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Coin360 Daily Dispatch | Crypto Market Updates & Highlights | November 27, 2023

<h2>Cosmos Hub Approves ATOM Inflation Cut for Enhanced Security</h2><a href="https://coin360.com/coin/cosmos-atom">Cosmos</a> Hub, a pivotal player in the interconnected Cosmos network, recently approved a critical&nbsp;<a href="https://www.mintscan.io/cosmos/proposals/848">proposal</a>. This decision aims to slash the maximum inflation rate of its native token, Cosmos&nbsp;<a href="https://coin360.com/coin/cosmos-atom">ATOM</a>, from 14% to 10%.&nbsp;This strategic reduction in inflation isn't just a numerical adjustment. It's expected to bolster both the security and sustainability of the Cosmos Hub blockchain. By recalibrating the inflation rate, the governing body addresses long-standing concerns about the network's financial health and security measures.One of the key aspects of this proposal is its impact on staking.&nbsp;<a href="https://coin360.com/glossary/DeFi-Staking">Staking</a> yields for ATOM are set to take a dip. From the current annualized yield of around 19%, it's anticipated to fall to approximately 13.4%.&nbsp;<figure class="image"><img alt="brave_screenshot_www.mintscan.io.png" src="https://prod-coin360-cms.s3.eu-central-1.amazonaws.com/brave_screenshot_www_mintscan_io_ea3f3aaed4.png"><figcaption>Source: Mintscan</figcaption></figure>Delving into the specifics of the vote, it was a nail-biter. With 41.1% voting in favor and 38.5% against, the proposal hovered on the edge of rejection. However, a last-minute surge in votes turned the tide, signaling a community divided yet ultimately leaning towards change.The rationale behind this decision is multifaceted. A key argument presented was the issue of overspending on security. The proposal suggested that even with a reduced inflation rate of 10%, validators, who play a crucial role in maintaining the network, would still operate profitably.In the debate, Zero Knowledge Validator, a major player with significant voting power, voiced a compelling argument. They pointed out that the high inflation rate was not only unnecessary for maintaining security but also deterred ATOM's utilization in&nbsp;<a href="https://coin360.com/glossary/decentralised-finance">DeFi</a> and other sectors within the Atom Economic Zone.&nbsp;<div class="raw-html-embed"><blockquote class="twitter-tweet">We voted YES on <a href="https://twitter.com/cosmos?ref_src=twsrc%5Etfw">@cosmos</a> Hub Prop 848 ---- This seems to be a controversial proposal, but in our view, it shouldn't be! The Cosmos ecosystem is maturing, and inflation economics need to mature too. Double digit inflation is not necessary for security, weakens ATOM price long…— Zero Knowledge Validator (@ZKValidator) <a href="https://twitter.com/ZKValidator/status/1725476238297268609?ref_src=twsrc%5Etfw">November 17, 2023</a></blockquote> <script async="" src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>However, not all voices echoed in agreement. AllNodes, another validator, raised an alarm. They argued that this sudden shift might adversely affect smaller validators. Labeling the proposal as hasty and lacking foresight, they highlighted the potential risks involved in such a significant economic shift.<div class="raw-html-embed"><blockquote class="twitter-tweet">We voted NO on <a href="https://twitter.com/search?q=%24ATOM&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$ATOM</a> prop #848 not only because it overlooks the importance of small validators and could centralize the ecosystem. Lowering inflation isn't a way to boost token value. Quick, untested changes could harm network integrity. Long read with reasoning 1/3— Allnodes (@Allnodes) <a href="https://twitter.com/Allnodes/status/1726222965258551684?ref_src=twsrc%5Etfw">November 19, 2023</a></blockquote> <script async="" src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>In addition to these changes, Cosmos Hub has recently innovated with the introduction of a liquid staking module. This feature allows users to unstake their ATOM tokens without the usual 21-day lock-in period.<div class="page-break" style="page-break-after:always;">&nbsp;</div><h2>Cosmos Co-Founder Jae Kwon Calls for Network Fork After Proposal Passes</h2>Recently, Jae Kwon, co-founder of Cosmos, stirred the crypto community. He's urging ATOM holders to think about forking the network. This follows a divisive proposal to slash token inflation.Currently, Cosmos operates on a dynamic inflation model. The annual inflation rate stands at 14.24%, linked to 65.7% of ATOM being staked. This system has been at the core of Cosmos' functionality. But the winds of change are blowing.The proposal to cut inflation garnered mixed reactions. It secured 41.1% support, with 31.9% opposing, 6.6% vetoing, and 20.4% abstaining. This decision didn't sit well with Kwon. He's not just any voice in the crowd. His call for a network split carries weight, given his foundational role in Cosmos.<div class="raw-html-embed"><blockquote class="twitter-tweet">Now listen up Cosmonauts. Despite our voting NWV #848 has ended up passing, something that isn't too surprising (though it would be good to know whether the later votes came from newly purchased atoms) <a href="https://twitter.com/cosmos?ref_src=twsrc%5Etfw">@cosmos</a> <a href="https://twitter.com/Allinbits_inc?ref_src=twsrc%5Etfw">@Allinbits_inc</a> <a href="https://twitter.com/hashtag/raptureparty?src=hash&amp;ref_src=twsrc%5Etfw">#raptureparty</a> <a href="https://twitter.com/hashtag/atomone?src=hash&amp;ref_src=twsrc%5Etfw">#atomone</a> Now let's coordinate a split.