Thursday, 30 November 2023

Market Summary

Market Summary 30 November 2023

Bitcoin Price: US$37,854.64 (+0.09%)
Ethereum Price: US$ 2,028.81 (-0.94%) 

FTX, the once-major crypto exchange that went bankrupt in November 2022, has received court approval to sell trust assets, including approximately $873 million worth of shares in Grayscale and Bitwise investment funds. The assets include shares in various Grayscale funds, and FTX’s trust holdings, initially valued at $744 million as of October 25, may now be worth about $873 million due to a narrowing discount to net asset value. In another development, Grayscale is updating the agreement for its Grayscale Bitcoin Trust (GBTC) to optimise its structure for a potential uplisting to a spot Bitcoin exchange-traded fund (ETF). The amendments include changes to fee structures and facilitating a more seamless creation and redemption of shares. Additionally, the U.S. Department of the Treasury is seeking expanded powers to oversee the crypto sector, proposing new enforcement and sanction authority that extends beyond U.S. borders, targeting illicit actors in the digital asset space, including those supporting terrorism. The proposals include the ability to impose secondary sanctions on exchanges that aid terrorism and strengthening powers under the Bank Secrecy Act to regulate cryptocurrency entities and services. The Treasury is also seeking jurisdiction over transactions involving stablecoins pegged to the U.S. dollar, even if they have no U.S. touchpoints.

Binance will cease support for its BUSD stablecoin on December 15, following a February order for Paxos, the coin’s issuer, to stop minting it. While users can redeem BUSD until February 2024, withdrawals will be halted on December 31, and any remaining balances will be converted to FDUSD. In another development, Bitcoin startup Mummolin, backed by Jack Dorsey, aims to create OCEAN, a decentralised mining pool that pays miners block rewards directly without interference from a centralised entity. Meanwhile, a mystery wallet owner has accumulated 11,268 BTC (worth $424 million) since November 10, sparking speculation about potential ties to U.S. asset management firms preparing for a spot Bitcoin ETF.

TerraClassicUSD (USTC) and Terra luna classic (LUNC), remnants of the failed Terra blockchain, experienced significant price surges following the listing of perpetual contracts for USTC on Binance with up to 50x leverage. The rally was further fueled by speculation about a USTC revamp plan using Bitcoin as collateral and an upcoming airdrop for USTC and LUNC holders. Meanwhile, BNB Chain’s opBNB developers plan to double transaction speed to 10,000 transactions per second (TPS) and reduce network fees by 90% for their layer-2 network based on Optimism’s OP Stack. In addition, Swiss asset manager Pando Asset has entered the competition for a spot Bitcoin exchange-traded fund (ETF) in the United States, submitting a registration filing for the Pando Asset Spot Bitcoin Trust. BlackRock, a major investment firm, has also revised its ETF model based on feedback from the Securities and Exchange Commission (SEC).

Cryptocurrency exchange Poloniex is set to resume withdrawals and deposits after a $100 million hack on November 10. In a phased approach, Poloniex will first restore Tron deposits and withdrawals, followed by Bitcoin, Ether, Tether, and other cryptocurrencies within the next two weeks. The exchange plans to introduce new listings and conduct an airdrop for users with assets on the platform, collaborating with HTX DAO. Meanwhile, cybersecurity professionals stress the need for improved security in the crypto industry, advocating for crypto-native multifactor authentication, regular security audits, and comprehensive security strategies. Two decentralised finance (DeFi) platforms, Aerodrome and Velodrome, report front-end compromises, urging users not to interact during investigations. The incidents highlight the vulnerability of DeFi platforms to hacks.


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