Tether’s circulating supply increased by 4.5 billion USDT in November

The circulating supply of Tether’s USDT increased by 4.5 billion in November amid growing market optimism for a spot Bitcoin exchange-traded fund (ETF). Blockchain intelligence platform Arkham confirmed this in a Nov. 28 post on X, noting that around $3 billion worth of USDT was minted on the Tron network. Notably, a Kraken deposit address,...Read full story at CryptoSlate >

MicroStrategy’s latest Bitcoin purchase boosts shareholder value

Quick Take MicroStrategy’s recent acquisition of an additional 16,130 Bitcoin has boosted its total Bitcoin ownership to 174,530 BTC. This latest Bitcoin acquisition ranks as MicroStrategy’s third-largest purchase since the implementation of its Bitcoin standard strategy. Purchase Date Bitcoins Purchased Amount (USD) 2021-02-24 19,452 $1,026,000,000 2020-12-21 29,646 $650,000,000 2023-11-30 16,130 $593,300,000 2021-09-13 8,957 $419,000,000 2021-11-28...Read full story at CryptoSlate >

Nearly 70% of November’s $350 million crypto hacks linked to Justin Sun entities

November witnessed an upsurge in Web3 hacks and exploits as crypto hackers stole nearly $350 million across 28 incidences, according to blockchain security firm Peckshield. This marked the second-largest month for such occurrences this year, behind the $356 million stolen in September but nearly tenfold from October’s $32.47 million. The cumulative losses from crypto exploits...Read full story at CryptoSlate >

Bitcoin rally triggers over $36 million in shorts liquidations

Quick Take December has started on a bullish note for Bitcoin, with the opening price over $38,000 and a high brushing just under the $38,400 mark. This price surge has had a significant impact on the digital asset market. In the past 24 hours, approximately $36.88 million worth of short positions have been liquidated. According...Read full story at CryptoSlate >

Circle denies terror finance allegations and ties to Justin Sun

Circle has refuted allegations linking it to terrorist funding and denies affiliation with crypto entrepreneur Justin Sun or his associated companies, including Tron (TRX) and HTX (formerly Huobi). In a letter addressed to Senators Sherrod Brown and Elizabeth Warren, Circle’s Chief Strategy Officer and Head of Global Policy, Dante Disparte, stated that the Campaign for Accountability’s...Read full story at CryptoSlate >

November’s CryptoSlate Alpha snapshot: Navigating crypto’s regulatory maze and economic uncertainties

Welcome to the CryptoSlate Alpha November Snapshot, a collection of the month’s most pivotal research, insights, and market reports. This content, central to understanding the evolving crypto landscape, is available exclusively to our subscribers who stake at least 20,000 ACS tokens in our Access Protocol pool on Solana. This edition delves into the challenges and...Read full story at CryptoSlate >

Milei’s Argentina reverses course on BRICS, signaling shift toward stronger US relations

Argentina will not join the BRICS emerging economies bloc as planned next year, a senior official on President-elect Javier Milei’s transition team announced Thursday. Incoming Foreign Minister Diana Mondino stated on X: “No ingresaremos a los BRICS (we will not join BRICS).” Mondino had previously downplayed BRICS’ trade benefits, given Argentina’s existing partnerships with members...Read full story at CryptoSlate >

SEC meets with Hashdex to discuss its Bitcoin ETF proposal

The U.S. Securities and Exchange Commission (SEC) met with Bitcoin ETF applicant Hashdex this week, according to a Nov. 29 memo from the agency. The discussion, which took place on Monday, Nov. 27., concerned a proposed rule change to allow NYSE Arca to list and trade shares of Hashdex’s Bitcoin ETF. According to the SEC...Read full story at CryptoSlate >

November sees Bitcoin soar 7%, topping year-to-date highs amid U.S. bullishness

Quick Take November 2023 was another robust month for Bitcoin, which saw a surge of almost 7% over 30 days. The month was marked with several highlights, including setting a new year-to-date high by crossing the $38,000 mark. This was attributed to noticeable premiums on CME and Coinbase, signaling bullishness within the U.S. market. However,...Read full story at CryptoSlate >

SEC opens comment period for Fidelity’s proposed Ethereum ETF

The U.S. Securities and Exchange Commission (SEC) began to accept comments on Fidelity’s proposed spot Ethereum ETF through a Nov. 30 filing. That filing indicates that the securities agency is now soliciting comments on a proposed rule change from Cboe BZX. If approved, that rule change will allow the exchange to list and trade Fidelity’s...Read full story at CryptoSlate >

Microsoft to invest record $3.2B in UK AI infrastructure

Microsoft is pledging a colossal $3.2 billion to enhance artificial intelligence (AI) infrastructure and training in the UK, according to a Nov. 30 press release. The investment marks the company’s most significant commitment in its 40-year history in the UK and aims to propel the nation forward in the global AI race. Microsoft intends to...Read full story at CryptoSlate >

KyberSwap hacker demands full control over the DEX at ‘fair valuation’

