Bitcoin remains stable at $26,800 awaiting SEC’s decision on ETF
The price of Bitcoin (COIN:BTCUSD) continued to fluctuate around
$26,800 pending a crucial decision from the U.S. Securities and
Exchange Commission (SEC) regarding its refusal to allow a spot
exchange-traded fund (ETF) of Bitcoin. The cryptocurrency
market is closely watching the SEC’s decision, with analysts
evaluating potential scenarios. Bitget experts noted that a close
below $27,150 would indicate a reversal, targeting $25,000, while a
close above $28,000 suggests a continuation with a target of
$31,000. ‘This is the most likely scenario for Bitcoin at the
moment, but I believe this move will occur next week, as a
short-term oversold condition is already visible in the currency.
The upcoming days of the week will reveal whether we’ll witness a
reversal or a continuation of this pattern.’ The Grayscale Bitcoin
Trust (COIN:GBTCUSD) also stood out, recording its smallest
discount to net asset value since December 2021.
THORSwap resumes operations after updated terms and conditions
THORSwap exchange, which had halted its activities due to
negotiations linked to the FTX hack, resumed operations after
reviewing its terms and excluding countries under US and European
financial sanctions. The platform now restricts access to
users from sanctioned nations such as North Korea and Iran. This
decision follows the movement of funds from a crypto wallet linked
to “FTX Exploiter”.
Arbitrum distributes $40 million in ARB tokens to boost Ethereum
Layer 2 Network
Arbitrum (COIN:ARBUSD) has completed its voting for the first
round of Short-Term Incentives Program (STIP) grants, with 29
projects selected to receive a total of 49.6 million ARB tokens,
worth around US$ $40 million. Perpetual trading protocol GMX
tops the list with 12 million ARB ($15 million), while
decentralized exchange Camelot received the most votes. The
distribution reflects strong interest from perpetual protocols and
DEXs, while some important projects such as Lido Finance and Curve
Finance were left out.
Flare will burn 2.1 billion FLR tokens to strengthen the ecosystem
Blockchain developer Flare (COIN:FLRUSD) plans to burn 2.1
billion FLR tokens, representing more than 2% of the total supply,
to support ecosystem development and avoid dilution of
community holdings. The tokens that will be burned were
originally allocated to Flare’s early backers. Around 198
million FLR will be burned immediately, with another 66 million
being burned monthly until January 2026. Based on current prices,
the total value of the burned tokens is around $20
million. The burning was approved following the approval of
FIP.01 by the Flare community in January.
Mastercard demonstrated CBDC technology for integration across
multiple blockchains
Mastercard (NYSE:MA) announced the success of a central bank
digital currency (CBDC) technology demonstration designed to
integrate CBDCs with multiple blockchain networks, according to a
press release. The technology aims to facilitate the
tokenization, or “wrapping,” of CBDCs across different blockchain
networks to increase consumer convenience and transaction
security. Developed in collaboration with Cuscal and Mintable,
the new solution has been tested with the Reserve Bank of Australia
(RBA) and the Digital Finance Cooperative Research Center (DFCRC)
as part of their CBDC trial project. The technology is part of
Mastercard’s Multi Token Network initiative, launched in 2023, with
the aim of enhancing blockchain-based payment and commerce
solutions. It includes a Crypto Credential feature to
facilitate trust in blockchain interactions and scalable
interoperability across multiple tokens and networks.
Tencent launches digital yuan smart contract for SMEs, aims to
enhance security and avoid risks
Tencent (USOTC:TCEHY), one of the world’s largest technology
companies, based in China, will launch digital yuan smart contract
for SMEs, aiming to accurately track loans and increase
security. The customized solution will allow banks to offer
preferential interest rates due to reduced risk levels, preventing
loan funds from flowing into high-risk areas. Tencent plans to
expand the program and collaborates with China’s central bank on
initiatives related to the digital yuan.
Paradigm supports Binance in dispute with SEC over cryptocurrencies
Crypto investment firm Paradigm has filed an “amicus brief” to
support Binance’s refusal to accept the US SEC
lawsuit. Paradigm is concerned about the SEC’s interpretation
of securities laws and their potential impact on crypto innovation
and other markets. Paradigm argues that secondary market sales
of cryptographic tokens should not automatically be considered
investment contracts. Paradigm believes that this
interpretation would inappropriately broaden the scope of the
securities laws. Other Binance supporters such as Circle and
Investor Choice Advocates Network have also filed similar
documents.
Paolo Ardoino takes over as CEO of Tether while Jean-Louis van der
Velde remains at Bitfinex
Tether (COIN:USDTUSD) announced that Paolo Ardoino will take
over as CEO of the stablecoin company starting in December, while
former CEO Jean-Louis van der Velde will continue as CEO of
exchange Bitfinex and act as an advisor to Tether. Ardoino,
who already held senior roles at Bitfinex, co-led the strategy that
led to a significant increase in Tether’s market capitalization,
which reached $83 billion. Under his leadership, the company
seeks to boost financial inclusion and innovate in the
infrastructure of resilient cities.
CertiK announces job cuts due to evolving blockchain market
CertiK, a programming code auditor for blockchains and smart
contracts, announced job cuts, saying this is part of a strategic
adjustment in response to market dynamics. Around 15% of
employees were affected. The move follows a series of staff
reductions at companies in the blockchain industry due to stagnant
Bitcoin (COIN:BTCUSD) and Ether (COIN:ETHUSD) prices. CertiK,
which raised significant funding last year, remains committed to
its mission of security for blockchains and smart contracts.
