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Coin360 Daily Dispatch | Crypto Market Updates & Highlights | December 11, 2023

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Unmasking the 4 Biggest Cash App & Bitcoin Scams (and How to Stay Safe!)

Coin360 Daily Dispatch | Crypto Market Updates & Highlights | December 10, 2023

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Coin360 Weekly Dispatch | Crypto Market Updates & Highlights | December 2 - December 8, 2023

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Chibi cubic robot examining a Bitcoin against a bright blue sky.webp

U.S. Market Braces for First Spot Bitcoin ETF

This article comes to you with the generous support of<a href="https://stake.com/?c=c360dep200&amp;offer=depboncoin360">&nbsp;Stake.com</a>. Discover the excitement and rewards that await you at<a href="https://stake.com/?c=c360dep200&amp;offer=depboncoin360">&nbsp;Stake.com</a> with deposit bonus!<h2>The Crypto Critique by Jamie Dimon and Senator Elizabeth Warren</h2>Staunch opposition to cryptocurrencies comes from some rather high places. One of these critics is Jamie Dimon, the CEO of JPMorgan Chase. Despite the firm's plunging into the blockchain space, Dimon's resistance remains sturdy. He divulged his views in a U.S. Senate hearing with an inkling to shutter the cryptocurrency industry.&nbsp;His judgments are grounded in the belief that cryptos serve primarily as tools for illicit activities. Furthermore, his concern rests with the unregulated speed of crypto transactions, a factor that bypasses control measures like anti-money laundering (AML) rules.<div class="raw-html-embed"><blockquote class="twitter-tweet">"I've always been deeply opposed to crypto, bitcoin, etc. [Senator Warren] pointed out the only true use case for it is criminals," says JPMorgan Chase CEO Jamie Dimon. "If I were the government I'd close it down." <a href="https://t.co/nkEbHR0DOS">pic.twitter.com/nkEbHR0DOS</a>— Yahoo Finance (@YahooFinance) <a href="https://twitter.com/YahooFinance/status/1732445529777271268?ref_src=twsrc%5Etfw">December 6, 2023</a></blockquote> <script async="" src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>These sentiments are mirrored by U.S Senator Elizabeth Warren. Like Dimon, she advocates for a more control-centric approach to cryptos. Warren stresses the need to enforce AML laws detailed in the Bank Secrecy Act. She partakes in legislative endeavors to impose more rigidity on the sector, even though there's pushback, leaving these legislative efforts in a state of limbo.&nbsp;During the hearing, she used the platform as an opportunity to highlight her Digital Asset Anti-Money Laundering Act. This proposed legislation aims to impose ‘Know Your Customer’ (KYC) requirements on decentralized crypto products—an aspect of crypto that some industry players are against.<div class="raw-html-embed"><blockquote class="twitter-tweet">"There’s a new threat out there –it’s crypto and it is being used for terrorist financing and it is being used for drug trafficking. We can’t allow this to continue,” says U.S. Senator <a href="https://twitter.com/ewarren?ref_src=twsrc%5Etfw">@ewarren</a>. <a href="https://t.co/mAaVOXj5SX">pic.twitter.com/mAaVOXj5SX</a>— Squawk Box (@SquawkCNBC) <a href="https://twitter.com/SquawkCNBC/status/1732813883130147195?ref_src=twsrc%5Etfw">December 7, 2023</a></blockquote> <script async="" src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>Paradoxically, despite being led by a vocal crypto critic, JPMorgan Chase has a foot firmly in the blockchain door. They're far from bystanders in the crypto evolution—quite the contrary, their JPM Coin handles $1 billion worth of transactions daily. It’s also worth noting their Onyx division, dedicated itself to scouting ways of integrating traditional finance with emergent blockchain tech.Senator Warren's assertion that cryptocurrencies are a favored avenue for terrorist financing and drug trafficking isn't quite on the money according to data-driven analysis.&nbsp;<a href="https://www.chainalysis.com/blog/2022-crypto-crime-report-introduction/">Chainalysis research</a> suggests only 0.2% of cryptocurrency transactions are for illicit purposes, vastly outnumbered by cash being the champion of illegal activities.