Coin360 Daily Dispatch | Crypto Market Updates & Highlights | November 14, 2023
Crypto Market Update
Table of Contents
Market and Economic Updates
- Bitcoin and Ethereum Face Downturn Amid Economic Shifts
- XRP Price Spikes on Fake BlackRock ETF Filing
- Crypto.com Secures VASP License in Dubai
- Fnality International Raises $95 Million for Blockchain Payments
Exchange and Platform Developments
- Uniswap Launches Mobile Wallet App for Android
- BGX Invests $90 Million in OSL Exchange
- Swan Bitcoin to Terminate Crypto-Mixing Accounts
- dYdX Chain Beta Mainnet Launches Without Rewards
- OKX Launches zkEVM Layer-2 Network Testnet
Regulatory and Compliance News
- GROK Token Plummets After Scam Allegations
- FTX's Ongoing Financial Struggles Amid Bankruptcy
- Reddit's MOON Token Moves Towards Full Decentralization
- Animoca Brands Joins Chiliz Chain as Validator
- BlackRock and NASDAQ Seek SEC Approval for Ethereum ETF
- Opyn's Co-Founders Step Down Amid CFTC Charges
Corporate and Investment Strategies
- Boyaa Interactive Plans $100 Million Crypto Investment
- Disney Partners with Dapper Labs for NFT Platform
- Backpack to Launch Dubai-Based Crypto Exchange
Bitcoin and Ethereum Face Downturn Amid Economic Shifts
Bitcoin saw a sell-off worth $2.2 billion among major holders just last week but still held $37,000 until today, when Bitcoin and Ethereum have seen a downturn while DeFi tokens like DYDX and Maker surged.
The US dollar index dropped as stocks soared, responding to October's CPI report showing inflation cooling more than expected. Core CPI rose modestly by 0.2%, with the annual rate at 3.2%, lower than forecasts. Energy costs fell significantly, impacting the overall CPI.
This combination of factors suggests a potential delay in further Fed rate hikes, reflecting a complex interplay between cryptocurrency trends and broader economic indicators.
XRP Price Spikes on Fake BlackRock ETF Filing
A fake filing, designed to resemble a BlackRock initiative for an XRP ETF, temporarily spiked XRP's price. This fraudulent submission to the Delaware Divisions of Corporations, mimicking BlackRock's filings, including the agent's name and address, was published on the division's website.
It erroneously suggested BlackRock's involvement in a spot XRP ETF, unlike their previous Bitcoin and Ether filings. However, BlackRock denied any association with this filing. This led to a brief 12% increase in XRP's price, which normalized to around 65 cents per token after the revelation of the filing's inauthenticity.
Crypto.com Secures VASP License in Dubai
Crypto.com's Dubai entity, CRO DAX Middle East FZE, received a VASP License from Dubai's Virtual Assets Regulatory Authority (VARA) on November 14, 2023. This license allows Crypto.com to offer regulated virtual asset services like exchange, broker-dealer, management, investment, and lending and borrowing services to retail and institutional market users through the Crypto.com App and Crypto.com exchange.
The CEO, Kris Marszalek, emphasized the company's commitment to security and compliance. Additionally, Crypto.com introduced a new crypto derivatives product called "Strike Options."
Fnality International Raises $95 Million for Blockchain Payments
Fnality International, a London-based blockchain wholesale payment system, secured £77.7 million ($95 million) in Series B funding led by Goldman Sachs and BNP Paribas. The funding includes prominent financial institutions and aims to create a tokenized, peer-to-peer payment system. Fnality awaits approval from the Bank of England to initiate its operations and plans to launch the Sterling Fnality Payment System by the year-end.
Uniswap Launches Mobile Wallet App for Android
Uniswap has launched a mobile wallet app for Android, featuring an integrated swap function for decentralized exchange (DEX) transactions. The app, previously in closed beta, now caters to the general public, offering support for various languages, currency displays, and improved wallet address visibility. With over $3 billion in locked crypto, Uniswap anticipates high demand for the app.
BGX Invests $90 Million in OSL Exchange
The $90 million investment by BGX into BC Technology Group's OSL exchange signifies growing confidence in Asia's crypto market. The strategic alliance aims to expand OSL’s offerings, attract institutional investors, and shape the future of cryptocurrency trading in the region, reflecting a significant vote of confidence in the digital asset landscape.
Swan Bitcoin to Terminate Crypto-Mixing Accounts
Swan Bitcoin, a crypto services platform, is set to terminate accounts engaged with crypto-mixing due to partner bank regulations influenced by the United States Financial Crimes Enforcement Network (FinCEN). Co-founder Yan Pritzker emphasized the firm's pro-privacy stance but underscored the need to comply.
This decision stems from the proposed rule targeting firms processing transactions from mixing services, reflecting the heightened scrutiny of crypto-mixing in the U.S. despite Swan Bitcoin's advocacy for privacy.
