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🔵 Ether put-call options ratio is a bullish indicator for the market in 2024, says analyst
There has been an increasing number of outstanding calls compared to puts in ether options open interest ahead of the end of January expiry date, according to data from the Deribit derivatives exchange. That indicates many investors anticipate the digital asset's price will appreciate in early 2024, an analyst said. A put-call options ratio below one indicates that the call volume exceeds the put volume, signifying bullish sentiment in the market. It is assumed that a trader who buys call options is implicitly bullish on the market, while a put buyer is bearish. According to The Block's Data Dashboard, today's ether put-call ratio on Deribit is 0.35. Deribit data also shows there are over twice as many calls outstanding compared to puts ahead of the Dec. 29 expiry. Of the around 974,000 call options outstanding for the end of month expiry, the largest group are calls at the strike price of $2,500. This suggests that many derivatives traders are betting on the price of ETH to rise above this level by the end of December. There has been a significant increase in ether options open interest leading up to the upcoming end-of-month, quarter, and year expiry date on Dec. 29. "The December expiry is the largest expiry Deribit currently has," Strijers said.
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🔴 Avalanche Web Wallet Upgraded to Core on Jan 23!
According to McShane, the Avalanche Web Wallet is set to undergo a transformative transition, as it is slated for deactivation on January 23. However, this move is not a setback but rather a strategic shift towards enhancing user experience and functionality. The focal point of this transition is the introduction of a new wallet, aptly named “Core.” This replacement is designed with a forward-looking approach, aligning with the upcoming advanced AVAX staking features. Ava Labs aims to elevate the user experience by incorporating a suite of functionalities within Core. Notably, the Core wallet will support advanced features such as verification, delegation, x/p/c access, cross-chain transfers, portfolio export, and more. A noteworthy aspect of this transition is Ava Labs‘ commitment to transparency and collaboration within the crypto community. Despite the deactivation of Avalanche Web Wallet , the company has affirmed that the code for Avalanche Web Wallet will remain open source. This decision underscores Ava Labs’ dedication to fostering a collaborative development environment and invites the community to contribute to the ongoing evolution of their products.
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🇸🇻 El Salvador Could Rake In $1B Bitcoin Investment per Year With New ‘Freedom VISA’
El Salvador is targeting bitcoin (BTC) and crypto millionaires in its latest push to attract long-term residents to the country. The nation kickstarted its ‘Freedom VISA’ program on Thursday, doling out residency to a maximum of 1,000 people per year who invest at least $1 million worth of bitcoin or tether (USDT) stablecoins. Eligible participants receive a long-term residency permit and have a path to full citizenship. An application costs a non-refundable $999 in BTC or USDT, and the process has gone live as of Friday. The technical process is handled by Tether Global, the issuer of USDT. This is similar to the concept of a ‘Golden VISA’ offered by several nations, where wealthy people can invest a certain amount into that country’s bonds or property in return for a residency permit. Taking bitcoin or tether investments for residency is a first for any nation. El Salvador could receive at least $1 billion in deposits if the quora are filled every year. El Salvador created history in September 2021 after becoming the first nation to recognize bitcoin as legal tender. It has since made bitcoin investments and holds over 2,700 BTC in its treasury – a position that has yielded over $3 million in unrealized profit so far.
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💰 UAE Bitcoin Miner Signs Order Worth Over $380 Million With Microbt
Phoenix Group PLC, a bitcoin mining company based in the United Arab Emirates (UAE), has signed an order worth more than $380 million with Microbt, a mining rig manufacturer. As part of the agreement, Phoenix Group PLC will receive mining equipment valued at $136 million, with an additional option worth $246 million. Microbt to integrate hydro-cooling miners, which is a significant milestone towards Phoenix Group’s goal of creating High-Performance Computing (HPC) data centers. The UAE-based bitcoin miner is also collaborating with Microbt to integrate hydro-cooling miners, which is a significant milestone towards Phoenix Group’s goal of creating High-Performance Computing (HPC) data centers. Bijan Alizadehfard, the co-founder and CEO of Phoenix Group PLC, described the collaboration with Microbt as a reflection of his company’s strategic foresight. “This collaboration with Whatsminer [Microbt] is a milestone for Phoenix Group, reflecting our strategic foresight and commitment to pioneering in the tech industry. Our successful listing on the ADX has further empowered us to pursue such significant partnerships, enhancing our capabilities in the blockchain and cryptocurrency sector,” Alizadehfard said.
