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Crypto, Bitcoin and Blockchain News Admin: @wanwangg More Crypto News: @BitcoinBreaking
💰 Crypto Alert! Bitcoin ETF Approval Could Trigger Market Shake-up, Warns CryptoQuant! 🚀📉
Attention, crypto enthusiasts! Brace yourselves for potential market turbulence as the awaited Bitcoin spot ETF approval might bring a "sell the news" dynamic, as indicated by CryptoQuant's insightful analysis. 🌐💹
CryptoQuant suggests that the current high levels of unrealized profits among traders could be a precursor to a correction. Experienced traders often exploit optimistic markets, leading to closures and liquidations. Are we in for a market shake-up? 🤔💼
While the overall sentiment remains bullish with ETF approval, be prepared for a short-term downturn before the anticipated surge. 📉🚀
The note emphasizes the 30% unrealized profit margins for short-term Bitcoin holders – a historical signal that often precedes corrections (watch out for those red circles). Ready for the crypto rollercoaster? 🔄💸
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🔵 Vitalik Buterin's Ethereum Evolution: A Simpler Proof-of-Stake Design Unveiled! 🚀🔄
Hold on to your crypto hats! Ethereum co-founder, Vitalik Buterin, has just unveiled a groundbreaking proposal to simplify Ethereum's proof-of-stake (PoS) design. 🤯💎
In a visionary move, Buterin suggests a transformative design tweak that slashes the required signatures per slot to a mere 8192. The goal? To lighten the load on the Ethereum network and streamline the PoS consensus mechanism. 🚀🌐
The crux of the matter lies in the increasing workload for validators, who play a crucial role in keeping the network operational. As more validators join, the signature generation escalates, potentially burdening the system. Buterin's proposal aims to keep Ethereum's operation smooth, efficient, and scalable. 📈💡
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🚀🇰🇷 Bitcoin Mania in Korea: Retail Investors Drive Premiums Through the Roof! 🌐📈
Hold on to your hats as South Korea takes the crypto world by storm! 🇰🇷💹 The Korea Premium Index (KPI) is lighting up the charts, and CryptoQuant unveils the secret behind this financial fervor. 🔥📊
📈 Watch in awe as the 'Kimchi Premium' on the KPI becomes the pulse of the market, reflecting the exuberance of retail investors. 💪💰 High KPI values mean the local crowd is on a buying spree, pushing crypto prices to unprecedented heights within South Korea. Get ready for a rollercoaster ride of excitement! 🚀🌟
On the flip side, a lower KPI signals a shift in the winds, indicating a potential rise in selling activity. 📉🐻 The 14-day moving average for the Korean Premium Index is throwing it back to Bitcoin's peak in late 2021, adding an extra layer of drama to the current crypto saga. 🔄📅
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🌐💼 Crypto Surge Incoming: Institutions Poised for Action in 2024! 🚀📈
Hold tight as institutional investors gear up for a crypto revolution in 2024, fueled by key factors set to reshape the landscape. 🌟🔄
🔍 Driving Forces:
- 🚀 *Spot Bitcoin ETF Greenlight:* Anticipation is high for the approval of a spot bitcoin ETF, expected to be a game-changer attracting institutions to the crypto realm.
- 📉 *Projected Fed Rate Cuts:* Analysts predict U.S. Federal Reserve rate cuts will act as a magnetic force, pulling in institutional players.
- 📚 *Regulatory Clarity Unleashed:* The crypto space gains strength with increased regulatory clarity, providing a secure path for institutional involvement.
📊 Early Signals: The journey has already begun! Deribit's derivatives exchange data reveals a surge in institutional activity since October 2023. 📈💹
🗣️ Insider Views: Luuk Strijers, Chief Commercial Officer at Deribit, notes strategic moves by seasoned players from traditional markets, strategically positioning for a more active role in 2024. 🎯📅
📈 Snapshot Summary:
- 🌐 2024 poised as a pivotal year for institutional crypto engagement.
- 📈 Deribit's data showcases a surge in institutional activity since October 2023.
- 🚀 Spot Bitcoin ETF, Fed rate cuts, and regulatory clarity drive institutional interest.
