Bitcoin fluctuates near $38,000; expert analysis and forecasts by
Fernando Pereira
Bitcoin experienced a slight drop, retreating from its $38,000
mark on November 29 amid market uncertainty. Analysts like Keith
Alan highlighted the potential for manipulation by major market
operators. Concurrently, the financial community is turning its
attention to the upcoming speech by Jerome Powell, chairman of the
Federal Reserve, scheduled for December 1, which could be a turning
point for the market. Bill Ackman of Pershing Square Capital
Management anticipates that the Fed could reduce its rates in early
2024 due to slowing inflation. While the Bitcoin market remains
expectant, many remain positive about a rise beyond $40,000.
Fernando Pereira from Bitget adds his perspective, indicating that
“the formation of an ascending triangle on the Bitcoin chart
suggests two possible scenarios: a break above $38.5k could raise
the price to $40.2k by the end of the week, while failing to break
this level could drop the price to $35.5k”.
TVL in Solana DeFi hits annual peak with SOL price growth
The DeFi ecosystem on the Solana blockchain reached an annual
peak in its total value locked (TVL), following a significant
appreciation in the price of the SOL asset (COIN:SOLUSD). Solana’s
TVL surpassed $640 million, an increase of 5.27% in 24 hours,
driven by a jump in the price of SOL, which reached $61.07. This
advance moved Solana to the 8th place among the highest performing
DeFi networks. Despite significant growth in 2023, the TVL is still
below its all-time high in 2021. In addition, an increase in
trading activity on decentralized exchanges (DEX) and daily
transactions on the Solana network signals growing investor
interest in Solana’s DeFi ecosystem.
Celestia faces challenges after airdrop while TIA struggles with
price resistance
Following the airdrop of Celestia (COIN:TIAUSD), the TIA token
experienced a weekly appreciation of over 19%, but now faces
resistance in its price trajectory, raising doubts whether it is
still a good time to buy. The token returned to a local supply
zone, but struggles to overcome resistance near its all-time high.
In addition, there are concerns about Celestia’s aggressive token
supply schedule, which will significantly dilute the circulating
supply of 144 million with an additional 850 million tokens over
the next four years. The price of TIA, currently around $6.13, was
driven by a double bottom pattern and support from the 20DMA.
However, vulnerability remains, indicated by the elevated RSI,
suggesting overbuying.
Increase in Terra Luna Classic price boosts market optimism
Terra Luna Classic (COIN:LUNCUSD) saw a 63% jump over the last 7
days, reaching $0.000116. With a monthly increase of 96.6%, LUNC is
recovering from a challenging year. This advancement is driven by
developments in the Terra Luna Classic community and renewed
interest from large investors, indicating ongoing growth
potential.
Republic launches digital security token on INX using Avalanche
Blockchain
Republic, an investment firm, will list its digital security
token, Republic Note, on the INX platform, using the Avalanche
blockchain on December 6. This token gives investors access to
Republic’s extensive portfolio, including over 750 companies,
notably SpaceX and Dapper Labs. Aimed at retail investors, the
token promises dividends in USDC (COIN:USDCUSD), generated by
liquidity events of participating companies. The listing attracted
significant investments, including from Binance and the Avalanche
Foundation (COIN:AVAXUSD).
BNB Chain aims to increase speed and reduce fees with opBNB
Developers of the BNB Chain (COIN:BNBUSD) are planning to
increase transaction speed to 10,000 TPS and cut fees by 90% on the
opBNB layer 2 network. With the first fee cut scheduled for
December 4, the network, based on Optimism’s OP Stack, aspires to
be one of the fastest layer 2 networks. opBNB has already seen
significant growth in users and transactions since its launch in
September. Upcoming updates, including an increase in the gas limit
per block, aim to support DeFi applications and on-chain games.
Santander chooses Taurus for Swiss clients’ cryptocurrency custody
Santander (NYSE:SAN), a major Spanish financial institution, has
reportedly chosen Taurus, a digital asset management company, for
the custody of Bitcoin (COIN:BTCUSD) and Ether (COIN:ETHUSD) for
its Swiss clients. Launched on November 20, Santander Private
Banking International’s cryptocurrency trading service is available
to clients in Switzerland upon request. Although Santander has not
officially confirmed the partnership with Taurus, sources indicate
that the company was selected for the security of digital assets.
Taurus already collaborates with Deutsche Bank (NYSE:DB) in similar
cryptocurrency custody services. Meanwhile, other banks, like
Germany’s DZ Bank, are developing their own digital custody
platforms.