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💰 Bitcoin price could potentially rise above $50,000 in early 2024: CryptoQuant
A CryptoQuant report predicted Bitcoin could potentially exceed $50,000 early in 2024, from its current price of $43,000. The prediction is based on analyzing Bitcoin’s user activity, using the Metcalfe price valuation band metric, considering factors like market capitalization, transaction volume, and user activity. The report suggested Bitcoin’s target price range could be $50,000 to $53,000 early next year
"Bitcoin may be targeting $50,000 to $53,000 based on the network activity valuation perspective," CryptoQuant analysts said. CryptoQuant analysts noted that Bitcoin’s supply in profit is above 88%, and sell pressure may be increasing as a significant portion of circulating supply is in profit. The report, therefore, cautioned of potential short-term corrections, noting that high levels of circulating supply in profit often align with local market tops. The report referenced the “bitcoin bull-bear market cycle indicator,” indicating a current bull market but nearing an “overheated bull phase” which historically aligns with price rally pauses or corrections.
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🟠 Changpeng Zhao Guilty Plea Accepted By US Judge: Report
According to Reuters, Changpeng Zhao guilty plea has been approved by U.S. District Judge Richard Jones, Zhao awaits sentencing in February, with prosecutors requesting that he stay in the U.S. until then. Sentencing is scheduled for February 23, 2024. The company pleaded guilty to breaking U.S. anti-money laundering and sanctions laws. Alongside Binance, Changpeng Zhao himself also pleaded guilty to the charges and is currently awaiting sentencing, which is scheduled for February. As of now, the sentencing is scheduled for February 23, 2024. Despite awaiting sentencing, Zhao has been released on bond. However, prosecutors have requested that he be required to stay in the U.S. until the sentencing process is complete. They argue that Zhao poses a serious risk of flight. On the other hand, Zhao’s attorneys have strongly asserted that he is not a flight risk and should be allowed to return to the UAE, where his family currently resides, until February. Under the current terms of his bond release, Zhao would be permitted to return to the UAE, but he would have to come back to the U.S. two weeks before the scheduled sentencing date. However, Judge Jones recently stayed that part of Zhao’s release until a final ruling is made on the matter.
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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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🇫🇷 Binance Operations in France Leaves Regulators Controversial
According to the Financial Times, the courtship began in November 2021 when Binance committed €100 million to France’s crypto scene, gaining regulatory approval from the Autorité des Marchés Financiers in May. Despite recent global regulatory challenges for the exchange, Binance operations in France are still supported. Sources reveal over a hundred tech visas were granted to Binance to expand its operations in the country. The French Minister of Economy and Finance, Bruno Le Maire, expressed pride in Binance’s French registration, considering it pivotal for France’s ambition to become a “European hub of the crypto assets ecosystem.” However, recent events, including the resignation of Binance CEO Changpeng “CZ” Zhao and guilty pleas related to money laundering, cast a shadow on the relationship. French legislators tightened requirements for newcomers, but existing companies, including Binance, remain exempt. Binance’s French regulatory status affords an 18-month grace period, allowing operations until July 2026.
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💰 Marathon Digital Holdings November Bitcoin Operations Achieve Record-Breaking Milestones
Marathon Digital Holdings showcasing impressive Bitcoin production figures and a substantial holding of unrestricted BTC. As of November 30, Marathon Digital Holdings successfully mined and produced 1,187 Bitcoins, attesting to its position as a powerhouse in the cryptocurrency mining sector. The company’s robust performance is further underscored by its substantial Bitcoin holdings, revealing a total of 14,025 unrestricted BTC in its possession as of the end of November.Marathon Digital Holdings ability to not only generate impressive Bitcoin yields but also to strategically manage its cryptocurrency assets speaks to its commitment to long-term success and stability in the crypto mining space. The company’s decision to sell a portion of its holdings to cover operational costs is a testament to its adaptability and prudent financial strategy, aligning with the demands of the ever-changing crypto ecosystem. Investors and industry enthusiasts are keenly observing Marathon’s moves, given its influential position in the public mining sector. As the company continues to navigate the challenges and opportunities presented by the crypto market, its November accomplishments serve as a beacon.