The hacker responsible for the $48 million KyberSwap heist has escalated their demands, now seeking complete executive control over the decentralized exchange (DEX). The hacker revealed the updated demands in an on-chain message sent on Nov. 30. They had previously expressed willingness to negotiate a bounty but complained of receiving threats and a general lack...Read full story at CryptoSlate >

Binance sees whale outflows and retail inflows amidst leadership shuffle

Quick Take The current year has witnessed a unique trend on Binance, one of the world’s largest digital exchanges. By analyzing the netflows, a stark divergence can be observed with transactions of $1 million or more and those less than $1 million. Larger transactions are experiencing predominantly outflows, indicating that whales, or large holders of...Read full story at CryptoSlate >

Decline in ETH/BTC ratio shows Bitcoin’s rising market dominance

The Ethereum (ETH) to Bitcoin (BTC) ratio (ETH/BTC) is a pivotal metric, offering insights into the relative strength and market dominance of the two largest cryptocurrencies. Representing the value of one Ethereum in terms of Bitcoin, the ratio serves as a critical tool for investors and analysts to gauge the comparative performance and sentiment towards...Read full story at CryptoSlate >

MicroStrategy owns nearly 1% of Bitcoin’s circulating supply after new purchase

Quick Take MicroStrategy’s aggressive expansion into the Bitcoin market takes another leap as the firm adds 16,130 BTC to its coffers at $593.3 million, procured at an average price of $36,785 per Bitcoin. This significant acquisition stresses MicroStrategy’s unwavering commitment to the digital asset, bringing the company’s total holdings to 174,530 BTC, costing approximately $5.28...Read full story at CryptoSlate >

Hong Kong regulator considers allowing ICOs to bolster economic revival

Hong Kong, a city renowned for its dynamic financial landscape, may be toying with groundbreaking changes in its digital asset approach. In a recent letter, Mr. Chen Zhihua, President of the Hong Kong Securities and Futures Association, proposed introducing an “Initial Coin Offering (ICO) mechanism” in Hong Kong. The suggestion was one of many made...Read full story at CryptoSlate >

AntPool to refund record $3.1M Bitcoin transaction fee after costly user mistake

Bitcoin (BTC) mining pool AntPool said it would refund 83 BTC, more than $3 million, an unknown user had paid as gas fees for a transaction, according to a Nov. 30 statement. On Nov. 23, CryptoSlate Insight reported that BTC block 818,087, mined by AntPool, had seen fees exceeding 85 Bitcoin. Reports later revealed that...Read full story at CryptoSlate >

Bitfinex data shows investor trend to cash out on Bitcoin amidst market highs

Quick Take Data from Datamish reveals a Bitcoin market trend on Bitfinex of closing long positions during volatile periods throughout 2023. The start of the year marked the opening of roughly 100,000 BTC long positions. However, following the SVB collapse in March, approximately 12,000 BTC longs were closed. Recently, a similar number of Bitcoin longs...Read full story at CryptoSlate >

Celsius initiates withdrawals for eligible custody users amid app glitches and login woes

Bankrupt crypto lender Celsius has opened withdrawals for eligible custody users starting Nov. 29, according to a statement on its official handle on social media platform X (formerly Twitter). A Nov. 28 court filing showed that the “eligible custody users” are classified as customers who are “holders of Class 6A General Custody Claims and/or Class...Read full story at CryptoSlate >

US metaverse market to soar to $110B by 2028, fueled by Gen Z, Alpha usage

The metaverse market in the United States is set to expand to a projected value of $110.44 billion by 2028, according to the latest metaverse report by Research and Markets. According to the analysis, the U.S. market, valued at $16.69 billion, is poised for remarkable growth, with a forecasted compound annual growth rate (CAGR) of...Read full story at CryptoSlate >

FTX seeks court approval to slash US IRS’s $24B claim to zero

The bankrupt FTX estate wants to set the United States Internal Revenue Service (IRS) $24 billion claims against it to $0.00, according to a Nov. 29 court filing. Earlier in the year, the federal agency had slapped a tax bill worth around $44 billion on FTX and Alameda groups of companies, prioritizing its claims over...Read full story at CryptoSlate >

Sam Altman retakes OpenAI helm with a reshaped board featuring Microsoft visibility

Sam Altman has officially returned as OpenAI’s CEO, one week after the AI company reached an agreement in principle to reinstate him, with new changes to the board composition granting Microsoft a seat on the table. In a Nov. 29 memo, Altman revealed that Mira Murati will return to her previous role as chief technology...Read full story at CryptoSlate >

Decentralized mining pool OCEAN by Jack Dorsey joins Bitcoin hash rate surge

Quick Take The Bitcoin mining hash rate continues to experience a significant upturn. The decentralized Bitcoin mining pool, OCEAN, spearheaded by Jack Dorsey, is noteworthy. It has recently commenced operations, reaching an impressive 126 ph/s, or approximately 0.024% of the total hash rate network, estimated at 550 eh/s. Given its decentralized nature, projections indicate a...Read full story at CryptoSlate >

