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News/Coin360 Daily Dispatch | Crypto Market Updates & Highlights | December 3, 2023

Coin360 Daily Dispatch | Crypto Market Updates & Highlights | December 3, 2023

Van Thanh Le

Dec 2 2023

6 months ago3 minutes read

Crypto Market Update

Table of Contents

Market Trends and Investment Movements

  • Bitcoin Soars Past $39K Amid ETF Excitement
  • Record High ETH Holdings in Largest Wallets
  • Crypto Spot Volume Rises, Exceeds $50 Billion
  • SEC's Misleading Statements in DEBT Box Case

Country-Specific Developments and Crypto Platforms

  • El Salvador's Pro-Bitcoin President Resigns
  • Solana Surpasses Ethereum L2 in Daily Volume
  • Repeated Security Breaches at Velodrome and Aerodome
  • Celestia's Ethereum L2 Fallback System Boosts TIA
  • Buterin Cards NFT Spike Ethereum Gas Fees
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Bitcoin Soars Past $39K Amid ETF Excitement

Bitcoin's price has soared past $39,000 and nearly touched $40,000, a peak not seen since April 2022, driven by excitement around potential spot Bitcoin ETFs and other market factors. 

The surge led to over $100 million in liquidations, mostly in short positions. Analysts are optimistic, with some predicting a rise to $45,000, buoyed by market positivity and the potential approval of a spot exchange-traded fund (ETF). 

Over 80% of Bitcoin holders are now in profit, the highest since December 2021. The recent election of Argentinian President Javier Milei and comments from the US Federal Reserve Chair Jerome Powell have also contributed to the bullish sentiment. Furthermore, Hashdex has submitted a revised Bitcoin Spot ETF proposal to the SEC, indicating growing institutional interest in Bitcoin.

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Record High ETH Holdings in Largest Wallets

As ETH price soars further over $2,150, Santiment, a leading crypto analytics firm, reports a significant pattern among the largest non-exchange Ethereum (ETH) wallets, which are now holding over 41 million ETH, a record high. However, trader Ali Martinez warns of a potential price retraction for ETH, citing the TD Sequential indicator's sell signal at a key resistance level. 

Meanwhile, a crypto whale bought $187 million in cryptocurrencies, including $90.64 million and $33.61 million worth of Bitcoin and Ethereum, respectively from Binance in three days, highlighting significant movements and accumulation in the crypto market.

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Crypto Spot Volume Rises, Exceeds $50 Billion

As per Kaiko, cryptocurrency spot volume has seen a recent rise, surpassing $50 billion with notable increases on Binance and Coinbase. Derivative volume remains higher, notably on Binance and OKX. The total crypto market cap sits between $1 trillion and $1.5 trillion, with Bitcoin's dominance over 52%, suggesting potential for further spot volume increase.  


SEC's Misleading Statements in DEBT Box Case

Utah's top federal judge ordered the SEC to explain "false or misleading" statements made in the case against DEBT Box. The judge found the SEC's evidence for a restraining order to be inaccurate, leading to the dissolution of the order. The SEC's lawyers face potential sanctions and have fourteen days to respond.  


El Salvador's Pro-Bitcoin President Resigns

Nayib Bukele, Pro-Bitcoin President of El Salvador, resigns to focus on 2024 re-election. Legacy includes Bitcoin legal tender and 'Bitcoin City' project. Successor Claudia Rodríguez de Guevara appointed until June 2024. Bukele's tenure marked by pro-crypto advancements and human rights controversies. Concerns raised over democratic processes. Bukele's re-election could shape future crypto policies.  


Solana Surpasses Ethereum L2 in Daily Volume

Solana (SOL) surpassed Ethereum L2s in daily trading volume, reaching over $240 million. Its DeFi TVL grew 63% in a month, showing market confidence. Its ecosystem projects’ airdrops, such as Pyth and Jupiter, are contributing to the excitement. Solana's founder Anatoly Yakovenko advocates for coexistence with Ethereum, dismissing the "ETH killer" narrative.

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Repeated Security Breaches at Velodrome and Aerodome

Decentralized exchanges Velodrome and Aerodome were compromised for the second time in days, with their frontend domains affected. Both exchanges warning users, subsequently restoring access and locking the domains at the top-level domain level. The breaches occurred on Optimism and Base, with potential user asset impact of over $100,000 reported. 

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Celestia's Ethereum L2 Fallback System Boosts TIA

Celestia implemented an Ethereum L2 fallback system using Arbitrum and Optimism to secure on-chain data. The decrease in development activity on GitHub suggests network refinement. TIA's price surged to a new ATH of $7.35, signaling positive price action.  

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Top Altcoin Gainers and Losers

Gainers:

Ordinals ORDI (+48.13%)

IOTA MIOTA (+29.99%)

Celestia TIA (+25.22%)

Losers:

Rollbit Coin RLB (-4.25%)

Bitget Token BGB (-3.44%)

Arweave AR (-2.74%)

NFT Market Map

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Buterin Cards NFT Spike Ethereum Gas Fees

The Buterin Cards NFT collection caused a 13% surge in Ethereum gas fees, totaling 318.31 ETH ($665,670). Ethereum's recent developments include the transition to proof-of-stake (PoS) with Ethereum 2.0, leading to a 99.9% energy reduction. Ethereum's market performance is strong, with prices surpassing $2,150, reflecting a robust 2023 performance, and gas fees reaching their lowest since November 2022.  

This article has been refined and enhanced by ChatGPT.

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