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💰 Bitcoin On Track To Hit $100K In 2024: Report
Bitcoin is on track to hit $100,000 according to executives in the cryptocurrency industry. With a growing number of voices calling for fresh all-time highs for bitcoin in 2024, optimism is high. The digital currency has already rallied over 120% this year, and many believe the surge will continue into 2024. Despite recent issues in the crypto industry, such as the collapse of coins and projects, executives see these cases as a line being drawn under past problems. The industry is now focused on positive developments, including the potential approval of a bitcoin exchange-traded fund (ETF). This could attract larger traditional investors who were previously hesitant to enter the crypto market. Another development is the bitcoin halving scheduled for May 2024, which often leads to a new rally. The next halving is expected to occur on April 24, 2024, and the current block height is less than 6 months away from it. Some experts have made bold predictions, with Standard Chartered projecting bitcoin to hit $100,000 by the end of 2024, and Matrixport projecting prices of $63,140 by April 2024 and $125,000 by the end of next year.
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💰 Bitcoin Miners' November Revenue Peaks at $1.16 Billion, Setting 2023 Record
In November, bitcoin (BTC) miners experienced a prosperous period, bolstered by increased prices and a substantial uptick in transfer fees. Data reveals that miners amassed a total revenue of $1.16 billion, with fees contributing $142.19 million to this sum. This performance eclipsed the former zenith reached in May 2023, where total earnings were $919.22 million, inclusive of $125.92 million in fees. From May to November 2023, bitcoin miners experienced a fluctuation in earnings. The total revenue in November surpassed May’s figures by approximately 26.19%. Yet, the hash price, defined as the revenue generated per petahash per second (PH/s) each day, was more favorable in early May compared to November’s peak values. On May 8, 2023, data revealed that a single PH/s of hashpower was valued at $124.17. Contrastingly, the apex value in November, recorded on the 18th, was slightly lower at $96.36 per PH/s. November witnessed a marginal increase in bitcoin (BTC) transaction processing over May, with 16.42 million transactions in November slightly edging out May’s count of 16.3 million. Furthermore, Bitcoin’s onchain daily volume in USD terms reached notable heights in the past month.
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🏦 Coinbase Shop Now Officially Launched
Brian Armstrong, the co-founder and CEO of Coinbase, revealed the official launch of Coinbase Shop, an online store built on the Shopify platform. This e-commerce venture focuses on offering a range of Coinbase peripheral products. Armstrong emphasized that the prevailing challenges in utilizing cryptocurrency payments urged the creation of Coinbase Shop. Upon entering shipping details, users can immediately proceed to the payment page. Coinbase Shop is just one of the recent additions to Coinbase’s expanding suite of products. In the last half of the year, the company has strategically introduced various offerings aimed at reducing reliance on transaction fees and ensuring revenue generation in challenging market conditions. These products, collectively termed “subscriptions and services,” encompass stablecoin revenue, blockchain rewards, interest income, and customer fees, all of which have proven to be lucrative investments. Coinbase Cloud, a prominent blockchain infrastructure platform, recently introduced a feature called “Coinbase Verifications.”
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🇰🇵 North Korean hackers have pilfered $3B of crypto over past six years: Report
According to United States cybersecurity firm Recorded Future, North Korean hackers have stolen around $3 billion in cryptocurrency since 2017, with more than half of that amount stolen in the past year alone. Furthermore, the stolen amount surpasses the total annual income from exports for the nation by a considerable margin. “This amount is also almost 10 times more than the value of North Korea's exports in 2021, which sat at $182 million,” the report stated. It was noted that support from the North Korean government has led to a significant expansion in the scale of the illicit operation. “State backing allows North Korean threat actors to scale their operations beyond what is possible for traditional cybercriminals,” the report declared.According to a UN report, cyber attacks were more sophisticated in 2022 than in previous years, making tracing stolen funds more difficult than ever. Meanwhile, blockchain analytics firm Chainalysis labeled the cybercriminal syndicates as the most “prolific cryptocurrency hackers over the last few years.” Additionally, Chainalysis noted that North Korea-linked hackers were moving funds through crypto mixers such as Tornado Cash and Sinbad at a much higher rate than other criminal groups.
