Daily Crypto News | November 29th, 2022


Welcome to Barmy’s Daily Crypto News – November 29th, 2022

1. Dogecoin jumps after Elon Musk shares his opinion about Twitter 2.0

A brief 19.4% price increase for meme-inspired cryptocurrency Dogecoin was caused by billionaire entrepreneur Elon Musk confirming his plans to integrate payments into what he calls Twitter 2.0, or “The Everything App” (DOGE).

In a tweet on November 27, the new CEO of Twitter shared several slides from a recent “Twitter company talk” to share his plans with his 119.2 million followers. Despite the fact that DOGE was not mentioned by Musk in the tweet or the slides that were attached, several investors still seemed to believe that Dogecoin will be engaged in some way.

The price of Dogecoin increased by 19.4% during the course of several hours following the tweet, from $0.089 to $0.107, according to data from CoinGecko, before declining to $0.096 at the time of writing.

2. DPC had fined Meta for failing to design FB in such a way that it would protect users from data breaches

On November 28, the Irish Data Protection Commission (DPC) revealed that it had fined Facebook developer Meta €265 million for violating the General Data Protection Regulation of the European Union (GDPR).

The announcement came after an examination that lasted for more than a year and was launched in April 2021. Even sooner, in late 2019, the actual breach took place. When it turned out that hundreds of millions of Facebook users’ phone numbers were published in an online database that was open to the public, the data breach was first identified. Even if the web server later removed the information, the fact that it existed made it clear that Facebook’s data had been compromised.

When the issue was detected, Meta asserted that it had patched the contact importer vulnerability and the tool was now secure. The current DPC statement claims that as a result of this occurrence, it discovered “infringement of Articles 25(1) and 25(2) GDPR” and “has levied administrative fines of €265 million.”

As data breaches have increased in frequency over the past few years, the use of personal information in social networking apps has come under scrutiny. By developing blockchain social media apps that do not demand users to disclose their email addresses or phone numbers, several blockchain businesses have made an effort to resolve the issue.

3. JPMorgan Expects Major Changes in Crypto Industry Post FTX Meltdown

Following the demise of cryptocurrency exchange FTX, big changes are anticipated in the cryptocurrency market, according to a research released on Thursday by global investment bank JPMorgan.

Panigirtzoglou then went on to enumerate the key adjustments JPMorgan anticipates following the FTX disaster. The Markets in Crypto Assets (MiCA) bill of the European Union, according to the JPMorgan strategist, is anticipated to be approved in its whole by the end of the year and to go into effect sometime in 2024.

Gary Gensler, the chairman of the U.S. Securities and Exchange Commission (SEC), has stated that unlike the majority of other crypto tokens, bitcoin is a commodity. To make the Commodity Futures Trading Commission (CFTC) the primary regulator of crypto assets, various proposals have been presented in Congress.

As in the conventional banking system, new regulatory measures are likely to develop that center on the custody and protection of customers’ digital assets. Decentralized exchanges (DEX), according to Panigirtzoglou, also have challenges before decentralized finance (defi) becomes widely accepted.

4. BlockFi has filed a lawsuit against Sam Bankman-Fried after it filed for Bankrupt

Sam Bankman-holding Fried’s firm Emergent Fidelity Technologies has been sued by now bankrupt cryptocurrency lending business BlockFi for the shares of Robinhood that Bankman-Fried promised as collateral earlier this month.

Just a few hours after BlockFi filed for Chapter 11 bankruptcy in the same court, the lawsuit was filed there on November 28. BlockFi is requesting turnover collateral from Emergent as part of a pledge agreement from November 9 in which Emergent agreed to a payment schedule with BlockFi that it is believed has not been met.

According to BlockFi, the collateral “includes certain shares of Common Stock.” Through his Emergent investment company, Bankman-Fried spent $648 million purchasing 7.6% of the shares of the online brokerage startup Robinhood in May.

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