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⚪️ Curve Finance's Resilience Shines: Full Recovery Following July Exploit! 💎🔄
In a compelling comeback, Curve Finance regains its footing after the July 30th exploit that targeted four pools, exposing vulnerabilities through a re-entrancy bug facilitated by the Vyper programming language. The aftermath? A substantial loss of $73.5 million.
🔐 Rapid Community Action: The community springs into action immediately. Curve Finance takes the lead, offering an olive branch and suggesting the incident be treated as a white hat operation. The proposal? A return of 90% of the pilfered funds.
🌐 Hacker Pursuit: In tandem with Curve Finance's efforts, genuine white hat heroes join the chase to reclaim the stolen assets. A commendable endeavor leads to the recovery of around $52 million, promptly restoring a portion of the pilfered funds to the exchange.
💡 Community Deliberation: With a portion of the funds recovered, the Curve community engages in thoughtful deliberations. The key question: Should users be reimbursed, and if so, what's the optimal approach? A democratic process unfolds to decide the path forward.
🌈 Rebuilding Trust: Full reimbursement becomes a symbol of more than just financial recovery. It underscores the resilience of the Curve Finance community, emphasizing transparency and rebuilding user trust at the core of this impressive turnaround.
💪🏽 Unity in Adversity: The united front presented by the community paints a vivid picture of collective strength. As Curve Finance emerges from the shadows of exploitation, it not only recovers but sets a precedent for resilience and unity in confronting challenges.
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🔍 Coinbase Counters Allegations by Senator Warren: No Government Interference! 🚫🤝
In a recent twist, cryptocurrency exchange Coinbase has fervently refuted allegations by Massachusetts Senator Elizabeth Warren. 🏛️🔒 Warren claimed that Coinbase employed former government officials to obstruct digital asset regulations.
📄 Official Denial: Coinbase's Chief Policy Officer, Faryar Shirzad, addressed these accusations head-on in a letter dated December 22. 💼📆 Shirzad emphatically rejected Sen. Warren's claims, asserting that Coinbase remains dedicated to responsibly advocating for regulatory measures in the crypto industry.
💡 Commitment to Responsibility: Shirzad clarified that Coinbase's recruitment of government personnel is part of a broader initiative. Their aim? Safeguarding the well-being of crypto users in the United States. 🇺🇸💰
🌐 National Security Focus: The letter proudly highlighted Coinbase's team of national security experts, emphasizing their daily dedication to protecting Americans. 👥🛡️ “We take immense pride in our team of national security experts, who dedicate themselves daily to protecting Americans,” the letter stated.
This resolute response from Coinbase showcases their commitment to transparency and responsibility in navigating the complex landscape of cryptocurrency regulations. 🚀🔐 Stay tuned for more updates on this evolving story! #CoinbaseVsWarren #CryptoRegulations 📰💼
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⚪️ Worldcoin halts Orb verification in India, Brazil and France: TechCrunch
Worldcoin , the crypto project co-created by OpenAI CEO Sam Altman, has reportedly halted its Orb-verification service in India, Brazil and France — a matter of months since it launched the eyeball-scanning device in the countries. Worldcoin is an identity-focused crypto project that uses the Orb devices to scan people’s irises to help them prove their identity online. It uses WLD as an incentive to sign up to the protocol — rewarding users with tokens to receive a “World ID.”
The company embarked on a multi-city tour earlier in 2023, showcasing the Orb in locations across North America, Europe, the Middle East and Asia. Pop-up kiosks around the world drove crowds of thousands to sign up and collect the tokens. Almost five million people now have a World ID, and more than 2.5 million have "verified their humanness" with an Orb. When WLD launched in July, its price shot to above $3 before falling to a low of just above $1 in September, drawing criticism from some commentators, who claimed a “low float” structure had created an artificially high price. However, it currently trades at $3.65, up 2.2% over the past 24 hours and 50% over the past month, according to The Block's price page.