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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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🇺🇸 Fidelity held meeting with SEC about spot bitcoin fund, submitted presentation about ETF workflows
Asset management giant Fidelity held a meeting with the Securities and Exchange Commission on Dec. 7 about its proposed spot bitcoin ETF, according to a memo on the regulator's website. "Arbitrage and hedge are more efficient with physical creations," the presentation stated. "Self-clearing ETF market maker firms can facilitate efficient arbitrage in acting as Agency AP for non-self-clearing ETF market maker firms with Crypto Affiliates. Bitcoin's price has surged over the past weeks as the market has anticipated what could be the final steps toward a decision from the SEC about applications it's been reviewing for proposed spot ETFs. Amid multiple amendments to filings and memos about meetings, regulators and asset managers have seemed to be focusing on technical aspects. "Create/redeem language includes both in-kind and cash still," Bloomberg Intelligence analyst James Seyffart wrote on X earlier Friday, commenting about an amended filing for VanEck's proposed spot bitcoin ETF. "Looking more and more like everyone will leave that optionality in their S-1’s but 19b-4 approvals may only allow cash creates — at least to start."
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💰 Fidelity Spot Bitcoin ETF Now Listed On DTCC Under Ticker FBTC
According to Watcher Guru, Fidelity Spot Bitcoin ETF ($FBTC) listed on DTCC. Cboe announced the filing of the Fidelity Bitcoin Spot ETF. Fidelity also applied for a spot Ethereum ETF. US regulators warming to Bitcoin ETF approval. Approval window: Jan 5-10, 2024. Fidelity’s Spot Bitcoin ETF, with the ticker symbol $FBTC, has been listed on the Depository Trust & Clearing Corporation (DTCC) website. Fidelity officially filed an application for the ETF with the SEC on June 6, 2023. Fidelity is also planning to launch a spot Ethereum ETF, and the US Securities and Exchange Commission (SEC) has reportedly received Fidelity’s application to list a Fidelity spot Ethereum ETF, according to a recent SEC filing. The proposal aims to list and trade shares of the Fidelity spot Ethereum ETF, which would track the performance of the Fidelity Ethereum Index. Forbes recently reported that US regulators are warming to the idea of approving spot Bitcoin ETFs. Meetings between the SEC and applicants have progressed, focusing on key technical details. Industry experts speculate that the approval window for these ETFs could be between January 5-10, 2024. These events indicate that the much-anticipated Bitcoin ETF offering may soon become a reality.
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🪙 Ethereum Experiences a Massive Surge in Gas Fees
Ethereum gas fees have surged over the last month. In October 2023, Ethereum experienced a notable reduction in gas fees, reaching a new low. The decline was attributed to decreased activity in decentralized finance (DeFi), non-fungible tokens (NFTs), and various Telegram bots. Major gas spenders, including industry giants like Binance and Coinbase and Layer-2 networks such as Arbitrum, Optimism, and Base, reduced their spending by 30% in mid-October. December 1, the introduction of the Buterin Cards NFT collection triggered a 13% increase in gas fees on the Ethereum network. Transactions associated with this collection accumulated fees totaling 318.31 ETH in the past 24 hours, equivalent to $665,670. Notably, within three hours, transactions linked to the Buterin Cards NFT project contributed to over 13% of the total Ethereum network gas fees, surpassing fees from the Uniswap universal router address and Tether’s public address, according to data from Etherscan. It shifted away from the energy-intensive proof-of-work (PoW) model, introducing staking and resulting in a noteworthy 99.9% reduction in energy consumption.