— antechristus #343 (@jaekwon) <a href="https://twitter.com/jaekwon/status/1728531795472527416?ref_src=twsrc%5Etfw">November 25, 2023</a></blockquote> <script async="" src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>This move isn't abrupt. It's the culmination of years of internal tensions within the Cosmos ecosystem. Kwon hopes a chain split might ease these strains. He's eyeing AtomOne, a new network forking from Cosmoshub4. This isn't a complete overhaul. AtomOne plans to stay compatible with the latest Cosmos software.The Cosmos Hub, a central cog in the Cosmos machinery, involves crucial functions like staking, governance, and transaction fees. Kwon's vision for AtomOne is transformative. He aims to revise governance structures, including a new quorum threshold.<div class="raw-html-embed"><blockquote class="twitter-tweet">1/8 <a href="https://twitter.com/jaekwon?ref_src=twsrc%5Etfw">@JaeKwon</a>, the founder of Cosmos, has declared he will lead a fork of <a href="https://twitter.com/cosmoshub?ref_src=twsrc%5Etfw">@CosmosHub</a>. If the fork happened, it would probably result in the biggest ATOM airdrop ever. And it would resolve years of political tension - very bullish for Cosmos Hub. What you need to know <a href="https://t.co/aqM4CJccC1">pic.twitter.com/aqM4CJccC1</a>— John Galt (@lurkaroundfind) <a href="https://twitter.com/lurkaroundfind/status/1728805585313767528?ref_src=twsrc%5Etfw">November 26, 2023</a></blockquote> <script async="" src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>This fork will lean on the existing Cosmos Hub network software, Gaia. It's not a step back. Key features like IBC and interchain security will remain intact. AtomOne plans to retain the original maximum inflation rate of 20%.&nbsp;This move aims to reward validators and stakers more generously. The proposed fee token, Photon (phATOM1), adds another layer to this new structure.Kwon's proposition for <a href="https://github.com/atomone-hub/genesis">AtomOne</a>'s governance is bold. He suggests a two-thirds majority for passing governance decisions. This is a notable shift from the current Hub's less than 50% requirement.AtomOne isn't just a side project. It's separate from Kwon's other&nbsp;<a href="https://coin360.com/glossary/layer-1">Layer 1</a> blockchain venture, Gno.Land. The plan is ambitious. AtomOne will primarily distribute a new token, ATOM1, to Cosmos stakers. This could lead to the largest airdrop in ATOM's history.<figure class="image"><img alt="brave_screenshot_github.com.png" src="https://prod-coin360-cms.s3.eu-central-1.amazonaws.com/brave_screenshot_github_com_3a85afae3a.png"><figcaption>Source: Github</figcaption></figure>In the genesis supply of ATOM1, 10% will be premined. The rest, a whopping 90%, is earmarked for an airdrop based on voting activity. Kwon's strategy includes a novel twist. Those who voted against reducing maximum inflation may receive ATOM1 through an airdrop. This approach seemingly rewards dissent while penalizing approval of the inflation cut.This proposed chain split might also rejuvenate the original chain. By removing elements of discord, it could spur innovation and growth. Behind Proposal 848 lies an analysis from Blockworks Research. Their findings suggest Cosmos might be over-investing in network security, especially when compared to other Proof of Stake networks.Cosmos uses a delegated Proof of Stake consensus. This allows ATOM holders to delegate tokens to specific validators for staking. Advocates of the 10% inflation rate argue it's enough for both security and validator profitability. They believe this reduction is essential for maintaining network integrity.<figure class="image"><img alt="chart (3).webp" src="https://prod-coin360-cms.s3.eu-central-1.amazonaws.com/chart_3_02d720948f.webp"></figure>However, the announcement of these changes had an immediate market impact. The price of ATOM saw a downturn, dropping by about 4.4%. This reflects the market's sensitivity to such significant governance and economic shifts within major blockchain ecosystems.&nbsp;<div class="page-break" style="page-break-after:always;">&nbsp;</div><h2>Key Takeaway</h2>The Cosmos saga is far from over. It's a story of innovation, dissent, and the relentless pursuit of a more secure, efficient blockchain ecosystem. Kwon's call for a fork is more than a technical shift. It's a testament to the evolving nature of blockchain governance and the complexities of balancing diverse stakeholder interests.<div class="page-break" style="page-break-after:always;">&nbsp;</div><h2>Frequently Asked Questions (FAQs)</h2><h3>1. What Does the Cosmos ATOM Inflation Rate Reduction Mean?</h3>The reduction of Cosmos ATOM's inflation rate from 14% to 10% aims to enhance network security and sustainability. It reflects a shift in the economic strategy of the Cosmos Hub, intending to improve the token's value stability.<h3>2. How Will the Inflation Rate Cut Impact ATOM Stakers?</h3>The cut in inflation rate will lower the annualized staking yield from around 19% to approximately 13.4%. This may affect the rewards received by ATOM stakers, but is seen as a move towards a more sustainable economic model for the Cosmos network.<h3>3. What Is Jae Kwon’s Proposed Network Fork, AtomOne?</h3>AtomOne is a proposed fork of the Cosmos network by co-founder Jae Kwon. It plans to retain the original inflation rate of 20% and introduce new governance changes. The fork aims to alleviate internal strife within the Cosmos ecosystem and offer an alternative path for the network's development.<h3>4. What Are the Key Features of AtomOne?</h3>AtomOne will utilize the existing Cosmos Hub software (Gaia) while maintaining key features like IBC and interchain security. It will have a different governance mechanism, requiring a two-thirds majority for decisions, and plans to distribute a new token, ATOM1, primarily to Cosmos stakers.<h3>5. How Might the Cosmos Network Fork Affect the Crypto Market?</h3>A fork in the Cosmos network, leading to the creation of AtomOne, could introduce market volatility. It might affect the valuation of ATOM tokens and influence investor sentiment. The fork reflects the complexities and challenges of decentralized governance in blockchain ecosystems.This article has been refined and enhanced by ChatGPT.

