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.