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💰 Residents of Swiss City of Lugano to Pay Taxes With Bitcoin
The Swiss city of Lugano announced on Dec. 5 that it has added cryptocurrencies to its list of acceptable payment options. This means that city residents can now settle tax bills and all other community fees with Bitcoin (BTC) or the stablecoin USDT. Previously, Lugano residents could only use this payment option for transactions made on the city’s online platform. However, according to a statement from Bitcoin Suisse, previous restrictions have been removed. Residents can now use crypto to settle regardless of the nature of the service rendered or the amount invoiced. According to a statement, Lugano has become one of the first cities to accept cryptocurrencies as a payment option, making payments more flexible and modern for everyone. Other Swiss cities that have similarly embraced crypto payments include Zug, the Canton of Zug, and the municipality of Zermatt. By taking this step, Lugano aims to integrate blockchain and BTC into various aspects of daily life in the city. Bitcoin Suisse is the Swiss city’s technical infrastructure provider.
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🟠 Seattle judge accepts former Binance CEO Changpeng Zhao's guilty plea
A U.S. district judge has accepted a guilty plea from former Binance CEO Changpeng Zhao on charges related to anti-money laundering violations. Zhao, also known as CZ, pleaded guilty last month to anti-money laundering and sanctions violations following years-long probes by federal regulators. Binance agreed to pay $4.3 billion in one of the largest corporate settlements in history. Zhao agreed to pay a $50 million fine and stepped down as CEO. Zhao also stepped down as chairman of the board of directors for Binance.US last week, effectively removing his influence from Binance.US's governance and rendering his interest in the U.S. arm of the exchange "purely economic." Zhao has been active on X since stepping down as Binance CEO and pleading guilty. Over the past week, he has posted about his lunch, reposted the new Binance CEO Richard Teng and talked about taking risks. "10 years ago today, I quit my job, sold my house, and aped into #bitcoin," Zhao posted. "No, I am not saying you should do the same. Many people asked, how could you take such risks? Me, I knew I could easily get a job... Everyone's risk profile is different.
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📊 Societe Generale-Backed Euro Stablecoin EURCV Starts Trading on Bitstamp
Societe Generale's (GLE) euro stablecoin EUR Coinvertible (EURCV) has started trading on European cryptocurrency exchange Bitstamp. The Ethereum-based stablecoin was developed by the French bank's crypto division, SG Forge, and unveiled in April as a means for institutional clients to bridge traditional capital markets and digital assets. The stablecoin was used Monday by AXA IM, the asset management arm of insurance giant AXA, to buy 5 million euros ($5.4 million) worth of tokenized green bonds. The listing on Luxembourg-based Bitstamp extends its access to retail traders and marks the first occasion a euro stablecoin issued by a fully regulated bank is available on a cryptocurrency exchange. The stablecoin market is dominated by crypto-native firms like Tether, developer of developers of USDT, and Circle, with USDC, both of which are pegged to the U.S. dollar. EURCV's listing on Bitstamp "is the next step in building markets beyond the current dominance of USD-backed stablecoins," Jean Baptiste-Graftieaux, CEO of the exchange, said in a statement. French crypto financial services firm Flowdesk announced on Tuesday that it had been appointed as market maker by SocGen.
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💰 Bitcoin Halving Nears as Less Than 20,000 Blocks Remain
Bitcoin community eagerly anticipates a significant event, the countdown to the next Bitcoin halving has begun, with less than 20,000 blocks remaining until the anticipated milestone. Scheduled to occur after every 210,000 blocks, the halving event plays a pivotal role in maintaining Bitcoin’s scarcity and controlling its inflation rate. With the current block height edging closer to the predetermined threshold, the community is abuzz. The upcoming halving will see the reward for miners reduced by half, from 6.25 to 3.125 bitcoins per block. This reduction in block rewards has historically been associated with significant price movements and increased attention from investors, as the event underscores the finite nature of Bitcoin’s supply. Bitcoin halvings have historically been catalysts for bullish trends in the cryptocurrency market. The reduction in new supply entering circulation often leads to increased scarcity, driving demand and, consequently, pushing prices upward. This pattern has been observed in previous halving events, contributing to Bitcoin’s reputation as a deflationary digital asset.
