Bitcoin Price: US$37,447.43 (-0.88%)
Ethereum Price: US$ 2,062.33 (-1.00%)
Stablecoin issuer Tether, along with sister company Bitfinex, has agreed to drop its opposition to a New York Freedom of Information Law (FOIL) request by journalists, emphasising a commitment to transparency without an all-encompassing document release. This follows a similar decision after two unsuccessful attempts to block a June 2021 FOIL request by CoinDesk related to allegations against Tether’s USDT stablecoin reserves. Meanwhile, Grayscale’s Bitcoin Fund (GBTC) saw its discount to net asset value narrow to 8.6%, the closest since July 2021, driven by optimism over a potential approval for a bitcoin spot ETF in the U.S. Bitcoin surged to levels above $38,000, its highest since May 2022, with expectations of SEC approval for a bitcoin ETF, and Ethereum (ETH) also gained over 3%, reflecting positive sentiment in the cryptocurrency market.
The Bitcoin hashrate competition intensifies between Antpool and Foundry, who collectively control 53.4% of the world’s hashing power, with Antpool gaining prominence recently. Analysts anticipate a competitive surge between China and the U.S. in mining machine productivity, especially with the Bitcoin halving approaching, reducing block rewards for miners by 50%. Lucy Hu from Metalpha expects a dominance of advanced rigs like Antminer S21 due to the rising mining difficulty and increased production costs associated with the halving. Miner reserves of Bitcoin are nearly back to the start of the year, except for Antpool, whose reserves have been rising. In other news, Inferno Drainer, a crypto wallet-draining kit, announces its shutdown after helping phishing scammers steal nearly $70 million in crypto this year, marking the end of a notorious era. Cosmos Hub approves a proposal to cut the maximum inflation rate of its native token, ATOM, from 14% to 10%, aiming to enhance security. BitMEX co-founder Arthur Hayes expresses bullish sentiment on Bitcoin, correlating its price with the rise in U.S. dollar liquidity. Former Binance CEO CZ challenges the U.S. government’s attempt to restrict his travel, seeking permission to return to the UAE until his sentencing in February 2024.
Indexed Finance, a project on Ethereum, successfully thwarted two hijacking attempts on its decentralised autonomous organisation (DAO) treasury, preventing malicious proposals from taking control of approximately $120,000 in digital assets. The DAO’s founders aim to allocate the remaining treasury to victims of a $16 million hack in 2021. BitMEX co-founder Arthur Hayes expresses bullish sentiment on Bitcoin, linking its price to the rise in U.S. dollar liquidity, emphasising an uptick in dollar liquidity and a chart depicting net reverse repurchase agreement (RRP) and treasury general account (TGA) balance changes. Meanwhile, former Binance CEO Changpeng Zhao, or CZ, challenges the U.S. government’s attempt to restrict his travel before his sentencing date, urging permission to return to the United Arab Emirates to be with his family until February 2024.
Source:
https://cointelegraph.com
https://coindesk.com
Disclaimer: The following summaries are provided for informational purposes only and are not intended to infringe upon any copyrights. All rights to the original content belong to their respective owners, and the summaries are intended to provide a brief overview of the content. If you are the owner of any of the content summarised here and have concerns about its use, please contact us to discuss the matter further.