Ethereum wallet thought to belong to Su Zhu moves nearly $30k

A wallet allegedly belonging to Three Arrows Capital (3AC) co-founder Su Zhu has moved funds for the first time since his arrest months ago. Etherscan records displayed several incoming and outgoing ERC-20 token transactions to and from an address labeled suzhu.eth on Nov. 29. One outgoing transaction involved 3.75 million Gearbox (GEAR) tokens worth under...Read full story at CryptoSlate >

FTX approved to liquidate $744M in Grayscale assets to pay creditors

In a significant move towards paying billions owed to creditors, FTX has gained bankruptcy court approval to begin liquidating its $744 million worth of stakes in digital trusts managed by Grayscale Investments. FTX, embroiled in bankruptcy since last year following its collapse, has since been working under new leadership to locate assets and unravel a...Read full story at CryptoSlate >

Binance to fully phase out BUSD by end of December

Binance announced on Nov. 29 that it will end support for its associated Binance USD (BUSD) stablecoin starting in mid-December. Binance indicated that all spot trading pairs involving BUSD will be delisted between Dec. 11 and Dec. 15. It also said that spot trading orders and Spot Trading Bot services will be closed or terminated...Read full story at CryptoSlate >

Swiss asset manager Pando Asset joins list of spot Bitcoin ETF applicants

The Switzerland-based asset management firm Pando Asset AG has filed for a spot Bitcoin exchange-traded fund (ETF), as seen in a Nov. 29 filing, marking another addition to the growing list of such applications. The filing is an S-1 registration statement resembling similar spot Bitcoin ETF applications from other asset managers. It describes a trust...Read full story at CryptoSlate >

U.S. reclaims dominance in Bitcoin market despite supply shift

Most crypto trading volume has historically come from outside the U.S., with Asia being the largest cryptocurrency market. However, there has been a notable shift in this dynamic in the past several months, with the U.S. returning to its position as the dominant force in the Bitcoin market. This shift is evident when analyzing Bitcoin’s...Read full story at CryptoSlate >

BlackRock adjusts proposed spot Bitcoin ETF structure to allay SEC concerns

BlackRock has submitted revisions to its spot Bitcoin ETF application to the SEC in an attempt to allay the regulator’s concerns over market manipulation and broker-dealer registrations, according to meeting minutes between the asset manager and the SEC’s Division of Trading and Markets dated Nov. 28, 2023. BlackRock’s proposed solution modifies the current in-kind redemption...Read full story at CryptoSlate >

U.S. Treasury sanctions Sinbad mixer, citing money laundering by North Korea’s Lazarus Group

The U.S. Treasury Department has sanctioned the cryptocurrency mixing service (Sinbad) for its role in enabling money laundering by North Korean state-sponsored hacking groups, according to a Nov. 29 press release. According to the Treasury Department, Sinbad has allegedly processed millions of dollars worth of cryptocurrency stolen in high-profile cyberattacks attributed to the North...Read full story at CryptoSlate >

Ripple CTO David Schwartz calls for legislative action to clarify crypto regulations

David Schwartz, CTO of Ripple, recently shared his thoughts on the changing dynamics of U.S. securities law. Specifically, he addressed its application to digital assets and underscored the necessity for legislative clarity to pave the way for balanced regulation. Schwartz underscored the flexible nature of the Howey test, which serves as a cornerstone for securities...Read full story at CryptoSlate >

Year-end Bitcoin options poised for bullish close with $5.7 billion expiry

Quick Take As we approach the last trading month of 2023, set to close on Dec. 29, an intriguing pattern surfaced in the Bitcoin options market on the Deribit exchange. Open interest, a metric representing unsettled options contracts betting on Bitcoin’s future price, is gearing for another option expiry on the last Friday of December....Read full story at CryptoSlate >

Paxos poised to expand global stablecoin operations in Abu Dhabi with regulatory green light

Paxos has obtained in-principle approvals from the Financial Services Regulatory Authority (FSRA) in the Abu Dhabi Global Market (ADGM). These approvals mark a significant step for Paxos in the region, allowing it to issue US dollars and other currency-backed stablecoins and offer crypto-brokerage and custody services from its regulated ADGM entities. This development is reportedly...Read full story at CryptoSlate >

Wormhole secures record $225M funding, spins off into Wormhole Labs for cross-chain expansion

Wormhole, the messaging protocol enabling cross-blockchain communication, has made headlines by securing a landmark $225 million in funding, valuing the company at $2.5 billion. Fortune reported the news as the company completing “the largest funding round for a crypto project in 2023.” The funding round attracted diverse backers, including Brevan Howard, Coinbase Ventures, Multicoin Capital,...Read full story at CryptoSlate >

Bitcoin miners outshine Bitcoin in market rebound

Quick Take Over the past half-year, a notable divergence was observed between Bitcoin and the prices of Bitcoin mining stocks. However, the past fortnight has witnessed a remarkable turnaround in this trajectory. Bitcoin has appreciated by a modest 5.37%. Here’s how various Bitcoin mining stocks have performed: Bitcoin Miner % CLSK 65% IREN 42% MARA...Read full story at CryptoSlate >

