Welcome back to Cryptonewbytes’ Altcoins at a Glance, where we deliver news in bite-size pieces. We curate updates from the altcoin market and deliver them without the fat.
CFTC Head Considers King of Altcoins Ethereum as Commodity
- Rostin Behnnam, acting Chairman of the U.S. Commodity Futures Trading Commission (CFTC), stated in a senate hearing that he considers Ethereum (ETH) and other stablecoins as commodities.
- He describes these assets as “fungible” and tradable” similar to gold and oil.
- Altcoins classified as commodities will take them away from the scrutiny of the Security and Exchange Commission (SEC), which is considered to be an anti-crypto agency. The crypto community considers the CFTC to be a better regulator for the space.
Shiba Inu Remains an Attractive Altcoin for Whales
- Crypto Whale snapped up 200 billion Shiba Inu (SHIB) tokens worth $2.2 million.
- This accumulation is presumably because of the upcoming launch of SHIB’s Shibarium, a layer 2 protocol that could elevate the meme coins utilization.
Solana-based NFT Trading Platform Raised $3 Million Seed Money
- Tensor, a blockchain start, raised 3 million dollars in seed funding for its Solana-based NFT trading platform.
- Solana’s ability to handle high-volume transactions and low gas fees makes it a good network for NFT platforms.
Layer 1 Altcoin Cardano now has Wrapped Bitcoin (cBTC)
- Cardano (ADA) has announced that it has successfully wrapped its first Bitcoin (cBTC). This allows BTC users to use features of the Cardano Network without exchanging them for ADA.
- A wrapped token is a digital asset that represents another underlying asset. It allows the underlying asset to be used on a different blockchain, expanding its accessibility and utility.
Ethereum Founder Vitalik Dumps Worthless Altcoins
- Ethereum co-founder Vitalik Buterin has offloaded altcoins that he considers useless. He describes his actions as “anti-endorsement”.
- His protest against shitcoins earned him over $700,000.
- As an Ethereum Whale, Vitalik usually receives token airdrops from projects within the ETH network. This shows that holding certain altcoins can be a good way to be eligible for free airdrops.
Binance USD Stablecoin Market Cap Falls to $8 Billion
- Binance USD (BUSD) market capitalization dropped from $16 Billion to $8 Billion at the time of writing. This represents a 50% drop.
- The drop is caused by investors fleeing to other stablecoins and assets. Paxos, BUSD’s issuer, has been under regulators’ scrutiny for allegedly issuing unregistered securities.
- BUSD still holds the third largest market cap.
Altcoin HBAR Drops Due to Exploit Fears
- Attackers stole user tokens by exploiting the smart contract service code of the Hedera Mainnet. The Hedera team said that the culprits targeted accounts used as liquidity pools on multiple decentralized exchanges (DEXs).
- Hedera Hashgraph is a crypto project that uses a different technology from blockchain.
- The native token HBAR is down by more than 8% at the time of writing.
That is all. See you next week.
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