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🇦🇷 US Ambassador to Argentina Hails Bitcoin Miner's 'Genius' Flared Gas Power Generation Plans
The United States Ambassador to Argentina, Embajador Marc R. Stanley, has praised bitcoin miner Unblock Computing’s plan to generate electricity using flared gas. According to Stanley, Unblock Computing and its partner Crusoe Energy Systems’ ingenious plan not only helps the South American country attain its climate goals but also saves energy. Argentine Bitcoin miner had secured a $15 million investment to power its operations at Vaca Muerta.
Meanwhile, in a Dec. 13 post on X, Tomas Ocampo, the founder of Unblock Computing, said the $15 million investment is set to help Crusoe Energy Systems and its partners produce $200 million worth of oil with fewer emissions. The remarks by Stanley, which he shared via X (formerly Twitter), followed reports that the Argentine Bitcoin miner had secured a $15 million investment to power its operations at Vaca Muerta. Located in the Neuquén Basin in northern Patagonia, Vaca Muerta is said to hold one of the world’s largest shale gas reserves. Expressing his delight at the two companies’ unique way of generating electricity, the U.S. Ambassador said.
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💰 Sui devs dream of sending money like email
When five former Facebook engineers started Mysten Labs two years ago, one of their motivations was completing the work they had began while they were still at the social media giant started by Mark Zuckerberg. Mysten Labs co-founder Adeniyi Abiodun told The Block in an interview. That dream, which according to Abiodun was not realized while at Facebook (now Meta), may now be finally coming true thanks to Sui, the Layer 1 blockchain created by Mysten Labs.
Those who believe in crypto populate an engaged community, but for some startups — especially unicorns like Mysten Labs, which have raised hundreds of millions of dollars — the rate of adoption and onboarding new customers has moved slower than expected. People worrying about that complexity has been a big deterrent to widespread adoption of blockchain-enabled applications which could otherwise allow more people to cheaply and securely send funds across the world, according to Abiodun. By his estimation, while there are more than 5 billion people online using web2 accounts, there are about 60 million active crypto wallets in the world.
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🏦 ARK Invest Sells Coinbase Shares for Third Straight Day
Cathie Wood’s investment management firm, ARK Invest, sold Coinbase (COIN) stock for a third straight day as the shares held steady within 5% of the year’s high. The firm offloaded a total of 82,255 shares worth about $11.5 million at Tuesday’s closing price from the ARK Innovation (ARKK), ARK Next Generation Internet (ARKW) and ARK Fintech Innovation (ARKF) exchange-traded funds (ETF). It has reduced its stake in the crypto exchange on all but two trading days this month.
Coinbase stock has been surging as bitcoin (BTC) climbs. The largest cryptocurrency by market cap has added about 150% this year, while Coinbase has almost quadrupled. St. Petersburg, FL-based ARK Invest’s policy is to keep the maximum weight of any given company in its holding to 10%. The recent rally in COIN stock, which last month touched highs not seen since April 2022, means its weighting in the three ETFs remains in excess of that level even after recent divestments that include Friday’s $49 million sale, the largest since July. This month, ARK Invest has sold more than $120 million of Coinbase shares, based on closing prices.
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🇮🇹 Bitcoin Wallet Conio, Coinbase Team Up to Bring Crypto to Italian Banks
Conio, a cryptocurrency wallet company partly owned by Poste Italiane and Banca Generali, has teamed up with Coinbase (COIN) to bring a wide range of digital assets to Italian banks and financial institutions, the companies said on Monday. Conio, which has over 400,000 customers, is collaborating with Coinbase Prime to provide liquidity for institutions catering to digital assets while extending wallet support for up to 50 tokens by the end of 2023.
A wave of confidence in crypto is sweeping across Europe’s banks and institutions, driven by things like the incipient Markets in Crypto Assets regulation and a general interest in areas like tokenization. “Conio created the first multisig bitcoin wallet for smartphones in Italy, and we are now enlarging the custody capabilities because Italian banks are demanding more in the way of digital assets,” said Conio general manager Orlando Merone in an interview. “We are adding EVM Ethereum Virtual Machine chains, and the target is to cover almost 60% of the digital assets market by next year.” Conio is also deeply involved in the institutional uptake of digital assets.
