Unprecedented developments in the crypto world have once again made headlines. Bitcoin, undeterred by potential fluctuations, saw a slight increase in its value. In the 24-hour frame, BTC managed to climb by less than 1% to cross the $26,300 mark. Yet, it was Hedera Hashgraph (HBAR) and Solana’s SOL that took the spotlight, with respective increases of 6% and 3%. This comes in light of Hedera’s announcement about Stablecoin Studio, its open-source stablecoin issuance and management toolkit, going live during the Token 2049 event in Singapore.
Meanwhile, in other market news, FTX, a crypto exchange, landed a ruling in its favour from the U.S. Bankruptcy Court for the District of Delaware. This ruling allows FTX to make use of its crypto holdings to meet its debt obligations. Boasting holdings valuing in the excess of $3.4 billion, the exchange can now sell, stake, and hedge its crypto assets. The decision, although met with an objection or two, garnered support from the ad hoc committee representing FTX customers. An attorney expressed the shared sentiment that hastening the process would be beneficial for all parties involved.
Simultaneously, a ripple was felt in Singapore’s regulated financial services industry due to a nine-year prohibition order being issued against the founders of Three Arrows Capital. Su Zhu and Kyle Davies are now barred from any regulated activity and can no longer wield direct or indirect influence over any capital market services firm. The Monetary Authority of Singapore (MAS) issued the order following its investigation triggered by false information being publicised by Three Arrows Capital.
On another front, the perpetual futures contracts related to Solana (SOL) showed an interesting trend. With a 35% spike in open interest, reflecting an enhancement of active contracts, a noteworthy surge was observed. This increase signaled a two-month peak of 16.25 million SOL within a week. All in the backdrop of investors tensely awaiting the FTX creditor liquidations, given FTX’s asset holding includes $1.16 billion in SOL and $560 million in bitcoin.
As the crypto sphere persistently reveals an intriguing mix of thriving tokens and regulatory actions, it’s crucial to discern the game-changing implications of these developments. One thing’s for sure – the financial landscape is evolving faster than ever, and staying informed is paramount.
Source: Coindesk