Pritzker highlighted the challenge imposed by the banking sector's fear of crypto, necessitating adherence to FinCEN regulations to sustain Bitcoin on-ramp services. The company also urged advocacy and education on Bitcoin as a means to oppose such policies.
dYdX Chain Beta Mainnet Launches Without Rewards
dYdX Chain, now in its beta mainnet stage, offers active trading across 33 markets without trading rewards, while validators accrue fees. A partnership between Circle, Noble, and dYdX enhances USDC transfers via Circle's Cross Chain Transfer Protocol, set for mainnet launch on November 28, simplifying and securing transactions.
OKX Launches zkEVM Layer-2 Network Testnet
OKX, a major centralized exchange, is launching its zkEVM layer-2 network testnet, X1, using Polygon's CDK. X1 is a zero-knowledge rollup solution offering instant settlements on both L1 and its network. OKX will contribute significantly to Polygon CDK and aims to educate and onboard users onto the blockchain.
GROK Token Plummets After Scam Allegations
The GROK token, initially surging by 13,000% and reaching a $150 million market cap, faced a dramatic drop after scam allegations against its developer. These accusations, publicized by blockchain investigator ZachXBT, linked the creator to past failed projects and suspicious activities, including the development of the poorly performing ANDY tokens.
Consequently, GROK's value plummeted by 74% in just five hours, with its market cap losing nearly $100 million. In response, the GROK team burned 180 million tokens and issued a "personal note" from the developer to mitigate concerns.
FTX's Ongoing Financial Struggles Amid Bankruptcy
FTX, grappling with bankruptcy, gains approval to start mediation and file counterclaims in the BlockFi bankruptcy case. Simultaneously, FTX moved $13.54 million worth of Solana (SOL), leading to a 7% decrease in SOL's price.
An FTX Foundation employee is also fighting to secure a bonus. Additionally, FTX and its sister firm Alameda Research have been involved in transferring digital assets worth $24 million, reflecting significant activity amid their financial turmoil.
Reddit's MOON Token Moves Towards Full Decentralization
Reddit's MOON token is shifting towards full decentralization as admins plan to renounce the contract and burn over 30% of the supply. The community token for r/CryptoCurrency will be "completely decentralized," with moderators working on a plan for distribution. The token surged by 260% following the announcement, currently trading at $0.2.
Animoca Brands Joins Chiliz Chain as Validator
Animoca Brands partners with Chiliz Chain, becoming a validator in the SportsFi ecosystem. This move aligns with their focus on NFTs, gaming, and the sports industry. Chiliz's CEO views this as a pivotal moment for their Web3 and sports-focused blockchain solutions.
Animoca's broad investments in the Web3 space and sports sector underpin their strategic direction. Chiliz's transition to its own blockchain ecosystem further enhances its growth.
BlackRock and NASDAQ Seek SEC Approval for Ethereum ETF
BlackRock and NASDAQ are pushing for SEC approval of a spot Ethereum exchange-traded fund (ETF), which could significantly benefit U.S. investors and allow them to trade Ether more easily. The proposed iShares Ethereum Trust ETF, if approved, could provide greater protection for investors and potentially drive Ethereum to new highs. ETH is currently trading at $2,040, up about 60% this year, signaling bullish market sentiment.
Opyn's Co-Founders Step Down Amid CFTC Charges
Opyn's co-founders, Zubin Koticha and Alexis Gauba, are stepping down following regulatory actions by the Commodity Futures Trading Commission (CFTC) against the DeFi options protocol. The CFTC charged Opyn with registration failures and violations of commodity trading regulations, imposing a $250,000 penalty. Andrew Leone, Opyn’s head of research, is set to replace them as CEO.
Boyaa Interactive Plans $100 Million Crypto Investment
Boyaa Interactive, a prominent Hong Kong-listed company in the gaming industry, plans to invest up to $100 million in cryptocurrencies, particularly Bitcoin and Ethereum, over the next 12 months. This strategic shift aims to diversify the company's holdings and aligns with their Web3 domain development.
The acquisition will require shareholder approval and will be executed on regulated trading platforms. The move reflects a broader strategy to operate in the evolving digital landscape and capitalize on regulatory changes in Hong Kong.
NFT Market Map
Disney Partners with Dapper Labs for NFT Platform
Disney is partnering with Dapper Labs to launch the Disney Pinnacle NFT platform, featuring digital collectibles based on Disney, Pixar, and Star Wars characters minted on the Flow blockchain. The mobile-centric platform will offer accessibility for everyday fans and limited edition items.
The waitlist is open, with a gradual user onboarding process for beta testing ahead of the public launch. Marvel is not included at the platform's initial release. Dapper Labs' successful launch of NBA Top Shot and the expansion of the Flow blockchain indicate a potential revival for the NFT market.
Backpack to Launch Dubai-Based Crypto Exchange
Backpack, a Solana-based NFT wallet app, is launching a Dubai-based cryptocurrency exchange, led by former FTX counsel Can Sun. Its affiliated NFT, Mad Lads, hit an all-time high, with prices doubling amid Solana's surge. Trek Labs, overseeing the launch, plans to sell a 10% stake, valuing the company over $100 million.
This article has been refined and enhanced by ChatGPT.