Bitcoin faces a retreat after Wall Street opening
Bitcoin (COIN:BTCUSD), with a price of $36,407 in the last 24
hours, experienced a significant drop after the opening of Wall
Street on November 16, repeating past price movement trends. There
was a reduction of over $1,000 in a day, following previous
patterns of lows and sell-offs. Market conditions and weakness in
the US dollar are influencing the outlook, with the US Dollar Index
(DXY) falling to near its lowest levels since September. According
to Fernando Pereira from Bitget, current conditions favor a
continued appreciation of Bitcoin in 2024. “The CPI, one of the
key data related to the dollar’s inflation, showed that a deflation
of the currency is happening. The market viewed this positively,
and a lot of money flowed into the equity market, which pushed some
exchanges worldwide close to their all-time highs. This is
important because it removes the fear that investors had of higher
interest rates. The scenario for Bitcoin to continue rising in
2024, I would say, is one of the best possible within the predicted
conditions,” Pereira said in a message to ADVFN.
Dogecoin prepares for a space journey with Astrobotic
A physical Dogecoin token is scheduled to be sent to the moon by
the company Astrobotic of Pittsburgh, as announced by the Dogecoin
developers (COIN:DOGEUSD). Astrobotic plans to launch Dogecoin into
space aboard the Vulcan Centaur Rocket by ULA, on the Peregrine
Mission One (PM1) mission on December 23, 2023, a project funded by
the Dogecoin community in 2015. In addition to Dogecoin, the
mission will carry a Bitcoin token (COIN:BTCUSD) and a copy of the
Bitcoin Genesis Block, at the request of BitMEX and Bitcoin
Magazine, respectively. This space launch follows a previous SpaceX
mission, entirely funded in DOGE, which was postponed to January
2024.
Jupiter announces airdrop to reward early users
Jupiter, a prominent decentralized exchange aggregator on
Solana, has announced a retrospective airdrop to reward its early
users. This program will distribute four billion Jupiter tokens,
representing 40% of the total in circulation, in four phases. The
first phase, starting next week, will allocate one billion tokens
to users who traded a minimum of $1,000 on the protocol, benefiting
approximately 955,000 wallets. The airdrop will feature different
reward levels based on users’ swap volume and will include new
participants in the future. The Jupiter platform, which
consolidates liquidity from multiple Solana DEXs, recorded a
notable volume of almost $1 billion in October 2021.
BlackRock moves forward with Ethereum ETF to expand cryptocurrency
access
BlackRock (NYSE:BLK), recognized as the world’s largest asset
manager, has filed an S-1 form with the U.S. Securities and
Exchange Commission (SEC) for its iShares Ethereum Trust, an
exchange-traded fund (ETF) based on Ether (COIN:ETHUSD). This
initiative comes after the recent trademark registration and
Nasdaq’s request for approval of a spot Bitcoin ETF. BlackRock’s
moves reflect growing interest in cryptocurrency ETFs, such as the
anticipated spot Bitcoin ETF, and indicate a change in CEO Larry
Fink’s perception of the sector, now expressing support for
cryptocurrencies.
SEC postpones decisions on conversion of Hashdex and Grayscale ETFs
The U.S. Securities and Exchange Commission (SEC) has delayed
its decision on Hashdex’s proposal to convert its bitcoin futures
exchange-traded fund (ETF) into a spot ETF. Simultaneously, the SEC
is also postponing the verdict on Grayscale’s request to launch a
new Ethereum futures-based ETF. Both companies, with Hashdex aiming
to convert its bitcoin futures ETF and Grayscale, a subsidiary of
the Digital Currency Group, proposing an Ethereum futures ETF, face
delays following the extension of the initial decision deadline,
which was November 17, as indicated in recent SEC filings.
Binance inaugurates exclusive exchange in Thailand through
strategic partnership
Binance, the cryptocurrency giant, has announced the launch of a
new exchange in Thailand, initially available by invitation only
and expected to open to the general public next year. This
initiative is a partnership with Gulf Innova, a subsidiary of Gulf
Energy Development Pcl, led by billionaire Sarath Ratanavadi. The
Gulf Binance Co. exchange has received approval from the Securities
and Exchange Commission of Thailand to operate digital asset
exchange and brokerage services. Binance has already contributed to
police actions against cryptocurrency fraud in Thailand,
reinforcing its influence in Asia. This year, in addition to
Thailand, Binance has expanded its presence in Japan and
Kazakhstan.
Korean pension fund registers profit with Coinbase stocks
The National Pension Service (NPS) of South Korea, one of the
world’s largest pension funds, acquired 282,673 shares of Coinbase
(NASDAQ:COIN) in the third quarter of 2023, as revealed in a report
to the U.S. Securities and Exchange Commission (SEC). The
investment, initially worth around $19.9 million, appreciated by
39%, reaching $27.7 million. This purchase marks the first time NPS
has invested in Coinbase, avoiding direct investments in
cryptocurrencies due to their volatility. Despite previous
criticism of crypto investments, NPS emphasized that its
participation is limited to the exchange. Meanwhile, Coinbase
shares have seen significant growth in 2023, despite the legal
challenges faced by the company.