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🇺🇸 SEC filings that mention Bitcoin surged to record high in November, appearing in 1,074 regulatory filings — link
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💰 Grayscale CEO says he's feeling optimistic following conversations with the SEC about a spot bitcoin ETF
Grayscale Investments CEO Michael Sonnenshein said he is feeling optimistic about conversations his firm has had with the Securities and Exchange Commission about the potential for a spot bitcoin exchange-traded fund. "We're feeling optimistic," Sonnenshein said on Wednesday on Yahoo Finance. "We have been actively engaging with the SEC. The questions that we're getting from them signal to us that they want to engage on this issue.
Grayscale has been vying for a spot bitcoin ETF and secured a court win in August after three judges ruled that the SEC has to re-review Grayscale's bid for a spot bitcoin ETF after the asset management firm sued the agency last year following the rejection of its plan for the conversion of its flagship G BTC. SEC Chair Gary Gensler said that the agency was still reviewing the court's decision during a Senate Banking Committee hearing in September. Multiple firms have filed for spot bitcoin ETFs, including BlackRock and Fidelity. Some experts say the Grayscale court decision could tip a decision into their favor. Gensler, however, has notably been critical of crypto, and his agency has cited concerns about fraud and manipulation in the past.
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💰 Bitcoin perpetual futures open interest hits yearly high on Deribit
The open interest in bitcoin perpetual futures on the Deribit derivatives exchange has reached a yearly high of $740 million, a level not seen since November 2021 when bitcoin reached its all-time high of over $68,000. An increase in open interest suggests that new money is entering the market, indicating growing participation and potential liquidity. Keyrock's Head of Business Development for APAC, Justin d'Anethan, suggested that the existing premium on CME bitcoin futures contracts is another indicator of increased institutional participation.
The Keyrock executive's observation is supported by The Block's Data Dashboard, which shows an all-time high for CME bitcoin long open interest by asset managers. The Block's data shows there is nearly $2.2 billion in bitcoin long open interest held by asset managers. D'Anethan added that the current participation from sophisticated players "is probably bolstered by the fact that a decision on spot bitcoin ETFs should happen by mid/end January." He added that this is putting pressure on investors who have not yet tried to front run the flow of capital that could come into the bitcoin market after an easier investment vehicle is offered.
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💰 Bitcoin Miners’ Revenue Down by More Than 30% in the Last 6 Months
Bitcoin miners’ revenues have fallen by over 30% in the past six months, despite the gradual increase in the price of Bitcoin from its March 10 low of just over $20,000 to just over $38,000 on Dec. 1, 2023. According to banklesstimes.com data, miners’ November revenue of $615.1 million is approximately $300 million less than the January revenue. Since reaching a high of $918.8 million in January, miners’ revenue has gradually declined in the months that followed.
The month of October was the only time this trend was bucked, with miners securing the second-highest monthly earnings of 2023 at $885 million. In the Banklesstimes report, BTC price volatility is identified as one key factor explaining the drop in miners’ revenue. Meanwhile, an earlier report by Galaxy attributes the drop in revenue to what it described as the “incredible increase in network hashrate during the first half of the year.”. The increase in the hashrate is due to improved mining economics, the oversupply of second-hand ASICs in the secondary market, as well as the plugging in of new generation mining rigs. Other publications have attributed the revenue drop to the surge in energy prices.
