Coin360 Daily Dispatch | Crypto Market Updates & Highlights | November 22, 2023
Van Thanh Le•
Nov 22 2023
Crypto Market Update
Table of Contents
Market Updates and Analysis
- Bitcoin Shows Resilience Amidst Market Fluctuations
- Binance Settles for $4.3 Billion with U.S. Authorities
- Heco Chain Bridge Hack Results in $97 Million Loss
- Mt. Gox Prepares for Long-Awaited Repayment to Creditors
Regulatory and Compliance Developments
- KPMG Canada and Chainalysis Tackle Crypto Crime
- Genesis Sues Gemini Amidst FTX Collapse Fallout
- Coinbase Seeks SEC Clarity on Crypto Rulemaking
Exchange and Platform News
- Binance Labs Returns Investor Funds Amidst Challenges
- Celsius's Rebirth as Bitcoin Mining Venture
- FTT Rallies Amid Binance Controversy
- PYTH Airdrop Boosts Solana's Trading Volume
- Blur's Season 2 Airdrop Fuels NFT Market Growth
Bitcoin Shows Resilience Amidst Market Fluctuations
Bitcoin's price dipped below $37,000 following the release of the Federal Reserve's meeting minutes, indicating persistent inflation concerns. This downturn also affected major altcoins, with BNB dropping over 9% after Changpeng Zhao's departure as Binance CEO. Despite these challenges, Bitcoin showed resilience, bouncing back $1,000 from weekly lows after the Wall Street opening on November 22.
This recovery occurred amidst a $4.3 billion settlement between Binance and the U.S. Department of Justice. Bitcoin's trading range remained between $35,000 and $38,000, with analysts predicting a phase of accumulation before a potential upward impulse. However, the market still requires solid buyer support, with whale selling activities continuing, yet overall liquidity trends suggest short-term bullishness.
Binance Settles for $4.3 Billion with U.S. Authorities
Binance, a major crypto exchange, has settled with the U.S. for a historic $4.3 billion over violations of money laundering and terror financing laws. CEO Changpeng Zhao (CZ) pleaded guilty, leading to his resignation and a fine distribution across U.S. departments.
Binance must now adhere to strict monitoring and reporting standards. Despite these challenges, Binance maintains a strong market presence with no significant outflows recorded.
Heco Chain Bridge Hack Results in $97 Million Loss
The Heco Chain bridge hack on November 22, 2023, resulted in a staggering $97 million loss, including Ethereum, Shiba Inu, and Chainlink. Following this, HTX exchange reported similar suspicious activities totaling $23.4 million.
In response, HTX moved funds to secure wallets and halted all withdrawals. Justin Sun, an investor in HTX, pledged full compensation for losses. The breach involved unauthorized transfers of various digital assets, highlighting severe security flaws in the Heco bridge.
Mt. Gox Prepares for Long-Awaited Repayment to Creditors
Mt. Gox, the Tokyo-based cryptocurrency exchange that collapsed in 2014, is set to start repaying its creditors shortly, with the process extending into 2024. Creditors will receive 142,000 Bitcoin (BTC), 143,000 Bitcoin Cash (BCH), and ¥69 billion, totaling over $5.67 billion.
The repayment, delayed multiple times, addresses losses from a 2014 hack where about 850,000 BTC were stolen. This reintroduction of Bitcoins into the market could potentially exert downward pressure on BTC prices. The total value of the stolen cryptocurrency is now approximately $31 billion.
KPMG Canada and Chainalysis Tackle Crypto Crime
KPMG's Canadian branch and Chainalysis collaborate to combat rising crypto crime. KPMG will join Chainalysis' Solution Provider program, train professionals as Chainalysis Certified Investigators, and utilize blockchain data monitoring technology to detect and prevent illicit crypto activity. Canada has seen a 200% increase in crypto-related complaints since 2020.
Genesis Sues Gemini Amidst FTX Collapse Fallout
Genesis Global Capital sues Gemini for over $689 million in alleged preferential transfers, complicating the aftermath of FTX's collapse. Regulatory scrutiny intensifies as SEC and NYAG investigate, impacting the wider crypto lending industry.
The dispute links to Three Arrows Capital's bankruptcy, shaking customer trust in crypto lenders. Gemini denies impropriety, while Digital Currency Group faces entanglement in the legal battles.
Coinbase Seeks SEC Clarity on Crypto Rulemaking
Coinbase has renewed its request for the SEC to respond to its petition for crypto rulemaking by filing a response to the SEC's letter indicating intent to provide a status report. Coinbase cited the SEC's enforcement action against Kraken as evidence of the need for regulatory clarity. This comes as the SEC may be nearing a decision on a spot Bitcoin exchange-traded fund.
Binance Labs Returns Investor Funds Amidst Challenges
Binance Labs returned a significant portion of external investors' capital from a $500 million fund, which has raised questions about regulatory pressures and leadership changes. Despite the co-founder's legal issues and a team in flux, the venture arm continues to be a major player in crypto investments.
Celsius's Rebirth as Bitcoin Mining Venture
Celsius, after bankruptcy, plans to reemerge through NewCo, a Bitcoin mining venture funded by Fahrenheit LLC. The creditors will be partially repaid with equity stakes in NewCo and crypto from Celsius. NewCo aims for Nasdaq listing and plans to navigate Bitcoin's upcoming halving to generate profits.
FTT Rallies Amid Binance Controversy
FTT's recent surge to $4.54 marks a 47% increase in 24 hours and a 296.17% rise over 30 days. The shift is linked to traders swapping BNB for FTT post-Binance legal issues, according to Santiment. Despite past troubles, FTT's value surged with regulatory concerns over Binance and CZ's resignation.
PYTH Airdrop Boosts Solana's Trading Volume
The PYTH airdrop on Solana led to a surge in trading volume, reaching $490 million, and fees, hitting $123,000. New token addresses soared to over 593,000, and active wallets peaked at over 438,000. Solana's network remained stable with a 5% increase in value, trading at around $54.7.
NFT Market Map
Blur's Season 2 Airdrop Fuels NFT Market Growth
Blur's Season 2 airdrop saw a significant transfer of 307.6 million BLUR tokens, valued at $97.5 million, to crypto exchanges. A notable trader received $8.4 million in BLUR, the largest share. Blur surpassed OpenSea in NFT trading volume and is preparing for Season 3 with a new Ethereum layer-2 network, Blast.
Blast's TVL surged to over $109 million with 23,368 new users. Notably, it received substantial deposits, including 45,654 ETH into Lido and 2,000 ETH from wallet "0x49E9." Blast offers native yield for ETH and stablecoins and provides 4% for ETH and 5% for stablecoins, attracting attention with its competitive interest rates.
This article has been refined and enhanced by ChatGPT.