Coin360 Daily Dispatch | Crypto Market Updates & Highlights | November 23, 2023

Bitcoin Eyes $38K Amid ETF Speculation and Binance Rebound

Bitcoin (BTC) recently targeted the $38,000 mark, fueled by aggressive bidding and speculation about a U.S. spot price exchange-traded fund (ETF) approval. Despite a dip due to legal actions against Binance, BTC rebounded impressively, with the market showing resilience. 

The Binance resolution, involving a $4.3 billion fine and leadership changes, has sparked optimism for the approval of a spot Bitcoin ETF. This sentiment is strengthened by the record high of 70.35% of Bitcoin's supply being inactive for at least a year, indicating a strong belief among holders and a reluctance to sell at current price levels. 

The market's recovery and the potential for a spot Bitcoin ETF are seen as positive signs for the cryptocurrency's future.

Binance Legal Woes Shift Crypto Flows and Leadership

U.S. prosecutors aim to keep Binance's ex-CEO, Changpeng Zhao, in the U.S. until his February sentencing, citing flight risk. Kraken's co-founder sees fairness in crypto post-Binance's $4.3 billion settlement. Binance's Bitcoin reserves drop as retail flows shift to Coinbase, influenced by legal scrutiny and ETF anticipation.

KyberSwap DEX Hit by Multi-Chain Security Breach

KyberSwap DEX faced a multi-chain exploit, losing $46.5-$50 million across chains like Ethereum, Polygon, and Arbitrum. The attacker taunted the team, hinting at negotiations. This led to a 68% drop in KyberSwap's TVL and a brief dip in KNC token price. Users were urged to withdraw funds.

BlackRock and Grayscale Navigating ETF Regulatory Maze

BlackRock is discussing an "in-kind" redemption model for its ETF with the SEC, facing some resistance, while Grayscale has filed a new prospectus for converting its Bitcoin Trust into an ETF, indicating active negotiations and updates after SEC feedback. Both firms are navigating regulatory complexities to launch their products.

Singapore's New Crypto Regulations Target Retail Trading

The Monetary Authority of Singapore (MAS) has released regulations targeting crypto service providers. The rules aim to discourage speculative retail trading and protect consumers by limiting incentives, risk exposure, and customer access. They also ease investment qualifications and set high availability and risk-incidents reporting stipulations, with a phased implementation from mid-2024.  

Raiffeisen Bank Joins Crypto Trading Arena in Vienna

Raiffeisen Bank plans to launch crypto trading for retail customers in Vienna in January 2024, emphasizing accessibility for digitally savvy individuals. The partnership with Bitpanda aims to offer a familiar and secure experience. The move reflects increasing crypto adoption and the emergence of clear regulatory frameworks.  

Polygon Protocol Powers Lugano's Crypto Payment App

The city of Lugano in Switzerland is integrating the Polygon protocol into its MyLugano crypto payment app, serving 30,000 users. The app, developed in partnership with Tether, supports the city's goal of becoming a major European blockchain hub and allows users to pay taxes with cryptocurrency.  

Bitcoin User Pays Massive Fee in Transaction Blunder

A Bitcoin user mistakenly paid a $3.1 million transaction fee for transferring 139 BTC, with only 55.77 BTC reaching the intended recipient. The incident was due to a possible misunderstanding of the non-cancellation policy for replacement fees, similar to a previous case involving Paxos. Antpool, the mining pool that captured the fee, has yet to comment.  

Ethereum's Rising Influence: Wallets and Futures Trading

Ethereum's 200 largest wallets now hold $124.1 billion, 52% of its circulating supply, marking a 30.3% increase since last year. New Ethereum addresses peaked at 94,700 on November 20, the highest in four months. In the past 24 hours, Ethereum open interest on CME surged by 21%, nearing its all-time high set in November 2022. 

This increase suggests heightened trader interest and potentially greater liquidity in Ethereum futures trading. Additionally, overall Ethereum open interest has risen by 2.5%, reaching 3.59 million ETH.

BONK Meme Coin Soars on Binance Futures Listing

BONK, a meme coin on the Solana network, surged 25% following a Binance futures listing announcement. The coin's market cap is at $197 million, with a value of $0.00000459 and a recent 1,700% spike. This move comes as Binance aims to regain ground after leadership changes and outflows.  

Curve Community Proposes Interest Rate Hike for crvUSD

The Curve community is voting on a proposal to raise interest rates for crvUSD with the aim of restoring its $1 peg. Currently trending towards $0.99, the proposal advocates for increasing interest rates and has garnered unanimous support. CrvUSD's volume surged, and it ranks ninth among stablecoins by 24-hour volume.   

Uniswap's UNI Token Rallies Amid Governance Changes

Uniswap's UNI token surged over 20% after a governance proposal to boost voting power for minor delegates, amidst Binance's $4 billion DOJ settlement and CEO Zhao's resignation. The DeFi sector's value soared to $57.75 billion, with UNI's market cap hitting $4.8 billion, its highest since August.

Sam Bankman-Fried Denied Bail, Awaits Sentencing

Sam Bankman-Fried's motion for release was denied, and he remains in jail pending sentencing on March 28. The court cited attempts to tamper with witnesses and a history of conduct leading to tightened release conditions. Found guilty on seven counts, he awaits sentencing for defrauding customers, lenders, and investors of FTX.  

Former Ethereum Adviser Claims SEC Corruption

Early Ethereum adviser Steven Nerayoff accuses US government agencies of systemic corruption, claiming persecution and coercion due to his knowledge of alleged SEC corruption. His 3.5-year legal battle ended with dismissed charges and uncovered evidence. He's now preparing fraud charges against Ethereum's founder and another executive based on new revelations.

InfStones Takes Precautionary Measures Amid Vulnerability

InfStones, a vital Lido Finance node operator, plans key rotations after addressing a vulnerability linked to the Tailon library. No evidence of key leakage or exploitation was found, but precautionary measures are being taken. Lido oversees 9.23 million ether with a market value exceeding $19 billion.  

Top Altcoin Gainers and Losers

Gainers:

Klaytn KLAY (+13.31%)

Gas GAS (+11.82%)

Mina MINA (+11.13%)

Losers:

Injective INJ (-3.29%)

The Graph GRT (-1.76%)

THORChain RUNE (-1.69%)