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Crypto: Monday’s Crypto Market Decline, MetaMask Expands Global Reach, and More

Fernanda T
Latest News
December 11 2023 02:50AM

Bitcoin and Ether face declines with massive market sell-offs

Bitcoin (COIN:BTCUSD) and Ether (COIN:ETHUSD) experienced significant drops today, with Bitcoin falling to $42,270 and Ether to $2,240, marking a significant low in the cryptocurrency market. This retracement resulted in massive liquidations, exceeding $94 million in Bitcoin, primarily in long positions. The global crypto market witnessed $320 million in liquidations, contributing to a total of $360 million across various exchanges. Analysts, despite this turbulence, remain optimistic, predicting record highs for Bitcoin in the coming year, driven by key market events.

Google enhances cryptocurrency advertising policy for increased safety

Google (NASDAQ:GOOGL) is revising its cryptocurrency advertising policy starting on January 29, 2024, to raise advertising standards. The change focuses on Cryptocurrency Money Trusts, which offer capital in cryptocurrency rather than direct ownership. Advertisers must follow local laws and Google’s guidelines for certification. Violations will result in warnings and potential account suspensions. The initiative aims to protect users from cryptocurrency investment risks and ensure trustworthy promotions. After banning cryptocurrency ads in 2018, Google relaxed the ban in 2019 for regulated platforms. In September, it tightened rules for NFT ads, excluding those promoting gambling. This update comes amid an increase in cryptocurrency advertising fraud, especially on social media.

Cardano surges in a week, leading the cryptocurrency market

Cardano’s native token (COIN:ADAUSD) recorded a significant increase of around 40% in the last 7 days, surpassing cryptocurrencies like Bitcoin (COIN:BTCUSD) and Ethereum (COIN:ETHUSD). This growth reversed early-year losses, with an increase of approximately 150% in 2023, most of which occurred in the last six months. This remarkable performance is driven by the positive trend in the cryptocurrency market and the increase in Cardano’s social dominance, although Santiment warns of possible investor over-enthusiasm. Meanwhile, Cardano’s DeFi sector has also flourished, reaching a new all-time high of around $420 million, with its leading protocols experiencing significant growth.

Tether aligns with OFAC sanctions and freezes wallets with USDT

Tether (COIN:USDTUSD), responsible for the world’s largest stablecoin, USDT, has frozen wallets of individuals sanctioned by the U.S. OFAC. The measure aims to prevent the misuse of its tokens and strengthen security, aligning with global standards. Tether, which has previously frozen funds linked to illicit activities, has now blacklisted addresses associated with the Tornado Cash protocol. Data indicates that Tether has frozen 161 Ethereum wallets, although most do not contain USDT. Among the remaining 11 wallets, over 3.5 million USDT tokens are held, with one address containing the majority. The company has also benefited from a significant increase in the value of its Bitcoin holdings, gaining 85%, or $1.1 billion, since acquisition.

Binance ends trading in Russian ruble and withdraws from the Russian market

Binance, one of the largest cryptocurrency exchanges, announced it will cease trading of the Russian ruble on its P2P platforms starting from January 31, 2024. The decision follows a sale to CommEX and is a response to compliance and regulatory concerns in Russia. Users are advised to transfer their assets to CommEX or convert rubles into cryptocurrency before the deadline. The withdrawal from the Russian market was motivated by regulatory issues following sanctions related to the Ukraine invasion and compliance concerns with sanctioned banking partners.

HTX faces $248 million outflow after security breach; Hong Kong Court rules against Huobi in trademark dispute

HTX, a cryptocurrency exchange linked to Justin Sun, formerly known as cHuobi, experienced a net outflow of $248 million since resuming operations after a major security breach that resulted in the loss of $30 million in tokens. Despite promises of refunds and investigations, customer trust appears shaken. Justin Sun, also associated with Poloniex and HECO Bridge, faces legal scrutiny. The composition of HTX’s reserves, including Bitcoin (COIN:BTCUSD), Tron (COIN:TRXUSD), and HT (COIN:HTUSD), reflects the complexity of the landscape as the exchange continues to navigate security challenges and investor trust.

In other news, the Hong Kong High Court ruled in favor of X-SPOT GLOBAL LIMITED in a trademark infringement lawsuit against Huobi Global Limited. The court has prohibited Huobi from using the “Huobi” trademark or any similar logo in Hong Kong until the final judgment. X-SPOT claimed exclusive rights to the trademark and accused Huobi Global of unauthorized use, violating the original acquisition agreement.

Conio and Coinbase partner to expand digital asset offerings in Italy

Conio, a company specializing in cryptocurrency wallets and partially owned by Poste Italiane and Banca Generali, has partnered with Coinbase (NASDAQ:COIN) to provide a variety of digital assets to Italian banks and financial institutions. With over 400,000 customers, Conio, in collaboration with Coinbase Prime, aims to provide liquidity and expand its wallet support to include up to 50 tokens by the end of 2023.

Ark Invest sells over $100 million in Coinbase shares

Ark Invest, led by Cathie Wood, sold over $100 million in Coinbase (NASDAQ:COIN) shares in the past week, including $49.2 million in sales on Friday. The divestments were made through various ETFs, including Fintech Innovation, Next Generation Internet, and Innovation. This sale occurred as Coinbase shares reached their highest value since April 2022 but still remain 57% below the 2021 peak. The company also reduced its holdings in the Grayscale Bitcoin Trust (USOTC:GBTC) by $3.7 million, following the rise of Bitcoin (COIN:BTCUSD) above $44,000 before a market correction.

MetaMask grows globally with new partnerships in six countries

MetaMask, a prominent cryptocurrency wallet, expands globally by partnering with payment services in six countries, including Vietnam, the Philippines, Indonesia, Thailand, Egypt, and Chile. These collaborations aim to offer local payment methods and increase its global presence. MetaMask has also strengthened support for local transfers in Asia and introduced new security measures, such as PPOM, to protect against phishing, solidifying its leadership in the cryptocurrency wallet market.

M&G Plc expands crypto market with $20 million investment in GFO-X

M&G Plc, a British asset management company, announced a $20 million investment in the bitcoin derivatives exchange, GFO-X, with the goal of supporting regulated trading of digital assets and meeting the growing demand from institutional investors. With the partnership of the London Clearing House, GFO-X aims to provide a secure and regulated environment for cryptocurrency derivatives trading, reflecting the increasing institutional interest in the sector.

Liquidium raises $1.25 million to revolutionize Bitcoin lending

Startup Liquidium raised $1.25 million in a pre-launch funding round, aiming to innovate in the Bitcoin lending sector with ordinal technology. This advancement allows each satoshi of Bitcoin to function as a unique digital artifact, ideal for collateral in loans. With the support of renowned investors, Liquidium aims to develop a secure and user-friendly lending platform, exploring the potential of Bitcoin ordinals and expanding cryptocurrency functionality in the financial market.