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🇮🇳✨ India Ratchets Up Crypto Compliance: Offshore Giants on Notice! 💼💥
India’s Regulatory Winds Blow Strong:
The Indian government, through its Financial Intelligence Unit (FIU), has unleashed a pivotal moment in the crypto sphere, issuing compliance show cause notices under the Prevention of Money Laundering Act (PMLA). This marks a significant step in fortifying the regulatory framework surrounding digital assets in the country. 🌬️🌐
🚀 Giants Under Scrutiny:
Nine offshore crypto heavyweights, including Binance, KuCoin, Huobi, Kraken, Gate.io, Bittrex, Bitstamp, MEXC Global, and Bitfinex, find themselves in the regulatory crosshairs. The government's move aims to ensure strict adherence to PMLA provisions, leaving no room for ambiguity. 🔍🚨
⛓️ Uncharted Territory: URLs Face the Axe:
In an unprecedented move, the government takes the initiative to block the URLs of these exchanges operating without compliance. This uncharted territory hints at a new era of regulatory assertiveness, adding complexity to the evolving crypto landscape in India. 🌐🚷
🔒 The Future of Indian Crypto at Stake:
As regulatory winds intensify, the crypto community in India faces a critical juncture. Will this stringent compliance drive pave the way for a more regulated and secure crypto environment, or will it spur dialogue and adaptation within the industry? The unfolding chapters hold the answers. 📜🌟
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💰 MicroStrategy Caps Off 2023 with a Stellar $615.7 Million Bitcoin Purchase! The Bitcoin Saga Continues! 💡🚀
MicroStrategy, the trailblazer in corporate Bitcoin adoption, is closing the curtains on 2023 with a bang! 🎉 In a strategic move, the business intelligence giant has added a whopping 14,620 Bitcoins to its impressive portfolio, amounting to a staggering $615.7 million at an average cost of $42,110 per Bitcoin. 🌐💼
🔥 Relentless Bitcoin Accumulation: MicroStrategy, led by the visionary Michael Saylor, remains undeterred in its mission to accumulate Bitcoin. This latest acquisition solidifies its standing as the largest corporate Bitcoin holder globally.
💹 Strategic Brilliance: The purchase, executed with finesse, showcases MicroStrategy's strategic acumen in navigating the dynamic crypto landscape, emphasizing its commitment to digital assets.
📈 Impressive Holdings: As of December 26, 2023, MicroStrategy's Bitcoin holdings stand tall at 189,150 BTC, valued at around $5.9 billion. The average purchase price per Bitcoin rests at $31,168.
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🚀 Grayscale's Next Chapter: Barry Silbert Bids Farewell as Chairman, Welcomes Mark Shifke to the Helm! 🌐👋
👔 Leadership Transition Unveiled:
In a strategic move reshaping the future of Grayscale Investments, Barry Silbert, the prominent chairman, has officially resigned. The spotlight now shifts to Mark Shifke, poised to take the reins effective January 1. 📅🛳️
🔄 Handover of Power:
Mark Shifke, currently serving as DCG's chief financial officer, steps into the limelight, inheriting the responsibilities from Silbert. The unexpected leadership transition was revealed through an SEC filing, leaving the crypto community intrigued about the driving factors behind Silbert's departure.
💼 Silbert's Legacy, Shifke's Vision:
With a trailblazing career in the crypto space, Barry Silbert leaves an indelible mark on Grayscale's legacy. As Mark Shifke assumes leadership, a new vision emerges, promising innovation and strategic direction for the investment giant.
🔍 Eyes on SEC's ETF Verdict:
The SEC's ongoing evaluation of Grayscale's quest to transform GBTC into a U.S. spot ETF adds a layer of suspense to this leadership transition. Critical deadlines, especially the January 10 decision for Ark 21Shares, intensify the regulatory spotlight.
🌟 Navigating Regulatory Tides:
The leadership shuffle aligns with broader industry dynamics as the crypto community grapples with evolving regulations and transformative shifts. Grayscale's strategic moves reflect a commitment to staying ahead in the dynamic crypto investment landscape.
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💰 Bitcoin Miners Strike Gold: A Whopping 400% Surge in Transaction Revenue Unveiled for 2023! 💎📈
Prepare for crypto fireworks as Bitcoin miners dazzle with a jaw-dropping 400% year-over-year surge in transaction revenue for the year 2023! 🌐💸
📊 Breaking the Bank: Jameson Lopp, the Co-founder and CTO of Casa, dropped a bombshell on X (formerly Twitter), revealing that Bitcoin miners raked in over $10 billion in revenue this year alone, contributing to a mind-blowing total of $57 billion over the past 15 years.
💡 HODLing Wisdom: Lopp suggests that miners might be playing the long game by holding onto their Bitcoin assets instead of hastily converting them to fiat currency. The strategy of "HODLing" seems to be a favored path, pointing towards potential long-term gains.
📈 December Delight: The numbers are in, and December has been nothing short of spectacular. Daily revenue from mining, including block rewards and transaction fees, soared to an annual high of $64 million. This marks a nearly 400% surge from the year-to-date value.