Iota launches foundation for expansion in the Middle East with
headquarters in Abu Dhabi
Iota (COIN:IOTAUSD), an open-source blockchain developer,
announced the creation of the Iota Ecosystem DLT Foundation in Abu
Dhabi, focused on developing its distributed ledger technology
(DLT) in the Middle East. With a fund of $100 million in digital
Iota tokens to be acquired over four years, the foundation aims to
transform real assets into digital and position DLT technology
prominently in the region. The Abu Dhabi Global Market Registration
Authority (ADGM) supports the initiative, aiming to make the
country a leader in the blockchain sector. The Iota Ecosystem DLT
Foundation is one of the first to be approved under ADGM’s new DLT
foundation regulations.
Cristiano Ronaldo faces class action similar to Binance’s CZ
Cristiano Ronaldo, the famous football player, is the target of
a $1 billion class action, similar to that faced by Binance’s
former CEO, Changpeng Zhao. The same two plaintiffs are suing
Ronaldo, alleging similar violations in securities laws. The
lawsuit, which involves the law firm Moskowitz, known for
high-profile cases, including the FTX collapse and actions against
celebrities like Shaquille O’Neal and Tom Brady, highlights the
increasing scrutiny on celebrity endorsements in the crypto sector.
The action against Ronaldo and CZ reflects notable similarities in
terms of structure and legal language, emphasizing regulatory
compliance issues in the field of cryptocurrencies.
Philippine SEC warns about unregistered Binance operations in the
country
The Philippines Securities and Exchange Commission issued a
warning about Binance’s operations, informing that the
cryptocurrency exchange does not have registration or authorization
to operate in the country. The Philippine SEC warned of severe
penalties for those promoting Binance in the Philippines, including
up to 21 years in prison and significant fines. This alert adds to
the regulatory challenges Binance faces globally, with legal
actions and restrictions in various countries, including the US,
UK, and European nations.
UK warns about deadlines and penalties for cryptocurrency taxes
His Majesty’s Revenue and Customs (HMRC) in the UK is demanding
that cryptocurrency users declare and pay their taxes within a
defined deadline, or face additional interest and fines. According
to guidance released on November 29, HMRC asks taxpayers to select
one of three options, depending on their previous actions regarding
tax payment. The tax liability varies from four to twenty years,
depending on the intention and care of the user in managing their
tax obligations. In addition, the authority warns about the accrual
of interest on late payments and the need to include all types of
digital tokens in the declaration, with Capital Gains Tax rates
varying between 10% and 20%.
BIS’s Project Whirlwind reveals CBDC prototypes with payment
anonymity
The Bank for International Settlements (BIS) released the final
report of Project Whirlwind, focused on central bank digital
currency (CBDC). This 46-page report, published on November 29,
details the eCash 1.0 and eCash 2.0 prototypes, based on privacy
and security concepts. eCash 1.0 provides total anonymity to the
payer, while eCash 2.0 offers enhanced security. The project
demonstrates the feasibility of a CBDC that maintains consumer
anonymity in transactions while meeting regulatory requirements.
The proposed payment process integrates current technologies, such
as QR Codes and proof-of-stake protocols.
DOJ and Tether joint action recovers millions in crypto scams
The US Department of Justice, with the assistance of Tether
(COIN:USDTUSD), recovered about $9 million in USDT from a network
of scammers specializing in “pig butchering”, a fraud that deceived
cryptocurrency investors. This operation was possible thanks to
Tether’s cooperation, which has previously collaborated with the
Secret Service and now joins the FBI. The DOJ used advanced
technology to track the stolen funds, which were spread across
various cryptocurrencies and digital addresses.
SEC seeks opinions on Franklin Templeton and Hashdex’s Bitcoin ETFs
The US SEC is calling for public opinions on the Bitcoin ETF
proposals of Franklin Templeton and Hashdex. In a recent
announcement, the commission opened a comment period to assess
these spot Bitcoin ETFs. Form 19b-4, necessary for the disclosure
of request details, is an essential part of this process. The SEC
is particularly interested in issues of market manipulation and
fraud. Despite previous concerns about manipulation, there is
growing optimism in the crypto community about the possible
approval of these ETFs, representing a significant step in the
development of the cryptocurrency market.
Zipmex proposes partial payment to creditors in restructuring plan
Zipmex, a Thai cryptocurrency exchange facing financial
difficulties, is offering its creditors an initial payment of 3.35
cents for every dollar owed, with the potential to increase to
29.35 cents depending on the company’s financial recovery. Despite
this, the main creditors are dissatisfied with the plan and are
calling for an independent review of Zipmex’s debts, which total
$97 million. Zipmex CEO Marcus Lim has not confirmed the exact
details of the restructuring plan, despite acknowledging
inaccuracies in the reported numbers. The company, which has
applied for bankruptcy protection in Singapore, faces a creditor
vote on the plan in December.
