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Bitcoin experienced a slight drop, retreating from its $38,000 mark on November 29 amid market uncertainty. Analysts like Keith Alan highlighted the potential for manipulation by major market operators. Concurrently, the financial community is turning its attention to the upcoming speech by Jerome Powell, chairman of the Federal Reserve, scheduled for December 1, which could be a turning point for the market. Bill Ackman of Pershing Square Capital Management anticipates that the Fed could reduce its rates in early 2024 due to slowing inflation. While the Bitcoin market remains expectant, many remain positive about a rise beyond $40,000. Fernando Pereira from Bitget adds his perspective, indicating that “the formation of an ascending triangle on the Bitcoin chart suggests two possible scenarios: a break above $38.5k could raise the price to $40.2k by the end of the week, while failing to break this level could drop the price to $35.5k”.
The DeFi ecosystem on the Solana blockchain reached an annual peak in its total value locked (TVL), following a significant appreciation in the price of the SOL asset (COIN:SOLUSD). Solana’s TVL surpassed $640 million, an increase of 5.27% in 24 hours, driven by a jump in the price of SOL, which reached $61.07. This advance moved Solana to the 8th place among the highest performing DeFi networks. Despite significant growth in 2023, the TVL is still below its all-time high in 2021. In addition, an increase in trading activity on decentralized exchanges (DEX) and daily transactions on the Solana network signals growing investor interest in Solana’s DeFi ecosystem.
Following the airdrop of Celestia (COIN:TIAUSD), the TIA token experienced a weekly appreciation of over 19%, but now faces resistance in its price trajectory, raising doubts whether it is still a good time to buy. The token returned to a local supply zone, but struggles to overcome resistance near its all-time high. In addition, there are concerns about Celestia’s aggressive token supply schedule, which will significantly dilute the circulating supply of 144 million with an additional 850 million tokens over the next four years. The price of TIA, currently around $6.13, was driven by a double bottom pattern and support from the 20DMA. However, vulnerability remains, indicated by the elevated RSI, suggesting overbuying.
Terra Luna Classic (COIN:LUNCUSD) saw a 63% jump over the last 7 days, reaching $0.000116. With a monthly increase of 96.6%, LUNC is recovering from a challenging year. This advancement is driven by developments in the Terra Luna Classic community and renewed interest from large investors, indicating ongoing growth potential.
Republic, an investment firm, will list its digital security token, Republic Note, on the INX platform, using the Avalanche blockchain on December 6. This token gives investors access to Republic’s extensive portfolio, including over 750 companies, notably SpaceX and Dapper Labs. Aimed at retail investors, the token promises dividends in USDC (COIN:USDCUSD), generated by liquidity events of participating companies. The listing attracted significant investments, including from Binance and the Avalanche Foundation (COIN:AVAXUSD).
Developers of the BNB Chain (COIN:BNBUSD) are planning to increase transaction speed to 10,000 TPS and cut fees by 90% on the opBNB layer 2 network. With the first fee cut scheduled for December 4, the network, based on Optimism’s OP Stack, aspires to be one of the fastest layer 2 networks. opBNB has already seen significant growth in users and transactions since its launch in September. Upcoming updates, including an increase in the gas limit per block, aim to support DeFi applications and on-chain games.
Santander (NYSE:SAN), a major Spanish financial institution, has reportedly chosen Taurus, a digital asset management company, for the custody of Bitcoin (COIN:BTCUSD) and Ether (COIN:ETHUSD) for its Swiss clients. Launched on November 20, Santander Private Banking International’s cryptocurrency trading service is available to clients in Switzerland upon request. Although Santander has not officially confirmed the partnership with Taurus, sources indicate that the company was selected for the security of digital assets. Taurus already collaborates with Deutsche Bank (NYSE:DB) in similar cryptocurrency custody services. Meanwhile, other banks, like Germany’s DZ Bank, are developing their own digital custody platforms.