Digital art of a chibi cubic robot contemplating amidst a neon-lit Cosmos blockchain representation

Cosmos Co-Founder Calls for Network Split, Airdrops for ATOM1 Amidst Inflation Debate

<h2>Terra Ecosystem's LUNA and LUNC Surge</h2>The&nbsp;<a href="https://coin360.com/coin/terra-luna">Terra</a> ecosystem has seen an extraordinary surge in its digital assets,&nbsp;<a href="https://coin360.com/coin/terra-luna">LUNA</a> and&nbsp;<a href="https://coin360.com/coin/terra-classic-lunc">LUNC</a>. The spark igniting this surge? A significant capital injection by Terraform Labs.<figure class="image"><img alt="chart.webp" src="https://prod-coin360-cms.s3.eu-central-1.amazonaws.com/chart_d132fcca44.webp"></figure>Starting with LUNA, the digital token has leaped by an impressive 23.43%, now trading near $0.85. This surge is not just a number but a beacon of revived investor confidence.&nbsp;On the other hand, LUNC, its counterpart, has charted an even more dramatic rise. It witnessed a staggering 48.38% increase, with its trading value reaching $0.00012.&nbsp;<figure class="image"><img src="https://prod-coin360-cms.s3.eu-central-1.amazonaws.com/chart_1_9bcb1071c8.webp" alt="chart (1).webp"></figure>Peeling back the layers, we find the catalyst of this growth. Terraform Labs, the architect behind Terra, pumped a substantial $15 million into Terra's decentralized finance (<a href="https://coin360.com/glossary/decentralised-finance">DeFi</a>) ecosystem. This strategic move impacted 11 LUNA pools on decentralized exchanges (DEXs) Astroport and Ura.&nbsp;<div class="raw-html-embed"><blockquote class="twitter-tweet">1/6 Last week, TFL injected $15M of capital into the Terra ecosystem on <a href="https://twitter.com/astroport_fi?ref_src=twsrc%5Etfw">@astroport_fi</a> and <a href="https://twitter.com/uraxyz_?ref_src=twsrc%5Etfw">@uraxyz_</a>, making liquidity on Terra for blue chip assets like <a href="https://twitter.com/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$BTC</a> and <a href="https://twitter.com/search?q=%24ETH&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$ETH</a> the deepest of any <a href="https://twitter.com/cosmos?ref_src=twsrc%5Etfw">@cosmos</a> chain Info on the deployment <a href="https://t.co/4Xphaq9qrB">pic.twitter.com/4Xphaq9qrB</a>— Terra Powered by LUNA (@terra_money) <a href="https://twitter.com/terra_money/status/1727320454397051052?ref_src=twsrc%5Etfw">November 22, 2023</a></blockquote> <script async="" src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>It's a masterstroke aimed at resolving the "cold start problem" Terra has been grappling with. Essentially, this problem refers to the challenge of attracting initial users and liquidity to new projects.What does this injection mean for Terra? A tweet from Terra sheds light: the capital infusion by Terraform Labs is a game-changer. It elevates Terra's liquidity, making it a competitive player among&nbsp;<a href="https://coin360.com/coin/cosmos-atom">Cosmos</a> chains.&nbsp;<div class="raw-html-embed"><blockquote class="twitter-tweet">2/6 TFL's capital injection solves the cold start problem for the Terra ecosystem, providing ample liquidity for users to acquire and trade blue chip assets, and for developers to build powerful and exciting new DeFi applications on top of them. : Last week's 7D TVL change <a href="https://t.co/awvtHMNpcI">pic.twitter.com/awvtHMNpcI</a>— Terra Powered by LUNA (@terra_money) <a href="https://twitter.com/terra_money/status/1727320461556777348?ref_src=twsrc%5Etfw">November 22, 2023</a></blockquote> <script async="" src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div><div class="page-break" style="page-break-after:always;">&nbsp;</div><h2>Background and Developments</h2>The Terra blockchain, known for its novel approach in the cryptocurrency domain, encountered a tumultuous period, leading to significant changes in its ecosystem.&nbsp;In May 2022, a pivotal moment unfolded with the launch of a new version of LUNA. This event marked a strategic move to support the rebooted Terra blockchain.&nbsp;The original version of Terra's blockchain faced a catastrophic collapse, primarily due to the de-pegging of its stablecoin, TerraUSD (<a href="https://coin360.com/coin/terra-classic-usd-ustc">USTC</a>). This de-pegging incident sent shockwaves across the crypto market.