<figure class="image"><img alt="Jamie Dimon juxtaposed with holographic cryptocurrencies in a neon-lit futuristic cityscape.webp" src="https://prod-coin360-cms.s3.eu-central-1.amazonaws.com/Jamie_Dimon_juxtaposed_with_holographic_cryptocurrencies_in_a_neon_lit_futuristic_cityscape_7cac926d46.webp"></figure>The discourse surrounding cryptocurrency triggers a dialogue about wider implications. A tension is palpable between the conventional financial institutions and the burgeoning cryptocurrency sector.&nbsp;Traditional banking upholds regulation as a necessary guardrail while the crypto sector champions its decentralized ethos—no central authority or interference. The puzzle of how these two worldviews will coalesce is a hot topic that keeps the crypto conversation burning.<div class="page-break" style="page-break-after:always;">&nbsp;</div><h2>Crypto Community's Response to Jamie Dimon's Critique&nbsp;</h2>The ripples caused by Jamie Dimon's critique extended far into the crypto community, inciting vehement opposition and mockery. Many insisted on the inherent resilience of&nbsp;<a href="https://coin360.com/coin/bitcoin-btc">Bitcoin</a> against governmental efforts to annihilate it, a sentiment echoed by crypto enthusiast Joe Nakamoto. The community’s comprehensive response was nearly instantaneous, magnified by the scope of social media.<div class="raw-html-embed"><blockquote class="twitter-tweet">Be my guest. Try to stop Bitcoin, Jamie— Joe Nakamoto (@JoeNakamoto) <a href="https://twitter.com/JoeNakamoto/status/1732450373896462589?ref_src=twsrc%5Etfw">December 6, 2023</a></blockquote> <script async="" src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>Finger-pointing ensued, as some accused Dimon of lagging behind the modern tech curve, oblivious to the potential benefits like transparency and security. A tongue-in-cheek response from one Twitter user&nbsp;<a href="https://www.benzinga.com/markets/cryptocurrency/23/12/36118823/jp-morgan-ceo-calls-for-a-shut-down-of-bitcoin-and-the-crypto-industry-heres-how-social-me">underscored</a> the perceived absurdity of blaming cryptocurrencies for criminal activities while giving traditional banks a free pass.Some community members took defense, justifying that fiat currencies are also not above being used for illegal activities. This bunch argues that cryptocurrencies offer more than just a new avenue for criminal transactions. The controversy had consequences, as a few users expressed their plans to stop banking with Chase over Dimon’s comments.<div class="raw-html-embed"><blockquote class="twitter-tweet">Banks like Chase are scared because they can’t compete with cryptocurrency. In fact Hamas, a terror organization tried to smuggle $50 million DOLLARS into the Gaza Strip not crypto— Doge Whisperer (@TDogewhisperer) <a href="https://twitter.com/TDogewhisperer/status/1732474309640081845?ref_src=twsrc%5Etfw">December 6, 2023</a></blockquote> <script async="" src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>Crypto bigwigs didn't stay silent either. Figures like&nbsp;<a href="https://twitter.com/zGuz/status/1732453225284944361?t=AOeN6ckk53_wuIPjamZO0g&amp;s=19">Zack Guzmàn</a>, founder of Coinage, and&nbsp;<a href="https://twitter.com/BitcoinPierre/status/1732453444101841333">Pierre Rochard</a>, Riot Platform's VP of Research, didn't mince words in decrying Dimon's views.&nbsp;<a href="https://coin360.com/coin/tether-usdt">Tether</a> and VanEck Advisor Garbor Gurbacs adopted a moral high ground, citing JPMorgan Chase's hefty $40 billion fines for multiple infractions since the 2000s.<div class="raw-html-embed"><blockquote class="twitter-tweet">Top 5 primary offense types of JPMorgan Chase parent company which is the second most penalized financial institution with close to $40 Billion in fines for 272 violations since 2000. <a href="https://t.co/SmDmM5qJSw">pic.twitter.com/SmDmM5qJSw</a>— Gabor Gurbacs (@gaborgurbacs) <a href="https://twitter.com/gaborgurbacs/status/1732460316317864162?ref_src=twsrc%5Etfw">December 6, 2023</a></blockquote> <script async="" src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>Another counter-argument came from&nbsp;<a href="https://coin360.com/exchange/binance">Binance</a>'s Richard Teng, showcasing the darker side of fiat currencies, often implicated in illegal activities on a larger scale than cryptocurrencies. His message to policymakers was clear: before criticizing the new, address the problems with the old. Adding credit to his argument, he highlighted the transparency attribute of crypto transactions.