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Crypto This Tuesday: ORDI Skyrockets 72% Post-Binance Listing, Ava Labs Trims Workforce, and More

Fernanda T
Latest News
November 07 2023 08:58AM

Evidence of altseason and recovery in the cryptocurrency market

The cryptocurrency market is beginning to rebound after turbulence, such as the FTX incident. Experts like Fernando Pereira from Bitget predict an advance, particularly in altcoins. “One of my favorite indicators for identifying an altseason (a market moment when altcoins appreciate more than BTC) is the market dominance excluding BTC and ETH, and at this moment, we can see the breakout of a downtrend line, suggesting that an altseason is about to begin,” said Pereira. In the current market, Solana (COIN:SOLUSD) stands out with a 78% jump in one month, indicating an annual growth of 318%. However, FTX’s insolvency is influencing its position in the market due to the large volume of SOL. Assets like Dogelon (COIN:ELONUSD) and Pepe (COIN:PEPEUSD) have outperformed BTC, with monthly gains of 39% and 53%, respectively. ChainLink (COIN:LINKUSD), Band Protocol, Tellor (COIN:TRBUSD) also show significant returns in the last 30 days, reinforcing optimism in the sector.

Binance adds new trading pairs with the Ordinals (ORDI) token, and HashKey adds Chainlink (LINK)

Binance has added the Ordinals token (COIN:ORDIUSD) for trading with pairs ORDI/BTC, ORDI/USDT, and ORDI/TRY on November 7th. Withdrawals will begin at 03:30 (Brasília time) on November 8th. Following the announcement, ORDI appreciated by 72% in value, reaching $12.64. Additionally, HashKey, a licensed cryptocurrency trading platform in Hong Kong, announced the inclusion of Chainlink’s token (COIN:LINKUSD) in its list of digital assets. Trading for the LINK/USD pair will start on November 10th. The exchange has already allowed deposits and withdrawals of LINK. However, the operation will be restricted to professional investors, according to the announcement. Chainlink had launched its cross-chain interoperability protocol, CCIP, in “early access” in July, and in September, the protocol was activated on Base, a layer 2 blockchain network developed by Coinbase (COIN:AVAXUSD).

Dramatic drop in BUSD stablecoin supply

The supply of the Binance stablecoin BUSD (COIN:BUSDUSD) has plummeted over 90%, falling to less than $2 billion from its peak of nearly $23 billion in November 2022, according to CryptoSlate. Currently, the supply is around $1.88 billion. The drop is a result of regulatory actions, and the crypto community has migrated to other stablecoins. Faced with this situation, Binance is guiding users towards alternatives like FDUSD (COIN:AVAXUSD), despite its limited adoption.

Elon Musk announces that his companies will not launch cryptocurrencies

Elon Musk stated at X that his companies, including X, Tesla (COIN:AVAXUSD), SpaceX, Neuralink, and xAI, will not launch their own cryptocurrencies, marking a change in the technology industry’s attitude towards competing with Bitcoin as a digital currency. This decision is noteworthy, considering X’s recent interest in financial services and previous speculations about integrating Dogecoin (COIN:AVAXUSD).

Frauds on the BNB Smart Chain drop 75% in the third quarter

Scams on the BNB Smart Chain recorded a significant decline, from $55.4 million to $13.6 million between the second and third quarters of 2023, a 75% reduction. This decline is credited to increased community surveillance and improved threat detection. However, rug pulls still predominated in the scams.

Custodia Bank launches Bitcoin custody service for businesses

Crypto-friendly bank Custodia Bank, founded by Bitcoin advocate Caitlin Long, has launched its Bitcoin custody platform. The service targets businesses such as trustees, investment advisors, fund managers, and corporate treasurers. Approval from the Wyoming Division of Banking allowed the service’s launch after previous regulatory challenges. The platform offers segregated custody accounts, simplifying operations and reducing risks for users. Custodia Bank aims to integrate Bitcoin and US dollar custody services into a single platform.

Coinbase strengthens global advisory board with national security experts

Coinbase (COIN:AVAXUSD) announced the addition of four national security experts, including former U.S. Secretary of Defense Mark T. Esper, to its Global Advisory Board. They will help examine the consequences of regulatory uncertainty in the U.S. cryptocurrency industry, including economic and national security impacts. This comes as Coinbase faces regulatory challenges in the U.S., including a dispute with the SEC. Additionally, Coinbase was blocked in Kazakhstan for violating cryptocurrency laws that came into effect this year, as confirmed by the country’s government to local media outlet Kursiv. The Digital Assets Law prohibits the issuance and circulation of “unsecured digital assets,” along with digital asset exchanges offering these assets outside the Astana International Financial Center. The government claims that Coinbase violated this specific law.