Kyle Davies, co-founder of 3AC, allegedly located in Bali
Kyle Davies, co-founder of the now bankrupt cryptocurrency hedge
fund Three Arrows Capital, has allegedly been spotted in Bali,
evading authorities in Singapore. Reports indicate that Davies,
identified in a local café by his clothing and accessories, appears
to be living comfortably despite facing charges in Singapore. He
and his partner, Su Zhu, are accused of not cooperating with
bankruptcy investigations and face arrest. 3AC, which suffered
massive financial losses, is considered one of the largest
bankruptcies in the cryptocurrency sector. Zhu has already been
arrested, while Davies remains free.
Montenegro court upholds prison sentence for Do Kwon
The Higher Court of Montenegro has confirmed a four-month prison
sentence for Do Kwon, the founder of Terra, denying his appeal
against conviction for document forgery. The decision, which also
involves Han Chang-Joon, a Terra executive, follows a previous
trial in a lower court. Kwon and his associate were arrested in
Montenegro in March following the collapse of Terraform Labs. They
remain in custody, awaiting possible extradition to South Korea or
the United States. The Basic Court of Podgorica justified the
sentence as an appropriate and necessary measure to prevent future
crimes.
Fhenix introduces FHE rollups for confidential smart contracts
After securing $7 million in funding, Fhenix has released its
white paper, presenting the revolutionary blockchain platform with
fully homomorphic encryption (FHE). This system, called “FHE
Rollups,” offers an innovative solution for executing smart
contracts while maintaining confidentiality. By using advanced
encryption, calculations can be performed on encrypted data,
ensuring security and privacy. Integration with Ethereum, without
the need for changes to its base layer, makes FHE Rollups a
significant breakthrough, opening new possibilities for private and
secure blockchain transactions.
G2A launches NFT marketplace for Web3 games
G2A, a prominent digital gaming marketplace, has expanded its
offerings by launching a dedicated marketplace for non-fungible
tokens (NFTs) related to Web3 games on November 15. This new
venture aims to promote Web3 games and NFTs selected by the G2A
team, offering gamers the opportunity to explore the blockchain
gaming universe and buy or sell associated digital assets. G2A CEO
Bartosz Skwarczek highlighted in a statement the growing
familiarity of gamers with the blockchain gaming industry and
involvement in NFT trading. “It has been discovered that gamers
are quite familiar with the blockchain gaming industry, and a
significant portion of them is already playing Web3 games and even
engaging in NFT trading,” he said.
Philippines innovates with tokenized treasury bonds
In a pioneering move, the Department of the Treasury of the
Philippines has announced the issuance of tokenized Treasury bonds,
replacing a previously scheduled traditional auction. This
initiative, aligned with the country’s financial modernization,
aims to offer at least $180 million in one-year bonds to
institutional buyers. Distributed ledger technology (DLT) will be
used for execution, maintaining the official record on the
blockchain system and the Scripless National Register of
Securities. This step highlights the global trend of innovation in
the bond market, following similar experiences in Hong Kong,
Singapore, and elsewhere.
Leadership change at Dubai’s VARA in preparation for expansion in
2023
The Virtual Asset Regulatory Authority (VARA) of Dubai, focused
on regulating cryptocurrencies, has announced a change in its
leadership to drive larger-scale operations in 2023. Henson Orser,
former CEO and former banker at Nomura Holdings, is passing the
reins to Matthew White, a former PwC consultant. Orser, who played
a crucial role in establishing the regulatory framework for the
crypto space, will continue to support VARA as a consultant.
Singapore accelerates plans for CBDC
The Monetary Authority of Singapore (MAS) has announced the
start of pilots to test the use of the Central Bank Digital
Currency (CBDC) in wholesale operations. The initiative includes
three main focuses: expanding CBDC testing in wholesale markets,
infrastructure for Singapore’s digital dollar, and a live pilot of
wholesale CBDC. This plan aims to promote innovation and security
in the use of digital money, with MAS using the Orchid Project for
the necessary technology.
Paxos advances with stablecoin project in Singapore
Paxos, a leading cryptocurrency infrastructure company, has
received preliminary approval from the Monetary Authority of
Singapore (MAS) to create Paxos Digital Singapore Pte. Ltd., a new
entity focused on launching a US dollar-backed stablecoin. This
initial approval allows Paxos to offer digital payment token
services and plan the issuance of a stablecoin following MAS’s
stablecoin guidelines. With full approval, Paxos will seek business
partnerships in Singapore for the issuance of the stablecoin. The
initiative follows MAS’s framework for regulating stablecoins and
comes after Paxos’s experience in launching stablecoins, including
PYUSD for PayPal (COIN:PYUSDUSD).
Turkey plans cryptocurrency regulation to exit FATF gray list
Turkey is formulating regulations for its growing cryptocurrency
market, primarily focusing on licensing and taxation. This
initiative aims to remove the country from the gray list of the
Financial Action Task Force (FATF), where it ranks fourth in the
world in crypto trade volume. According to Bora Erdamar of the
BlockchainIST Center, the new rules will focus on strict licensing
standards to prevent abuses and enhance digital security and
reserve verification.
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