💼 Profit Gala in Q4: The grand finale of 2023 is turning out to be a profit extravaganza for miners, with daily revenue consistently exceeding $33.85 million since the start of December. The fourth quarter is shaping up to be a period of substantial gains for the Bitcoin mining community.
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🥇 El Salvador's Bold Move: Fast-Track Citizenship for Bitcoin Donors Approved by Legislature! 💰🚀
In a groundbreaking development, El Salvador's legislature has paved the way for a swift path to citizenship for foreign donors contributing Bitcoin (BTC) to the nation's social and economic development initiatives. 🇸🇻💡 Reports indicate that the newly approved immigration law, backed by President Nayib Bukele's New Ideas party and sanctioned on Dec. 20, is set to reshape the landscape of citizenship acquisition.
🏛️🚀 Bitcoin's Impact on El Salvador: Riding high on Bitcoin's recent surge, with the top crypto asset breaching the $44,000 market, Bukele and his party proudly champion El Salvador's successful bet on Bitcoin. 📈💸 Recent reports highlight the country's Bitcoin holdings surpassing the initial investment by a staggering $3 million, underlining the strategic advantage of embracing the digital currency.
🚀📅 Q1 2024 Milestone: El Salvador, propelled by its Bitcoin initiatives, is now gearing up for a significant milestone, with plans to launch in the first quarter of 2024. 🌟 The move positions El Salvador at the forefront of nations embracing cryptocurrency for economic growth and innovation.
🤝💡 The Citizenship Accelerator: With the fast-track citizenship incentive tied to Bitcoin donations, El Salvador pioneers a novel approach to attract foreign contributors and foster socio-economic development.
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🔵 Circle obtains conditional registration in France, appoints head of operations in country
Stablecoin issuer Circle has obtained digital asset regulatory licensure in France and appointed a new Head of French Operations. Circle obtained conditional registration as a Digital Asset Service Provider (DASP) from the French Financial Markets Authority, the company said in a statement. Stepping into the Head of French Operations role is Coralie Billmann, who currently serves as the Chief Operating Officer of Europe and board member for the global business account and payment firm 3S Money.
The move deepens Circle's compliance to European standards, especially in regard to Markets in Crypto-Assets (MiCA) regulation, a legal framework for crypto asset firms interacting with markets within the European Union. Billmann will help ensure Circle's MiCA readiness in addition to heading licensed operations in France. "The issuance of this conditional DASP registration in France marks a significant early milestone as we work towards establishing our European regulatory platform," Circle co-founder and CEO Jeremy Allaire said in a statement. "With Coralie Billmann joining Circle, her deep market expertise and leadership will be instrumental in furthering our regulatory efforts and deepening our connections in France."
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📣 Zcash founder Zooko Wilcox steps down from Electric Coin CEO role
Zooko Wilcox, co-founder of the Electric Coin Company which develops the privacy-focused cryptocurrency Zcash ZEC -1.30%
, has stepped down from his CEO role. "The Board of Directors of the Electric Coin Co — which consists of Alan Fairless, Michelle Lai, Zaki Manian, Christina Garman, and myself — has decided to make Josh Swihart the CEO of the Electric Coin Co, taking over that role from me," Wilcox wrote in a blog post.
Swihart has been at ECC for five and a half years, first serving as the firm's Marketing Director for seven months in 2018 before working as it's SVP of Growth for the past two years. "I have known and worked with Josh for a long time," Wilcox wrote. "While he and I have often disagreed about how we should do things, we’ve never disagreed by why. We share the mission of putting irrevocable, sovereign economic freedom into the hands of every person on earth." Wilcox will continue to serve as a director on the board of ECC's parent firm Bootstrap Project, it said in a statement.
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📣 Genesis Chapter 11 Bankruptcy Plan Voting Deadline Is January 10
Gemini Earn users, who previously faced a proposed 61% crypto asset recovery plan, were sent specific instructions via email on how to participate in the vote. The deadline for users to accept or reject the Genesis Chapter 11 bankruptcy plan is set for January 10, 2024, at 4 p.m. EST. In response to the proposed reorganization plan, which could potentially reduce payouts for lending program creditors by nearly 40% below current market rates, Gemini plans to oppose Genesis‘ motion next week.
