The biggest news in the cryptoverse for Oct. 20 includes the British Pound’s increasing volatility that is nearing Bitcoin’s, the unprofitable Q3 for Bitcoin miners, and FTX CEO Sam Bankman-Fried’s thoughts on crypto regulations and Hodlonaut’s victory against Craig Wright.
Bitcoin volatility stabilizes as the Pound’s soars higher
After the recent market movements of the British Pound, it becomes almost as volatile as Bitcoin (BTC).
In recent weeks, the Pound recorded an increase in volatility against the U.S. dollar, while Bitcoin has been moving in a narrow band between $18,100 and $20,500 since mid-September.
Bitcoin mining remained unprofitable throughout Q3
In the third quarter of 2022, Bitcoin prices kept falling while the cost of mining increased, which gave miners a hard time.
The hash price decreased by 5% from $83.30/PH/day to $79.60/PH/day, the average industrial electricity cost increased by 25% from July 2021 to July 2022, and the price of hosting contracts increased.
Sam Bankman-Fried proposes standards for sanctions, licensing for DeFi protocols
FTX’s CEO Sam Bankman-Fried shared his opinions on crypto regulation via his Twitter account.
1) As promised:
My current thoughts on crypto regulation.https://t.co/O2nG1VrW1l
— SBF (@SBF_FTX) October 19, 2022
SBF said that the crypto industry should continue as an open economy that continues to offer P2P transfers and codes for free. However, he also argued that regulatory oversight is crucial for sustainable innovation.
He added that DeFi protocols hosting websites and marketing products targeting U.S. retail investors may need some KYC obligations and licensing.
Binance refutes claims it uses users’ tokens to vote
Uniswap’s founder Haydenz Adams said on Oct. 19 that Binance delegated 13 million UNI tokens that belonged to its users.
On Oct.20, Binance’s CEO Changpeng Zhao tweeted to say that Binance doesn’t vote with users’ tokens, while a spokesperson from Binance told CryptoSlate:
“Binance doesn’t vote with user’s tokens. In this case, there has been a misunderstanding of what has…