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Bitcoin and altcoins await the Fed’s decision

Bitcoin (COIN:BTCUSD) and other cryptocurrencies have stabilized after a recent drop that took prices to their lowest level in 20 months. Investors and analysts are closely watching the U.S. Federal Reserve, anticipating potential interest rate cuts and awaiting approval of the first Bitcoin ETF. Bitget analyst Fernando Pereira is monitoring the market’s technical levels. “I find it unlikely that we will see any significant price movement in BTC until Wednesday when we will know the new U.S. interest rate. We will probably have a quiet day with the price trading near $41k,” Pereira indicated.

Small investor selling pattern drives 70% increase in Cardano

Santiment, an on-chain analysis company, identified a pattern in Cardano (COIN:ADAUSD) that may have triggered a 71% increase in ADA’s price in the last month. The study revealed a significant reduction in the number of small wallets, with a drop of nearly 35,000 addresses on November 17th. Surprisingly, 98.1% of these sales came from small holders, suggesting that large investors may have taken the opportunity to buy. Since then, Cardano has recorded a notable recovery, standing out from other cryptocurrencies with a 6% increase in the last 24 hours.

Cantor Fitzgerald CEO Howard Lutnick praises bitcoin and stablecoins

Howard Lutnick, CEO of Cantor Fitzgerald, expressed admiration for Bitcoin (COIN:BTCUSD), highlighting its halving cycle and decentralization as factors contributing to its popularity. In an interview on CNBC’s Money Mover podcast, Lutnick discussed inflation, the Fed’s response to interest rate cuts, and the dynamics of the cryptocurrency market. He highlighted the pattern of Bitcoin’s price increase after each halving and praised the decentralized nature of the asset. Additionally, he praised Tether (COIN:USDTUSD), mentioning the stability provided by its treasury bonds.

S&P Global rates Tether as ‘restricted’ with a score of 4

S&P Global (NYSE:SPGI), an American credit rating company, has released stability ratings for various stablecoins. Tether (COIN:USDTUSD) received a ‘restricted’ rating of 4 concerning its ability to maintain parity with the U.S. dollar. The rating, which ranges from 1 (strong) to 5 (weak), highlights the lack of transparency in information about USDT’s custodians and counterparties. Despite a significant portion of Tether’s reserves consisting of U.S. Treasury bonds, there are concerns about exposure to high-risk assets. S&P suggests that increased disclosure and regulation could improve USDT’s rating. Circle’s USDC (COIN:USDCUSD) was highlighted as one of the strongest stablecoins, initially receiving the highest score of 1 but adjusted to 2 due to uncertainty regarding bankruptcy protection.

Nasdaq shifts focus to cryptocurrency technology in emerging markets

Nasdaq (NASDAQ:NDAQ) plans to expand its cryptocurrency technology developed for emerging markets, including the carbon sector. After abandoning its digital asset custody project in the U.S. due to regulatory challenges, the company aims to capitalize on its technology to attract customers interested in new assets. Tal Cohen, co-president of Nasdaq, stated that they will launch the technology as a service, targeting the potential of digital and carbon markets.

ARK Invest continues to sell Coinbase shares in a bullish market

ARK Invest, led by Cathie Wood, has continued to sell Coinbase (NASDAQ:COIN) shares for the third day, totaling 82,255 shares, equivalent to approximately $11.5 million, at the close of Tuesday. The sales occurred despite the stability of Coinbase’s shares, staying within 5% of the annual peak. Coinbase shares have risen in parallel with the increase in Bitcoin (COIN:BTCUSD), which has surged about 150% this year. ARK Invest’s policy is to maintain the maximum weight of any company in its ETFs at 10%.

DWS Group, Flow Traders, and Galaxy Digital create company to launch Euro stablecoin

Deutsche Bank’s DWS Group (NYSE:DB), Flow Traders, and Galaxy Digital Holdings (TSX:GLXY) are joining forces to form AllUnity, a company focused on issuing a stablecoin denominated in euros, headquartered in Frankfurt. Alexander Höptner, former CEO of BitMEX, will lead the initiative, which seeks an electronic money license from the German BaFin, aiming to launch the stablecoin in the next 18 months. The partnership aims to serve institutions, businesses, and private users in the stablecoin market.

Blockstream launches Series 2 after the success of BASIC note

Blockstream, a Bitcoin infrastructure company, exceeded its goal of $5 million with Series 1 of the “BASIC” program, focused on profiting from the Bitcoin mining market’s recovery. With $5,075 million raised, the company will allocate most of it to purchase Antminer S19k Pro ASIC machines. Now, it will launch Series 2, aiming to capitalize on low hardware prices before Bitcoin’s halving in 2024. The strategy includes acquiring and storing ASICs for strategic sales over the next two years.

Worldcoin expands digital identity platform with World ID 2.0

Cryptocurrency startup Worldcoin (COIN:WLDUSD), co-founded by Sam Altman, announced the expansion of World ID, its ocular-scanning-based identity system. With integration on major platforms like Shopify (NYSE:SHOP) and Reddit, World ID 2.0 offers a new multi-level verification system. In addition to the standard level, there will be a basic level without retina scans and a stricter level, Orb Plus. Worldcoin emphasizes that it does not store biometric data, aiming to preserve users’ privacy.

Rainbow introduces points program to attract users and reward loyalty

Rainbow, a cryptocurrency wallet accessible via mobile and web, has introduced a points program to reward existing users and attract new ones. Using an Ethereum activity snapshot, Rainbow allocated points to Ethereum (COIN:ETHUSD) users and offered bonuses to MetaMask users. This reward scheme, which the company calls “fox hunting,” could lead to future Rainbow token airdrops (COIN:RNRWUST).

