What Happened in Crypto Today? [Oct. 19]

Hey crypto crew, Coinmarketcap here! After a prolonged crypto winter, the market is finally seeing some green shoots with Bitcoin's price inching upwards. Not sure if Uptober is finally in action!

While the gains have been modest so far, any movement in the right direction offers a glimmer of hope. Though the market may be recovering, it's not all sunshine and rainbows in crypto.

Here is a TLDR of today’s top stories:

• Superdao shuts down despite raising $11.5M
• Fidelity amended application renews optimism for Bitcoin ETF approval
• Reddit discontinues blockchain token rewards
• EU implements rules to share crypto user data for taxation
• Hackers steal $550K from Fantom Foundation's wallet
• Yuga Labs restructures in response to declining NFT sales
• German regulator red flags MEXC's crypto storage

Let’s unpack all that!

Superdao Surrenders After $11.5M Raise

Superdao is shutting down. The firm is already calling it quits after raising $11.5 million within a year. Did they only focus on building Web 3.0 tools and not marketing them? But hey, at least they're returning the investments instead of yelling "rug pull!"

Amended Filings Reignite Bitcoin ETF Hopes

Like an 80s horror villain, Bitcoin ETF hopes refuse to die! Bitcoin’s price recently made its way up as analysts became vocal about the positive signs. It’s all because Fidelity recently submitted its amended BTC ETF application. While the SEC continues to play the role of the buzzkilling slasher, this could signal behind-the-scenes talks. Or it could just be hopium fumes...

Reddit Ditches Community Points

After handing out community points for three years, Reddit is now snatching them away! The platform is sunsetting its token rewards program by November. Apparently, the hassle of taxes and regulations made Reddit go "meh" on the whole thing. But that’s not the only reason they gave!

EU Announces New Crypto Tax-Sharing Rules

The taxman cometh for crypto! The EU just introduced new rules forcing crypto firms to report user holdings. The regulations let tax authorities share info to stop "concealed assets." So much for anonymity when the EU can peek at your transactions!

Fantom Foundation Breached, $550K Stolen

Hackers compromised the Fantom Foundation's wallet, making off with nearly $550K. While Fantom swears the network is A-OK, the foundation is probing the breach after researchers spotted funds flowing into shady accounts.

Yuga Labs Restructures Amid NFT Slump

Is the Bored Ape bubble bursting? The creators behind the project just went through a reorg, promoting their metaverse as the NFT sales sink. Lawsuits and legal spats aren't helping either. It seems Yuga Labs is battening down the hatches amidst a dry NFT market.

German Regulator Red Flags MEXC's Crypto Storage

Germany's financial watchdog growled at MEXC's crypto custody service, which lacks a local license. With hacks on the rise, regulators are scrutinizing unregulated exchanges. Choose your crypto custodian carefully!

That wraps up the key headlines today. Stay tuned for more crypto insights!

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