Daily Digest - 31th October 2022

Headlines

▌Dogecoin market cap returns to above $15 billion

Data available on the market tracking website CoinMarketCap shows that Dogecoin (DOGE) has flipped Cardano (ADA) to become the eighth most prominent cryptocurrency in the world by market capitalization.

The meme coin currently trades at $0.1351, with over 60% appreciation in the previous 24 hours, putting its seven-day cumulative performance above 130%. Exactly six weeks ago, Coin Edition reported that DOGE had surpassed Polkadot (DOT) to be the tenth-largest cryptocurrency by market share. At the time, DOGE traded at a measly $0.06156, with a market value barely above $8 billion.

Blockchain Application

▌Thailand and Hungary plan to promote blockchain technology in the financial sector

The Thai Fintech Association and Hungary’s Blockchain Coalition have signed a Memorandum of Understanding to support the introduction of new technologies to their financial markets.

Digital financial services such as e-commerce, mobile payments and digital currency are growing rapidly in Thailand, with its increasing number ofcryptoholders, pointed out Chonladet Khemarattana, president of the Thai Fintech Association. In his opinion, the further development of financial technology requires international cooperation.

Cryptocurrency

▌Report: Ukraine, Indonesia and Russia saw fastest growth in cryptocurrency adoption in Q3

Crypto adoption is shooting through the roof despite the bear market and uncertainty surrounding asset prices, according to recent findings from the leading decentralized application (dApp) analytics platform DappRadar.

The findings revealed thatUkraine,Indonesia, andRussiasaw the biggest adoption growth, with their adoption rates increasing by 143.17%, 115.59%, and 88.28%, respectively.

The United States retained its position as the largest crypto market, with India overthrowing Russia from second place with an increase of 10.40%, while the latter ranked fourth.

Ukraine moved to fifth place with a 143.7% increase, while the United Kingdom dropped to sixth place with a 6.40% decline in September. Nigeria took seventh place after a 12.52% spike, while the Philippines decreased by 9.78% to the eighth position.

▌Source : SBF may cash out $100 million from Musk’s Twitter acquisition

The exchange executive owned about $50 million to $100 million worth of stock in the social media giant before the acquisition completed on Thursday, a source with direct knowledge of the matter told The Block. Musk paid $44 billion to take Twitter private, which would put Bankman-Fried's stake at around 0.1% to 0.2%.

FTX declined to comment to The Block and Twitter didn't respond to a request for comment.

▌The number of Bitcoin millionaires fell by 70% in the first three quarters of this year

According to data compiled by Finbold, the number of Bitcoin millionaires fell by 70.23% in the first three quarters of 2022 due to the bear market, with the total number of Bitcoin millionaires as low as 29,497 as of September 28, 2022.

Based on the statistics provided by BitInfoCharts.com, 25,395 different addresses had a Bitcoin balance of more than $1 million, and an additional 4,102 of the addresses had a combined balance of approximately $10 million or more at the end of Q3.

▌Twitter Blue will soon reportedly include a verification badge for $20/month

Now that he owns Twitter, Elon Musk has given employees their first ultimatum: Meet his deadline to introduce paid verification on Twitter or pack up and leave.

The directive is to change Twitter Blue, the company’s optional, $4.99 a month subscription that unlocks additional features, into a more expensive subscription that also verifies users, according to people familiar with the matter and internal correspondence seen by The Verge. Twitter is currently planning to charge $19.99 for the new Twitter Blue subscription. Under the current plan, verified users would have 90 days to subscribe or lose their blue checkmark. Employees working on the project were told on Sunday that they need to meet a deadline of November 7th to launch the feature or they will be fired.