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🏦 Coinbase rolls out money transfers via links sent on WhatsApp, TikTok and Instagram
U.S.-based crypto exchange Coinbase is introducing a new service that allow customers to send money to each other through the world's most popular modes of communication at no cost. "We've made it easy to send money anywhere you can share a link, whether it's through messaging apps like WhatsApp, iMessage, and Telegram, social media platforms like Facebook, Snapchat, TikTok, and Instagram, or even via email," the company said in a blog post. Coinbase also said people will be able to send money to others even if they are located in other countries, and the settlement of transfers will be instant and free of charge. Both the sender and the receiver of the funds will have to possess the Coinbase Wallet. If a person is sent a link and doesn't already have Coinbase's digital wallet, they will be directed to download it either from the Apple or Android app stores, the company said. If funds are sent and not retrieved within two weeks, the money will automatically be returned to the sender. The company's share price has also performed well this year as the intensity of its battles with the Securities and Exchange Commission has waned, while major traditional finance players like BlackRock.
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🪙 Tether’s holdings of BTC currently have a profit of $1.1 billion
Tether’s holdings of BTC have announced a new investment strategy that will see it allocate up to 15% of its net realized operating profits towards purchasing Bitcoin (BTC). The move is seen as a sign of Tether’s confidence in the cryptocurrency market and its belief in Bitcoin’s long-term potential. Under the new strategy, Tether will only purchase Bitcoin with profits that it has already realized, rather than unrealized capital gains from price increases. Tether will also store the Bitcoin it purchases in its own custody, rather than using a third-party custodian. This is in line with the company’s philosophy of “Not your keys, not your bitcoin”. Tether’s decision to invest in Bitcoin is based on the belief that the cryptocurrency has the potential to reshape the way we conduct business and live our lives. Bitcoin has a proven track record of impressive returns and is increasingly being recognized and adopted by major financial institutions. Tether believes that Bitcoin is a key component of a diversified investment portfolio. In addition to investing in Bitcoin, Tether is also exploring other opportunities in the digital asset landscape.
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💰 Pando Spot Bitcoin ETF Has Now Filed Form 19b-4
Swiss asset manager Pando Asset has joined the race to launch the Pando spot Bitcoin ETF by filing a 19b-4 submission with the Securities and Exchange Commission (SEC). The Pando Asset Spot Bitcoin Trust, pending regulatory approval, is poised to trade on the Cboe BZX Exchange with Coinbase acting as its custodian. The filing outlines the use of the CF Bitcoin Reference Rate by CME to determine the ETF’s bitcoin price. Pando Asset, already offering exchange-traded products on the SIX Swiss Exchange for European traders, is a newcomer to the U.S. spot Bitcoin race, competing with established names like BlackRock and Fidelity. The company aims to introduce an ETF tied to spot Bitcoin prices, becoming the 13th contender for a share in what could be a multi-billion dollar product. Bank of New York Mellon is proposed as the administrator for the Pando spot Bitcoin ETF. The move comes amid positive market sentiment, driven by SEC officials’ meetings with industry leaders like Grayscale, BlackRock, and Nasdaq.
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💰 Microstrategy's Bitcoin Investment Flourishes, Netting $1.6 Billion Profit
Microstrategy (Nasdaq: MSTR) has experienced this notable growth following bitcoin’s (BTC) surge past the $39K mark. Currently, Microstrategy stands as the largest holder of bitcoin, surpassing both public and private entities, with the exception of governments and exchange-traded products such as Grayscale’s GBTC. As of the latest update, the company holds an impressive 174,530 BTC, currently valued at $6.915 billion based on the prevailing exchange rates. Microstrategy’s investment in BTC, amounting to $5.314 billion, was acquired at an average cost of $30,252 per BTC. With its current valuation at $6.915 billion, the company has realized a gain of $1.601 billion, equating to a 30.12% return through strategic dollar-cost averaging of its purchases. According to archived data from blockchaincenter.net’s “There Is No Second Best,” this analysis tracks Microstrategy’s profit margin with BTC investments, comparing it with potential earnings had the company invested in ethereum (ETH) instead. Had the company chosen to invest in ETH, its holdings would amount to 4,264,829 ETH, valued at $9.245 billion. This scenario would have yielded a 74% profit, totaling $3.931 billion.
