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Writer's picturePatricia

Top Cryptocurrency News of the Day - 14/10/2024



Are you curious about the latest in the crypto world? Here’s a rundown of today’s key trends and events affecting Bitcoin prices, blockchain technology, DeFi, NFTs, Web3, and crypto regulations.


Tether CEO says company exploring commodities trading and TradFi opportunities


Tether’s CEO, Paolo Ardoino, has revealed that the company is actively exploring new ventures in traditional finance and commodities trading.


“Tether is in the early stages of evaluating opportunities in commodity trading and TradeFi,” Ardoino told The Block on Monday. He clarified that these activities will not affect the reserves backing Tether’s stablecoins, as they will be handled through the Tether Investment vehicle, which operates separately from its stablecoin operations.


In addition to managing the world’s largest stablecoin by market capitalization, Tether has recently established several new divisions, including an investment arm. In June, Ardoino disclosed in an interview that the company plans to invest over $1 billion within the next 12 months.


On Monday, *Bloomberg* reported that Tether is exploring opportunities in the commodities sector. The report also mentioned that Tether has discussed U.S. dollar lending arrangements with several commodity-related firms, citing anonymous sources.


Tether has previously engaged in lending activities, and the company appears to have significant capital available for further investments. According to its most recent quarterly attestation in July, Tether reported a record net profit of $5.2 billion for the first half of 2024.


Kamala Harris to Back Crypto Reg Framework in Speech Today, Campaign Says


U.S. Vice President Kamala Harris is set to announce her support for a “regulatory framework for cryptocurrency and other digital assets” during a campaign speech in Erie, Pennsylvania, her campaign confirmed on Monday morning.


The announcement will form part of a larger speech outlining an "Opportunity Agenda" to strengthen her support among Black men. However, the campaign did not provide specific details about her remarks on the digital asset industry.


A press release states, "Vice President Harris recognizes that more than 20% of Black Americans own or have owned cryptocurrency assets, and her plan aims to ensure that both asset owners and investors benefit from a regulatory framework that protects participants in this market."


An accompanying document echoed these views, emphasizing that her approach draws on insights from her career experience. The document also highlighted her understanding of how new technologies can enhance banking and financial services access, reaffirming her commitment to ensuring a safe and inclusive digital asset environment.


Hyperliquid users to get HYPE token in an upcoming airdrop, says newly formed Hyper Foundation


The newly established Hyper Foundation announced on Monday that it will launch a native token, HYPE, ahead of the HyperEVM’s upcoming release on the mainnet, according to a post on X (formerly Twitter).


“The next phase of Hyperliquid’s journey involves the introduction of HYPE, a native token essential for powering the HyperBFT proof-of-stake consensus mechanism, the HyperEVM, and future developments outlined in our roadmap,” the foundation stated. “As part of the initial distribution, eligible users will have the option to receive HYPE and, if desired, a Hypurr NFT to mark the launch of HyperEVM on the mainnet.”


The foundation added that more information about the “Genesis Event,” including the timing of the token airdrop, will be provided later.


Hyperliquid has recently experienced significant growth, with its average daily transaction volume exceeding $1 billion, surpassing other decentralized derivatives platforms. This surge in activity is likely linked to a points-based reward campaign, which will influence the distribution of the forthcoming HYPE token airdrop.


Crypto Firms Pay $32 Billion in Settlements as Enforcement Actions Intensify.


The conflict between U.S. regulators and cryptocurrency companies has escalated, with settlements totalling nearly $32 billion since 2019, according to a report by CoinGecko. The most significant regulatory action targeted the now-defunct crypto exchange FTX and its affiliated trading firm, Alameda.



In August 2024, the Commodity Futures Trading Commission (CFTC) imposed combined penalties of $12.7 billion on FTX and Alameda, nearly two years after the exchange's collapse.


Binance, however, remains the largest active company that faces a substantial regulatory penalty. In November 2023, the leading crypto exchange agreed to pay $4.3 billion to settle with several U.S. regulatory agencies, including the Department of Justice and the Treasury Department.


FTX’s collapse in late 2022 triggered increased regulatory scrutiny across the cryptocurrency industry. In 2023, U.S. regulators secured $10.87 billion in settlements—an astonishing 8,327% increase from the previous year. Regulatory actions continued to intensify in 2024, with eight major lawsuits resulting in settlements totalling $19.45 billion by October.


Among other high-profile cases, the collapse of Celsius led to a $4.7 billion settlement, while Terraform Labs faced penalties amounting to $4.5 billion during the same period.


Serbian Basketball Club Partizan 3x3 Continues Partnership with Crypto Company Holiverse.


The Metaverse platform Meta Force, which entered a main sponsorship agreement with the Serbian basketball team Partizan 3x3 (part of "JSD Partizan") in August 2024, announced a rebranding in October. The company will now operate under the new name Holiverse while maintaining all existing partnerships, including its contract with the basketball club.


The rebranding has not altered the terms of the sponsorship agreement. The team will continue competing under the name Partizan Meta Force for the remainder of the season. Fans can expect to see the iconic panther symbol on the team's black and white uniforms, now representing the rebranded Holiverse metaverse. Additionally, all planned initiatives will proceed as scheduled.


3x3 basketball is a relatively new sport. First introduced by FIBA in 2007, it has steadily gained global recognition and made its Olympic debut at the 2020 Tokyo Games. This fast-growing format continues to attract thousands of athletes and spectators worldwide.


The collaboration between sports teams and leaders in the crypto industry reflects an emerging trend in the sports world. The partnership between Partizan and Holiverse demonstrates how traditional sports values can align with innovative technology, creating new opportunities for sports development in the digital age.


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