Earn users who expressed frustration over the proposed 61% recovery plan received the Genesis Solicitation Package, featuring the Disclosure Statement, which the Bankruptcy Court deemed to contain adequate information for informed decision-making. The Disclosure Statement, comprising a summary of the Genesis Chapter 11 bankruptcy plan‘s terms and risk factors, is crucial for users to review before casting their votes. Gemini’s unveiling of the reorganization plan has stirred controversy among Earn users, who allege deceit and criticize the potential slashing of real fiat payouts to approximately 30% of current market values based on the January 19, 2023, bankruptcy filing rates. This motion aims to dismiss certain claims filed by Gemini in an ongoing lawsuit seeking to recover $1.6 billion in value for Earn users.
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🇺🇸 CFTC votes to propose rule that would bolster customer protections in wake of FTX collapse
A little more than a year after the collapse of the FTX crypto exchange, the Commodity Futures Trading Commission voted to propose a rule that would bolster customer protections for those making trades through a derivatives clearing organization. CFTC Commissioners Summer Mersinger and Christy Goldsmith Romero voted no, while CFTC Commissioner Kristin Johnson and CFTC Chair Rostin Behnam voted yes on Wednesday.
The rule, called the "Protection of clearing member funds held by derivatives clearing organizations," would require DCOs, which are registered with the agency and clear trades, to segregate out customer funds, including money from retail investors, from their own house funds. "One significant motivation, in my humble opinion, for taking the steps that we're taking today would be the illustration of the bankruptcy and significant risk management corporate governance failures at FTX," CFTC Commissioner Johnson said during the meeting. "They illustrate the magnitude of losses that customers may experience in the absence of regulation that prohibits commingling of customer funds or member property."
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🪙 Do Kwon detention extended in Montenegro after report of likely extradition: Bloomberg
The detention of Terraform Labs co-founder Do Kwon in Montenegro has been extended at the request of the U.S. and South Korea, according to Bloomberg. The court's decision comes in response to a request made from the U.S. and South Korea, both of which aim to prosecute the crypto entrepreneur on charges related to the collapse of the TerraUSD stablecoin, a court spokeswoman told Bloomberg.
Last week, The Wall Street Journal reported that Montenegro planned to extradited Kwon to the U.S. The report cited anonymous sources familiar with discussions had by Justice Minister Andrej Milovic. Montenegro's high court has ruled that Kwon could be extradited to either the U.S. or South Korea, according to Bloomberg. Kwon is currently appealing that decision. Kwon became the target of a global manhunt in 2022 after Interpol reportedly issued a so-called red notice for him due to the implosion of the two tokens he created, TerraUSD and Luna. The tokens' collapse wiped out about $40 billion.
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📣 VanEck Predicts No BTC-ETH Flippening, Doubles Down on Post-Halving Scene
VanEck’s revelation of its 2024 predictions signals a shift in industry dynamics, forecasting record-breaking highs for Bitcoin and even bigger transformation in the NFT market. Investment management firm VanEck has unveiled its 2024 predictions, forecasting not only record-breaking highs for Bitcoin but also an anticipated peak in the NFT market, signaling a significant transformation in the industry. The introduction of spot Bitcoin ETFs is expected to align with the prolonged anticipation of a U.S. recession.
Bitcoin may hit an all-time high in Q4 of 2024, according to VanEck’s prediction. With increased optimism for the dismantling of the SEC’s adversarial regulatory stance, Bitcoin could reach a new high on November 9th, exactly three years from its last peak in November 2021. Ether is not expected to surpass Bitcoin in performance until post-halving and may outperform for the year, a complete, however, “flippening” is not anticipated. Despite posting a strong performance in 2024, Ether is projected to experience a decrease in market share as other smart contract platforms, like Solana, gain traction due to a clearer and less uncertain scalability roadmap. Bitcoin exchange-traded funds (ETFs) could potentially coincide with the US recession.