Philippines SEC says Binance operates without the ‘necessary license’ in its jurisdiction

The Philippines Securities and Exchange Commission (SEC) issued a cautionary advisory regarding Binance’s operations within the country, according to a Nov. 28 update. The regulator stated: “Binance is not registered as a corporation in the Philippines and operates without the necessary license and/or authority.” While acknowledging Binance’s registration in other countries, the regulatory body said...Read full story at CryptoSlate >

Lawyers file $1B class action against Ronaldo 3 months after similarly templated $1B CZ suit

Cristiano Ronaldo, the renowned football icon, has become the subject of a class-action lawsuit filed by the same two plaintiffs who previously sued Changpeng Zhao (CZ), the former CEO of Binance, for $1 billion. The Ronaldo suit, which also seeks a staggering $1 billion in damages, may raise questions, particularly given the striking similarities to...Read full story at CryptoSlate >

CME Bitcoin futures volume spikes to $70B amid shifting market dynamics

Quick Take This November, the aggregated monthly trading volumes of CME Bitcoin futures have spiked to an impressive $70 billion. This considerable surge, denoting a heightened investor interest, parallels the top of the bull market for Bitcoin observed in Nov. 2021 when the trading volume touched $80 billion. As per the analysis, CME currently commands...Read full story at CryptoSlate >

Solana DeFi achieves 204% YTD growth amid 10% SOL price rally

Decentralized finance (DeFi) activities on the Solana blockchain touched a significant milestone as the total value of assets locked (TVL) reached a new yearly peak, coinciding with a reversal in the asset’s price trend. Data from CryptoSlate shows that SOL price rallied by more than 10% during the last 24 hours to reclaim the $60...Read full story at CryptoSlate >

Coinbase’s BTC trading premium hints at US market bullishness

Quick Take Current data shows a marked price premium between Coinbase’s BTCUSD and Binance’s BTCUSDT. This Coinbase premium, observed by analyst Dylan LeClair, is the largest seen since the USDC depeg in March 2023, indicating a significant shift in trading patterns. On a regional scale, recent trends show the US market leaning strongly bullish, with...Read full story at CryptoSlate >

Decentralized Bitcoin mining pool OCEAN raises over $6M in seed funding

OCEAN, a new decentralized Bitcoin mining pool, announced that it had raised $6.3 million in seed funding from various sources on Nov. 28. The seed funding round is notably led by Jack Dorsey, co-founder and CEO of Block Inc. and also a co-founder and former CEO of Twitter/X. Dorsey said in a statement: “Our contribution...Read full story at CryptoSlate >

SEC advances decision process on Franklin Templeton’s Bitcoin ETF application

In a surprising turn of events, the U.S. SEC has advanced its decision-making process regarding Franklin Templeton’s Bitcoin ETF application, which was not due until Jan. 1, 2024. The watchdog punted the previous Nov. 15 deadline to Jan. 1, 2024, to allow for a more comprehensive review of the proposal’s alignment with regulatory standards, particularly...Read full story at CryptoSlate >

Amazon Web Services introduces AI chatbot ‘Q’ and two new AI chips

Amazon Web Services (AWS) announced on Nov. 28 the launch of ‘Q,’ an AI-powered virtual assistant and chatbot to enhance workplace productivity. The chatbot, capable of engaging in conversations, problem-solving, and generating content and insights, can access company information to provide tailored responses. AWS plans to offer user-based plans with customized features and fees, emphasizing...Read full story at CryptoSlate >

Stablecoin balances on exchanges surge, hinting at crypto liquidity rebound

Quick Take The balance of stablecoins on crypto exchanges has seen an uptick, marking a potential turning point in a year characterized by declining liquidity. Yesterday, Nov. 27, the exchange balance of stablecoins surged by an impressive 750 million, placing the day among the top five in 2023 for such increases. A retrospective look at...Read full story at CryptoSlate >

Dubai’s web3 gaming sector gets a boost with Wemade collaboration

South Korean gaming giant Wemade has begun a collaboration with the Dubai Chambers, a non-profit public entity, to enhance the development of blockchain gaming ecosystems in Dubai and the wider UAE region, according to a Nov. 28 press release. The deal was officiated through a meeting between Wemade CEO Henry Chang and Dubai Chambers President...Read full story at CryptoSlate >

Bitcoin’s 4-year compound growth doubles since September low

Quick Take Bitcoin’s 4-Year Compound Annual Growth Rate (CAGR) provides a comprehensive view of the digital asset’s historical performance, considering both the halving cycles and the bull/bear market trends. Recently, Bitcoin has exhibited a notable resurgence, recording a 50% elevation in its 4-year compound rate, which signifies a doubling from the September low of 25%....Read full story at CryptoSlate >

Solana’s user engagement surges with influx of new participants

As one of the leading layer-1 blockchains, Solana offers an insightful proxy for analyzing the broader L1 ecosystem. Its unique combination of high throughput, low transaction costs, and a rapidly growing ecosystem makes it an ideal case study for understanding trends in blockchain adoption, user behavior, and transactional dynamics. The total number of unique, first-time...Read full story at CryptoSlate >