Poloniex announces resumption of withdrawals and deposits after
$100 million hack
Cryptocurrency exchange Poloniex plans to resume its withdrawal
and deposit services from November 30, following a $100 million
hack on November 10. The resumption will be gradual, starting with
transactions of Tron (COIN:TRXUSD), followed by Bitcoin
(COIN:BTCUSD), Ethereum (COIN:ETHUSD), USDT (COIN:USDTUSD), and
other cryptocurrencies over the next two weeks. In addition,
Poloniex is preparing new listings and an airdrop in partnership
with HTX DAO for users who kept assets on the platform during the
incident. The exchange emphasizes the importance of using updated
deposit addresses to ensure the security of funds.
DeFi platforms Aerodrome and Velodrome suffer security compromises
Decentralized finance platforms Aerodrome and Velodrome
announced on November 28 that their front-end systems were
breached. Alerts were issued on X (formerly Twitter), advising
users not to use the services during investigations. Reports
indicate suspicious movements of approximately $40,000. Aerodrome,
with a total value locked (TVL) of $63.59 million, and Velodrome,
with $139.73 million, are part of a DeFi sector often targeted by
hackers, with significant losses in 2022 and 2023.
KyberSwap hacker demands civility and threatens to delay
negotiations
The perpetrator of the $46 million attack on KyberSwap demanded
respect and civility from the company’s executives and token
holders, threatening to delay future negotiations in response to
hostilities. In a November 28 message, the hacker indicated the
possibility of a deal with KyberSwap, but warned that this would
only happen under more cordial treatment. After receiving threats
from the KyberSwap team and a conditional reward offer for
returning 90% of the stolen funds, the hacker reacted cautiously,
while the KyberSwap team reported that they have already contacted
authorities to track him down. KyberSwap managed to recover part of
the funds and is waiting for the hacker’s proposal.
Forbes records ‘Under 30’ list on Ethereum Blockchain for the first
time
Forbes is innovating by registering its famous “Under 30” list
on the Ethereum blockchain, marking a notable merger between
traditional media and Web3 technology. This initiative will
immortalize the achievements of the young people highlighted on the
list in a permanent blockchain record. Jeremy Allaire, CEO of
Circle, and other Web3 professionals like Eric Chen and Albert Chon
of Injective Labs, and Aya Kantorovich of Fractal, are part of the
jury for the “30 Under 30 Finance 2024” category.
Bitcoin NFT market innovates with use of Internet Computer Protocol
The Bitcoin NFT market, Bioniq, is preparing to launch on the
Internet Computer Protocol (COIN:ICPUSD) on December 6, aiming to
reduce the network fees associated with Bitcoin Ordinals
registrations. Bioniq CEO Bob Bodily revealed that the project,
under development since February 2023, offers a marketplace with
Ordinals smart contract auctions on ICP, a cross-chain Bitcoin-ICP
wallet, and a registration tool. Operating on ICP, the platform
promises transactions under two seconds and optimized storage
costs, in addition to allowing smart contract functionalities for
Bitcoin without centralized inter-chain bridges. With the increase
in Ordinals transactions, Bioniq seeks to offer an efficient and
secure solution for trading Bitcoin-based NFTs.
Jack Dorsey invests in new Bitcoin mining pool to empower miners
Jack Dorsey, co-founder of Twitter, now known as X, is investing
in a new Bitcoin (COIN:BTCUSD) mining pool, Ocean, with an
investment of $6.2 million. The goal is to return control over
rewards and transaction fees to the miners. Ocean, created by
Mummolin, promises to be a decentralized and transparent mining
pool, allowing miners to receive directly from the Bitcoin
blockchain. Focusing on decentralization, the pool aims to be an
alternative to the custodial practices of traditional pools,
reducing centralization and increasing miners’ autonomy in the
process.
Wormhole raises $225 million in funding round with $2.5 billion
valuation
The Wormhole protocol, which allows communication between
different blockchains, raised $225 million in a funding round,
reaching a valuation of $2.5 billion. The round was led by
prominent investors such as Brevan Howard and Coinbase Ventures.
The Wormhole Foundation also announced the creation of Wormhole
Labs, dedicated to developing tools that stimulate cross-chain
activity. Launched in 2021, Wormhole has processed over $35 billion
in transactions and faced challenges such as a significant hack in
2022.
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