According to PANews, South Korea's Ministry of Economy and Finance has announced that it is considering measures to ensure the integrity of cross-border transactions involving virtual assets such as stablecoins. The ministry explained that stablecoins are primarily used within the cryptocurrency ecosystem for transactions and emphasized their potential to expand into the real economy as a means of cross-border payments and transactions. A government official stated that the regulation of stablecoins will begin with the establishment of a system for issuing stablecoins pegged to the Korean won. This system will first create a legal framework for stablecoins pegged to the Korean won and then gradually extend to stablecoins pegged to foreign currencies.

According to PANews, during the 2024 Seoul Fintech Week, Lee Hyun-deok, Director of the Virtual Asset Regulation Bureau at the Korean Financial Services Commission (FSC), emphasized that while the current impact of the cryptocurrency market on financial stability is relatively limited, this influence is expected to intensify. He noted that the recent introduction of cryptocurrency regulatory measures in South Korea might trigger further discussions on regulatory details, leading to regulatory uncertainty. This uncertainty could potentially affect innovation and development within the cryptocurrency sector.

According to Foresight News, Lee Hyun-deok, Director of the Virtual Asset Supervision Bureau at the Financial Supervisory Service of South Korea, spoke at the Seoul Fintech Week 2024 event. He noted that while the current virtual asset market has a limited impact on financial stability, it is expected to expand significantly in the future. Lee Hyun-deok addressed the recent implementation of the Virtual Asset User Protection Act, commonly referred to as the Virtual Asset Act. He emphasized the need to address regulatory gaps within the act by enhancing industry self-regulation standards. This approach aims to ensure a more robust and secure framework for the growing virtual asset market.

According to Cointelegraph, the intricate process of using cryptocurrency wallets is a significant barrier preventing some gamers from engaging with Web3 games. This insight comes from a collaborative industry report titled 'The Future of Web3 Gaming is Competitive: Global Gaming Report 2024,' produced by Elympics, the Blockchain Game Alliance (BGA), and PlayToEarn. The report surveyed 1,000 gamers worldwide to understand their perspectives on blockchain gaming. The survey revealed that over 10% of participants cited the complexity of cryptocurrency wallets as the main reason for not trying blockchain games. Additionally, 7.3% of respondents mentioned a lack of understanding of the value behind Web3 gaming. Another 2.4% of gamers expressed satisfaction with Web2 gaming, while 9.1% indicated that blockchain-based gaming does not appeal to them. When asked about their motivations for playing games, many participants highlighted airdrops and the potential to earn money as primary reasons. The opportunity to compete with other players was also a significant factor. Elympics CEO Michal Dabrowski acknowledged that Web3 gaming has struggled to attract mainstream gamers but noted a potential shift on the horizon. Dabrowski emphasized the role of infrastructure players like The Open Network (TON) in introducing powerful social distribution networks and highly engaged communities to the Web3 gaming space. He believes that as more developers build within Web3, high-quality games will gain more traction. Despite the challenges posed by complicated crypto wallets, efforts are being made to address this barrier. For instance, The Open Network (TON) has been working on solutions to make crypto interactions more seamless. On April 19, TON Foundation's director of investments, Justin Hyun, mentioned that Telegram’s Mini Apps would offer such convenience that users might interact with crypto without even realizing it. Since then, the TON ecosystem has seen a surge in users, with projects like Hamster Kombat attracting over 300 million users and onboarding them to Web3 games.

According to Cointelegraph: Eric Balchunas, a senior exchange-traded fund (ETF) analyst at Bloomberg, stirred controversy within the Ethereum community after sharing what many labeled as "misinformation" about the blockchain network. On October 7, Balchunas posted an excerpt from Benjamin Hart’s book, Bitcoin: Beginner’s Guide, in response to a request for crypto book recommendations from Nate Geraci, president of ETF Store. The post, now deleted, triggered an intense backlash online.Ethereum node hosting share. Source: EthernodesThe excerpt Balchunas shared claimed that the U.S. government could shut down Ethereum by directing Amazon Web Services (AWS) to cut off its cloud services, given that a significant portion of Ethereum nodes use AWS. According to Ethernodes, approximately 28.4% of Ethereum nodes are hosted on AWS, but this would not be enough to entirely cripple the network. The book also controversially suggested that a rogue state or terrorist organization could force Ethereum co-founder Vitalik Buterin to hand over Ether by kidnapping him.Many in the Ethereum community were quick to criticize Balchunas, accusing him of spreading blatant misinformation. Anthony Sassano, an Ethereum educator, called the post "propaganda" and expressed disappointment that Balchunas only deleted the post to avoid backlash. Jimmy Ragosa, a product manager at Consensys, described the excerpt as "the most propaganda-ridden paragraph ever."Source: Anthony Sassano Fellow Bloomberg ETF analyst James Seyffart also chimed in, noting that the replies to Balchunas’ post were bound to be intense. Balchunas later acknowledged the controversy, deleting the post and commenting, "Lol I don’t have time today, will just leave up Bitcoin sections."This incident comes as Ethereum developers continue to emphasize efforts toward decentralizing the network, such as solo staking and reducing hardware requirements. These initiatives aim to address criticisms about centralization risks, particularly related to cloud-hosting services like AWS.