<figure class="image"><img src="https://prod-coin360-cms.s3.eu-central-1.amazonaws.com/Classical_oil_painting_of_a_still_life_featuring_a_golden_scale_balancing_Terra_s_USTC_and_LUNA_tokens_a7865271f7.webp" alt="Classical oil painting of a still life featuring a golden scale balancing Terra's USTC and LUNA tokens.webp"></figure>The original coin, now rebranded as Terra Luna Classic (LUNC), is still on a recovery trajectory. Post-collapse, LUNC's journey to regain its former glory has been challenging. Before the crash, LUNC boasted a remarkable value of $119.18.&nbsp;A critical point in the Terra saga involves USTC, previously pegged to the US Dollar. An exploit led to USTC's de-pegging, triggering a significant market crash. This crash was not just a small blip on the radar; it erased over $44 billion from the market.&nbsp;Legal developments add another layer to Terra's complex story. Do Kwon, the co-founder of Terraform Labs, is at the center of these developments. Following the collapse of Terra's ecosystem, Kwon's extradition from Montenegro was approved.&nbsp;He is now embroiled in legal proceedings in both the United States and South Korea. These proceedings are directly related to the collapse of the Terra ecosystem.&nbsp;<div class="page-break" style="page-break-after:always;">&nbsp;</div><h2>USTC's Impressive Gains</h2>In a stunning display of resilience, TerraUSD Classic (USTC) recently showcased a remarkable recovery. The digital asset experienced an astonishing surge, rising over 278% within a mere 24-hour period. This notable increase propelled USTC's trading price to an impressive $0.07319.&nbsp;The&nbsp;<a href="https://coin360.com/glossary/market-capitalization">market capitalization</a> of USTC reached an impressive height, currently standing at a colossal $1.46 trillion. This figure not only reflects the asset's growing popularity but also its increasing prominence in the broader digital currency market.&nbsp;<figure class="image"><img src="https://prod-coin360-cms.s3.eu-central-1.amazonaws.com/chart_2_d991622262.webp" alt="chart (2).webp"></figure>Additionally, USTC's trading volume within the same 24-hour window was equally remarkable, amounting to an immense $69.21 billion. This surge in trading volume signifies a heightened interest and activity around USTC, pointing towards its growing relevance in the crypto trading space.Behind this impressive gain lies a concerted effort by&nbsp;<a href="https://coin360.com/coin/terra-classic-lunc">Terra Classic</a> Labs (TCL). In the wake of the loss of its dollar peg in May 2022, TCL implemented a robust recovery model.&nbsp;A significant part of TCL's recovery strategy involved a calculated investment in USTC. TCL acquired approximately <a href="https://www.coinspeaker.com/ustc-gains-24-hours-stablecoin/">25.6 million</a> USTC for around $500,000. This strategic investment played a crucial role in influencing USTC's price surge.&nbsp;<div class="page-break" style="page-break-after:always;">&nbsp;</div><h2>Community Efforts Boosting LUNC and USTC</h2>The Terra Classic community has recently <a href="https://coinedition.com/terra-classic-community-efforts-fuel-bullish-rise-for-lunc-and-ustc/">showcased</a> an impressive level of involvement and strategy, significantly impacting the value of LUNC and USTC.&nbsp;Key to this resurgence was a phenomenal weekend of trading. USTC, previously struggling to regain its footing, witnessed a staggering 150% increase in its value. Concurrently, LUNC, the original Terra coin, also saw substantial growth, marking a 25% rise.Even more striking was the surge in USTC's trading volume. In a remarkable display of market dynamics, it skyrocketed by an almost surreal 1999.65%, a figure that astonishingly surpassed its own market capitalization.&nbsp;<figure class="image"><img src="https://prod-coin360-cms.s3.eu-central-1.amazonaws.com/Superhero_themed_digital_art_depicting_LUNA_LUNC_and_USTC_flying_over_a_neon_lit_crypto_cityscape_fdb2a275d3.webp" alt="Superhero-themed digital art depicting LUNA, LUNC, and USTC flying over a neon-lit crypto cityscape.webp"></figure>In a strategic move to support the revival of LUNC, the Terra Classic community undertook a massive token burn. Over 78.58 billion LUNC tokens were eliminated from circulation, a deliberate action aimed at reducing supply and thereby potentially increasing the token's value.