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Javier Milei was elected president of Argentina after Sergio Massa admitted defeat on Sunday night, with Milei securing 56% of the votes. Milei’s victory, known for criticizing the central bank and supporting bitcoin, influenced the cryptocurrency market, raising bitcoin (COIN:BTCUSD) by 2%, to $37,150. Milei advocates for returning monetary control to the private sector, highlighting his belief in bitcoin as an economic alternative.
Bullish, a cryptocurrency exchange led by former NYSE president Tom Farley, bought CoinDesk, a major crypto-focused media outlet, in an all-cash transaction. The financial details of the deal were not disclosed, but CoinDesk, previously acquired for $500,000 in 2016, generated $50 million in revenue last year. Kevin Worth will continue as CEO of CoinDesk, which will operate as a subsidiary of Bullish. An independent editorial committee will be formed to maintain CoinDesk’s journalistic integrity under the new management.
Santander Private Banking International (NYSE:SAN) is introducing trading and investment in cryptocurrencies for wealthy clients in Switzerland. The service, announced by CoinDesk, will include more digital currencies under strict evaluation. Exclusive to requesting clients, it is secured by a regulated custody model. This initiative by Santander, a financial giant with a long history, deviates from conventional banking practices.
ARK Investment Management, led by Cathie Wood, remains determined to launch a Bitcoin spot ETF in the United States. On November 20, the company filed a third updated version of the prospectus for the ARK 21Shares Bitcoin ETF, developed in collaboration with 21Shares. If approved, the ETF will operate on the BZX Exchange under the symbol ARKB. This move reflects ongoing progress, despite previous delays by the SEC, with the next decision expected on January 11, 2024. Prospectus updates, including new risk disclosures, indicate preparation for SEC approval.
Crypto asset funds from companies like CoinShares, Bitwise, Grayscale, ProShares, and 21Shares recorded an increase of $176 million in the last week, marking the eighth consecutive week of growth, as reported by CoinShares. This increase raised the annual total to $1.32 billion, with Exchange Traded Product (ETP) volumes now averaging 11% of the total cryptocurrency volume, double the historical average. Despite this increase, current inflows are still below the levels of 2021 and 2020. Bitcoin (COIN:BTCUSD) leads the inflows, while Solana (COIN:SOLUSD) stands out among altcoins.
Tether (COIN:USDTUSD), a stablecoin issuer, has frozen approximately $225 million in USDT tokens, collaborating with a US Department of Justice investigation into human trafficking in Southeast Asia. The company, in partnership with the DOJ and the OKX exchange, identified the funds in self-custody wallets. This action was part of a months-long investigation into a romance fraud scheme. Tether stated that it will work with US authorities to release any legally seized wallets and reiterated its commitment to security and transparency in the cryptocurrency sector.
The native token of Worldcoin (COIN:WLDUSD), co-founded by Sam Altman, experienced notable price fluctuations following recent changes in OpenAI’s leadership, where Altman also played a crucial role. The digital currency saw a 9.1% increase to $2.55 in response to news of Altman stepping down as CEO of OpenAI and receiving a new offer from Microsoft (NASDAQ:MSFT). Worldcoin, whose project is led by Altman, has not commented on how his new position at Microsoft might affect his involvement with Worldcoin. Despite the volatility, analysts predict ongoing fluctuations but maintain expectations of stable popularity for WLD among investors.
AVAX, the token of Avalanche (COIN:AVAXUSD), is at the forefront of a growth wave among Layer 1 alternatives to Ethereum. Over the past 30 days, AVAX has seen an increase of nearly 130%, while Solana (COIN:SOLUSD) and Near (COIN:NEARUSD) have also made significant gains. This surge reflects growing institutional interest in efficient alternatives to Ethereum (COIN:ETHUSD), as evidenced by Avalanche’s collaboration with major financial institutions, including JP Morgan (NYSE:JPM). Despite this rise, analysis indicates that AVAX may be overbought, suggesting a potential trend reversal.
Pyth Network launched its PYTH token, reaching a market cap of $468 million. Initiated with an airdrop to 90,000 wallets, PYTH fluctuated between $0.32 and $0.51. Holders have 90 days to claim tokens, used in governance votes. With 1.5 billion tokens in circulation, Pyth is an emerging price oracle.
