The Digest

• Binance’s CEO Releases a Serious Warning About Crypto Prices and Flash Crashes 87%
• Walmart (NYSE) launches pilot program allowing customers to purchase crypto
• 17% of all NFTs are controlled by Addresses
• H&M and Lablaco Launch Rental Service, the Associated Press Partners with Chainlink

Binance’s Bitcoin Flash Crash 87%, CEO Sends Severe Crypto Price Warning

Binance users saw the BTC price crash nearly 87% after they cheered Bitcoin to an all-time record high of $66k. BTC was valued at $8.200 in the flash crash that occurred on October 21st, 7:30 AM (GMT-4).

Binance.US, the leading cryptocurrency exchange, has claimed that the flash crash resulted from a glitch in the trading algorithm of one its clients. Binance.US responded to the news by writing:

“One of our institutional traders told us he had a bug in his trading algorithm, which appears to have caused the sell-off. We are continuing to investigate the event.”
Binance was hit hard by the flash crash, which had ripple effects across other exchanges. Coinbase saw BTC drop around $1,000 (NASDAQ:). The price of BTC dropped approximately $2,000 to $4,100.

Regardless of the Bitcoin futures ETF on NYSE, which fueled a wave of Bitcoin and crypto rallies, Binance CEO, Changpeng Zhao, has warned that investors should “expect very high crypto volatility over the next few months.”

Flipsider

• Binance monitors the events even though they’ve fixed their bug.

What You Need to Care About

Some experts believe cryptos will become more volatile because of the growing number institutional investors who are investing in it.

Walmart launches pilot program that allows customers to buy crypto

Walmart Inc, the multinational retailer has started a pilot program which will enable customers to purchase cryptocurrency in U.S. retail stores. Walmart Inc. announced on October 21 that customers will now be able to purchase Bitcoin from Coinstar kiosks in its stores.

Walmart was long associated with crypto. This is however its first significant move. Walmart launched 200 Bitcoin kiosks at its U.S. store through collaboration with Coinstar and Coinme.

Walmart customers who wish to buy Bitcoin can put cash bills into the machine. For this, they’ll receive Bitcoin vouchers. Cash exchanges are free, but users have to pay a 4% transaction fee and a cash swap fee.

For customers to be able to access the Bitcoin ATMs they will first need to set up a Coinme account. The KYC checks that follow must also be passed. Coinstar and Coinme plan to expand their network so that Bitcoin can be offered at more than 8,000 kiosks.

Flipsider

• Walmart fell for a crypto hoax in September. It was claimed that Walmart would accept cryptocurrency.

What You Need to Care About

The cryptocurrency ATM industry is expanding at a rapid pace, increasing consumers’ exposure to cryptocurrency.

17% of all NFTs are controlled by Addresses

Global NFT markets have seen significant growth in 2021. Virtual artists, content creators, and designers are distributing digital copies of their works to huge numbers. While NFTs are growing in popularity, recent research shows that there has been a significant amount of centralization among Ethereum-based NFTs.

Moonstream’s study found that 16.71% of NFT-hodlers in Ethereum purchased over 80.98% from all Ethereum NFTs, according to an analysis. This was based on data collected between April 1, and September 25, 2017.

Moonstream’s study revealed that 727.102 addresses were involved in transactions involving 7,020.950 Ethereum between April 1, and September 25, 2017. The masses account for 83.29%, but only managed to obtain a few NFTs over the past six months. Pareto’s 80/20 rule is once again replicated.

Flipsider

• NFT recorded A record breaking $10.37 Billion in sales was achieved in Q3, which is a 70% increase over Q2

What You Need to Care About

Study confirms that very few people have substantial NFT holdings. This suggests an inequality in Ethereum NFT market.

H&M and Lablaco Launch Rental Service and the Associated Press Partners with Chainlink

Europe-based circular fashion pioneer company Lablaco and H&M Mitte Garten have launched the first blockchain-based IoT rental service. By integrating blockchain and IoT, the H&M rental service allows customers to exclusively rent and swap a special collection.

One click allows users to book and pay garments. Once the garment has been used, it is cleaned and ready to be rented again. Rentals are available from five days up to three weeks.

The use of blockchain is also expanding with The Associated Press’s, the independent news organization, partnership with Chainlink. The Associated Press will be hosting its journalism on Chainlink’s decentralized oracle chain.

By working with Chainlink, AP wants to help developers writing blockchain-based applications implement AP’s data and information. Developers will be able to access AP’s financial data, sports data, and other things.

Flipsider

• Lack of a clear and unified regulatory framework has hindered the adoption of cryptos and blockchain.

What You Need to Care About

Companies are exploring the possibilities of blockchain technology and the secure ledger technology it can provide in the development of the technology that will be the future.

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