&nbsp;Further stabilizing efforts came in the form of a critical decision to pause the minting of new USTC tokens. The community also aimed to re-peg USTC to the US Dollar, a move geared towards enhancing both adoption and stability.&nbsp;To oversee this ambitious re-pegging process, the community selected Algo Quant, an experienced algorithmic trading firm. Their involvement brings a level of expertise and oversight that is crucial for such a technical and sensitive undertaking.<div class="page-break" style="page-break-after:always;">&nbsp;</div><h2>Binance Futures' New Listing</h2><a href="https://coin360.com/exchange/binance">Binance</a>&nbsp;<a href="https://coin360.com/glossary/futures-contract">Futures</a> has expanded its offerings by <a href="https://www.binance.com/en/support/announcement/binance-futures-will-launch-usd%E2%93%A2-m-ustc-perpetual-contract-with-up-to-50x-leverage-91deccb2e146483383617db8b8fcaba1">listing USTC</a>, a currency from the Terra ecosystem. Despite being designed for a 1:1 peg with the US dollar, USTC trades at a notable $0.073.&nbsp;The platform allows up to 50x leverage for USTC trades. While this can increase profits, it also significantly heightens risk, necessitating careful consideration by traders.&nbsp;The USTCUSDT Perpetual Contract features a +2.00%/-2.00% maximum funding rate, recalculated every four hours, impacting the cost of maintaining positions.<figure class="image"><img src="https://prod-coin360-cms.s3.eu-central-1.amazonaws.com/Realistic_pencil_illustration_of_a_global_crypto_market_globe_featuring_Terra_s_LUNA_and_LUNC_tokens_0982d25c69.webp" alt="Realistic pencil illustration of a global crypto market globe featuring Terra's LUNA and LUNC tokens.webp"></figure>Liquidity providers in the USD margin&nbsp;<a href="https://coin360.com/glossary/futures-contracts">futures</a> are offered a 0.005% maker fee discount on USTCUSDT trades, potentially enhancing liquidity. Binance also adapts contract specifics like funding fees and leverage limits in response to market conditions, demanding traders stay informed.Additionally, Binance's Multi-Asset Mode permits the use of various collateral assets, including&nbsp;<a href="https://coin360.com/coin/bitcoin-btc">BTC</a>, for trading USTCUSDT contracts. This adds flexibility but requires prudent collateral management.<div class="page-break" style="page-break-after:always;">&nbsp;</div><h2>Key Takeaway</h2>The Terra ecosystem has witnessed a significant resurgence, marked by the double-digit growth of LUNA and LUNC, and the extraordinary rally of USTC. This revival is largely attributed to strategic community efforts and substantial investments by Terraform Labs and Terra Classic Labs.&nbsp;The community's dedication to re-pegging USTC and revitalizing the ecosystem, coupled with Binance Futures' listing of USTC with high leverage, underscores the dynamic and resilient nature of the Terra ecosystem.&nbsp;<div class="page-break" style="page-break-after:always;">&nbsp;</div><h2>FAQs</h2><h3>1. What Triggered LUNA and LUNC's Recent Price Surge?</h3>Terraform Labs' $15 million investment in Terra's DeFi ecosystem significantly influenced LUNA and LUNC's prices. This move enhanced liquidity and competitiveness in the Cosmos chains.<h3>2. How is Terra's USTC Performing Post-Collapse?</h3>USTC has seen a remarkable recovery, with a 283% gain in 24 hours, a&nbsp;<a href="https://coin360.com/glossary/market-capitalization">market cap</a> of $1.46 trillion, and a trading volume of $69.21 billion. This resurgence is a result of Terra Classic Labs' strategic investments and recovery plans.<h3>3. What Role Has the Community Played in Terra's Revival?</h3>The Terra Classic community has been instrumental, with initiatives like burning over 78.58 billion LUNC tokens and pausing USTC minting to re-peg it to the USD. These collective efforts aim to stabilize and boost the ecosystem's adoption.<h3>4. What are the Risks of Trading USTC on Binance Futures?</h3>Trading USTC on Binance Futures involves high leverage, which can amplify both profits and losses. Traders should be cautious of the dynamic contract specifications, including funding fees and leverage limits.<h3>5. What's the Current Legal Status of Terraform Labs' Co-Founder?</h3>Do Kwon, co-founder of Terraform Labs, is currently involved in legal proceedings in the U.S. and South Korea. He faces extradition from Montenegro, relating to the Terra ecosystem collapse.This article has been refined and enhanced by ChatGPT.