The price of Synthetix Network’s SNX token (COIN:SNXUSD), a prominent derivatives liquidity protocol, soared +14% after announce the launch of Perps V3 on BASE, Coinbase’s (NASDAQ:COIN) scaling blockchain. This advancement, combined with the partnership with Pyth Network, promises innovations such as cross-margins and multi-collateral trading. This increase comes after a 35-day upward trend, overcoming resistance and reaching a peak of $3.725. Analysis indicates strength in the Synthetix Network, but warns of a possible pullback due to the high RSI. Market optimism suggests a $4.20 target for SNX, while downside risk could lead to consolidation around $2.73.
The Dfinity Foundation and SingularityNET announced a partnership to power decentralized AI infrastructure by integrating the ICP blockchain into the SingularityNET marketplace. This collaboration will allow DApps on ICP to access advanced language models, increasing transparency and security. The project aims to democratize AI and encourage community development in this emerging technology.
The Osaka Digital Exchange (ODX) announces the start of digital securities trading in Japan from December 25, with security tokens issued by Ichigo and Kenedix, two real estate firms. These tokens represent a new form of digital asset, linked to real and regulated assets. The move, which includes Ichigo’s sale of more than $20 million in securities, reflects Japan’s growing interest in digital assets. This move coincides with other developments in the country, such as allowing startups to raise capital through cryptocurrencies and the launch of a yen-backed stablecoin in 2024.
China Asset Management (HK) has entered into an agreement with Hashkey Exchange and HamsaTech to drive Web 3.0 initiatives in asset management in Hong Kong, aligning with government policies on innovation in fintech and digital assets. The partnership aims to integrate traditional and virtual finance, promoting a safe and innovative market.
Luxor Technologies, known for its Bitcoin mining services, is expanding its operations with the launch of Luxor Logistics. This new arm of the company will be dedicated to improving the logistics of shipping mining equipment, simplifying customs processes and offering personalized transport and delivery solutions. According to Lauren Lin, Director of Business Development at Luxor, the initiative aims to help miners navigate the complexities of import/export and documentation in various regions. Luxor Logistics appears at a crucial time for the sector, aiming to increase the efficiency and competitiveness of miners before the next Bitcoin (COIN:BTCUSD) halving event.
Mastercard (NYSE:MA) has entered into a new partnership with Feedzai, an artificial intelligence company, as reported by CNBC in 20 from November. The objective is to strengthen the detection and prevention of fraud in cryptocurrency transactions. Feedzai will be integrated with Mastercard’s CipherTrace Armada tool, aimed at monitoring suspicious activity across thousands of cryptocurrency exchanges. Feedzai’s technology uses AI to quickly identify and block fraudulent transactions, also addressing money laundering and fake accounts. This partnership aims to improve security in crypto transactions, following Mastercard’s recent efforts in the Web3 and cryptocurrency space.
Following a security breach that affected Kronos Research, one of its market makers, crypto platform WOO X has resumed operations, ensuring the security of customers’ assets. Kronos, based in Taipei, suffered an attack that resulted in the unauthorized transfer of approximately US$25 million in crypto assets to six different addresses. WOO X had temporarily paused trading as a precautionary measure, but has now resumed its activities. In addition, WOO X plans to repurchase and burn 20 million tokens after recovering shares from the failed hedge fund Three Arrows Capital (3AC), increasing the ownership of other shareholders.
Judge Lewis A. Kaplan of the U.S. District Court in New York approved the extension of the deadline for post-trial motions in the Sam Bankman-Fried case. The defense, represented by Cohen & Gresser LLP, now has until December 1 to file these motions, with the government responding by December 22 and the defense again by January 8, 2024. This change provides additional time for preparation, given the complexity of the case, where Bankman- Fried faces serious charges including fraud and money laundering.
Panoptic, a DeFi platform linked to Uniswap (COIN:UNIUSD), raised $7 million in funding, led by Greenfield Capital. With participation from HashKey and gumi Cryptos Capital, this investment, part of the total US$11.5 million already raised, will focus on improving Panoptic. The platform, known for offering perpetual options in the DeFi market, is preparing to launch on the Ethereum network and introduce its V2 product.
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