Iota (COIN:IOTAUSD), an open-source blockchain developer, announced the creation of the Iota Ecosystem DLT Foundation in Abu Dhabi, focused on developing its distributed ledger technology (DLT) in the Middle East. With a fund of $100 million in digital Iota tokens to be acquired over four years, the foundation aims to transform real assets into digital and position DLT technology prominently in the region. The Abu Dhabi Global Market Registration Authority (ADGM) supports the initiative, aiming to make the country a leader in the blockchain sector. The Iota Ecosystem DLT Foundation is one of the first to be approved under ADGM’s new DLT foundation regulations.
Cristiano Ronaldo, the famous football player, is the target of a $1 billion class action, similar to that faced by Binance’s former CEO, Changpeng Zhao. The same two plaintiffs are suing Ronaldo, alleging similar violations in securities laws. The lawsuit, which involves the law firm Moskowitz, known for high-profile cases, including the FTX collapse and actions against celebrities like Shaquille O’Neal and Tom Brady, highlights the increasing scrutiny on celebrity endorsements in the crypto sector. The action against Ronaldo and CZ reflects notable similarities in terms of structure and legal language, emphasizing regulatory compliance issues in the field of cryptocurrencies.
The Philippines Securities and Exchange Commission issued a warning about Binance’s operations, informing that the cryptocurrency exchange does not have registration or authorization to operate in the country. The Philippine SEC warned of severe penalties for those promoting Binance in the Philippines, including up to 21 years in prison and significant fines. This alert adds to the regulatory challenges Binance faces globally, with legal actions and restrictions in various countries, including the US, UK, and European nations.
His Majesty’s Revenue and Customs (HMRC) in the UK is demanding that cryptocurrency users declare and pay their taxes within a defined deadline, or face additional interest and fines. According to guidance released on November 29, HMRC asks taxpayers to select one of three options, depending on their previous actions regarding tax payment. The tax liability varies from four to twenty years, depending on the intention and care of the user in managing their tax obligations. In addition, the authority warns about the accrual of interest on late payments and the need to include all types of digital tokens in the declaration, with Capital Gains Tax rates varying between 10% and 20%.
The Bank for International Settlements (BIS) released the final report of Project Whirlwind, focused on central bank digital currency (CBDC). This 46-page report, published on November 29, details the eCash 1.0 and eCash 2.0 prototypes, based on privacy and security concepts. eCash 1.0 provides total anonymity to the payer, while eCash 2.0 offers enhanced security. The project demonstrates the feasibility of a CBDC that maintains consumer anonymity in transactions while meeting regulatory requirements. The proposed payment process integrates current technologies, such as QR Codes and proof-of-stake protocols.
The US Department of Justice, with the assistance of Tether (COIN:USDTUSD), recovered about $9 million in USDT from a network of scammers specializing in “pig butchering”, a fraud that deceived cryptocurrency investors. This operation was possible thanks to Tether’s cooperation, which has previously collaborated with the Secret Service and now joins the FBI. The DOJ used advanced technology to track the stolen funds, which were spread across various cryptocurrencies and digital addresses.
The US SEC is calling for public opinions on the Bitcoin ETF proposals of Franklin Templeton and Hashdex. In a recent announcement, the commission opened a comment period to assess these spot Bitcoin ETFs. Form 19b-4, necessary for the disclosure of request details, is an essential part of this process. The SEC is particularly interested in issues of market manipulation and fraud. Despite previous concerns about manipulation, there is growing optimism in the crypto community about the possible approval of these ETFs, representing a significant step in the development of the cryptocurrency market.
Zipmex, a Thai cryptocurrency exchange facing financial difficulties, is offering its creditors an initial payment of 3.35 cents for every dollar owed, with the potential to increase to 29.35 cents depending on the company’s financial recovery. Despite this, the main creditors are dissatisfied with the plan and are calling for an independent review of Zipmex’s debts, which total $97 million. Zipmex CEO Marcus Lim has not confirmed the exact details of the restructuring plan, despite acknowledging inaccuracies in the reported numbers. The company, which has applied for bankruptcy protection in Singapore, faces a creditor vote on the plan in December.