<div class="raw-html-embed"><blockquote class="twitter-tweet">You have seen bankers advocating shutting down crypto industry because of illicit activities. But let’s look at facts. Loved this analysis from Dr Andrzei Gwizdalki who complied data from UN, WEF and Cryptoanalysis. As Dr Gwizdalki states “Perspectives is crucial when addressing…— Richard Teng (@_RichardTeng) <a href="https://twitter.com/_RichardTeng/status/1732637107699487015?ref_src=twsrc%5Etfw">December 7, 2023</a></blockquote> <script async="" src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>Looking at the broad spectrum of reactions, the social media landscape showed a blend of Dimon-critics and steadfast crypto supporters. Despite critique and controversy, the general sentiment leaned towards anticipatory growth in the industry.<div class="page-break" style="page-break-after:always;">&nbsp;</div><h2>Bank-Specific Misconduct: A Staggering $181 Billion in Fines Since 2000</h2>A worrying glimpse into corporate misconduct paints an alarming picture for four of the most prominent banks. Data culled from the Violation Tracker, a corporate misconduct data aggregator, reveals a whopping $181 billion in fines paid collectively by the Bank of America, Wells Fargo, Citigroup, and JPMorgan since the dawn of the new millennium.Drilling down into the specifics,&nbsp;<a href="https://violationtracker.goodjobsfirst.org/parent/bank-of-america">Bank of America</a> tops the list with fines totalling $87.2 billion from 324 infringements.&nbsp;<a href="https://violationtracker.goodjobsfirst.org/parent/wells-fargo">Wells Fargo</a> faced 261 fines, amassing $27.5 billion in penalties.&nbsp;<a href="https://violationtracker.goodjobsfirst.org/parent/citigroup">Citigroup</a> was slapped with fines close to Wells Fargo's—$26.9 billion—but from fewer violations, 181 times to be precise.&nbsp;<figure class="image"><img alt="Glowing Bitcoin symbol in a neon-lit digital blockchain universe.webp" src="https://prod-coin360-cms.s3.eu-central-1.amazonaws.com/Glowing_Bitcoin_symbol_in_a_neon_lit_digital_blockchain_universe_a377f39643.webp"></figure><a href="https://violationtracker.goodjobsfirst.org/parent/jpmorgan-chase">JPMorgan</a>, with less infringement count than Bank of America yet more than Citigroup, had a total fine amount to the tune of $39.3 billion racked up from 272 fines.It's a sobering reality that these dominant figures in the banking sector have encountered such a volume of contraventions. The steep price paid in fines not only financially but also in loss of public trust is genuinely concerning. It becomes evident that as much as critics like Jamie Dimon question the legitimacy of cryptocurrencies, their traditional banking counterparts are not free of shadows.<div class="page-break" style="page-break-after:always;">&nbsp;</div><h2>Conclusion</h2>The clash between Jamie Dimon and the crypto world highlights a pivotal moment in finance. It's a tale of traditional banking skepticism meeting the innovative spirit of cryptocurrency, sparking debates and shaping the future of money. This saga continues to evolve, reflecting the dynamic nature of our financial landscape.<div class="page-break" style="page-break-after:always;">&nbsp;</div><h2>FAQs</h2><h3>1. Why is Jamie Dimon opposed to cryptocurrencies?</h3>Dimon criticizes cryptocurrencies for their potential use in illicit activities and their lack of regulatory oversight.<h3>2. What is JPMorgan's stance on blockchain technology?</h3>Despite Dimon's views, JPMorgan is actively involved in blockchain technology, with initiatives like JPM Coin and the Onyx division.<h3>3. What legislation did Senator Elizabeth Warren propose regarding cryptocurrencies?</h3>Warren proposed the Digital Asset Anti-Money Laundering Act, focusing on KYC requirements for decentralized crypto products.<h3>4. How significant is the use of cryptocurrencies in illegal activities?</h3>Research suggests that only a small fraction (0.2%) of cryptocurrency transactions are used for illicit purposes.<h3>5. What is the general sentiment in the crypto community towards Dimon's views?</h3>The crypto community largely disagrees with Dimon, emphasizing the resilience and potential benefits of cryptocurrencies.This article has been refined and enhanced by ChatGPT.