Changpeng Zhao resigns from board of Binance.US

Changpeng Zhao has stepped down from his position as chairman of the board of directors for Binance.US, according to a Nov. 28 announcement. The resignation comes just over a week after CZ stepped down from his role at Binance Holdings as part of the exchange’s settlement with the U.S. Department of Justice (DOJ). Proxy voting...Read full story at CryptoSlate >

dYdX Chain completes mainnet migration, rolls out $20 million in DYDX token rewards

The decentralized trading platform dYdX Chain has achieved a significant milestone, transitioning from its ‘Beta Stage’ to ‘Full Trading’ as of Nov. 28. The initiation on the dYdX Chain was activated following a dYdX governance vote, showcasing the platform’s focus on decentralized decision-making and community-driven development. Major markets such as BTC-USD, ETH-USD, SOL-USD, and LINK-USD...Read full story at CryptoSlate >

Price fluctuations in stablecoins spotlight diverging market sentiments

Quick Take While the core purpose of stablecoins like USDT, USDC, and TUSD is to equate to $1, an intriguing pattern of fluctuating price movements emerges upon close scrutiny. By employing a 14-day moving average to smooth out the price variations, we discern noticeable disparities in their respective trajectories. USDT, after trading at a discount...Read full story at CryptoSlate >

Spain mandates disclosure of foreign-held crypto assets over €50,000 for tax purposes

Spanish citizens must disclose crypto holdings exceeding 50,000 euros (about $55,000) held on foreign platforms for tax purposes starting January next year, according to an update from Spain’s Tax Administration Agency, Agencia Tributaria. The tax agency introduced Form 721, a declaration form specifically designed for virtual assets held abroad. The form would require legal residents...Read full story at CryptoSlate >

MAS Director mislabels Bitcoin a ‘private cryptocurrency’ stating it has ‘failed the test of money’

At the recent GDEC 2023 conference, Ravi Menon, Managing Director of the Monetary Authority of Singapore (MAS), critiqued Bitcoin and similar digital currencies, questioning their viability as a form of money. Menon asserted that private cryptocurrencies, including Bitcoin, have “miserably failed the test of money,” primarily due to their volatility and use as vehicles for...Read full story at CryptoSlate >

ProShares ETFs exemplify ‘buy the rumor, sell the news’ in crypto markets

Quick Take The world of financial assets has a well-known pattern: a surge in asset prices prior to expected positive developments or ‘good news,’ followed by a notable slump when the event occurs. This phenomenon, often referred to as ‘buy the rumor, sell the news,’ suggests the interplay of strategic, perhaps institutional, buying and retail...Read full story at CryptoSlate >

Coinbase users informed of subpoena by CFTC in suspected connection with Bybit inquiry

Coinbase has revealed the U.S. Commodity Futures Trading Commission (CFTC) subpoenaed it in an unknown matter through an email sent to its users this week and obtained by CryptoSlate. The email does not provide extensive information about what the financial regulator might be investigating. However, Coinbase said it was requested to provide information about its...Read full story at CryptoSlate >

Coinbase’s strategic positioning fuels massive 256% YTD stock surge

Quick Take Coinbase has recorded a remarkable surge in its share price, with a 61% uptick within the past month and a 256% increase on a Year-to-Date (YTD) basis. It stands second within crypto equities only to Grayscale Bitcoin Trust (GBTC), up 267% YTD. Key factors driving COIN’s performance may relate to its public listing...Read full story at CryptoSlate >

Vivek Ramaswamy says his crypto policy will ‘ensure economic freedom for Americans’

U.S. Republican Presidential candidate Vivek Ramaswamy said his crypto policy guarantees a “vibrant future” for the emerging industry “to ensure economic freedom for Americans seeking an alternative to centralized finance,” according to a Nov. 27 post on social media platform X (formerly Twitter). Ramaswamy explained that U.S. taxpayers’ funds were used to bail out traditional...Read full story at CryptoSlate >

Number of short-term Bitcoin holders hits 10-year low

Quick Take According to recent data analysis from Glassnode, Bitcoin is experiencing the most significant divergence ever witnessed between its long-term holders (LTHs) and short-term holders (STHs). The distinction between LTHs and STHs is based on a 155-day holding period. Those who have held on to Bitcoin for more than 155 days are classified as...Read full story at CryptoSlate >

Standard Chartered to offer support for China’s digital yuan

Standard Chartered Bank has announced its upcoming participation in China’s digital yuan, also known as digital renminbi (RMB), with the pilot project set to commence on Nov. 27. The bank said it will provide customers with digital yuan exchange, redemption, and other services. Additionally, the bank indicated it would access the digital currency’s interconnection platform...Read full story at CryptoSlate >

Binance delists Tornado Cash as TORN value plummets

Binance announced plans to delist Tornado Cash’s native token, TORN, on Nov. 27, closely coinciding with massive losses for the coin. The exchange announced plans to delist TORN on Nov. 27 at 6:00 PM UTC. This coincided with a sudden loss in value for the asset, which dropped from $3.90 to as low as $1.94...Read full story at CryptoSlate >

