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Instagram will launch new NFT features; Bitcoin hits $20,800 after a Fed rate hike; Deribit lost $28 million in a cyberattack.

Instagram is getting ready to launch new NFT features!

Social media platform Instagram is preparing to introduce several NFT tools that allow content creators to create, present and sell NFTs.

At the Creator Week 2022 event on November 2, Instagram’s parent company Meta noted that it would have an “end-to-end toolkit” for creators to create, deliver, and then sell NFTs within the platform. The company announced that it had chosen the Polygon (MATIC) blockchain as its first partner for this development and functionality.

In addition to Ethereum (ETH), Flow (FLOW), and Polygon among supported blockchains, Meta will also work with the Solana (SOL) blockchain and its popular wallet, Phantom.

FTM is up 23% in 1 hour

The platform will also feature video NFTs and use OpenSea to deliver metadata.

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Bitcoin hits $20,800 after a Fed rate hike!

Bitcoin saw immediate volatility as the US Federal Reserve made a fourth consecutive 0.75 percent rate hike on 2 November. 

As the Fed data were released, BTC/USD initially dropped to $20,200 and then momentarily rallied to $20,800.

The Fed increases the rate to achieve maximum employment and inflation of 2% in the long term. To support these goals, the committee is considering increasing the target range for the federal funds rate from 3% to 4% percent.

On the other hand, analysts had predicted for a long time that there would be volatility in price with the announcement of the interest rate decision.

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Deribit lost $28 million in a cyberattack and stopped withdrawals!

The cryptocurrency derivatives exchange Deribit has halted withdrawals after a cyberattack that cost its hot wallets $28 million.

Deribit shared a post on its Twitter account and announced that its hot wallets were exposed to a cyber attack at midnight on November 1st.

Deribit stated that customers’ funds are safe as losses are covered by the stock market’s reserves, adding that the corporate procedures dictate storing customer funds in cold wallets.

After the cyberattack, the exchange had to stop withdrawals until it was 100% sure it was secure.

The company also said that “existing deposits can continue and will be deposited into accounts after the necessary security procedures are followed.”

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Instagram will launch new NFT features; Bitcoin hits $20,800 after a Fed rate hike; Deribit lost $28 million in a cyberattack.