An overview of current news in the crypto space

Bit Team
4 min readOct 16, 2023

In our digest, we took a look at some important crypto industry news over the past week:

  1. Bitcoin exchange rate rose by $1 thousand in a day, reaching the $28 thousand mark.
  2. The debate about the KYC hook in Uniswap V4 continues: utility or threat to decentralization?
  3. UK regulator warned against working with Huobi and KuCoin in the crypto industry
  4. China to tighten rules on training AI models

Now for more details. Reading time: 6 minutes.

  1. Over the past 24 hours, bitcoin (BTC) has experienced significant growth, surpassing the $28,000 mark. This was the highest price since the beginning of the month and generated a lot of interest among users of the Decimal blockchain. The bitcoin exchange rate rose by more than $1k to reach $27,970 when paired with Tether USD (USDT) on the Binance exchange. This increase occurred on October 16 after 8:00 a.m. Moscow time and continues to hold at around $27.8k as of 9:30 a.m. Moscow time. Such a sharp increase in the price of the first cryptocurrency led to a massive liquidation of traders’ margin positions on crypto exchanges. According to Coinglass data, traders who bet on the fall of the cryptocurrency’s rate lost a total of more than $61.5 million. The Binance exchange was the place where the largest single order of $2 million in the ETH/USDT pair was forcibly closed. Along with bitcoin, other cryptocurrencies also saw their prices rise. Ethereum (ETH) traded at $1.58k, BNB rose to $212, Cardano (ADA) jumped to $0.25, and Ripple’s XRP hit $0.49. Solana (SOL) showed the least noticeable growth out of the top ten crypto assets, rising in price by 3% and trading at $22.6. All these changes in cryptocurrency prices are a sign of market revival after a period of decline and may provide new opportunities for users of the Decimal blockchain.
  2. The debate about the new KYC hook in Uniswap V4 continues unabated. Some community members express a positive view of its usefulness for projects, highlighting the ability to comply with jurisdictional rules and decentralized operations. They also note the importance of non-fungible tokens (NFTs) in the KYC verification process, supporting their role in various applications. However, there are those who raise concerns about the KYC hook in Uniswap V4. They worry about the potential to restrict user access and tighten regulatory controls, which could undermine the principles of decentralization in finance. Critics point to the risk of creating a whitelist for decentralized financial protocols. Controversy in the community continues, and the role of KYC in Uniswap V4 remains the subject of intense debate. The new hook is generating interest and attention in the crypto community, where each side continues to argue their point of view. Importantly, this hook offers an opportunity to combine compliance and decentralized operations, and its implementation in Uniswap V4 could have meaningful implications for the development of decentralized finance.
  3. The UK regulator, the Financial Conduct Authority (FCA), has urged citizens not to cooperate with crypto platforms HTX (formerly Huobi) and KuCoin. On October 8, the FCA added these exchanges to its “warning list,” which lists 147 organizations that have not received permission to operate from the regulator. According to Bloomberg, the FCA warned users that these companies may offer financial services without the necessary authorization and recommended avoiding working with them. The decision came as new rules for promoting crypto services in the United Kingdom came into effect. One of the requirements of the law is to display clear risk warnings to UK consumers and meet certain standards. Failure to comply with these rules can result in serious consequences for companies, including fines and even imprisonment. HTX and KuCoin have said they do not operate in the UK but are willing to comply with each country’s laws and regulations. This is not the first time that regulators have expressed concerns about cryptocurrency exchanges’ operations and their compliance with the law.
  4. China has unveiled draft rules for companies providing generative artificial intelligence (AI) services. The new rules, drafted by the National Information Security Standardization Committee, will include restrictions on the sources of data used to train models. The committee recommends that the security of content used to train publicly available generative AI models be evaluated and that data containing illegal and malicious information be blacklisted. These materials include advocacy of terrorism, violence, and undermining the socialist system. The draft also requires explicit consent from individuals whose personal data is used for training. The document provides comprehensive instructions on how to prevent intellectual property-related infringements. The rules come after regulators allowed companies like Baidu to present their chatbots to the public. China is actively working to regulate the use of generative AI to ensure security and protect national interests.

Thank you for being with us. Crypto-industry news on Bit.team — always up to date.

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