Grayscale Bitcoin Trust’s discount narrows to 8% amid growing ETF optimism

According to market data from YCharts on Nov. 24, the Grayscale Bitcoin Trust (GBTC) discount rate has narrowed to 8.06%. The “discount” refers to the situation where the Grayscale Bitcoin Trust (GBTC) shares are trading at a price lower than their underlying net asset value (NAV). GBTC began trading at a discount in early 2021,...Read full story at CryptoSlate >

Judge rules CZ must remain in the U.S. for now

Changpeng Zhao, the former CEO of Binance, is currently barred from returning to his home in the United Arab Emirates (UAE), as per the ruling of a federal judge in Seattle. U.S. District Judge Richard Jones has temporarily suspended a decision that would have allowed Zhao to leave the U.S. before his sentencing, scheduled for...Read full story at CryptoSlate >

Hong Kong to retain grace period for crypto firms despite recent scandals

Hong Kong’s financial regulators have decided to retain the grace period for crypto firms despite the city grappling with major fraud scandals involving crypto exchange platforms JPEX and Hounax in recent weeks, local media reported on Nov. 27. The grace period allows crypto firms to continue operating in Hong Kong without a license until June...Read full story at CryptoSlate >

Terra’s USTC stages remarkable rally with 150% surge over 24 hours

Terra’s failed algorithmic stablecoin USTC topped CryptoSlate’s daily biggest gainers list on Nov. 27; the token’s value shot up over 150% in the last day and was up 39.9% over 24 hours at press time. The digital asset rose to $0.07581 during the reporting period, its highest level since May 2022, when the industry was...Read full story at CryptoSlate >

Bitcoin miners see 19-month high in revenue as halving nears

Monitoring miner revenue is essential for understanding the health and sustainability of the Bitcoin network. Miner revenue, a combination of block rewards and transaction fees, provides a window into the economic viability of Bitcoin mining. In the context of the upcoming halving, which will slash block rewards by half, the analysis of miner revenue becomes...Read full story at CryptoSlate >

Justin Sun defends Tron following allegations of facilitating terror financing

Justin Sun, founder of the Tron (TRX) blockchain, has defended the network in a Nov. 27 X (formerly Twitter) post following a Reuters report that it is increasingly being used to finance terrorist activities and organizations. Sun stressed that Tron’s decentralized structure, similar to Bitcoin (BTC) and Ethereum (ETH), forms the core of its philosophy....Read full story at CryptoSlate >

Hong Kong police investigate $15.4 million scam on Hounax trading platform

The Hong Kong Police have initiated an inquiry into Hounax, a cryptocurrency trading platform, following numerous complaints totaling $15.4 million in reported scams, the South China Morning Post reported on Nov. 27. Victims claimed they were enticed to invest in crypto on the platform but faced difficulties withdrawing funds. Some victims have blamed the authorities...Read full story at CryptoSlate >

Binance carries the brunt of $130M crypto market liquidation wave

Quick Take Today, Nov. 27, Bitcoin slipped below the $37,000 mark, recording its lowest value since Nov. 22., reaching $36,800. This plunge led to a considerable ripple effect, causing the crypto market to witness liquidations worth $130 million, according to Coinglass. A substantial portion of these liquidations, approximately $100 million, were from long positions. Binance...Read full story at CryptoSlate >

Canada and Germany dominate crypto ETP inflows as record $346M added to funds

Last week saw a remarkable influx of capital into digital asset investment products, amounting to $346 million, according to CoinShares’ most recent data. This figure represents the most significant weekly inflow in a consecutive nine-week run and marks a pivotal point last seen during the bull market enthusiasm of late 2021. According to the reported...Read full story at CryptoSlate >

Cosmos founder Jae Kwon stirs controversy with AtomOne fork proposal amid inflation cap dispute

Cosmos founder Jae Kwon faces backlash for considering a blockchain fork following the community approval of pegging ATOM’s maximum inflation rate to 10%. Over the weekend, the Cosmos community approved a contentious proposal that sparked division within the ecosystem. Supporters argued that capping ATOM’s inflation at 10% would prevent overpaying for security. Conversely, Kwon and...Read full story at CryptoSlate >

Gold and Bitcoin rally as traditional economic indicators falter

Quick Take In the current economic climate characterized by the worst inflation over four decades and skyrocketing US government debt exceeding $33 trillion, attention gravitates toward hard assets such as Gold, Silver, and Bitcoin. With rate cuts anticipated in 2024 and the DXY recording its second-worst month since 2021, the DXY is under an enhanced...Read full story at CryptoSlate >

Singapore MAS tokenization standards require overhaul to realize innovation potential – Ralf Kubli Interview

The Monetary Authority of Singapore’s (MAS) Project Guardian has been making waves in recent months for its progressive approach to digital assets. For instance, MAS recently launched the world’s first live repurchase transaction using a digitally native bond on a public blockchain. This and countless other innovations mark a significant milestone in its recent digital asset...Read full story at CryptoSlate >

