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

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

Van Thanh Le

Dec 7 2023

2 months ago4 minutes read
Coin360 daily crypto news, cryptocurrency updates, market movement

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Crypto Market Update

Table of Contents

Banking and Regulatory Updates

  • Dimon and Warren Critique Crypto; Crypto Community Defends
  • Binance Founder Pleads Guilty; Company Faces Heavy Fines
  • Poloniex Warned by FCA; Faces Withdrawal Issues After Hack
  • Bitzlato Co-Founder Admits to Money Laundering Charges

Crypto Exchanges and Platforms

  • SEC Close to Approving Bitcoin ETFs Amidst High Demand
  • Robinhood Expands Crypto Trading in EU with Incentives
  • Binance and Coinbase List Jito; Solana's Market Rebounds
  • Uphold Introduces Self-Custody Wallet Vault with XRP Support
  • Safe Wallet Launches Safe{RecoveryHub} for Crypto Recovery

Market Movements and Predictions

  • Bitcoin's Resilience: Lesser Pullback, Predicted Rise, and Market Stir
  • SEC Postpones Ethereum ETF Decision; Ethereum Whale Activity Increases
  • Terraform Labs' Co-Founder Awaits Extradition Over Financial Crimes
  • Litecoin Recovers Amidst Retail Investors' Concerns
  • Helium Mobile's Nationwide Expansion Boosts HNT Token
  • Solana's Saga Phone Struggles Amidst Market Shifts
  • Thailand Emerges as a Key Player in Global Crypto Economy
  • Bitcoin Project Babylon Secures $18M for Staking Protocol

Blockchain and Technology Advancements

  • Arbitrum DAO Boosts Ecosystem with Significant Funding
  • Deloitte Adopts Polkadot's Kilt Blockchain for Shipping Logistics
  • Bitcoin Core v26.0 Upgrade Enhances Security and Functionality
  • Merit Circle DAO and Immutable Collaborate for Web3 Gaming
  • Sotheby's Hosts First Bitcoin Ordinals NFT Auction
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Dimon and Warren Critique Crypto; Crypto Community Defends

JPMorgan CEO Jamie Dimon and Senator Elizabeth Warren criticized cryptocurrencies for aiding criminal activities, advocating for stricter regulations. The crypto community and Binance CEO Richard Teng countered, highlighting the greater scale of illegal activities with fiat currencies compared to crypto and emphasizing Bitcoin's decentralized nature as a defense against shutdowns.


Binance Founder Pleads Guilty; Company Faces Heavy Fines

Binance founder Changpeng "CZ" Zhao's guilty plea for violating the Bank Secrecy Act was accepted by a U.S. federal judge. Zhao, who stepped down as CEO, and Binance faced charges related to inadequate anti-money laundering practices. Sentencing is set for February 2024, with Zhao released on bond but currently required to stay in the U.S. 

Binance, admitting to prioritizing growth over compliance, pleaded guilty to additional charges, including failure to register as a money transmitter and violations of the International Emergency Economic Powers Act, agreeing to a $4.3 billion fine. The company must now allow monitors reporting to the Department of Justice and Treasury Department.

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Poloniex Warned by FCA; Faces Withdrawal Issues After Hack

Poloniex faces FCA warning for unauthorized financial services in the UK. Users struggle with asset withdrawals after a $100 million hack. Limited tokens available to withdraw, with promises of extending services to major cryptocurrencies soon. Despite challenges, various cryptocurrencies trade at a slight discount compared to rival platforms like Binance.  


Bitzlato Co-Founder Admits to Money Laundering Charges

Anatoly Legkodymov, co-founder of Bitzlato, pleads guilty to money laundering charges in a New York court. The exchange transmitted around $700 million worth of crypto for the now-defunct Hydra darknet marketplace, received $15 million in ransomware proceeds, and was labeled a "primary money laundering concern" by the U.S. Department of the Treasury.  