Chibi cubic humanoid robot joyfully holding LUNA and LUNC coins against a bright blue sky

Chibi cubic humanoid robot joyfully holding LUNA and LUNC coins against a bright blue sky.webp

Terra Ecosystem Sees Remarkable Recovery As LUNA, LUNC, and USTC Surge

<h2>Crypto Market Update</h2><h3>Table of Contents</h3><h4>Executive and Regulatory News</h4><ul><li>CZ Fights Travel Restrictions Amid Binance Leadership Exit</li><li>Wallet of Satoshi Halts U.S. Services Over Regulatory Issues</li></ul><h4>Key Cryptocurrency Insights</h4><ul><li>Vitalik Buterin Unveils Ethereum's Future Roadmap</li><li>Whale Transactions Surge in Dogecoin Ecosystem</li></ul><h4>Platform and Exchange Developments</h4><ul><li>Justin Sun's HTX, Poloniex Face Multiple Hack Attempts</li><li>Tether's Stablecoin Market Share Climbs to 72%</li><li>Controversy Surrounds Blast's Ethereum Layer-2 Security</li><li>Axie Infinity's Active Wallets Increase by 30%</li><li>Bitfarms Secures C$60M for Mining Expansion</li><li>Azuki DAO Transforms to Bean, Drops Zagabond Lawsuit</li></ul><figure class="image"><a href="https://coin360.com/"><img alt="Coin360.webp" src="https://prod-coin360-cms.s3.eu-central-1.amazonaws.com/Coin360_06a2568375.webp"></a></figure><div class="page-break" style="page-break-after:always;">&nbsp;</div><h3>CZ Fights Travel Restrictions Amid Binance Leadership Exit</h3>Former&nbsp;<a href="https://coin360.com/exchange/binance">Binance</a> CEO CZ&nbsp;<a href="https://storage.courtlistener.com/recap/gov.uscourts.wawd.328570/gov.uscourts.wawd.328570.38.0_2.pdf">contests</a> the U.S. government's attempt to restrict his travel before his sentencing. He seeks to return to the UAE and states his commitment to appearing for sentencing in the U.S. He has a $175 million release bond and will step down as CEO amid pleading guilty to charges.&nbsp;&nbsp;<figure class="image"><a href="https://coin360.com/coin/binance-coin-bnb"><img src="https://prod-coin360-cms.s3.eu-central-1.amazonaws.com/chart_3af51c68a2.webp" alt="chart.webp"></a></figure><hr><h3>Wallet of Satoshi Halts U.S. Services Over Regulatory Issues</h3>Wallet of Satoshi&nbsp;<a href="https://twitter.com/walletofsatoshi/status/1727937085741678679">terminated</a> support for U.S. customers due to regulatory concerns, withdrawing its app from U.S. Google and Apple stores. The custodial&nbsp;<a href="https://coin360.com/glossary/crypto-wallets">wallet</a> aims to prioritize user safety and compliance, allowing existing U.S. users access to their funds. Speculation suggests compliance risks as the primary driver for this decision. The app previously handled over 1.1 million Lightning transactions in November.&nbsp;&nbsp;<hr><h3>Vitalik Buterin Unveils Ethereum's Future Roadmap</h3>Vitalik Buterin discussed Ethereum's future&nbsp;<a href="https://coingape.com/vitalik-buterin-redesign-ethereum-staking/">roadmap</a>, emphasizing the need for enhanced staking decentralization and improvements in mining and staking pools. The upcoming EIP 4844 upgrade, known as Danksharding, aims to increase data map space to 16 MB per slot and implement a voting system to avoid future hard forks.&nbsp;&nbsp;<figure class="image"><a href="https://coin360.com/coin/ethereum-eth"><img src="https://prod-coin360-cms.s3.eu-central-1.amazonaws.com/chart_1_ac6c2fb16d.webp" alt="chart (1).webp"></a></figure><hr><h3>Whale Transactions Surge in Dogecoin Ecosystem</h3>There has been a&nbsp;<a href="https://eng.ambcrypto.com/whales-prop-up-dogecoin-as-the-meme-attempts-a-recovery/">significant increase</a> in whale transactions in&nbsp;<a href="https://coin360.com/coin/dogecoin-doge">Dogecoin</a> (<a href="https://coin360.com/coin/dogecoin-doge">DOGE</a>), particularly those over $100,000, suggesting a growing interest from large-scale investors. Despite a 7% bounce from its weekly lows, trading volumes for DOGE have decreased since November 21, with a 58% drop in the number of addresses involved in transactions. This indicates a decline in on-chain traffic. However, the increase in large transactions and total whale holdings implies a bullish outlook from these investors.<figure class="image"><a href="https://coin360.com/coin/dogecoin-doge"><img src="https://prod-coin360-cms.s3.eu-central-1.amazonaws.com/chart_2_69088443f4.webp" alt="chart (2).webp"></a></figure><hr><h3>Airdrop Announced Following HTX, Poloniex Hacks</h3><a href="https://coin360.com/coin/huobi-token-ht">HTX</a> and&nbsp;<a href="https://coin360.com/exchange/poloniex">Poloniex</a>, led by Justin Sun, suffered significant hack attempts. The attacker returned funds from HTX's first hack. Sun&nbsp;<a href="https://twitter.com/justinsuntron/status/1728064872632795480">promised</a> an airdrop to victims and announced the resumption of withdrawals for select assets. HTX experienced two hacks after rebranding from&nbsp;<a href="https://coin360.com/coin/huobi-token-ht">Huobi</a> Global, with the latest attack involving nearly $90 million.