Coin360 Daily Dispatch | Crypto Market Updates & Highlights | November 25, 2023
Van Thanh Le•
Nov 25 2023
Crypto Market Update
Table of Contents
Executive and Regulatory News
- CZ Fights Travel Restrictions Amid Binance Leadership Exit
- Wallet of Satoshi Halts U.S. Services Over Regulatory Issues
Key Cryptocurrency Insights
- Vitalik Buterin Unveils Ethereum's Future Roadmap
- Whale Transactions Surge in Dogecoin Ecosystem
Platform and Exchange Developments
- Justin Sun's HTX, Poloniex Face Multiple Hack Attempts
- Tether's Stablecoin Market Share Climbs to 72%
- Controversy Surrounds Blast's Ethereum Layer-2 Security
- Axie Infinity's Active Wallets Increase by 30%
- Bitfarms Secures C$60M for Mining Expansion
- Azuki DAO Transforms to Bean, Drops Zagabond Lawsuit
CZ Fights Travel Restrictions Amid Binance Leadership Exit
Former Binance CEO CZ contests the U.S. government's attempt to restrict his travel before his sentencing. He seeks to return to the UAE and states his commitment to appearing for sentencing in the U.S. He has a $175 million release bond and will step down as CEO amid pleading guilty to charges.
Wallet of Satoshi Halts U.S. Services Over Regulatory Issues
Wallet of Satoshi terminated support for U.S. customers due to regulatory concerns, withdrawing its app from U.S. Google and Apple stores. The custodial wallet aims to prioritize user safety and compliance, allowing existing U.S. users access to their funds. Speculation suggests compliance risks as the primary driver for this decision. The app previously handled over 1.1 million Lightning transactions in November.
Vitalik Buterin Unveils Ethereum's Future Roadmap
Vitalik Buterin discussed Ethereum's future roadmap, emphasizing the need for enhanced staking decentralization and improvements in mining and staking pools. The upcoming EIP 4844 upgrade, known as Danksharding, aims to increase data map space to 16 MB per slot and implement a voting system to avoid future hard forks.
Whale Transactions Surge in Dogecoin Ecosystem
There has been a significant increase in whale transactions in Dogecoin (DOGE), particularly those over $100,000, suggesting a growing interest from large-scale investors. Despite a 7% bounce from its weekly lows, trading volumes for DOGE have decreased since November 21, with a 58% drop in the number of addresses involved in transactions. This indicates a decline in on-chain traffic. However, the increase in large transactions and total whale holdings implies a bullish outlook from these investors.
Airdrop Announced Following HTX, Poloniex Hacks
HTX and Poloniex, led by Justin Sun, suffered significant hack attempts. The attacker returned funds from HTX's first hack. Sun promised an airdrop to victims and announced the resumption of withdrawals for select assets. HTX experienced two hacks after rebranding from Huobi Global, with the latest attack involving nearly $90 million.
Tether's Stablecoin Market Share Climbs to 72%
Tether's stablecoin dominance has risen to 72%, with a circulating supply of 88.5 billion. Its strategic distribution across multiple blockchains, including 48 billion on Tron and 40 billion on Ethereum, emphasizes its commitment to innovation. Tether's reliability, stability, and transparency have solidified its position as a leader in the stablecoin market.
Controversy Surrounds Blast's Ethereum Layer-2 Security
The Blast Ethereum Layer-2 solution faces criticism over its security model and qualification as an L2 solution. Polygon developer Jared Watts expresses concerns about the upgradable security contract and the protocol's lack of essential L2 features. Blast defends its security model, highlighting the benefits of an upgradable contract and the use of a 3/5 multi-sig authorization model.
Axie Infinity's Active Wallets Increase by 30%
In the last month, Axie Infinity has experienced a 30% increase in active wallets, totaling 73,260. The number of transactions completed also jumped by 19%, reaching 1.41 million. This surge in activity is attributed to recent ecosystem developments and a collaboration with a Korean gaming company. AXS traded at $6.19, marking a 33% price increase.
Bitfarms Secures C$60M for Mining Expansion
Bitfarms, a leading Canadian Bitcoin mining company, secured a C$60 million investment from U.S. institutional investors. The funding will be used to expand mining operations and infrastructure. With 83.72% year-over-year stock value growth, Bitfarms outperforms the S&P/TSX Composite Index and is well-positioned for further expansion amidst a resurging cryptocurrency market.
NFT Market Map
Azuki DAO Transforms to Bean, Drops Zagabond Lawsuit
Azuki DAO rebrands to "Bean," dropping a lawsuit against creator Zagabond over a $39 million NFT minting. Bean secures $10 million from investors, aims to become a memecoin project in the Ethereum layer-2 Blast ecosystem. It will have a total supply of 1 billion tokens, with 40% allocated to the treasury, 50% to DAO members, and 10% to Zagabond.
This article has been refined and enhanced by ChatGPT.