A recent report reveals that global cryptocurrency usage is approaching 7.51% of the population, projecting this could rise above 8% by 2025. source: https://cryptodnes.bg/en/global-crypto-adoption-approaches-major-milestone-as-institutional-interest-grows/

The global cryptocurrency market cap now stands at $2.20T, up by 1.70% over the last day, according to CoinMarketCap data. Bitcoin (BTC) has been trading between $62,005 and $64,478 over the past 24 hours. As of 09:30 AM (UTC) today, BTC is trading at $62,428, down by -1.12%. Most major cryptocurrencies by market cap are trading mixed. Market outperformers include WING, OG, and SANTOS, up by 49%, 39%, and 32%, respectively. Top stories of the day: Bitcoin's Recent Dip a ‘Healthy Realignment’ with Lower Risk of Crash: Bitfinex Analysts FTX Bankruptcy Judge Approves Reorganization Plan Amid Criticism Over In-Kind Payments Binance Launches SOL Staking on Binance Web3 Wallet: Earn with Flexibility 10x Research: Smart Traders Are Preparing for a Bitcoin Options Boom Privacy Tokens See Record Delistings in 2024 Amid Regulatory Crackdown — Kaiko Report Fed's Williams: September's 50bp Rate Cut Is Not Indicative of Future Policy Federal Reserve Governor Advocates Balanced Approach to Inflation MicroStrategy Surges to 6-Month High Amid Bitcoin Volatility and Market Dynamics Federal Reserve's Musalem Supports Gradual Rate Cuts Jim Rickards Highlights Gold's Role in Supporting The U.S. Dollar Bahrain National Bank Introduces Bitcoin-Linked Investment Product Bitcoin Financial Services Firm Fold Files for IPO With SEC U.S. Supreme Court Rejects Appeal on Silk Road Bitcoin Case Berkshire Hathaway Sells $383 Million Worth of Bank Of America Shares European Central Bank Proposes Unified Digital Ledger Tether Surpasses 350 Million Users Marking Decade Of Growth Global Cryptocurrency Adoption Nears Significant Milestone Market movers: ETH: $2426.49 (-1.20%) BNB: $571.4 (+0.00%) SOL: $143.19 (-2.61%) XRP: $0.529 (-1.03%) DOGE: $0.10742 (-3.84%) TRX: $0.156 (+0.97%) TON: $5.206 (-0.91%) ADA: $0.3519 (-1.65%) AVAX: $26.48 (-1.67%) SHIB: $0.00001731 (-4.21%) Top gainers on Binance: WING/USDT (+49%) OG/USDT (+39%) SANTOS/USDT (+32%)

null source: https://x.com/Bitcoinsensus/status/1843584380243181594

null source: https://x.com/Bitcoinsensus/status/1843584383422288071

Blockchain analytics platform Santiment has spotted some crypto projects with a significant spike in whale activity this past week. These projects gained attention due to their discouraging whale transaction level compared to the prior week. The spotted crypto projects include Cronos (CRO), Aave (on Polygon and Optimism), and Toncoin (TON), among others. CRO, AAVE, TON […] source: https://www.thecoinrepublic.com/2024/10/08/cronos-aave-toncoin-price-rocket-as-whales-pump-what-next/

Renzo is a restaking protocol built on the Ethereum blockchain. It allows users to easily stake their ETH and earn rewards from EigenLayer. Renzo has a strong founding team and is backed by Binance Labs, but its REZ token has experienced a recent price decline.