SEC Close to Approving Bitcoin ETFs Amidst High Demand

The SEC is nearing approval of Bitcoin ETFs, with advanced talks on technical details, as per Reuter’s report. Thirteen firms, including Grayscale and BlackRock, await decisions. Discussions include custody, risk disclosures, and a potential $3 billion demand for a spot Bitcoin ETF. Grayscale's CEO is optimistic, but timelines remain unclear.


Robinhood Expands Crypto Trading in EU with Incentives

Robinhood has launched its crypto trading platform in the EU, offering access to over 25 cryptocurrencies. The company plans to repay a percentage of customers' trading volume in BTC and offer referral bonuses in cryptocurrency. In November, the platform saw a 75% increase in crypto trading volume, amid a bullish market and decreasing trade activity earlier in the year.  


Binance and Coinbase List Jito; Solana's Market Rebounds

Binance lists Jito (JTO) with new trading and margin pairs, starting December 7, 2023. Coinbase adds JTO on Solana, with phased trading initiation. Solana's ecosystem is rebounding, marked by increased weekly addresses and a 47% rise in total value locked, signaling a significant revival in the crypto market. 


Uphold Introduces Self-Custody Wallet Vault with XRP Support

Uphold is launching self-custody wallet Vault, initially supporting Ripple's XRP, with plans for Bitcoin support in 2024. The wallet allows key replacement for asset recovery. It aims to combine convenience with the security of self-custody. Uphold serves 10 million customers in 140+ countries, facilitating over $4 billion in transactions across 200+ currencies, crypto, and fiat. 

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Safe Wallet Launches Safe{RecoveryHub} for Crypto Recovery

Safe Wallet introduces Safe{RecoveryHub} for comprehensive cryptocurrency recovery. Strategic partnerships with Sygnum Bank and Coincover enhance the recovery ecosystem. Registration opens for a waiting list, emphasizing user engagement and transparency. Users gain control by designating trusted 'Recoverers.' The platform prioritizes community involvement and prepares for collaborative third-party solutions' launch in 2024.  


Bitcoin's Resilience: Lesser Pullback, Predicted Rise, and Market Stir

Bitcoin has experienced a pullback, but it hasn't been as significant as anticipated by bearish investors. Its recent shakeout led to $168 million in losses for over 67,000 traders. CryptoQuant predicts a potential rise above $50,000 by early 2024, despite possible short-term corrections. Short sellers in crypto stocks lost $2.6 billion due to Bitcoin's surge. Satoshi-era Bitcoins worth $40 million were moved, stirring market interest.

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SEC Postpones Ethereum ETF Decision; Ethereum Whale Activity Increases

The SEC delayed its decision on Grayscale's Ethereum ETF to January 25, 2024, extending the review period. Meanwhile, a dormant Ethereum whale moved 39,260 ETH to Kraken, potentially realizing a 670% gain, reflecting increased institutional interest in Ethereum's long-term value ahead of Ethereum 2.0 enhancements. While BTC dropped below $43,800, ETH went up to surpass $2,300 with a 2.5% rise.

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Terraform Labs' Co-Founder Awaits Extradition Over Financial Crimes

Terraform Labs co-founder Do Kwon faces extradition from Montenegro to the U.S. for financial crimes, following a high court's approval. Justice Minister Andrej Milovic plans to extradite Kwon, who is in custody on document forgery charges. The extradition is linked to the collapse of tokens TerraUSD and Luna, resulting in a $40 billion loss.  


Litecoin Recovers Amidst Retail Investors' Concerns

Litecoin (LTC) experienced a significant recovery after a decline post-halving, currently trading at $73. Despite bullish predictions by analysts, retail investors are concerned about LTC's performance relative to other altcoins. Data from Santiment shows massive liquidation of approximately 199,000 wallets holding LTC in the last 10 days, indicating a lack of confidence among small investors.  

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Helium Mobile's Nationwide Expansion Boosts HNT Token

Helium Mobile expands its $20 unlimited plan nationwide, powered by T-Mobile’s network, with HNT token up 30% in 24 hours and 100% in 30 days. Users can freely swap devices, terminate contracts, and receive MOBILE tokens for network coverage. Miami residents pay $5, and the network operates on the Solana blockchain for efficiency.  

