Bitcoin trading around Rs 16 lakh

Major cryptocurrencies were trading in the red early on October 9 as the global crypto market cap stood at $938.00 billion, down 1.04 percent over the last day. The total crypto market volume over the last 24 hours is $32.65 billion, which makes a 37.51 per cent decrease. The total volume in DeFi is currently $2.Cartasde1806 billion, which is 6.30 per cent of the total crypto market 24-hour volume. The volume of all stable coins is now $30.23 billion, which is 92.57 per cent of the total crypto market 24-hour volume. The price of Bitcoin hovered around Rs 16 lakh, with a dominance of currently 39.64 per cent, an increase of 0.01 per cent over the day. Read full here

Binance-Backed Blockchain Probes $100 Million Hack of Tokens

A major blockchain backed by Binance, the world’s largest cryptocurrency exchange, is probing the potential theft of between $100 million and $110 million of digital tokens native to the network. The amount is an estimate and the money lost will be covered by a Binance back-up fund, according to spokesperson for the network, BNB Chain. The blockchain has been temporarily suspended and is working with security services to freeze transfers of stolen funds. “We will suspend all deposits and withdrawals via BNB chain temporarily until there are further updates,” Binance said in a tweet. Read details here

Crypto fugitive Kwon gets boost as Terra Aide avoids detention

Crypto fugitive Do Kwon received a boost after a court allowed an executive linked to his collapsed Terraform Labs ecosystem to avoid jail and indicated room for dispute over some of the allegations the person faces. The court in Seoul said it didn’t see a need to detain the suspect and added there’s scope for legal debate over whether the individual breached the nation’s capital-markets law, charges that Kwon and four others also face. Kwon created a pair of tokens, an algorithmic stablecoin TerraUSD that was meant to have a constant $1 value in a complex arrangement with a sister coin, Luna. Take a look

Will Bitcoin be threatened by the development of quantum computing?

Blockchain technology, which uses cryptographic encryption techniques to provide a trustless and decentralised ledger system for recording transactions immutably, has given rise to a number of applications, including DeFi or decentralised finance, which is revolutionising how people conduct business online. However, the supremacy of blockchain-based protocols like Bitcoin may soon be challenged by a new generation of quantum computers that employ quantum bits, often known as “qubits”, to do computations orders of magnitude quicker than even the most powerful supercomputers. Read more here