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Vitalik Buterin: Crypto is a Bubble But Isn’t a Toy

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Speaking to CNN Business in an exclusive interview, Ethereum co-founder Vitalik Buterin aired his views on the market crash and current state of the crypto industry.

Buterin, who has had a sizeable chunk of his personal wealth wiped out over the past week, told CNN that he is not concerned about the market crash stating that we have had several of them before.

He likened the current situation to a bubble stating that knowing when they will pop is “notoriously hard to predict.” “It could have ended already,” he added before continuing to suggest that “It could end months from now.”

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“We’ve had at least three of these big crypto bubbles so far. And often enough, the reason the bubbles end up stopping is because some event happens that just makes it clear that the technology isn’t there yet.”

Buterin’s Ethereum address currently holds 325,000 ETH worth an estimated $895 million at current prices. This is 35% down from its peak value of $1.4 billion on May 12.

Crypto is Not a Toy

Comparing the current scene with that during the last ‘bubble’ four years ago, Buterin stated:

“It feels like crypto is close to ready for the mainstream in a way that it wasn’t even four years ago. Crypto isn’t just a toy anymore.”

The narrative has been different for Ethereum this time around, with large institutional players entering the scene and pushing up prices. Although, some industry observers are blaming highly leveraged trading on derivatives exchanges for the latest market downturn.

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Buterin added that although he’s not sure, there is a “possibility” that Ethereum eventually catches up and surpasses Bitcoin in market value. At the time of writing, the Ethereum market capitalization was $318 billion – 42.5% of Bitcoin’s market cap.

Regarding the ‘Elon effect,’ the Ethereum mastermind stated that it is something new to the scene, and his influence will eventually diminish.

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“Elon Musk tweeting is something that the crypto space has only been introduced to for the first time literally last year and this year. I think it’s reasonable to expect a bit of craziness. But I do think that the markets will learn. Elon is not going to have this influence forever.”

Regarding his continued Dogecoin shilling, Buterin added, “I don’t think that Elon has a kind of malevolent intent in any of this.”

Ethereum Price Recovers

At the time of press, Ethereum had recovered 9% on the day to trade at $2,775. Prices touched $3K in late trading on Thursday but were unable to break resistance there, falling back below $2,700 before Friday morning’s recovery. ETH bottomed out at $2,350 during this correction.

 

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Binance

Binance’s Trading Volume Hits $100 Billion in Just One Day

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Binance continues to see unprecedent trading activity while attempting to sail through regulatory hurdles

Binance’s daily volume hit an eye-popping $100 billion on Oct. 20, according to a tweet by CEO Changpeng Zhao.

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The leading crypto exchange recorded this crucial milestone on the day Bitcoin, the largest cryptocurrency, reached a new all-time high of $67,276.

Despite introducing stricter measures for users due to severe regulatory scrutiny, Binance enjoys a comfortable lead over other crypto exchanges in both spot and derivatives trading, according to data provided by CoinMarketCap.

Eerier this month, the trading platform also announced a $1 billion ecosystem fund.         

Meanwhile, the decentralized finance sector is catching up with centralized behemoths. The total value locked in DeFi protocols has hit $100 billion for the first time.

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Crypto Exchange

Binance Smart Chain DeFi protocol PancakeHunny suffers flash loan attack

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As the users argue “what’s better,” Ethereum or Binance Smart Chain, the latter saw another decentralized protocol being exploited. PancakeHunny on BSC was attacked by a flashloan and no, this wasn’t a first for the protocol.

Blockchain security and data analytics company Peckshield Inc. announced the attack on Twitter.

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The last time that this protocol was exploited, was in June, wherein the team had noted the creation of a smart contract to exploit the Hunny Minter Smart Contract. The contract was subsequently executed 91 times, as per the team.

The team took a long time to respond to the hack this time but assured the users that their funds were safe. The team added in a preliminary report,

“On 20 October 2021, at 0920 UTC. A smart contract was created to exploit the Hunny TUSD vault. The Contract was subsequently executed 26 times.”

PeckShield provided some details about the same noting,

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According to the agency, this hack was possible due to a profit inflation bug, which converts the relatively small amount of harvested ALPACA, to a large amount of TUSD for staking. PeckShield added,

“These converted TUSDs are then counted as profit, now inflated to mint large amount of $HUNNY!”

Source: Twitter

Actions taken by the team

The PancakeHunny team has stopped the minting process for the TUSD vault while assuring that funds in Hives were all SAFE. The exploit did not affect other Hives and Vaults but the price of HUNNY.

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They added that the issue has been identified and the team will change its rooting to higher liquidity pools to prevent the aftereffects of price manipulation of LP pools.

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Coinbase

NBA Makes Coinbase Its Exclusive Crypto Partner

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Coinbase has joined FTX in scoring major partnerships in the sports industry     

The National Basketball Association has announced a multi-year deal with Coinbase, America’s biggest crypto trading platform in an Oct. 19 press release.   

Coinbase will act as the exclusive partner of the NBA, NBA G League, Women’s National Basketball Association (WNBA), and other leagues. 

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As part of the deal, the exchange will have a brand presence during televised games as well as unique content and activations that are meant to boost crypto awareness.  

Kate Rouch, Coinbase’s chief marketing officer, says that the company is proud of joining forces with the NBA:

The freedom to participate and benefit from the things you believe in is at the heart of Coinbase’s mission.  Nobody believes this more than NBA and WNBA fans. We’re proud to become the Leagues’ official cryptocurrency partner.

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The shares of Coinbase are up roughly 3% at press time. 

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