Cryptocurrency exchange Poloniex plans to resume its withdrawal and deposit services from November 30, following a $100 million hack on November 10. The resumption will be gradual, starting with transactions of Tron (COIN:TRXUSD), followed by Bitcoin (COIN:BTCUSD), Ethereum (COIN:ETHUSD), USDT (COIN:USDTUSD), and other cryptocurrencies over the next two weeks. In addition, Poloniex is preparing new listings and an airdrop in partnership with HTX DAO for users who kept assets on the platform during the incident. The exchange emphasizes the importance of using updated deposit addresses to ensure the security of funds.
Decentralized finance platforms Aerodrome and Velodrome announced on November 28 that their front-end systems were breached. Alerts were issued on X (formerly Twitter), advising users not to use the services during investigations. Reports indicate suspicious movements of approximately $40,000. Aerodrome, with a total value locked (TVL) of $63.59 million, and Velodrome, with $139.73 million, are part of a DeFi sector often targeted by hackers, with significant losses in 2022 and 2023.
The perpetrator of the $46 million attack on KyberSwap demanded respect and civility from the company’s executives and token holders, threatening to delay future negotiations in response to hostilities. In a November 28 message, the hacker indicated the possibility of a deal with KyberSwap, but warned that this would only happen under more cordial treatment. After receiving threats from the KyberSwap team and a conditional reward offer for returning 90% of the stolen funds, the hacker reacted cautiously, while the KyberSwap team reported that they have already contacted authorities to track him down. KyberSwap managed to recover part of the funds and is waiting for the hacker’s proposal.
Forbes is innovating by registering its famous “Under 30” list on the Ethereum blockchain, marking a notable merger between traditional media and Web3 technology. This initiative will immortalize the achievements of the young people highlighted on the list in a permanent blockchain record. Jeremy Allaire, CEO of Circle, and other Web3 professionals like Eric Chen and Albert Chon of Injective Labs, and Aya Kantorovich of Fractal, are part of the jury for the “30 Under 30 Finance 2024” category.
The Bitcoin NFT market, Bioniq, is preparing to launch on the Internet Computer Protocol (COIN:ICPUSD) on December 6, aiming to reduce the network fees associated with Bitcoin Ordinals registrations. Bioniq CEO Bob Bodily revealed that the project, under development since February 2023, offers a marketplace with Ordinals smart contract auctions on ICP, a cross-chain Bitcoin-ICP wallet, and a registration tool. Operating on ICP, the platform promises transactions under two seconds and optimized storage costs, in addition to allowing smart contract functionalities for Bitcoin without centralized inter-chain bridges. With the increase in Ordinals transactions, Bioniq seeks to offer an efficient and secure solution for trading Bitcoin-based NFTs.
Jack Dorsey, co-founder of Twitter, now known as X, is investing in a new Bitcoin (COIN:BTCUSD) mining pool, Ocean, with an investment of $6.2 million. The goal is to return control over rewards and transaction fees to the miners. Ocean, created by Mummolin, promises to be a decentralized and transparent mining pool, allowing miners to receive directly from the Bitcoin blockchain. Focusing on decentralization, the pool aims to be an alternative to the custodial practices of traditional pools, reducing centralization and increasing miners’ autonomy in the process.
The Wormhole protocol, which allows communication between different blockchains, raised $225 million in a funding round, reaching a valuation of $2.5 billion. The round was led by prominent investors such as Brevan Howard and Coinbase Ventures. The Wormhole Foundation also announced the creation of Wormhole Labs, dedicated to developing tools that stimulate cross-chain activity. Launched in 2021, Wormhole has processed over $35 billion in transactions and faced challenges such as a significant hack in 2022.
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