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Bitcoin’s recent rise was influenced by falling interest rates, which also benefited traditional markets. Recently, the cryptocurrency market has shown remarkable growth, with Bitcoin, the largest cryptocurrency, exceeding large companies in market capitalization such as Tesla (NASDAQ:TSLA) and Visa (NYSE:V). Bitcoin has reached a market capitalization of US$809.6 billion, approaching the market cap of Meta (NASDAQ:META), making it become the tenth largest global asset. Its value has increased by 23% in the last 30 days, currently trading at US$43,670. The upcoming US employment report could significantly affect Bitcoin (COIN:BTCUSD) and financial markets.Expectations for interest rate cuts by the Federal Reserve depend on the economic slowdown. Friday’s report, expected to show a gain of 185,000 jobs, is crucial. Negative results could boost Bitcoin, while positive results could hinder its recovery.
The Cardano (COIN:ADAUSD) DeFi ecosystem is close to reaching its highest value of locked assets (TVL) in 21 months, approaching US$300 million, driven by the appreciation of the ADA token. Cardano’s TVL is $298 million, an increase of 508% since the beginning of the year. Trading volume on Cardano’s DEXs also grew, indicating greater activity and confidence in the ecosystem. Furthermore, the price of ADA has risen by more than 19.3% in the last 7 days, contributing to the increase in Cardano’s market capitalization.
BitTorrent’s native token (COIN:BTTUSD), used in decentralized file-sharing applications, has seen a notable jump of more than 75% on Wednesday, reaching highs above US$0.0000011, the highest value since May 2022. This increase came after the announcement that the Tron network, the basis of the BTT token, surpassed 200 million users. However, BTT has suffered a 30% drop since its peak, trading at around $0.00000076, remaining a high-risk investment. The utility of BTT, which aims to improve the BitTorrent protocol, remains a concern for investors.
The BNB token (COIN:BNBUSD) from Binance, a leading cryptocurrency exchange, recorded lower-than-expected growth, contrasting with other digital assets. This trend reflects Binance’s recent challenges, including admissions of guilt and a $4.3 billion fine in US lawsuits. While the cryptocurrency market grew by around 12% in the last week, BNB saw a modest increase of 1.58%. Regulatory investigations and the drop in Binance’s market share, from 55% to 32% in spot trading and from 60% to 48% in derivatives, impacted confidence in the token. With the recent change in leadership to Richard Teng, Binance seeks restructuring to regain its market position, but BNB continues to face uncertainty.
Merit Circle DAO has joined forces with Immutable to expand its Beam gaming ecosystem. Utilizing Immutable’s zkEVM scaling solution, powered by Polygon, Beam will launch, offering advanced tools for web3 game developers and improving user experience. This collaboration integrates innovative technologies from Immutable, such as Immutable Orderbook and Passport, aiming to increase revenue and liquidity in games. The BEAM token (COIN:BEAMMUSD) has grown 212% in the last 7 days.
Worldcoin (COIN:WLDUSD), known for its iris scanning project, has announced a new initiative called ‘Wave0’. This initiative aims to support innovators in developing adaptive technologies and promoting fairer systems, with a budget of 5 million dollars. Sam Altman, CEO of OpenAI, supports the program that will be managed by the Worldcoin Foundation, a non-profit entity. The fund will be distributed across three categories of grants, paid in WLD tokens, on the Ethereum blockchain. The selected projects should contribute to the advancement of Worldcoin technology, including improvements to World ID, the platform’s identification system. The foundation also considers payments in stablecoins such as USDC (COIN:USDCUSD).
Jamie Dimon, CEO of JPMorgan Chase (NYSE:JPM), reaffirmed his strong aversion to cryptocurrencies, suggesting a ban on digital assets such as o Bitcoin (COIN:BTCUSD). In a session of the Senate Banking Committee, questioned by Senator Elizabeth Warren, Dimon associated cryptocurrencies with illicit activities and proposed their closure if possible. His comments, consistent with previous criticisms, include describing Bitcoin as a “scam.” However, he recognized the potential of blockchain technology. During the hearing, he and other bank CEOs agreed to apply anti-money laundering regulations to crypto companies, similar to those for traditional financial institutions.
ARK Invest, led by Cathie Wood, sold shares of Coinbase (NASDAQ:COIN) again on Wednesday, raising about $ $24.3 million for the sale of 180,422 shares. Sales were made through the ETFs ARKK (AMEX:ARKK), ARKW (AMEX:ARKW ) and ARKF (AMEX:ARKF), while Coinbase’s price remained near its 19-month high. The company also sold shares of the Grayscale Bitcoin Trust (USOTC:GBTC), totaling nearly $3.5 million.
