AAVE Pauses V2 on Ethereum Network and Freezes Assets on V3
DeFi lending protocol Aave announced that it has paused some operations as a temporary protective measure due to an issue. The protocol paused Aave V2 operations on Ethereum and also froze certain assets on Aave V3 located on the Polygon, Arbitrum and Optimism network. Protocol announced that the service will be restarted after approval of the forthcoming proposal to resume the paused operations, and that a post-mortem explaining this development will be published once the issue is fully resolved.
OpenSea Layoffs Half of Its Employees
Devin Finzer, co-founder and CEO of OpenSea, announced that the number of employees will be halved as OpenSea moves to 2.0. He added that their next goal will be product upgrades in technology, reliability, speed, quality and experience. OpenSea has attempted to regain some of the market share it lost to other NFT platforms such as Blur.io, but The Block’s Data Dashboard shows that OpenSea held more than 73% of the NFT market volume as of October 2022, and its share dropped to 18% as of November 3.
Crypto Lawyer Says $20 Million Settlement 90% Likelihood in Favor of Ripple
Leading cryptocurrency lawyer John Deaton has given his views on the case between the United States Securities and Exchange Commission (SEC) and Ripple. He claims that a settlement of $20 million or less would be a significant legal victory for Ripple. In a recent post on X (formerly Twitter), Deaton strongly rejected the idea that the outcome of the case was a 50/50 even outcome for the SEC, claiming that it was closer to a 90/10 advantage in favor of Ripple.
Ongoing Vote on Arbitrum Token Staking Moves from DAO to Majority Approval
The Arbitrum DAO is voting on a proposal that would enable ARB token staking, offering a return funded by the DAO’s treasury over a 12-month period. The decision, which is subject to an ongoing referendum, is scheduled to be finalized on November 6. The governance proposal being voted on offers multiple options for users to decide on the use of the 3.5 billion ARB tokens ($3.4 billion) in treasury funds or reject the proposal outright.
Ripple Joins Forces with National Bank of Georgia to Support CBDC Development
Ripple is partnering with National Bank of Georgia to support CBDC development and encourage innovation. National Bank of Georgia has opted for Ripple’s CBDC platform, a strategic move for the digital Lari. Ripple’s CBDC platform has the possibility to support economic growth in Georgia and unlock value and potential.
Hong Kong Considering Spot Crypto ETFs for Retail Investors
Hong Kong’s securities regulator, the Securities and Futures Commission (SFC), is moving towards allowing individual investors to buy spot crypto Exchange Traded Funds (ETFs). “We welcome proposals that use innovative technology to improve efficiency and customer experience,” Bloomberg quoted SFC Chief Executive Julia Leung as saying.
Magic Eden and Yuga Labs Launch Ethereum NFT Marketplace
Solana-based NFT marketplace Magic Eden announced a partnership with Yuga Labs, the company behind Bored Ape Yacht Club and Cryptopunk NFT collections, to launch a new marketplace for Ethereum NFTs that rewards creators’ royalties. For Yuga Labs, the partnership came into the open after the company announced in August that it planned to cut ties with OpenSea by February 2024 over the platform’s decision to move to a royalty-free model. Discretionary royalties have caused Yuga Labs’ revenue to fall in recent months. Neither company immediately responded to The Block’s request for comment.
Experts Say Ripple Likely to Reduce $770 Million SEC Fine
According to legal expert Jeremy Hogan, Ripple could significantly reduce the potential $770 million fine imposed by the SEC. In his thread on social media platform X, Hogan highlighted the key arguments Ripple can use to mitigate the damages sought by the SEC. These arguments are based on recent case law and the specific circumstances of Ripple’s XRP sales.
Bitcoin is priced at $ 34,778 with a 0.67% loss in value as of today morning hours. In general, it continues to be priced within the horizontal band for a long time after macroeconomic data. Above $35,250 could take Bitcoin back to $36,000, followed by the $29,000 level. Since it has been rejected 3-4 times from the top of the horizontal band, i.e. from $ 35,250, it may want to go below the horizontal band, i.e. a retreat to $ 33,400 may be seen.
ETH, which lost 0.78% as of morning hours, is priced at $ 1876. There was a downward trend. A retest is currently taking place after the upside break of the trend. Above $1900 is very positive for Ethereum and could take the price to the $2000 level. If it re-enters the trend, the $ 1800 level can be tested again. The first intermediate support position seems to be $ 1850, followed by $ 1825 as support. If the upward breakout occurs again, we can see $ 2000 and then $ 2250 as resistance.
XRP is priced at $0.6719 with a 2.13% gain as of morning hours. We can now say that permanence above $0.60 has been achieved. An important level of 0.6740 needs to be broken on volume. If the upward breakout occurs, it can go up to $ 0.74. In case of a downward correction, we can see that $ 0.65 and then $ 0.62 will work as support.
AVAX is priced at $ 12.38 with a 0.24% loss in value as of morning hours. After climbing up to $ 12.50, it retested to $ 11.40. Above $12 is very positive for AVAX and its next target should be to break the $13 level. In case of a downward correction, 11.90 may work as support. With the reaction it will get from here, it is quite possible to go to $ 12.50 again, then $ 13.
SOL is priced at $ 39.70, down 3.6% as of morning hours. Rising up to $ 48, SOL retreated a little after facing selling pressure at this level. When we examine the support points, the closest support point is 37 dollars. If it falls below this level, it may be possible to retreat to the level of 36 dollars. In upward movements, the $40 level may work as a resistance level for SOL.
As of morning hours, LINK is pricing at 12.290 with a 0.5% gain in value. LINK, which has risen above $ 12, the region where it has previously faced selling pressure, is trying to provide permanence above this level. It is important to stay above this level for the continuation of the upward movement. When we examine the support points, it seems that 10,500 and lower 10 dollar levels are important. In upward movements, the $ 13 level can be followed.
ATOM is pricing at 8.370 with a 0.1% gain as of morning hours. When we examine the 12-hour chart, we see that the 8.151 resistance was broken upwards and then this area was retested. It can be considered positive for the continuation of the upward movement. In case of persistence above this region, the 8.630 level appears as resistance. With an upward break of this resistance level, it may be possible to see a rise up to the $ 9 level. When we examine the support levels, 8,151 and below 7,600 appear as important support zones.