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Solana's Saga Phone Struggles Amidst Market Shifts

Solana's Saga Phone faces an uncertain future due to underwhelming sales and changing market dynamics. Founder Anatoly Yakovenko expressed the need to sell 25,000 to 50,000 units to establish a strong user base. 

The device's price was reduced to $599 from $1000, and Yakovenko mentioned that he uses it as a secondary device. Notably, the development of progressive web apps and pass keys has lessened the gap between specialized and regular smartphones.  

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Thailand Emerges as a Key Player in Global Crypto Economy

HashKey Capital's report identifies Thailand as a significant player in the global crypto economy. Thailand boasts widespread crypto adoption, high trading volumes, and progressive regulations. The country's crypto ecosystem is thriving, with growing interest from traditional financial institutions and burgeoning blockchain projects. Thailand's favorable regulatory environment and increasing crypto user base indicate substantial potential for further growth.  


Bitcoin Project Babylon Secures $18M for Staking Protocol

Bitcoin project Babylon raises $18 million in a funding round led by Polychain Capital and Hack VC. The initiative aims to develop a staking protocol using BTC as a staking asset to generate funding for proof-of-stake chains. Other investors, including Framework Ventures and Polygon Ventures, are involved. The project's goal is to create a Bitcoin-secured decentralized world.  


Arbitrum DAO Boosts Ecosystem with Significant Funding

The Arbitrum DAO is distributing 21.52M ARB to 26 ecosystem projects through back-funding. The first Short-Term Incentive Program (STIP) round exhausted 50M ARB, leading to the decision to support additional projects. The largest allocations went to derivatives DEX Gains Network and multi-chain DEX Stargate Finance. Recipients must report grant performance by Jan. 31, 2024.  

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Deloitte Adopts Polkadot's Kilt Blockchain for Shipping Logistics

Deloitte's division will utilize the Polkadot-based Kilt blockchain to offer logistics services, specifically the KYX system for the shipping industry. KYX combines Know Your Client (KYC) and Know Your Cargo processes, offering identity verification and goods tracking. Hapag-Lloyd, a shipping giant, will be the first to implement KYX, followed by Vodafone.  

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Bitcoin Core v26.0 Upgrade Enhances Security and Functionality

The latest Bitcoin Core v26.0 upgrade features experimental support for the v2 transport protocol via Bitcoin Improvement Proposal 324 (BIP324), aiming to encrypt communication between nodes and reduce attack risks. Additionally, the upgrade incorporates changes to remote call procedures (RPCs), wallet-related RPCs, and Bitcoin's graphical user interface (GUI).  


Merit Circle DAO and Immutable Collaborate for Web3 Gaming

Merit Circle DAO partners with Immutable to expand its Beam ecosystem into web3 gaming. The collaboration brings Beam to Immutable zkEVM, enhancing digital ownership and game development. This strategic move integrates Beam's tech stack with Immutable's tools, maintaining a chain-agnostic approach and fostering industry synergies.

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Top Altcoin Gainers and Losers

Gainers:

Helium HNT (+30.39%)

Optimism OP (+19.24%)

WEMIX WEMIX (+16.09%)

Losers:

BitTorrent New BTT (-18.44%)

Terra Classic LUNC (-15.37%)

Ordinals ORDI (-15.02%)

NFT Market Map

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Sotheby's Hosts First Bitcoin Ordinals NFT Auction

Sotheby's initiates its first Bitcoin Ordinals NFT auction, featuring three items from the BitcoinShrooms collection, created by the pseudonymous artist Shroomtoshi. The auction, running from Dec. 6 to Dec. 13, has attracted significant interest, with current bid highs of $42,000, $50,000, and $28,000 for the lots. The collection showcases Bitcoin's history and technical aspects. 

This article has been refined and enhanced by ChatGPT.

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