The UK’s Financial Conduct Authority (FCA) has issued a warning against Poloniex, a cryptocurrency exchange linked to Justin Sun, for offering unauthorized financial services in the country. The FCA has warned UK residents to avoid doing business with Poloniex, highlighting that the company is not authorized to operate in the region and that customers do not have access to complaints services or financial compensation. Meanwhile, Poloniex faces challenges including asset withdrawal issues following a recent hack. Additionally, some cryptocurrencies are being traded on Poloniex at discounts compared to other platforms.
Singapore-based Cake Group, the parent company of Bake, is ceasing operations and seeking receivership. The decision, made by founder U-Zyn Chua in the High Court of Singapore, follows a period of financial difficulties, including layoffs of 30% of employees. The liquidation order comes amid a decline in the company’s revenue, which fell from $631 million in 2021 to $266 million in 2022, following a challenging period for the cryptocurrency market.
Cryptocurrency exchanges Upbit, Bybit and CCData have recorded the biggest gains in spot market share this year, according to OKX analysis. Upbit, Bybit and CCData increased their market shares by 6.39%, 4.89% and 3.86%, reaching 9.20%, 5.80% and 7.41%, respectively. On the other hand, Binance, BeQuant, and Crypto.com experienced significant declines. In the derivatives markets, OKX and Bybit saw substantial growth, while Binance faced the biggest drop since October 2020, despite leading in monthly trading volume in November, followed by OKX and Bybit with significant increases in their volumes.
Robinhood (NASDAQ:HOOD) is expanding its crypto app to the European Union, including a Bitcoin rewards program. Customers will be able to earn a percentage of their BTC trading volume each month. The program offers up to 1 BTC for new users and referrals, with most rewards ranging between 10 to 20 euros. Rewards start at 0.10% for smaller trading volumes, increasing to 0.325% above €1 million with a 30-day account lock. The initiative follows the recent launch of Robinhood in the UK and the discontinuation of support for Cardano (COIN:BTCUSD), Polygon (COIN:MATICUSD) and Solana (COIN:SOLUSD).
One Trading, spun off from Bitpanda, is about to launch its F.A.S.T platform, promising to be the fastest digital asset trading venue ever seen. With a matching and risk engine operating in less than a microsecond, it surpasses the speed of the London Stock Exchange’s Turquoise and is a thousand times faster than the CME. The platform will offer free trading in cryptocurrencies and seeks to attract institutional traders, planning to launch derivatives and structured products in the future.
Tulip Trading, owned by Craig Wright, who claims to be Satoshi Nakamoto, creator of Bitcoin (COIN:BTCUSD), must prove the possession of approximately 110,000 bitcoins in a lawsuit against bitcoin developers initiated in 2021. The developers dispute Tulip’s lawsuit, which accuses them of failing to help recover billions in bitcoins allegedly lost in a hack. A preliminary trial by the High Court of England and Wales will decide whether Tulip actually owns these bitcoins. The case, filed in March 2022 and reinstated after an appeal, will also investigate the occurrence of the alleged hack and the loss of private keys. The Bitcoin Legal Defense Fund, backed by Jack Dorsey among others, is involved in the case.
In the United States, the recent Republican presidential debate discussed topics such as Bitcoin (COIN:BTCUSD), Ethereum (COIN:ETHUSD), and SEC regulation. Pro-crypto candidate Vivek Ramaswamy criticized the current U.S. regulatory approach, citing cases like FTX and Binance. He proposed a significant reduction in the SEC staff and suggested a more flexible treatment for most cryptocurrencies, considering them as commodities, outside the SEC’s reach. Ramaswamy also pointed out the SEC’s inefficiency in clearly defining the regulatory nature of Ethereum.
Deloitte, one of the leading accounting firms, is using Polkadot’s Kilt blockchain to offer advanced logistics and supply chain services in the naval industry. This initiative, in collaboration with Nexxiot, includes the launch of the KYX logistic service, a fusion of KYC (Know Your Client) and cargo tracking. The system, built on the Kilt network, aims to improve security and efficiency in customer identification and goods tracking, with Hapag-Lloyd and Vodafone (NASDAQ:VOD) among the first to adopt it.
The Babylon project, focused on an innovative protocol for Bitcoin staking, has raised $18 million in its Series A, led by Polychain Capital and Hack VC. This funding, following the same structure as the initial $8 million round, attracted investors like Framework Ventures and Polygon Ventures. Babylon’s goal is to integrate bitcoins into proof of staking (PoS) blockchains to increase the security of these networks. Babylon’s implementation is scheduled for the next Bitcoin halving in 2024, with plans to expand the team and ecosystem.
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