Ethereum’s network has seen a significant rise in transaction fees recently, with a 498% increase driven by heightened activity on the blockchain. Analysts point to rising decentralised exchange volumes and increased lending rates as key factors. Ether transfers have also risen, contributing to the sharp increase in gas fees.
The increase in on-chain activity has also led to a surge in Ether burn rates, with over 2,000 ETH burnt daily. Additionally, DApp and NFT volumes have almost doubled, further highlighting Ethereum’s growing activity.
On the price front, Ether has broken through a key technical resistance, signalling potential bullish momentum. However, the asset still faces hurdles in the form of key moving averages. Meanwhile, Ethereum investment products posted their first positive inflows in weeks, largely driven by spot ETFs.
Amazon has secured a partial victory in a US antitrust case brought by the Federal Trade Commission (FTC). The federal court ruled in favour of Amazon’s request to dismiss some of the claims, though others will proceed. The ruling, issued in Seattle, has not yet been fully disclosed.
The FTC initially accused Amazon of using unfair tactics to maintain its dominance in the online market. The lawsuit claimed Amazon’s algorithms raised prices, costing US households over $1 billion. The company has stated it ceased using the controversial pricing system in 2019.
Although the court granted some of Amazon’s requests, other parts of the case remain active. Judge John Chun ruled that the trial would proceed in two phases, separating evidence on violations and proposed remedies. The FTC continues to pursue remaining claims.
Amazon, along with other tech giants like Meta, Apple, and Google, is facing increased scrutiny from antitrust regulators. FTC Chair Lina Khan has been vocal in challenging Amazon’s practices, citing longstanding concerns about its market influence.
Malaysia has announced plans to develop a national cloud policy and introduce regulations aimed at promoting the ethical use of AI. Prime Minister Anwar Ibrahim revealed the initiative as global tech investments in the country have surged in recent years, building essential infrastructure to meet increasing demand for cloud and AI services.
The national cloud policy will focus on public service innovation, economic growth, and enhancing trust in data security. It will also promote digital inclusivity for all citizens. A national AI office will be created to manage these efforts, including a five-year technology plan and a regulatory framework to ensure ethical AI use.
Anwar emphasised Malaysia’s goal of becoming a hub for generative AI, noting that partnerships with tech firms would be vital for constructing a strong digital infrastructure. The announcement was made during a ceremony for Google’s new $2 billion data centre, expected to boost the Malaysian economy.
Google’s investments in the country are projected to create thousands of jobs and contribute over $3 billion by 2030. Malaysia has seen significant economic growth due to digital investments, outperforming market expectations in recent quarters.
The Indonesian National Post Office has unveiled the country’s first Non-Fungible Token (NFT) postage stamp, featuring the stunning Cenderawasih, or bird of paradise. Launched on 27 September to mark the 79th anniversary of the Indonesian Post, the initiative is a collaboration with the Ministry of Communications and Information.
This innovative stamp, valued at around $9.90, represents a significant step in integrating blockchain technology into philately. It aims to attract collectors worldwide and is being issued in limited quantities in a special booklet format. Faizal Rochmad Djoemadi, Director of Pos Indonesia, emphasised that this NFT stamp is primarily intended as a collector’s item rather than for traditional postal use.
In a bid to engage the younger generation, Djoemadi hopes that this digital approach will reignite interest in stamp collecting. Alongside the NFT version, a physical copy will also be available, allowing collectors to enjoy both formats. Purchasers can easily acquire the NFT stamp through the Indonesian Post’s website by scanning a QR code that leads to an ordering link.
With this launch, Indonesia joins Thailand and Malaysia as the third country in Southeast Asia to introduce NFT stamps, marking a noteworthy advancement in the region’s postal services.
Meta is set to expand its presence in Vietnam by increasing investment in AI and manufacturing. Starting in 2025, production of its latest mixed reality headset, the Quest 3S, will move to the country.
The announcement came shortly after Meta’s president for global affairs, Nick Clegg, met with Vietnamese officials. Vietnam is a key market for Meta, with millions of users relying on its social media platform, Facebook.
Meta also supports numerous small businesses in the region. While the size of the investment remains unclear, Meta’s commitment highlights the growing importance of the Vietnamese market for the company.
Additionally, Meta plans to further integrate AI innovations into its platforms. Testing of its Meta AI tool in Vietnamese will begin soon, with a full launch expected by the end of the year.