Uniswap launches Android wallet app to expand into DeFi
Uniswap, one of the largest decentralized exchanges (DeFi), has
launched its mobile wallet app for Android users. After a
successful launch on iOS, Uniswap saw a surge in downloads and
became one of the top three wallets for new downloads. The
Android version is in beta and allows users to switch between
different blockchains. The platform invited the DeFi community
to test the beta version before the full-scale launch, scheduled
for later this year. Uniswap is the largest DeFi exchange by
cumulative volume, processing over $1.7 trillion in trades to
date.
Investments in blockchain games reach US$2.3 billion in 2023,
despite decline in third quarter
Blockchain gaming projects received a total of $2.3 billion in
investment during the first three quarters of 2023, according to a
report from DappRadar. The third quarter saw $600 million in
investment, with $213 million going into metaverse development and
the remainder invested in Web3 gaming infrastructure and investment
companies. Although investment continues, the amount is around
30% of the previous year’s total, indicating a significant decline
in investment in blockchain games.
Explosive testimony from former Alameda CEO reveals financial
relationship with FTX
The ongoing trial of former FTX CEO Sam Bankman-Fried has
brought shocking revelations to light through the testimony of
former Alameda CEO Caroline Ellison. Secret recording of a
meeting in November 2022 revealed that Alameda had borrowed money
from FTX for a year, investing in illiquid assets. This led to
a deficit on FTX’s balance sheet, resulting in market panic, user
withdrawals, and the collapse of the exchange. FTX planned to
raise more funds to compensate users, but faced
difficulties. Alameda also had access to FTX users’ funds.
US regulators take legal action against ex-CEO of Voyager Digital
US regulators have taken legal action against former Voyager
Digital CEO Steve Ehrlich, alleging fraudulent activities and
deliberate misrepresentation of the level of government protection
offered to customers. The CFTC and FTC initiated actions
against Ehrlich, expanding the complaint to include USDC and
Circle’s Bitcoin as commodities. Ehrlich faces accusations of
misleading customers about Voyager’s financial stability. The
FTC imposed a permanent ban on the company from managing client
assets and a $1.65 billion fine.
South Korean prosecutors investigate former Kakao CEO for alleged
cryptocurrency embezzlement
The Seoul Southern District Prosecutor’s Office will launch a
“full-scale investigation” against former Kakao CEO Kim Beom-su and
other company executives for alleged fraudulent activities and
cryptocurrency embezzlement. The investigation, led by the
Joint Virtual Asset Crimes Investigation Unit, also involves
Kakao’s blockchain subsidiary, Ground X. Civic group Economic
Democracy 21 alleges that Kim and other Kakao members engaged in
fraudulent transactions with the token KLAY (COIN:KLAYUSD),
alleging that up to $223 million may have been misappropriated.
Terraform Labs seeks documents from Citadel Securities in
stablecoin case
Terraform Labs has accused Citadel Securities of participating
in an intentional effort to cause the depeg of its stablecoin
TerraUSD (KRKN:USTUSD) in May 2022. The company has filed a motion
in U.S. District Court in Florida to compel Citadel to provide
documents related to his commercial actions at the
time. Citadel Securities previously denied trading UST in May
2022. Terraform argues the documents are crucial to its defense
against U.S. Securities and Exchange Commission allegations in a
crypto asset securities fraud case.
President of Madeira announces plan for Bitcoin business center
The president of the Regional Government of Madeira, Miguel
Albuquerque, revealed plans to create a Bitcoin (COIN:BTCUSD)
business center to boost regional innovation. During
Bitcoin Amsterdam 2023, Albuquerque discussed the idea with Prince
Filip Karađorđević of Serbia, emphasizing the hub’s openness to
collaborations. Madeira has already adopted income tax
exemption policies for Bitcoin investors, as part of its strategy
to focus on technology, high-tech industries and artificial
intelligence.
Taurus SA expands its presence in Europe with new offices in the
United Kingdom and France
Swiss institutional crypto infrastructure company Taurus SA has
opened two new offices in the UK and France. Former Bank of
America (NYSE:BAC) executive Jürgen Hofbauer and SAP
(NYSE:SAP) veteran Arnaud Fleischer will lead these
offices. The expansion aims to meet growing institutional
demand from banking and corporate customers in Europe. Taurus
also plans to expand further across Europe, subject to regulatory
approval, and strengthen its presence in Switzerland.
Chinese Bitcoin mines in the US raise national security concerns
Chinese-operated Bitcoin mines in the U.S. are raising national
security concerns, with one located near a Microsoft (NASDAQ:MSFT)
data center and an Air Force nuclear missile base. US
authorities have been tracking these facilities closely due to
concerns about intelligence collection. Although some miners
claim that their choice of location is not related to proximity to
sensitive infrastructure, several Bitcoin mines in the US have
alleged ties to the Chinese Communist Party.
Potential links between FTX hack and Russian cybercrime groups,
Elliptic Research reveals
Research from blockchain intelligence firm Elliptic has pointed
to possible connections between the November 2022 FTX hack and
Russian-based cybercrime groups. Around 65,000 ETH, worth
approximately $100 million, was exchanged for Bitcoin through
RenBridge following the attack. Analysis suggests a
Russian-linked actor may be involved, with stolen funds matched
with Russian criminal groups before being sent to exchanges.
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