&nbsp;&nbsp;<figure class="image"><a href="https://coin360.com/coin/huobi-token-ht"><img src="https://prod-coin360-cms.s3.eu-central-1.amazonaws.com/chart_3_885f343552.webp" alt="chart (3).webp"></a></figure><hr><h3>Tether's Stablecoin Market Share Climbs to 72%</h3><a href="https://coin360.com/coin/tether-usdt">Tether</a>'s stablecoin dominance has risen to&nbsp;<a href="https://studio.glassnode.com/dashboards/mrkt-stablecoin-supplies">72%</a>, with a circulating supply of 88.5 billion. Its strategic distribution across multiple blockchains, including 48 billion on&nbsp;<a href="https://coin360.com/coin/tron-trx">Tron</a> and 40 billion on&nbsp;<a href="https://coin360.com/coin/ethereum-eth">Ethereum</a>, emphasizes its commitment to innovation. Tether's reliability, stability, and transparency have solidified its position as a leader in the stablecoin market.&nbsp;&nbsp;<figure class="image"><img alt="usdt dominance.webp" src="https://prod-coin360-cms.s3.eu-central-1.amazonaws.com/usdt_dominance_cd981b27ee.webp"><figcaption>Source: Glassnode</figcaption></figure><hr><h3>Controversy Surrounds Blast's Ethereum Layer-2 Security</h3>The Blast Ethereum Layer-2 solution faces criticism over its security model and qualification as an L2 solution.&nbsp;<a href="https://coin360.com/coin/polygon-matic">Polygon</a> developer Jared Watts expresses concerns about the upgradable security contract and the protocol's lack of essential L2 features. Blast&nbsp;<a href="https://x.com/Blast_L2/status/1728096087351914736?s=20">defends</a> its security model, highlighting the benefits of an upgradable contract and the use of a 3/5 multi-sig authorization model.&nbsp;&nbsp;<hr><h3>Axie Infinity's Active Wallets Increase by 30%</h3>In the last month,&nbsp;<a href="https://coin360.com/coin/axie-infinity-axs">Axie Infinity</a> has experienced a 30% increase in active wallets, totaling 73,260. The number of transactions completed also jumped by 19%, reaching 1.41 million. This surge in activity is attributed to recent ecosystem developments and a collaboration with a Korean gaming company.&nbsp;<a href="https://coin360.com/coin/axie-infinity-axs">AXS</a> traded at $6.19, marking a 33% price increase.&nbsp;&nbsp;<figure class="image"><a href="https://coin360.com/coin/axie-infinity-axs"><img src="https://prod-coin360-cms.s3.eu-central-1.amazonaws.com/chart_4_36c9f15532.webp" alt="chart (4).webp"></a></figure><hr><h3>Bitfarms Secures C$60M for Mining Expansion</h3>Bitfarms, a leading Canadian&nbsp;<a href="https://coin360.com/coin/bitcoin-btc">Bitcoin</a> mining company, secured a C$60 million investment from U.S. institutional investors. The funding will be used to expand mining operations and infrastructure. With 83.72% year-over-year stock value growth, Bitfarms outperforms the S&amp;P/TSX Composite Index and is well-positioned for further expansion amidst a resurging cryptocurrency market.&nbsp;&nbsp;<div class="page-break" style="page-break-after:always;">&nbsp;</div><h2>Top Altcoin Gainers and Losers</h2>Gainers:<a href="https://coin360.com/coin/apecoin-ape">ApeCoin APE</a> (+15.18%)<a href="https://coin360.com/coin/decentraland-mana">Decentraland MANA</a> (+10.41%)<a href="https://coin360.com/coin/bittensor-tao">Bittensor TAO</a> (+8.84%)Losers:<a href="https://coin360.com/coin/radix-xrd">Radix XRD</a> (-6.36%)<a href="https://coin360.com/coin/thorchain-rune">THORChain RUNE</a> (-5.25%)<a href="https://coin360.com/coin/gas-gas">Gas GAS</a> (-5.20%)<div class="page-break" style="page-break-after:always;">&nbsp;</div><h2>NFT Market Map</h2><figure class="image"><a href="https://coin360.com/nft"><img src="https://prod-coin360-cms.s3.eu-central-1.amazonaws.com/nft_84e23110da.webp" alt="nft.webp"></a></figure><h3>Azuki DAO Transforms to Bean, Drops Zagabond Lawsuit</h3><a href="https://coin360.com/nft/0xed5af388653567af2f388e6224dc7c4b3241c544">Azuki</a> DAO rebrands to "Bean,"&nbsp;<a href="https://cointelegraph.com/news/azuki-dao-rebrands-bean-drops-lawsuit-against-founder">dropping</a> a lawsuit against creator Zagabond over a $39 million&nbsp;<a href="https://coin360.com/nft">NFT</a> minting. Bean secures $10 million from investors, aims to become a memecoin project in the Ethereum layer-2 Blast ecosystem. It will have a total supply of 1 billion tokens, with 40% allocated to the treasury, 50% to DAO members, and 10% to Zagabond.&nbsp;&nbsp;This article has been refined and enhanced by ChatGPT.