Bitcoin futures vs. spot price: Monitoring CME for market insights

Quick Take Recent data from Coinglass shows CME’s percentage of open interest in Bitcoin futures has exceeded 26%, which equates to 119k Bitcoin in open interest contracts out of a total of 450k BTC. This highlights a significant investor interest in Bitcoin futures on the CME exchange. On Nov. 24, the BTC CME futures price...Read full story at CryptoSlate >

Circle, SBI Holdings focus combined efforts on USDC growth in Japanese market

Stablecoin issuer Circle signed a Memorandum of Understanding (MoU) with Japanese financial giant SBI Holdings to boost USD Coin (USDC) circulation, establish a banking relationship, and expand its presence in the Asian country, according to a Nov. 27 statement. Per the statement, several subsidiaries of the traditional financial institution would play an active role in...Read full story at CryptoSlate >

American Cancer Society leverages Gitcoin for decentralized open-source cancer research funding

In a move that blends innovation with philanthropy, the American Cancer Society (ACS) has embraced web3 technology by partnering with Gitcoin, a leading figure in open-source funding, according to a statement shared with CryptoSlate. This strategic collaboration signifies a milestone for the ACS as it steps into the decentralized world of web3, leveraging Gitcoin’s expertise...Read full story at CryptoSlate >

Bitcoin small holder addresses hit all-time high, hint at widening user base

Quick Take The Bitcoin (BTC) ecosystem is observing an intriguing trend, with an explosive rise in the number of addresses falling under the Plankton Cohort (addresses holding less than 0.01 BTC). This cohort serves as a crucial barometer to assess macro trends of growth or decline throughout market cycles. As per recent data, the address...Read full story at CryptoSlate >

Cosmos hub votes to bring down ATOM’s inflation from 14% to cap at 10%

The Cosmos Hub voted on and approved a proposal on Nov. 26 that will reduce the maximum inflation rate of its native cryptocurrency, ATOM. The proposal seeks to decrease the maximum inflation parameter from 20% to 10%, resulting in a tangible impact on ATOM’s current inflation rate, which is around 14%. This adjustment will also affect...Read full story at CryptoSlate >

U.S. prosecutors argue CZ may face up to 10 years and should be detained in the U.S.

In a filing on Nov. 24, U.S. prosecutors noted that they may go beyond the guidelines and seek the statutory maximum prison sentence of 10 years for former Binance CEO Changpeng Zhao (CZ). The prosecution’s filing was submitted in response to CZ’s opposition to the government’s motion to detain him in the U.S. The prosecutors...Read full story at CryptoSlate >

Bitcoin sees sixth straight difficulty increase amid record-breaking hash rate surge

Quick Take Bitcoin’s network dynamics are currently going through an exciting phase, with the upcoming difficulty adjustment exceeding 5%. The difficulty adjustment continues to put in all-time highs and is now above 68T. This makes it the sixth consecutive positive adjustment this year—a streak only previously seen from December 2021 to February 2022. The recent...Read full story at CryptoSlate >

Cardano enters beta test phase for new blockchain-based AI chat bot Girolamo

CardanoGPT has announced the beta launch of Girolamo, an AI-powered chatbot, marking a significant step in its commitment to integrating artificial intelligence (AI) with blockchain technology, according to a press release. Named after the influential Italian mathematician Girolamo Cardano, this development signifies a new phase in Cardano’s exploration of artificial intelligence within the blockchain sector....Read full story at CryptoSlate >

Japanese giant SquareEnix to launch NFT auction for new Web3 game built on Ethereum, Polygon

Square Enix, the renowned publisher behind the “Final Fantasy” series, is set to initiate an NFT auction for its latest project, “Symbiogenesis,” in the coming week, according to a social media announcement. Symbiogenesis is built on the Ethereum and Polygon blockchain networks. It marks the company’s first foray into the Web3 gaming ecosystem. NFT Auction...Read full story at CryptoSlate >

Hoskinson criticizes Vitalik for not acknowledging Cardano’s staking innovations

Cardano founder and Ethereum co-creator Charles Hoskinson criticized Vitalik Buterin in a tweet on Nov. 25 for not acknowledging Cardano (ADA) for its innovations in staking. Hoskinson’s remarks followed a recent interview, where Buterin discussed the Ethereum roadmap and proposed redesigning Ethereum’s (ETH) staking system to combat issues around centralization. During the interview, Buterin went...Read full story at CryptoSlate >

Bitcoin’s resilience at $37k backed by strong accumulation trend

Bitcoin seems to have established solid support at the $37k level, demonstrated by its swift recovery following a dip to $35,000 upon news about Binance’s SEC fine. While this rebound represents a 122% increase since the beginning of the year, there has been relatively minimal distribution of BTC during this period. A closer examination of...Read full story at CryptoSlate >

Lightning Network app Wallet of Satoshi ends support for U.S. customers

Wallet of Satoshi, a popular wallet for use with with Bitcoin’s Lightning Network, announced the end of U.S. support on Nov. 24. The company said that it had decided to remove its app from the U.S. and Google app stores and stop serving American users going forward. The announcement only broadly described the reasons for...Read full story at CryptoSlate >

