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.
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