Chibi cubic robot holding Bitcoin and bank building against a watercolor sunset cityscape

Chibi cubic robot holding Bitcoin and bank building against a watercolor sunset cityscape.webp

Crypto Community Reacts as JPMorgan's CEO Advocates for Shutdown

Cute chibi cubic-styled humanoid robot in Solana costume, joyfully leaping against a bright blue sky with fluffy clouds

Cute chibi cubic-styled humanoid robot in Solana costume, joyfully leaping against a bright blue sky with fluffy clouds.webp

Solana's 2023 Surge: Airdrops Fueling Unprecedented Growth

Coin360 Daily Dispatch | Crypto Market Updates & Highlights | December 7, 2023

This article comes to you with the generous support of<a href="https://stake.com/?c=c360dep200&amp;offer=depboncoin360">&nbsp;Stake.com</a>. Discover the excitement and rewards that await you at<a href="https://stake.com/?c=c360dep200&amp;offer=depboncoin360">&nbsp;Stake.com</a> with deposit bonus!<h2>SEC Postpones Grayscale Ethereum ETF Decision</h2>The U.S. Securities and Exchange Commission (SEC) has&nbsp;<a href="https://decrypt.co/208707/sec-pushes-grayscale-ethereum-etf-decision-into-2024">delayed</a> its decision on Grayscale's&nbsp;<a href="https://coin360.com/coin/ethereum-eth">Ethereum</a> trust conversion to a spot Ethereum ETF. The new deadline is January 25, 2024.&nbsp;According to the SEC, it requires more time to evaluate the proposed rule change and address the issues raised. This move mirrors a previous delay for Grayscale's Ethereum&nbsp;<a href="https://coin360.com/glossary/futures-contracts">futures</a> ETF. Grayscale filed for this conversion in early October, following similar steps by firms like VanEck and Ark Invest.<figure class="image"><img alt="Hyper-realistic digital art of a busy cryptocurrency trading floor with Ethereum's rising graph.webp" src="https://prod-coin360-cms.s3.eu-central-1.amazonaws.com/Hyper_realistic_digital_art_of_a_busy_cryptocurrency_trading_floor_with_Ethereum_s_rising_graph_b7496d966b.webp"></figure>NYSE Arca proposed a rule change to list and trade shares of Grayscale's Ethereum ETF. The SEC opened this proposal for public comments in late October. The comment period has ended, leading to the SEC's extension.There's a possibility of further delays. The SEC might start proceedings to approve or disapprove the rule change, potentially extending the deadline beyond January 2024.Grayscale is also enhancing its&nbsp;<a href="https://coin360.com/coin/bitcoin-btc">Bitcoin</a> Trust (GBTC), preparing for a potential spot Bitcoin ETF conversion. This positions them alongside competitors like BlackRock and Fidelity in the Bitcoin ETF space.<div class="page-break" style="page-break-after:always;">&nbsp;</div><h2>Ether (ETH) Gaining Favor Over Bitcoin: What the Data Says</h2>The cryptocurrency landscape is witnessing a notable shift. As of November 6, 2023, Bitcoin's impressive 60% rally this quarter is overshadowed by Ethereum's (<a href="https://coin360.com/coin/ethereum-eth">ETH</a>) significant gains. Ethereum has climbed 35%, indicating a closing performance gap.Year-to-date figures further highlight this trend. Bitcoin's surge stands at 163%, while Ethereum has recorded an 89% increase. This comparison underscores Ethereum's growing market presence.