Analyizing the impact of second layers on Bitcoin’s ecosystem

Nearly 15 years after Bitcoin instigated the digital monetary revolution, its perception is now nestled as sound money. Following dozens of hard forks and developer attempts to tweak Bitcoin’s core code, the pioneering cryptocurrency settled on decentralization and sound incentive structure for miners. Both were vital for Bitcoin to power through market crashes, media attacks,...Read full story at CryptoSlate >

South Korean central bank to launch CBDC pilot in 2024

The Bank of Korea (BOK) has unveiled plans for a pilot program to test its new central bank digital currency (CBDC), according to local media reports. The program will be conducted in collaboration with the Financial Services Commission (FSC) and the Financial Supervisory Service (FSS) and is expected to launch in 2024. The announcement follows...Read full story at CryptoSlate >

Coinbase stock surges to highest since April 2022

Coinbase’s COIN stock has rallied to its highest point since late April 2022 at $115, representing a 216% growth on the year-to-date metric, according to Tradingview data. Observers have linked COIN’s price performance to the generally positive trend observed in the crypto space, where flagship digital assets like Bitcoin, Ethereum, and Solana have recorded more than 100% gains...Read full story at CryptoSlate >

UK approves tokenization of FCA-authorized investment funds

The U.K. has officially greenlit a project that will allow authorized funds to develop tokenization in the investment sector in an effort to boost efficiency, transparency, and competitiveness, according to a Nov. 24 press release issued by The Investment Association, which represents the sector. The initiative is part of a concerted effort by the Technology...Read full story at CryptoSlate >

Binance’s CZ seeks to avoid jail time, refutes DOJ’s flight risk claim

Changpeng ‘CZ’ Zhao, the founder and former CEO of Binance, is contesting the U.S. Department of Justice (DOJ) motion to restrict his travel before sentencing, asserting he doesn’t pose a flight risk. On Nov. 23, CryptoSlate reported that the DOJ moved to prevent CZ from leaving the U.S., arguing that the Binance founder posed a...Read full story at CryptoSlate >

Cathie Wood’s ARK Invest cashes out part of its Grayscale’s GBTC stake as Bitcoin ETF optimism grows

Cathie Wood’s asset management firm ARK Invest sold more than 700,000 shares of its Grayscale Bitcoin Trust (GBTC) holding in the past month amid the rapid closure of the fund’s discount. Data from Cathies Ark, a website monitoring the daily trades of ARK, showed that the firm’s Next Generation Internet ETF (ARKW) offloaded 724,043 units...Read full story at CryptoSlate >

Tether and Bitfinex yield to FOIL request amid transparency pledge

Crypto firms Tether and Bitfinex have agreed to drop their opposition to a freedom of information (FOIL) request filed by several journalists in New York, according to a Nov. 24 statement shared with CryptoSlate. According to the statement, the companies decided not to challenge the FOIL request made by journalists Zeke Faux, Shane Shifflett, and...Read full story at CryptoSlate >

Bitcoin momentarily surpasses $38k to hit year-to-date high in EU trading session

Quick Take In the recent EU trading session, Bitcoin’s value showed an upward trend, eventually breaking past the significant threshold of $38,000, setting a new year-to-date high at $38,100, up roughly 2% on the day. A noticeable trend is evident during the month of November, wherein EU traders have exhibited a more bullish disposition during...Read full story at CryptoSlate >

Bitcoin miners transfer 8,000 BTC amid transaction fee surge

Quick Take Within the span of a month, Bitcoin miner balances have experienced one of the most notable declines this year. As of late October, miner balances stood at 1.833 million Bitcoin. However, the subsequent month witnessed a departure of 8,000 Bitcoin from the miner balances. The shift does not necessarily imply that miners have...Read full story at CryptoSlate >

Montenegro court clears path for Do Kwon’s extradition to US or South Korea

Terraform Labs founder Do Kwon faces possible extradition to either the United States or South Korea, as confirmed by an update on a court website in Montenegro on Nov. 24. The High Court of Podgorica stated that the necessary legal conditions for Kwon’s extradition to either country had been satisfied. This pertains to his alleged...Read full story at CryptoSlate >

Binance’s guilty plea casts shadow over potential Hong Kong expansion

Binance’s recent guilty plea in the United States could impact its plans to expand into Hong Kong, the South China Morning Post (SCMP) reported on Nov. 24, citing industry experts. On Nov. 20, Binance, the largest crypto exchange by trading volume, agreed to a $4 billion settlement with the U.S. authorities, with its founder Changpeng ‘CZ’...Read full story at CryptoSlate >

USDT cements leadership with 72% hold on stablecoin market

Quick Take The stablecoin market is witnessing an undeniable dominance by Tether (USDT), which currently holds an impressive 72% market share, a feat not seen since early 2021. This dominance is not a resurgence but a continued demonstration of Tether’s unwavering dominance, which has historically allowed it to outperform other stablecoins in circulation. While the...Read full story at CryptoSlate >