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📣 Starknet Foundation plans to distribute 1.8 billion tokens as rewards, transaction rebates
The Starknet Foundation, the organization behind the Ethereum Layer 2 network Starknet, plans to distribute 1.8 billion tokens as user rewards and rebates, with precise details still under development. This committee will distribute 900 million Starknet (STRK) tokens in a phased manner to reward past and future contributions by users and community members. This initial distribution phase may begin in the first half of 2024.
The foundation will employ various groups or “committees” to oversee the broader distribution of these Layer 2 blockchain tokens, according to a statement. This plan follows the foundation’s recent confirmation of a token airdrop snapshot, which became known after a draft of the eligibility criteria (for the planned airdrop) briefly appeared on its website and was circulated on social media. Besides the rewards, the foundation is planning “user rebates” to subsidize or refund transaction costs. A second committee, according to the foundation, will distribute 900 million tokens — covering transaction fees for users on the network.
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🇧🇷 Nubank Cripto adds support for USDC, broadening access to the stablecoin in Brazil
Circle, the issuer of the USDC -0.14% stablecoin, announced it has partnered with leading Latin American fintech Nubank in an effort to broaden access to its dollar-backed digital asset. "USDC support will initially be rolled out as part of Nubank Cripto, providing its Brazilian users with access to buying and holding digital dollars," the company said in a post. Nubank has 90 million customers in Latin America with more than 85 million in Brazil.
Circle's statement coincides with Nubank also announcing this week it has partnered with Talos in order to reduce the cost of crypto trading. Brazil "has emerged as a driving force for digital currency use and adoption,” Circle CEO and co-founder Jeremy Allaire said in the statement. “Our partnership with Nubank marks a significant moment in expanding the global reach of USDC." Interest in spurring consumer adoption of digital assets within South America's largest nation continues to gather momentum. Brazil, a nation of more than 200 million people, is developing its own digital currency while top crypto firms like Coinbase and payments firm Ramp attempt to grow their presence there.
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💰 Bitcointalk Forum to Enforce Mixing Talk Ban
Bitcointalk, a historic forum platform where Bitcoin creator Satoshi Nakamoto often wrote posts, has announced that it will enforce a ban on mixing related talk. The ban will start to be applied next year, affecting topics that describe the use of these platforms focused on increasing privacy and obscuring the source of the bitcoin held in an address. Theymos, the administrator of the Bitcointalk platform, clarified that starting January 1, all old posts referring to mixers will be locked and archived.
The measure garnered mixed reactions from the community on the site, with some users criticizing the move while others acknowledged that it was necessary for the survival of the forum in the long term. The ban comes after Sinbad, a cryptocurrency mixing platform, was labeled as a “key money-laundering tool” and sanctioned by the U.S. Office of Foreign Assets Control (OFAC) for allegedly processing millions of dollars for hacking groups such as Lazarus. all old posts referring to mixers will be locked and archived, while new posts directing people to the use of mixers could lead users to be banned from the site. Mixer addresses will be filtered, and any attempts to go over this filter will also be ban-worthy.
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🇺🇸 Republicans' Leadership Squabbles Delayed U.S. Crypto Bills Until 2024, Key Lawmakers Say
U.S. crypto legislation could win House of Representatives approval this year, lawmakers doing much of the behind-the-scenes work are looking to 2024 as the time when digital assets bills may get passed by that Republican-controlled chamber though the efforts still face an uphill climb in the Senate where Democrats have the reins. House's consideration of two major crypto bills – one to regulate U.S. stablecoin issuers and another to form a broad system of rules for crypto markets – has likely shifted into "early 2024."
The House Republicans' recent fight over installing a new speaker – which ensnared key crypto negotiator Rep. Patrick McHenry (R-N.C.) as stand-in speaker for a time – delayed the floor time lawmakers needed for the legislation, Hill said at a Blockchain Association event in Washington on Thursday. He was among a handful of Democrats on the House Financial Services Committee to buck his party's ranking member on the committee to favor both crypto bills this year. Waters has since indicated she's still open to moving forward on legislation, and Himes said Thursday that if Waters gets on board and the overall House approves a bill, "a Democratic Senate sits up and takes notice."
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