Coin360 Daily Dispatch | Crypto Market Updates & Highlights | November 25, 2023

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Coin360 weekly crypto news

Coin360 Weekly Dispatch | Crypto Market Updates & Highlights | November 18 - November 24, 2023

Bitcoin remains stagnant at $16,800, forming a consolidation range over the last 24 hours. However, with the end-of-year holidays upon us, it will be interesting to see if the market leader moves in a specific direction.

ETH also kept changing hands around $1,200, and was the subject of <a href="https://cointelegraph.com/news/crypto-platform-paxful-removes-eth-from-its-marketplace" target="_blank">strong criticism from Paxful CEO</a> Ray Youssef, who removed it from the global peer-to-peer crypto trading platform. According to Youssef, the company will continue to support Bitcoin, which he termed as the answer to global financial woes.

Meanwhile, the S&amp;P 500 is gradually trying to climb up into its support band and is currently struggling to break through 3,870, whereas DXY came through with a strong bounce at 104.

<img src="https://prod-coin360-cms.s3.eu-central-1.amazonaws.com/Coin360_112_f5067aee7a.png" alt="Coin360 (112).png" />

<h2 id="top-altcoin-gainers-and-losers">Top  altcoin gainers and losers</h2>

<h3 id="gainers">Gainers</h3>

<ul>
<li><a href="https://coin360.com/coin/helium-hnt" target="_blank">Helium HNT</a> (+31.58%)</li>
<li><a href="https://coin360.com/coin/toncoin-ton" target="_blank">Toncoin TON</a> (+9.09%)</li>
<li><a href="https://coin360.com/coin/decred-dcr" target="_blank">Decred DCR</a> (+5.83%)</li>
</ul>

<h3 id="losers">Losers</h3>

<ul>
<li><a href="https://coin360.com/coin/neutrino-usd-usdn" target="_blank">Neutrino USD USDN</a> (-6.51%)</li>
<li><a href="https://coin360.com/coin/lido-dao-token-ldo" target="_blank">Lido DAO Token LDO</a> (-4.14%)</li>
<li><a href="https://coin360.com/coin/gensokishi-metaverse-mv" target="_blank">GensoKishi Metaverse MV</a> (-3.71%)</li>
</ul>

<h2 id="bitcoin-technical-analysis">Bitcoin Technical Analysis</h2>

Since our rejection and crash from $18,400, [Bitcoin](https://coin360.com/coin/bitcoin-btc) has been due for a relief bounce. Liquidity may be taken around $17,300 and higher before Bitcoin completes this move and tests range lows around $15,500. Our current consolidation range is being used by multiple market participants with similar ideas. However, looking at future data and liquidation maps we may visit $16,500 once again to trigger their stop losses before filling any imbalances above.

<img src="https://prod-coin360-cms.s3.eu-central-1.amazonaws.com/btc21dec_fd063d17d7.png" alt="btc21dec.png" />

<h2 id="ethereum-technical-analysis">Ethereum Technical Analysis</h2>

<a href="https://coin360.com/coin/ethereum-eth" target="_blank">Ethereum</a> has been tame in the past few days and has not shown a lot of deviations which typically leave traders in tatters. We have a long liquidation cluster at $1,250, but looking at the decreasing volume along with sell walls present on exchanges, it is likely to see $1,190 or even $1,175 before we go higher and form a higher low.

<img src="https://prod-coin360-cms.s3.eu-central-1.amazonaws.com/eth21dec_3c3e74ef0e.png" alt="eth21dec.png" />

<h2 id="nft-market-map">NFT Market Map</h2>

It’s clear that the Yuga Labs family has been dominating the NFT trading volume today, with <a href="https://coin360.com/nft/0xba30e5f9bb24caa003e9f2f0497ad287fdf95623" target="_blank">BoredApeKennelClub</a> (+1,844.94%), <a href="https://coin360.com/nft/0x60e4d786628fea6478f785a6d7e704777c86a7c6" target="_blank">MutantApeYachtClub</a> (+270.99%), <a href="https://coin360.com/nft/0xbc4ca0eda7647a8ab7c2061c2e118a18a936f13d" target="_blank">Bored Ape Yacht Club</a> (+173.91%) ranking no.1, 2, and 4 on the leaderboard, respectively.

<a href="https://coin360.com/nft/0xae99a698156ee8f8d07cbe7f271c31eeaac07087" target="_blank">Mutant Hound Collars</a> (+90.01%), which was born to expand the lore of the Yuga Labs ecosystem, topped the trading volume table as the runner-up.

Earlier today BAYC announced that <a href="https://twitter.com/BoredApeYC/status/1605329797030113280?s=20&amp;t=VE10cP1cHABfUnf8faU0CA" target="_blank">the Trial of Jimmy the Monkey</a> will start tomorrow, which is set to allow a free, playable, interactive mint experience for <a href="https://twitter.com/BoredApeYC/status/1605329800314294272?s=20&amp;t=VE10cP1cHABfUnf8faU0CA" target="_blank">BAYC and MAYC holders</a>.

<img src="https://prod-coin360-cms.s3.eu-central-1.amazonaws.com/Coin360_111_f0dcefc01b.png" alt="Coin360 (111).png" />

<h2 id="coin360-daily-digest">Coin360 Daily Digest</h2>

Here&rsquo;s a rundown of the major crypto market news from today.

<img src="https://prod-coin360-cms.s3.eu-central-1.amazonaws.com/dailydigestdec21_aeb9f3c5a4.jpg" alt="dailydigestdec21.jpg" />

For more daily updates and news, follow us on <a href="https://twitter.com/COIN360com" target="_blank">Twitter</a>.

Disclaimer: None of the information here constitutes financial advice and market participants are advised to conduct their own research since cryptocurrencies are speculative assets with considerable risks.

Bitcoin remains stagnant as consolidation continues in current range

Top altcoin gainers and losers

Gainers

Losers

Bitcoin Technical Analysis

Ethereum Technical Analysis

NFT Market Map

Coin360 Daily Digest

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