Bitget innovates with Web3 wallet and integrated DeFi services

Bitget has innovated its app with a Web3 wallet and exchange, combining CeFi security with DeFi autonomy. The launch includes accessible DeFi services like an aggregator that ensures favorable prices on swaps. With the acquisition of BitKeep, now Bitget Wallet, the platform expands its trading and digital asset ecosystem.

LG CNS invests in QuickNode blockchain platform

LG CNS, the IT subsidiary of South Korean company LG, formed a strategic partnership with QuickNode, a blockchain platform, for an undisclosed amount. LG CNS develops system integration and digital transformation solutions, including its own blockchain platform, Monachain, used in traditional industries. South Korea, with government support, is an ideal testing ground for blockchain. Monachain has more than 50 corporate clients, including South Korean banks and LG U+.

Avail, modular “data availability” solution for blockchain, offers incentives for validators

Avail, a modular “data availability” solution for blockchain, a competitor to Celestia, will launch a test network with incentives for validators and operators. The platform invites these participants to test and operate, helping improve its code and infrastructure. “Light clients,” which do not need to download the entire blockchain, are essential to alleviate the load on main networks like Ethereum.

Nil Foundation announces its own Ethereum rollup network with sharding

Nil Foundation, the Ethereum research and development company, revealed its own rollup network called “=nil;.” This will be Ethereum’s first ZK rollup to enable sharding, combining two popular scalability technologies: zero-knowledge proofs and sharding. The combination should allow composability without compromising network security, using proofs to validate transactions in shards before sending them to the main Ethereum network. Misha Komarov, CEO and co-founder of Nil Foundation, stated that they are aiming to implement sharding non-invasively.

Senator Ted Cruz accepts Bitcoin donations for his campaign

Senator Ted Cruz (R-TX) announced that he will accept Bitcoin donations as part of his campaign fundraising efforts. Cruz, who is optimistic about Bitcoin (COIN:AVAXUSD), stated that he is proud to accept cryptocurrency donations and included the Bitcoin logo on his official website to offer the option to supporters. He uses BitPay, a cryptocurrency payment processor that allows donations in Bitcoin, Ethereum (COIN:AVAXUSD), Bitcoin Cash (COIN:AVAXUSD), and Litecoin (COIN:AVAXUSD), with the option for instant conversion to dollars.

Mantle and Ondo Finance launch USDY income generation token with real-world assets

Mantle and Ondo Finance have launched the USDY income generation token, backed by real-world assets, on the Mantle network. Unlike stablecoins, USDY is backed by US Treasury bonds and bank deposits, offering accumulated yields to holders. Ondo Finance also plans to issue mUSD, a wrapped version of USDY. With strong backing, Mantle aims to make these tokens highly liquid and accessible for various use cases in its ecosystem, such as collateral and payments.

Ava Labs reduces staff to navigate a challenging market

Ava Labs, the developer of the Avalanche blockchain (COIN:AVAXUSD), confirmed the dismissal of 12% of its employees to reallocate resources. Emin Gün Sirer, the company’s CEO, announced the decision after reports of layoffs circulated on the X social network. The reduction, partly focused on the marketing team, aims to bolster the company’s and Avalanche ecosystem’s growth in a challenging crypto market, which has seen similar cuts at other major companies in the industry.

Blockpit acquires Accointing to address EU tax regulation

Austrian cryptocurrency tax services company Blockpit acquired its competitor Accointing from Glassnode, strengthening its position for future EU tax regulations, particularly DAC8. The acquisition was a multimillion-dollar deal, entirely cash-based, without share exchange. Blockpit’s CEO, Florian Wimmer, highlighted that funding came from shareholder loans. The acquisition anticipates compliance with the new EU tax requirements expected to be implemented by 2026.

Dubai’s VARA sets deadline for licensing crypto firms

Dubai’s Virtual Assets Regulatory Authority (VARA) has imposed a deadline of November 17th for crypto businesses to regularize their licenses. The measure requires providers of digital asset services to formalize their operations and actively reach out to avoid undesirable regulatory consequences. Otherwise, regulatory enforcement mechanisms will be activated. The regulator has already granted initial licenses to compliant companies, reinforcing rigor and financial security in the region.

StablR raises $3.5 million to strengthen European stablecoin

StablR, a newcomer to the stablecoin market, has raised $3.5 million to expand its euro-backed stablecoin. The investment round included Deribit and others, without revealing the company’s valuation. Since October, more than 10 million EurR tokens have already been minted, solidifying its operation that began in August 2022. StablR aims to innovate in the sector with high transparency and reserve security.