Coin360 Daily Dispatch | Crypto Market Updates & Highlights | November 16, 2023
Crypto Market Update
Table of Contents
Market and Regulatory Updates
- SEC Delays Decision on Grayscale, Hashdex ETFs
- BlackRock Files for Ethereum ETF with SEC
- U.S. Court Dismisses Tether, Bitfinex Lawsuit
- South Korea's National Pension Invests in Coinbase
Exchange and Platform Developments
- CoinShares Eyes Valkyrie Funds Acquisition
- Coinbase Updates Commerce with Onchain Protocol
- Gulf Binance Prepares for Thai Exchange Launch
Blockchain and Crypto Innovations
- JPMorgan's Onyx Explores Tokenization with Startups
- Bitcoin Ordinal Tokens Boost BRC-20 Sector
- Pyth Network Announces Token Airdrop
- Animoca, AWS, Polygon Launch MoonRealm Accelerator
Legal and Compliance Matters
- Do Kwon's Appeal Denied in Montenegro
- Singapore Advances CBDC Pilot and Stablecoin Approval
Investment and Market Movements
- MATIC Faces Potential Sell-Off Concerns
- Dogecoin Whale Triggers Market Upswing
- Binance Labs Invests in Arkham's AI Platform
Technology and Security
- Solana Labs Refutes Saga Phone Vulnerability
- Aave Companies Rebrands to Avara
Collaborations and Partnerships
- PSG and Blvck Paris Launch Fashion NFTs
- Aurory Expands Game with Seekers of Tokane
SEC Delays Decision on Grayscale, Hashdex ETFs
The SEC has postponed its decision on Grayscale and Hashdex's Spot ETFs applications until January 2024, leaving investors and institutions in suspense. This delay is due to the need for more time to assess the applications and related concerns.
Bitcoin's price dipped to $36,400 after reaching close to $38,000, with analysis indicating low liquidity above $33,000 and a potential path for further losses. This volatility is partly attributed to the U.S. dollar's weakness, which impacts Bitcoin's price strength.
In the broader economic context, U.S. Treasury yields have fallen as jobless claims rose more than expected, signaling a slowdown in the labor market. This rise in jobless claims, coupled with high interest rates, suggests a cooling U.S. economy, yet there remains optimism for a potential soft landing.
BlackRock Files for Ethereum ETF with SEC
BlackRock filed an S-1 with the SEC for an Ethereum ETF, iShares Ethereum Trust, aiming to track Ethereum's price. It will list on Nasdaq, with Coinbase as the custodian. Meanwhile, Ethereum Insider Steven Nerayoff promises a major reveal involving Ethereum's founders, potentially impacting Ethereum's reputation and market dynamics.
U.S. Court Dismisses Tether, Bitfinex Lawsuit
The U.S. Southern District Court of New York has definitively dismissed a class-action lawsuit against Tether and Bitfinex. The plaintiff chose not to appeal after the court denied a motion to amend the class-action. This lawsuit had accused Tether of falsely claiming its USDT stablecoin was backed one-to-one by the U.S. dollar.
In a recent attestation report, Tether disclosed that 85.7% of its total reserves are in cash and cash equivalents, primarily U.S. T-Bills, amounting to $72.6 billion. Meanwhile, Tether is planning a significant $500 million investment in Bitcoin mining operations, following a reported $3.2 billion cash surplus in its Q3 attestation, indicating a strategic expansion into the cryptocurrency mining sector.
South Korea's National Pension Invests in Coinbase
South Korea's National Pension Service invested $20 million in Coinbase in Q3 2023, acquiring over 280,000 shares worth $27.7 million, gaining a 39% value increase. Despite previous skepticism, this marks the fund's first direct investment in the exchange, as it does not typically invest in cryptocurrencies due to their volatility.
CoinShares Eyes Valkyrie Funds Acquisition
CoinShares secured the exclusive option to purchase Valkyrie Funds, an investment advisory business focused on crypto ETFs, from Valkyrie Investments. CoinShares has until March 31, 2024, to complete the acquisition.
Additionally, the two companies have finalized a brand licensing agreement, which grants Valkyrie Investments the right to use the 'CoinShares' name for its S-1 filings with the SEC. If approved, this would mark CoinShares' first foray into offering a mainstream crypto passive product in the U.S. market.
Coinbase Updates Commerce with Onchain Protocol
Coinbase enhances its Commerce product with the open source "Onchain Payment Protocol," supporting Ethereum, Polygon, and Base ecosystems. The protocol aims to offer instant settlement, low fees, and broad asset support, enabling merchants to accept crypto payments while mitigating volatility. The update allows users to pay in various currencies across supported networks.
Gulf Binance Prepares for Thai Exchange Launch
Binance and Gulf Energy joint venture, Gulf Binance, plans to launch a Thai exchange in early 2024. Initial invitation-only availability with SEC approval. Gulf Energy invested in Binance.US. Binance assisted Thai authorities in seizing scammers' assets.