Cryptocurrency and fintech adoption growing rapidly in Latin America

Fintech companies in Latin America are rapidly adopting digital solutions, driven by the increasing acceptance of cryptocurrencies in the region. A report from Circle highlighted that Latin Americans received $562 billion in digital currency between 2021 and 2022, with stablecoins playing a crucial role. The region presents a high market demand, political support, and widespread use of the U.S. dollar, favoring the adoption of stablecoins for daily transactions.

Nubank expands cryptocurrency services to include withdrawals and USDC

Brazilian neobank Nubank (NYSE:NU) plans to allow cryptocurrency withdrawals on its platform, responding to demands from the country’s Bitcoin (COIN:BTCUSD) community. Starting next year, users will be able to withdraw crypto assets directly from the banking app. Additionally, Nubank will integrate the stablecoin USDC (COIN:USDCUSD) following an agreement with Circle. This initiative is part of an expansion that includes the addition of 11 altcoins in 2023 and the appointment of David Marcus, former head of blockchain at Meta (NASDAQ:META), to the company’s board.

OKX DEX Aggregator compromised in security breach

OKX DEX Aggregator suffered a security breach due to an outdated smart contract, resulting in the loss of approximately $370,000. OKX reacted by revoking permissions and promising to reimburse affected users. The breach involved the theft of notable tokens, including USDC (COIN:USDCUSD) and SHIBA INU (COIN:SHIBUSD). The company is conducting a comprehensive review and working with authorities to track the stolen funds, with potential total losses reaching $1.1 million.

Binance and former CEO contest SEC intervention in DOJ agreement

Binance Holdings and its former CEO, Changpeng Zhao, are contesting the SEC’s attempt to incorporate details of Binance’s $4.3 billion agreement with the U.S. Department of Justice (DOJ) into its legal proceedings. The company considers the SEC’s action to be procedurally inadequate and inadmissible. Since June 2023, Binance has faced SEC charges for alleged securities law violations, including mishandling customer assets. Binance’s response highlights the lack of relevance and procedural flaws in the SEC’s approach.

Justin Sun assures asset security in HTX and Poloniex after hack

Cryptocurrency magnate Justin Sun has assured that assets in HTX and Poloniex are “100% safe” after a hack resulting in the theft of over $200 million. Both exchanges have partially resumed withdrawals, primarily for Bitcoin (COIN:BTCUSD) and Tron (COIN:TRXUSD), while some altcoins remain locked. Sun stated that most of the assets have already been recovered, and all losses have been covered, ensuring the safety of customer assets.

Insomniac Games targeted in cyberattack with bitcoin ransom demand

Game studio Insomniac Games, known for titles like Spider-Man 2 and Ratchet & Clank, fell victim to a cyberattack by the Rhysida group, according to CyberDaily. Hackers are demanding a ransom of 50 Bitcoin (COIN:BTCUSD), valued at over $2 million. Sony (NYSE:SONY), the owner of Insomniac, is investigating the incident. The attack resulted in access to sensitive data, including personal information of employees and screenshots of the upcoming Wolverine game. Insomniac faces a one-week deadline to meet the hackers’ demands, who have already started auctioning off the stolen data.

IRS-CI highlights cryptocurrency criminal cases in its top 10 for 2023

The IRS Criminal Investigation Division (IRS-CI) has revealed its list of the top 10 criminal cases for 2023, with a focus on crimes involving cryptocurrencies. Four of the most notable cases include the seizure of Bitcoin from the Silk Road, the conviction of Karl Sebastian Greenwood in the OneCoin fraud scheme, the arrest of Amir Elmaani for tax evasion, and the conviction of Ian Freeman for money laundering with Bitcoin. Jim Lee, division head, emphasized the team’s ability to track complex financial transactions and dismantle fraudulent schemes.

3AC’s Su Zhu to be released after good behavior in prison

Su Zhu, co-founder of cryptocurrency hedge fund Three Arrows Capital (3AC), will be released after serving four months in prison for lack of cooperation in the company’s liquidation. Bloomberg reported that his good behavior in custody contributed to his release. Simultaneously, Zhu faces questioning about the collapse of 3AC and the location of its assets. Teneo, the liquidator of 3AC, seeks to recover $1.3 billion from the co-founders, while Singapore authorities are also investigating them. 3AC, which managed around $18 billion, collapsed due to risk mismanagement and reckless transactions.

SBF’s lawyer criticizes his performance in trial

David Mills, lawyer for Sam Bankman-Fried (SBF), co-founder of FTX, described him as the “worst person” he has ever seen in an interrogation. In an interview with Bloomberg, Mills highlighted that SBF deviated from the prepared legal strategy and handled questions from prosecutors poorly. Mills believes that although better performance would not change the verdict, the trial was not fair, maintaining the opinion that SBF is innocent because he had no intention of wrongdoing.

Donald Trump launches NFTs based on his recent arrest

Former U.S. President Donald Trump has unveiled a new series of non-fungible tokens (NFTs) inspired by his arrest, according to an announcement on X, formerly known as Twitter. Trump was arrested in August 2023 on conspiracy charges related to the 2020 elections. The collection of 47 NFTs includes a photo of his arrest, with each item priced at $99. Collectors who acquire all of them will receive exclusive rewards, including dinners at Mar-a-Lago and fragments of Trump’s suit worn during his arrest.

LINE NEXT raises $140 million to expand global web3 platform

LINE NEXT, the NFT subsidiary of South Korean-based LINE Corporation, has raised $140 million to strengthen its Web3 ecosystem. Led by Crescendo Equity Partners, the investment is considered the largest in the Asian blockchain Web3 sector this year. With this capital, LINE NEXT will launch its global NFT platform, DOSI, in January 2024, aiming to popularize Web3 usage and give brands ownership of digital products.