Shigeru Ishiba, who is set to become Japan’s Prime Minister next week, has announced his commitment to pro-blockchain and NFT policies. As the newly elected head of the ruling Liberal Democratic Party (LDP), Ishiba plans to appoint Masaaki Taira, the current head of the LDP’s web3 taskforce, as the new Minister of Digital Affairs. This strategic move aims to leverage blockchain technology to enhance regional economies by adding value to local products, particularly in the realms of food and tourism.
In his policy document, Ishiba emphasised the potential of NFTs and blockchain to restore local products’ value to global prices, aligning with calls from crypto industry groups to bolster rural economies. Taira has also expressed intentions to improve the global appeal of Japanese intellectual property through NFTs and highlighted the need to reform Japan’s tax system to support crypto startups. He noted that the current system is outdated and hinders the proper auditing of less prominent tokens.
As Ishiba prepares for a general election on 27th October, he aims to address digital divides across regions and promote internet resource development to maximise the potential of rural areas. With the LDP’s long-standing influence in Japanese politics, many anticipate that these policies will pave the way for a more digital-savvy nation.
As Google‘s trial on allegations of monopolising the advertising technology market draws to a close, experts believe the financial risk to the tech giant is minimal. The US Department of Justice (DOJ) and a coalition of states accuse Google of illegally controlling the markets used by advertisers and publishers to buy and sell online ads. However, analysts point out that the ad tech business at the centre of the trial, Google Network, is declining and represents a smaller portion of the company’s overall revenue compared to its dominant search business.
In 2023, advertising made up over 75% of Google’s $307.4 billion revenue, though the Network division, which is central to the DOJ case, contributed just $31.4 billion. The DOJ is pushing for the divestiture of Google Ad Manager, but analysts believe that even if Google loses, the financial impact would be small, with revenue losses potentially under 10%. Google has defended itself by highlighting strong competition from other platforms, especially in mobile apps and streaming ads, which could undermine the DOJ’s argument.
The more significant worry for Google lies in the potential consequences of a ruling in favour of the DOJ, as it could facilitate easier transitions for advertisers and publishers between platforms. A successful case might establish a legal precedent that holds tech companies accountable for monopolistic practices. However, the overall impact will hinge on the trial’s outcome and the remedies the court proposes in the upcoming months.
Crypto exchange Gemini has announced it will close all Canadian customer accounts by the end of 2024. Users were emailed that they have until 31 December to withdraw their assets, after which their accounts will be shut. This move comes in response to Canada’s stricter regulations on cryptocurrency platforms.
The new rules, introduced by the Canadian Securities Administrators earlier this year, require exchanges to sign a pre-registration undertaking to operate. These measures are designed to enhance investor protection following high-profile insolvencies in the crypto sector.
Gemini initially complied with the regulations but has now decided to exit the Canadian market. Other major exchanges, including Binance and OKX, have already ceased operations in the country, citing the regulatory environment as the primary reason for their departure.
Deep in the Swiss Alps, a nuclear bunker serves as an ultra-secure home for Xapo Bank’s Bitcoin vault. The hidden facility, originally designed to withstand nuclear attacks, now protects millions in Bitcoin, utilising top-tier security technology. With layers of protection ranging from biometric ID checks to Faraday cages, the bank ensures no unauthorised access.
Xapo Bank employs multiparty computation (MPC) to secure its Bitcoin holdings. Instead of using traditional multisig methods, MPC breaks up private keys into parts stored in different locations. This method eliminates the risk of any one person controlling the full key, offering unmatched protection.
The bunker itself is a marvel of engineering. Outfitted with HEPA filters, underground lakes for cooling, and military-grade defences, it’s designed to survive anything from natural disasters to attacks. Xapo Bank’s clients enjoy peace of mind, knowing their Bitcoin is housed in one of the most secure facilities in the world.
Germany’s competition watchdog has designated Microsoft as a ‘company with paramount cross-market significance for competition,’ allowing for stronger regulatory actions against the tech giant. Andreas Mundt, head of the Bundeskartellamt, emphasised that Microsoft’s products are essential across various sectors, making its ecosystem more interconnected than ever.
This classification also extends to Apple, Google, and Meta, indicating that Microsoft will undergo heightened scrutiny and may face restrictions on anti-competitive practices. A spokesperson for Microsoft expressed the company’s commitment to promoting a competitive environment and working cooperatively with the Bundeskartellamt.
The designation follows antitrust charges against Microsoft by the European Commission in June, which accused the company of unfairly bundling its Teams app with the Office suite, putting rivals like Slack at a disadvantage. The German authority clarified that its increased oversight will apply to Microsoft as a whole, rather than focusing solely on individual services or products.