JPMorgan's Onyx Explores Tokenization with Startups
JPMorgan's Onyx collaborates with startups to tokenize portfolios on private blockchains for fund managers. Blockchain stacks include Provenance, Onyx Digital Assets, and Avalanche, with cross-chain communication via Axelar. JPM Coin and Polygon's mainnet were utilized in prior blockchain projects, showcasing the firm's active exploration of blockchain technology.
Bitcoin Ordinal Tokens Boost BRC-20 Sector
The emergence of Bitcoin ordinal tokens, such as ORDI, has caused a 21% increase in the BRC-20 token sector, with notable gains for TRAC, MEME, and NALS. Additionally, over 37,000 BRC-20 tokens exist, and social platforms like Alpha are introducing in-game tokens for user engagement.
Pyth Network Announces Token Airdrop
Pyth Network will airdrop 255 million PYTH tokens to 90,000 wallets, with an initial circulating supply of 1.5 billion and 85% locked for 6-42 months. Eligibility criteria include interaction with apps using Pyth data or active community engagement. Meanwhile, Jupiter DEX on Solana plans to distribute 4 billion tokens across four phases, with the first phase targeting 955,000 wallets based on swap volumes.
Animoca, AWS, Polygon Launch MoonRealm Accelerator
Animoca Brands, AWS, and Polygon Labs collaborate on MoonRealm Express Accelerator, aiming to guide Web3 startups globally. AWS pledges $1.1 million to support 500 startups, while Polygon Labs provides workshops and cash bounties for hackathons. The inaugural cohort will focus on expanding Mocaverse's ecosystem.
Do Kwon's Appeal Denied in Montenegro
Terraform Labs CEO Do Kwon's appeal for a four-month prison sentence in Montenegro, following a fake passport case, has been denied. He and a colleague face extradition after completing their sentence. The court deemed the sentence adequate and imposed confiscation of passports and identity cards as a preventative measure.
Singapore Advances CBDC Pilot and Stablecoin Approva
In Singapore, the Monetary Authority announced a "live" CBDC pilot, focusing on domestic payment settlements, while crypto firm Paxos received approval to issue a USD stablecoin. Key initiatives include wallet interoperability, supplier financing, and liquidity improvement for merchants, aligning with new stablecoin regulations and digital currency advancements.
MATIC Faces Potential Sell-Off Concerns
MATIC's future is uncertain as a significant amount of tokens are flooding exchanges, raising fears of potential sell-offs. A wallet related to the Polygon ecosystem distributed 217 million MATIC, with 32 wallets sending 77.56 million MATIC to various exchanges, sparking concerns over price impact and the wallet's purpose.
Dogecoin Whale Triggers Market Upswing
One of Dogecoin's top whales shifted 693M DOGE, worth over $50,000,000, sparking a 33% market upswing. The move has ignited optimism in the community, leading to positive price shifts and increased bullish sentiment. DOGE's price surged to a 6-month high, with potential for further gains if the bullish momentum continues.
Binance Labs Invests in Arkham's AI Platform
Binance Labs strategically invests in Arkham's ARKM token, supporting their AI-powered blockchain intelligence platform. Arkham fosters blockchain transparency through Ultra, incentivizing intelligence production and offering the first on-chain intelligence exchange. The collaboration aims to advance transparency and self-regulation in the crypto industry.
Solana Labs Refutes Saga Phone Vulnerability
Solana Labs refutes CertiK's claim of a critical "bootloader vulnerability" in the Saga phone, stating that the video did not reveal a legitimate threat. They argue that unlocking the bootloader requires user participation and awareness, and any attempt to do so would wipe the device and private keys. Solana Labs also highlights the decrease in the phone's price four months after launch.
Aave Companies Rebrands to Avara
Aave Companies rebrands as Avara to expand Web3 presence. Acquires self-custody Ethereum wallet ‘Family Wallet’ and ConnectKit from Los Feliz Engineering, aiming to boost DeFi innovation and reach a broader user base. The rebrand emphasizes inclusivity and extensive infrastructure development in the blockchain space.
NFT Market Map
PSG and Blvck Paris Launch Fashion NFTs
Paris Saint-Germain and Blvck Paris have teamed up for a fashion collaboration, releasing NFTs on the Crypto.com marketplace. The 1,000 NFTs, priced at $50 each, offer early access to purchase physical gear. The collection includes monochrome apparel, with 10% of the NFTs redeemable for a box of physical items.
Aurory Expands Game with Seekers of Tokane
Aurory's game expansion, Seekers of Tokane, offers roguish RPG gameplay, procedural land generation, and PVE battles. It introduces new features like avatar customization and enhanced controls in PVP battles. The game's expansion to the Epic Games Store addresses technical limitations in the browser-based version.
This article has been refined and enhanced by ChatGPT.