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Crypto Flipsider News – Bitcoin Flash Crash, Walmart Hosts Bitcoins ATMs, H&M and Associated Press Go Blockchain

Read in the Digest

  • Bitcoin Flash Crashes 87% on Binance, CEO Issues Serious Crypto Price Warning
  • Walmart Launches Pilot Program Allowing Shoppers to Buy Crypto
  • 17% of Addresses Control More than 80% of All NFTs
  • H&M and Lablaco Launch Rental Service, the Associated Press Partners with Chainlink

Bitcoin Flash Crashes 87% on Binance, CEO Issues Serious Crypto Price Warning

After cheering Bitcoin to a new all-time high above $66k, Binance users were horrified to see the price of BTC flash crash almost 87%. The flash crash, which saw BTC valued at $8,200, happened on October 21, 7:30 a.m (GMT -4).

Leading crypto exchange Binance has attributed the flash crash to a bug in the trading algorithm of one of its clients. Reacting to the news, Binance.US wrote:

“One of our institutional traders told us he had a bug in his trading algorithm, which appears to have caused the sell-off. We are continuing to investigate the event.”

The Binance flash crash had a ripple effect on other exchanges, with the price of BTC dropping around $1,000 on Coinbase. Similarly, Ethereum lost approximately $2,000 from its $4,100 value.

Regardless of the Bitcoin futures ETF on NYSE, which fueled a wave of Bitcoin and crypto rallies, Binance CEO, Changpeng Zhao, has warned that investors should “expect very high crypto volatility over the next few months.”

Flipsider:

  • Binance continues to monitor the event, even after they have now fixed their bug

Why You Should Care

The increasing number of institutional investors venturing into crypto has some experts believing that cryptos may become more volatile as a result.

Walmart Launches Pilot Program Allowing Shoppers to Buy Crypto

As the crypto revolution intensifies, multinational retail corporation Walmart has kick-started a  pilot program that will allow shoppers to buy crypto in U.S. stores. On October 21, Walmart Inc announced that its customers can now purchase Bitcoin at Coinstar kiosks installed in its stores.

For a long time, Walmart has been linked with the crypto space. However, this is its first major move. Through a collaboration with Coinstar (known for its machines that convert coins to cash) and crypto exchange Coinme, Walmart introduced 200 Bitcoin kiosks in its U.S. stores. 

Walmart customers who want to purchase BTC can insert cash bills into the machine, for which they will get vouchers of their Bitcoin holdings. Users pay a 4% fee for Bitcoin and a 7% fee for cash exchanges.

To use the Bitcoin ATMs, customers will need to create a Coinme account and pass a subsequent KYC check. Coinstar and Coinme are looking at expanding their reach to offer Bitcoin at over 8,000 kiosks.

Flipsider:

Why You Should Care

The cryptocurrency ATM industry is expanding at a rapid pace, increasing consumers’ exposure to cryptocurrency.

17% of Addresses Control More than 80% of All NFTs

The global NFT market has seen a major boom in 2021, with virtual artists, designers, and content creators distributing digital variants of their works in droves. Although growing in popularity, a recent report shows a level of centralization in Ethereum-based NFTs.

According to a study from Moonstream, which tracked over 17.02 million NFT transactions, 16.71% of NFT hodlers on Ethereum bought over 80.98% of all Ethereum NFTs between April 1 and September 25.

The Moonstream study found that 727,102 addresses contributed to the 7,020,950 Ethereum transactions between April 1 and September 25. And, the masses, which account for 83.29% of NFT owners, were only able to acquire a handful of NFTs in the last six months. Pareto’s 80/20 rule is once again replicated.

Flipsider:

Why You Should Care

The study confirms that a small number of individuals carry significant NFT holdings, hinting at a great inequality in the Ethereum NFT market.

H&M and Lablaco Launch Rental Service and the Associated Press Partners with Chainlink

Europe-based circular fashion pioneer company Lablaco and H&M Mitte Garten have launched the first blockchain-based IoT rental service. By integrating blockchain and IoT, the H&M rental service allows customers to exclusively rent and swap a special collection.

Users can book and pay for garments with one click. After use, the garment is checked, cleaned, and prepared for the next rental. The rental service is available until the end of 2021, with a rental period ranging from 5 days to 3 weeks.

The use of blockchain is also expanding with The Associated Press’s, the independent news organization, partnership with Chainlink. The Associated Press will be hosting its journalism on Chainlink’s decentralized oracle chain.

By working with Chainlink, AP wants to help developers writing blockchain-based applications implement AP’s data and information. Developers will be able to access AP’s financial data, sports data, and other things.

Flipsider:

  • The lack of a clear, unified regulatory framework has slowed down the adoption of blockchain and cryptos

Why You Should Care

More than ever, we are seeing companies exploring blockchain and how its secure ledger technology can be used in building the technology for the future.

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