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🪙 Lido Achieves 9 Million Ethereum Milestone as Rocket Pool Surpasses 1 Million in Defi's Booming Staking Sector
The industry of liquid staking, now valued in the billions, is led by Lido, the leading liquid staking protocol in today’s decentralized finance (defi) landscape. Liquid staking, at its core, involves staking tokens while the assets remain “liquid” or “unlocked,” allowing for diverse applications. This method allows stakers to earn rewards while maintaining access to their funds. For an extended period, Lido has been at the forefront of this market, and on November 21, 2023. As of December 3, 2023, Lido holds a substantial 9.28 million ethereum (ETH) in deposits. In the preceding 36 days, dating back to October 27, 2023, the platform saw an influx of 490,000 ether. The current total value locked (TVL) in the protocol is estimated at $20.05 billion, based on prevailing exchange rates. Among the 25 liquid staking protocols (LSPs), Lido accounts for a commanding 77.81% of the market share. The second-largest player, Rocket Pool, recorded a deposit of 49,214 ether in the same 36-day period. Additionally, Rocket Pool recently celebrated a significant achievement, surpassing the 1 million ETH mark in TVL.
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🏦 Coinbase market share grows outside US trading hours amid Binance saga: Report
Following cryptocurrency exchange Binance reaching a substantial multi-billion-dollar settlement with United States regulators last week, an on-chain data analytics firm reported a surge in Coinbase's market share. On November 21, Binance and the United States Department of Justice (DoJ) reached a settlement of $4.3 billion, settling allegations related to anti-money laundering. The firm recently published a report that indicates that Coinbase has seen an uptick in its trading volume, during the European trading day, outside the regular United States trading hours. Meanwhile, Bybit is reportedly seeing significant changes across the entire day. “Bybit is the immediate standout winner, gaining market share in every single hour and growing by more than 20% in 16 out of 24 hours," the report stated. Cointelegraph recently reported that Galaxy Digital’s Mike Novogratz believes the recent legal action against Binance is a positive for the entire crypto industry. People were worried about dealing with Binance. There’s a lot less to worry about now,” he stated.
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🔵 Arbitrum DAO approves $23 million 'backfund' for projects that missed initial grant
The Arbitrum DAO has voted two-to-one to disburse 21.1 million tokens ($23.5 million) into projects that were approved for a grant from the Ethereum Layer 2 network's Short-Term Incentive Program (STIP), but failed to receive the funds due to the program's initial 50 million token budget. In addition to the 29 projects funded in the first round, 26 projects will now receive grants, with the largest being Gains Network at 4.5 million tokens ($5 million). With the approval of the proposal, the STIP's program total budget has increased to 71.1 million ARB tokens. The additional funds will be dispersed following a three-day waiting period, according to the proposal. Some projects that received funding in the initial round, such as Camelot and MUX, joined the one-third of voters who rejected the additional funding proposal. Camelot explained their 'no' vote in a lengthy comment, arguing for a second round of proposals instead of a backfunding event. MUX's comment was more concise, arguing "proposals with good protocol fundamentals, proper incentives execution strategies and reasonable grant size should be supported, but not in a bundle of proposals with mixed quality."
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🟠 Coinbase and Bybit are main winners following Binance settlement: Kaiko
In the wake of Binance's $4 billion settlement with U.S. authorities last week, crypto exchange rivals Coinbase and Bybit have emerged as the main beneficiaries. Despite registering over $1 billion in outflows during the aftermath of the settlement, Binance has not shown signs of a dramatic decline in liquidity, however, with the exchange's market depth rising post-settlement, according to Kaiko research analyst Riyad Carey. U.S. authorities, including the Department of Justice, Department of the Treasury and the Commodity Futures Trading Commission, settled with Binance last week, concluding a criminal investigation into allegations of money laundering and sanctions violations and marking one of the largest corporate settlements in U.S. history. The settlement involved $4.3 billion in penalties and included criminal charges against former CEO Changpeng Zhao, who stepped down as part of a plea deal. Coinbase was one beneficiary, at least in terms of its share price. Coinbase's stock was already performing well in November, with the Binance settlement adding fuel to the fire, Carey said, as COIN surged by over 75% for the month.
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