company has now spent over $90 million “on additional resources, systems, and staffing to implement legal process compliance program improvements.”
Flipsider:
- Alphabet, the parent company of Google reported weaker-than-anticipated third-quarter (Q3) results, citing the crypto winter as one of the causes.
Why You Should Care
Google clarified that the agreement does not change its long-term commitment to protecting our users’ privacy.