Coin360 Daily Dispatch | Crypto Market Updates & Highlights | December 5, 2023

Bitcoin Hits $43K Amid ETF Buzz

Bitcoin's surge to $43,000, driven by lower interest rate bets and ETF anticipation, pushed the crypto market cap over $1.5T. Tether profited $1.1B from Bitcoin. Deribit saw a high in Bitcoin futures, indicating growing market interest. Bitcoin's surge has led to liquidation of short leveraged positions, posing a risk of a short squeeze. 

Chief Economist Youwei Yang suggests $45,000 as the next crucial resistance level, with potential for heightened market volatility. Coinglass data reflects a significant number of liquidated leveraged positions in the cryptocurrency market over the past 24 hours.

BlackRock's Bitcoin ETF Application

BlackRock filed an updated Bitcoin ETF application with the SEC, seeding it with a $100,000 investment. The proposed "iShares Bitcoin Trust" aims to provide investors exposure to BTC through a traditional investment vehicle. BlackRock's ETF is one of 13 contenders hoping for SEC approval, with a potential decision window from January 5th-10th.

Bitcoin's Potential Supercycle

Bitcoin's surge beyond $42,000 signals a potential supercycle, with a Bloomberg report predicting a value surpassing $500,000. Market optimism revolves around potential ETF approval and the influx of liquidity in 2020-2021. Factors like the delayed ETF and the role of the X platform could drive a broader crypto surge.  

Ethereum Investor's $90M Transfer

An early Ether investor transferred $90M ETH to Kraken, hinting at potential sales. Uniswap's founder credits Ethereum's value to innovative applications, with Uniswap as a key driver. Bankless Ventures' founder foresees Ethereum's ETF potential unlocking trillions, highlighting its profitability and appeal to ESG investors due to its proof-of-stake transition.

Société Générale's Ethereum Green Bond

Société Générale issued a 10 million euro digital green bond on the Ethereum blockchain, supporting sustainable projects. The bond's innovative features include real-time carbon footprint data access and on-chain security settlement using a euro-pegged stablecoin. This marks a significant advancement in sustainable finance and showcases Société Générale's leadership in embracing digital technologies.  

DeFi Market Reaches $50 Billion

The decentralized finance (DeFi) market has seen significant growth, with the total value locked reaching $50 billion. The surge is attributed to rising asset prices, increased transactional volume, and institutional interest in Solana-based protocols. Ethereum's shift to proof-of-stake and the liquid staking market have also contributed to the sector's expansion.  

Ankr's Rollup-as-a-Service for zkSync

Ankr has launched Rollup-as-a-Service (RaaS) support for zkSync Hyperchains on testnet, allowing for customizable and deployable Layer 2 chains. This collaboration with Matter Labs aims to enhance scalability and security features, decreasing development time and accelerating the time to market for projects and enterprises leveraging the ZK Stack. 

DigiFT: Singapore's Blockchain Exchange

DigiFT becomes Singapore’s first regulated public blockchain exchange for asset tokenization, receiving a CMS license and RMO recognition from the Monetary Authority of Singapore. The platform focuses on tokenizing real-world assets, utilizing an AMM mechanism for secondary trading. This marks a significant milestone in shaping future capital markets by merging blockchain technology with conventional finance methodologies.  

Fantom's Sonic Labs Accelerator Program

Fantom Foundation launches Sonic Labs accelerator program, offering 1,000,000 FTM grants for up to five projects' MVPs. Mentorship by industry veterans, including Andre Cronje, aims to foster innovation in Fantom's Sonic technology stack. Open to developers building applications in GameFi and DeFi, the application process closes on February 6, 2024. 

Neutron's Stake in CosmWasm Developer

Neutron acquires 25% stake in CosmWasm developer Confio. The strategic collaboration aims to increase CosmWasm adoption and align development strategies. The investment will drive technological improvements and focus on web3 areas like zero-knowledge proofs. Neutron has raised $10 million in seed funding and is valued at over $670 million, marking another milestone post-mainnet launch.  

Hashflow 2.0: DEX Aggregation Unveiled

Hashflow 2.0 introduces DEX aggregation, leveraging Smart Order Routing (SOR) for liquidity access. It sources quotes from various DEXes and pro market makers, settling over $17.6B worth of trades since April '21. The release will first be available on Ethereum before expanding to Solana and other Layer 2 networks. Hashflow's RFQ-based trading aims to differentiate it in the DEX sector.  

ORDI Token's Remarkable Surge

ORDI, a leading BRC-20 token on Bitcoin's Ordinals protocol, has surged 549% in a month, reaching a $873 million market cap. It hit an all-time high of $44.03, with significant trading volumes. Recently, ORDI's market cap exceeded $1 billion, reflecting the growing popularity of the Ordinals ecosystem.

Solana's BONK Meme Coin High

Solana's BONK meme coin has surged to a new all-time high, climbing approximately 762% in the past month, with a market cap of $397 million. This growth is attributed to heightened investor interest in Solana's ecosystem. BONK recently gained listing on Binance, further boosting its value amidst the ongoing meme coin frenzy.  

Robinhood's Crypto Trading Volume Spike

In November 2023, Robinhood reported a 75% surge in crypto trading volume compared to October. The company aims to release comprehensive operating data soon. This increase contrasts with previous revenue declines in crypto trading. Concurrently, Bitcoin's price surged 20.6% over the past month, reaching $42,006, driven by expectations of a spot bitcoin ETF approval.  

Forbes Partners with Galxe for Web3 Engagement

Forbes has partnered with blockchain startup Galxe to enhance user engagement on its ForbesWeb3 venture. Through curated quests on Galxe, participants can earn points, climb leaderboards, and receive exclusive rewards like Forbes-branded merchandise and subscriptions. This move reflects Forbes' commitment to embracing Web3 and offering interactive digital experiences to its audience.  

Lugano Accepts Bitcoin and Tether for Payments

Lugano, Switzerland, now accepts Bitcoin and Tether for tax and community fee payments through Bitcoin Suisse. This expansion allows for broader cryptocurrency use, using QR-Bill technology. The move aligns with Lugano's Plan B program to integrate blockchain technology. Bitcoin Suisse plays a pivotal role in streamlining crypto payments, echoing similar services provided in other Swiss cities.

Top Altcoin Gainers and Losers

Gainers:

Ordinals ORDI (+47.44%)

Casper CSPR (+26.97%)

Pepe PEPE (+21.45%)

Losers:

FTX Token FTT (-9.59%)

Terra Classic LUNC (-8.86%)

IOTA MIOTA (-4.14%)