Bitcoin White Paper Celebrates 15th Anniversary amidst Regulatory Trials and CME Futures Surge
Summary:
The Bitcoin white paper, released by Satoshi Nakamoto, celebrates its 15th anniversary. In other cryptocurrency news, former FTX CEO, Sam Bankman-Fried, is continuing his criminal trial, where he's been asked to account for previous adverse comments about regulators. Meanwhile, the Chicago Mercantile Exchange (CME) ascends to become the second-largest Bitcoin futures exchange.
Satoshi Nakamoto's seminal Bitcoin white paper is now 15 years old. As the anniversary is celebrated, Sam Bankman-Fried has been asked in his criminal court case to account for past adverse comments about regulation. Concurrently, CME ascends to the second spot in the BTC futures exchanges ranking.
Satoshi Nakamoto, Bitcoin's mysterious maker, unveiled the Bitcoin (BTC) white paper to a group of cryptographers 15 years ago today, on October 31, 2008. Nakamoto stated at the time, "I've been designing a novel digital money system that’s entirely decentralized, without a reliable intermediary." This statement was accompanied by a link to a document titled: “Bitcoin: A Digital Peer-to-Peer Cash System.”
The revolutionary white paper suggested a decentralized mechanism capable of supporting direct transactions, addressing the notorious “double spending” issue typically associated with digital currency. Nakamoto's solution proposed a network of nodes to authenticate and document transactions using a proof-of-work consensus method. This system was launched on January 3, 2009.
In other news, ex-FTX CEO, Sam Bankman-Fried was put to the test about his attitude towards cryptocurrency regulation during his ongoing criminal trial. It was revealed that Bankman-Fried had made derogatory comments about regulators in the past. Reportedly, Assistant U.S. Prosecutor Danielle Sassoon enquired if Bankman-Fried remembered past statements on his Twitter account endorsing crypto regulation. "I don't recall," he responded. When prompted further about his private stance of scorning regulators, he admitted, "I said that once."
Bankman-Fried's trial is slated to wrap-up in the coming week. The former FTX chief is facing multiple criminal charges, including wire fraud, securities fraud, and money laundering. He denies all accusations offered by the prosecution.
In other developments, the Chicago Mercantile Exchange (CME), a registered derivatives exchange that lists Bitcoin BTC futures, has now moved into the second position, trailing Binance, in the ranking of BTC futures exchanges. On October 30, CME’s open interest amassed $3.58 billion, making it shift up two places compared to the previous week. Notably, it outshined Bybit and OKX, which had $2.6 billion and $1.78 billion in open interest, respectively, and is on the heels of Binance's $3.9 billion.
CME's increased open interest contributed to the regulated futures exchange's rising to the second rank and exceeding 100,000 BTC in volume in the futures contracts settled in cash. This surge in trader activity in the Bitcoin futures market has also enabled CME to control a substantial 25% of the Bitcoin futures market.
A significant portion of the investment in CME futures was channelled through standard futures contracts, suggesting a wave of institutional interest. This influx coincided with Bitcoin's marked double-digit growth in October, setting a new one-year peak surpassing $35,000.
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Published At
10/31/2023 6:05:24 AM
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