Tuesday, 28 November 2023

Market Summary

Market Summary 28 November 2023

Bitcoin Price: US$37,242.70 (-0.55%)
Ethereum Price: US$ 2,027.50 (-1.69%)  

Binance founder Changpeng “CZ” Zhao must stay in the U.S. pending a federal judge’s decision on a U.S. Department of Justice motion requiring him to remain in the country until his February 2024 sentencing after pleading guilty to violating the Bank Secrecy Act. Zhao’s attorneys argue against restricting his return to the UAE, emphasising his demonstrated responsibility and the impracticality of relocating his wife and children for a few months. Meanwhile, spot Bitcoin ETFs in Brazil, where they have been trading for over two years, collectively have $96.8 million in AUM, demonstrating strong demand. Hashdex’s Nasdaq Bitcoin Reference Price FDI leads with $57.8 million in AUM, attributing its success to pro-market digital asset regulations and institutional interest. The Fed is expected to be the most dovish among advanced nation central banks in 2024, with traders anticipating at least a 100 basis points interest-rate cut, potentially weakening the U.S. dollar and impacting risk assets, including Bitcoin.

Coinbase shares have reached an 18-month high after rival exchange Binance and its former CEO Changpeng Zhao pleaded guilty to money laundering and sanctions violations in the United States. Coinbase’s stock closed at $119.77, marking its highest point since May 5, 2022. The surge comes a week after Binance’s guilty plea. Coinbase has also benefited from the potential approval of U.S. spot Bitcoin and Ether exchange-traded funds (ETFs). The SEC is still investigating potential fraud at Binance.US, and Zhao is currently awaiting a court review regarding his ability to leave the U.S. before his February 2024 sentencing. In a separate development, researchers at ETH Zurich have devised a method to theoretically jailbreak any AI model relying on human feedback, potentially bypassing guardrails in large language models (LLMs) like ChatGPT.

IBM has installed a 127-qubit quantum computing system at the University of Tokyo, marking the arrival of the first “utility-scale” quantum system in Japan. The system, called Quantum System One, will be used for research in fields like bioinformatics, materials science, and finance. In contrast, China’s Alibaba has shut down its quantum computing laboratory as a cost-cutting measure, donating its equipment to Zhejiang University. The move follows the cancellation of a planned cloud computing spinoff, with Alibaba citing the partial U.S. export ban on computer chips to China as contributing to “uncertainty.” The quantum computing sector is expected to grow by over $5.5 billion between 2023 and 2030. Meanwhile, bitcoin exchange-traded products (ETPs) registered $312 million in inflows for the week of Nov. 24, bringing year-to-date inflows to approximately $1.5 billion, with Canadian and German ETPs making up the largest portion of inflows. Additionally, Robert Kiyosaki, author of “Rich Dad Poor Dad,” has reiterated his support for assets like bitcoin, gold, and silver as inflation threatens global living standards. He recommends reducing exposure to fiat currencies, which he calls the “fake money system.” In other news, around $750 million of vested digital assets are scheduled to be unlocked and released into the markets in December, with decentralised exchange dYdX unlocking the largest amount of almost $500 million worth of tokens.


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.

Search All Articles

Related Articles


Monday, 17 June 2024

Market Summary
Bitcoin Price: US$ 66,614.34 (+0.56%)  Ethereum Price: US$ 3,624.41 (+1.56%) 

Friday, 14 June 2024

Market Summary
Bitcoin Price: US$ 66,783.01 (-2.21%)  Ethereum Price: US$ 3,469.40(-2.55%) 

Thursday, 13 June 2024

Market Summary
Bitcoin Price: US$ 68,301.59 (+1.37%)  Ethereum Price: US$ 3,560.12(+1.80%) 

Wednesday, 12 June 2024

Market Summary
Bitcoin Price: US$ 67,316.53 (-3.14%)  Ethereum Price: US$ 3,497.33 (-4.65%)