<figure class="image"><img alt="chart.webp" src="https://prod-coin360-cms.s3.eu-central-1.amazonaws.com/chart_ae834f1a5c.webp"></figure>In the futures market, Ethereum is&nbsp;<a href="https://www.coindesk.com/markets/2023/12/06/two-key-metrics-show-crypto-traders-turning-to-ether-from-bitcoin/">outpacing</a> Bitcoin. CME's&nbsp;<a href="https://coin360.com/coin/ethereum-eth">Ether</a> futures contract saw a 30% growth in notional open interest, reaching $711 million in just five days. Bitcoin's growth, in comparison, was 19%, amounting to $4.9 billion.The premium on Ether futures over the spot index price now exceeds Bitcoin's by 5%. This metric signals increasing interest in Ethereum among traditional finance sectors.<figure class="image"><img alt="Basis represents the difference between futures and spot prices Velo Data.png" src="https://prod-coin360-cms.s3.eu-central-1.amazonaws.com/Basis_represents_the_difference_between_futures_and_spot_prices_Velo_Data_b1433efba9.png"><figcaption>Basis represents the difference between futures and spot prices. Source: Velo Data</figcaption></figure><a href="https://coin360.com/glossary/options-contracts">Options</a> traders are also showing a preference for Ethereum. The one-month Ether call-put skew has doubled to over 4%, suggesting a stronger call bias. Meanwhile, Bitcoin's one-month skew has decreased from 5% to 2%, indicating a shift towards puts.These trends hint at a potential reallocation of funds from Bitcoin to Ethereum, reflecting Ether's rising stature in the cryptocurrency market.<div class="page-break" style="page-break-after:always;">&nbsp;</div><h2>Ethereum's Market Dynamics - Trump's Gains and Institutional Movements</h2><figure class="image"><img src="https://prod-coin360-cms.s3.eu-central-1.amazonaws.com/Futuristic_cityscape_at_dusk_with_neon_lit_digital_billboards_and_drones_displaying_SEC_Ethereum_and_Bitcoin_symbols_d8d9037fa0.webp" alt="Futuristic cityscape at dusk with neon-lit digital billboards and drones displaying SEC, Ethereum, and Bitcoin symbols.webp"></figure><h3>Donald Trump's Ethereum Holdings</h3>Donald Trump's Ethereum (ETH) portfolio has seen a significant boost. In just 30 days, his holdings increased by $1 million. This surge has elevated the value of his ETH&nbsp;<a href="https://coin360.com/glossary/crypto-wallets">wallet</a> to over $3.7 million, a 37% jump.&nbsp;Previously, in October, Trump held 1,553 ETH, valued at more than $2.7 million. Ethereum's market performance has been notable, with its price rallying to a yearly high of around $2,310, then adjusting to just above $2,200 as of November 7. Analysts link this rise to falling interest rates and anticipation of a U.S. spot Bitcoin ETF.<h3>Institutional Giants and Ethereum</h3>On the institutional front, major players Galaxy Digital,&nbsp;<a href="https://coin360.com/coin/celsius-cel">Celsius</a>, and&nbsp;<a href="https://coin360.com/coin/ftx-token-ftt">FTX</a> have been active. They deposited a total of 19,822 ETH, worth $45.2 million, into exchanges. This move suggests a&nbsp;<a href="https://platform.spotonchain.ai/signal-details/three-large-institutions-moved-eth-out-10258">possible plan</a> to sell part of their Ethereum holdings. Amidst bankruptcy proceedings in 2023, Celsius and FTX have been selling Ethereum and other cryptocurrencies.&nbsp;<figure class="image"><img alt="Galaxy Digital deposited 9,179 ETH ($20.9M) to Binance.png" src="https://prod-coin360-cms.s3.eu-central-1.amazonaws.com/Galaxy_Digital_deposited_9_179_ETH_20_9_M_to_Binance_2aa0a79b26.png"><figcaption>Galaxy Digital sent 9,179 ETH ($20.9M) to Binance. Source: SpotOnChain</figcaption></figure>Galaxy Digital deposited 9,179 ETH (valued at $20.9 million) to&nbsp;<a href="https://coin360.com/exchange/binance">Binance</a>, retaining 10,038 ETH (around $22.8 million). Celsius Network moved 7,500 ETH to&nbsp;<a href="https://coin360.com/exchange/coinbase">Coinbase</a>, totaling $17.05 million. FTX transferred 3,143 ETH to Coinbase, worth $7.21 million. These significant transactions could impact Ethereum's market value, potentially driving it down.<div class="page-break" style="page-break-after:always;">&nbsp;</div><h2>Conclusion</h2>The SEC's postponement of Grayscale's Ethereum ETF decision to January 2024 signifies a cautious regulatory stance in the evolving crypto landscape. Ethereum's impressive performance in 2023, overshadowing Bitcoin, and the strategic movements of institutional giants and high-profile investors like Donald Trump, highlight a dynamic shift in the cryptocurrency market.<div class="page-break" style="page-break-after:always;">&nbsp;</div><h2>FAQs</h2><h3>1. What's the Impact of the SEC's Delay on Grayscale's Ethereum ETF?&nbsp;&nbsp;</h3>The SEC's postponement to January 2024 for Grayscale's Ethereum ETF decision impacts investor sentiment and market dynamics. It reflects regulatory caution and uncertainty in the crypto ETF space, potentially affecting Ethereum's market performance and investor strategies.<h3>2. How Does Ethereum's Performance Compare to Bitcoin in 2023?&nbsp;&nbsp;</h3>In 2023, Ethereum has shown remarkable growth, outpacing Bitcoin. Ethereum's 35% climb and a 89% year-to-date increase highlight its growing market presence, challenging Bitcoin's dominance. This shift is evident in futures and options markets, where Ethereum is increasingly favored.<h3>3. Why Are Institutional Giants Like Galaxy Digital and Celsius Selling Ethereum?&nbsp;&nbsp;</h3>Institutions like Galaxy Digital and Celsius are selling Ethereum, likely for liquidity needs or strategic portfolio adjustments. Amidst financial challenges, these sales could be a response to market conditions or internal restructuring, influencing Ethereum's market value.<h3>4. What Does Donald Trump's Ethereum Portfolio Indicate About Market Trends?&nbsp;&nbsp;</h3>Donald Trump's significant Ethereum holdings, which saw a $1 million increase in value, indicate growing interest in Ethereum among high-profile investors. This trend reflects Ethereum's robust market performance and its appeal to diverse investor segments.<h3>5. What Are the Prospects for a Spot Bitcoin ETF in the U.S.?&nbsp;&nbsp;</h3>The prospects for a U.S. spot Bitcoin ETF are still uncertain. Regulatory hesitance, as seen with the SEC's delay on Ethereum ETF decisions, suggests a cautious approach. However, growing institutional interest and market maturity could eventually lead to approval.This article has been refined and enhanced by ChatGPT.

Anime-style chibi cubic robot in green and red, surprised by a holographic SEC and Ethereum display

Anime-style chibi cubic robot in green and red, surprised by a holographic SEC and Ethereum display..webp

Ethereum Gains Edge Over Bitcoin as SEC Postpones ETF Verdict

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Stake.com: A Trailblazer in Crypto Gambling's Evolution

Coin360 Daily Dispatch | Crypto Market Updates & Highlights | December 6, 2023

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