Coin360 Daily Dispatch | Crypto Market Updates & Highlights | November 27, 2023

Bitcoin Dips Despite High Profitability

In the past 24 hours, Bitcoin dipped nearly 2% to $36,934 before coming back to $37,000, despite 83.6% BTC in profit — the highest since November 2021 — amid uncertain market trends and upcoming US GDP and inflation data. The crypto market cap peaks, and Standard Chartered and Fundstrat predict Bitcoin could soar to $120,000-$200,000 by 2024.

Binance Ex-CEO Faces Legal Trouble in the US

Changpeng Zhao, ex-CEO of Binance, faces a potential ten-year sentence in the U.S. for anti-money laundering law violations. The DOJ considers him a manageable flight risk, advocating for U.S. residency until sentencing. Binance agreed to a $4.3 billion fine, with Zhao's sentencing scheduled for February 23, 2024.

USDC Adoption Boost in Japan Through Circle-SBI Partnership

Circle and SBI Holdings formed a partnership to expand USDC adoption in Japan. SBI Holdings seeks approval as an electronic payment service provider. This aims to propel the use of stablecoins in Japan and advance the transition to a Web3 economy. USDC is the second largest stablecoin with a market cap of $24.6 billion.  

Terra's Surging Popularity Following Major Investment

The Terra ecosystem, including LUNA, LUNC, and USTC, experienced a significant surge. Terraform Labs' $15 million investment boosted liquidity, with LUNA and LUNC rising 23.43% and 48.38%, respectively. USTC's recovery was remarkable, surging 278% in 24 hours, reaching a market cap of $1.46 trillion.

Vitalik Buterin Proposes Ethereum Redesign

Vitalik Buterin proposes a major Ethereum redesign, enhancing staking and performance. Cardano's Hoskinson critiques Ethereum's staking changes. Institutional interest in Ethereum surges, reflecting confidence in its long-term prospects. Layer-2 rollups like Optimism and Arbitrum significantly reduce Ethereum's transaction fees and wait times, bolstering network efficiency.

Chainlink Announces Upcoming Staking Update

Chainlink is launching Staking v0.2 in three days, with improved accessibility and streamlined staking processes. A nine-day migration period starting November 29th allows v0.1 stakers to transfer their LINK tokens and rewards. The update aims to attract a broader user base and enhance network robustness.  

Rising Inflows into Digital Asset Products

Digital asset investment products have seen significant inflows, reaching $346 million, driven by anticipation of a Bitcoin spot Exchange-Traded Fund (ETF) in the US. Bitcoin leads with $312 million in inflows, Canada and Germany account for 87% of total inflows, and Ethereum also experienced a resurgence, offsetting its year-to-date outflows.  

Cosmos Hub Adjusts Inflation Rates

Cosmos Hub reduces ATOM inflation from 14% to 10% to enhance security, impacting staking yields. Co-founder Jae Kwon proposes a network fork to introduce AtomOne with a 20% inflation rate, aiming to address internal tensions and facilitate a significant airdrop. The proposal and fork had a notable market impact.  

Significant Crypto Token Releases Set for December

In December, over $750 million in locked crypto tokens are set to be released, including dYdX's 150 million tokens valued at $500 million, Optimism's 24 million tokens worth $41 million, 1inch's 98 million tokens valued at $33 million, and Aptos's nearly 25 million tokens worth approximately $180 million.  

Tron Overtakes Bitcoin in Questionable Transactions

Tron (TRX) has surpassed Bitcoin (BTC) in transactions linked to terrorist funding, according to a Reuters report. This shift is attributed to Tron's enhanced transaction speeds, lower fees, and stability. Israel's National Bureau for Counter Terror Financing has frozen 143 Tron wallets suspected of terrorism links between July 2021 and October 2023. Despite these concerns, Tron's value remained resilient, slightly down but still positive on a weekly basis.

SEC Struggles to Serve Lawsuit to HEX Founder

The SEC is encountering difficulties serving a lawsuit to HEX founder Richard Heart, alleged to reside in Finland. Accused of securities fraud, the SEC seeks alternative methods for legal service as traditional channels prove ineffective. Heart is accused of raising $1 billion through the sale of unregistered securities.  

Hong Kong Crypto Exchange Faces Scam Allegations

A Hong Kong crypto exchange is under police investigation after users lost HK$120 million ($15 million) in scams. 88 reports from 131 alleged victims have been filed. There has been a 105% increase in reported investment scams in the first nine months of this year compared to last year, with over 4,300 reported scams and HK$2.8 billion ($360 million) in lost funds.  

Standard Chartered Offers e-CNY Exchange Services

Standard Chartered China is now offering exchange services for China's digital yuan, or e-CNY. The bank is collaborating with City Bank Clearing Services to provide customers access to the digital yuan's interconnection platform for recharging and redemption, making it one of the first foreign firms to join the CBDC business pilot.  

Metaco and HSBC Collaborate, Boosting Ripple

Metaco's collaboration with HSBC signals growing support for Ripple's XRPL and XRP token. Metaco's CEO stresses the indirect link between Ripple's success and the adoption of XRPL. Despite post-acquisition concerns and speculation, Metaco looks to solidify partnerships with tier one banks globally, banking on the trend towards tokenization and cryptocurrency services.  

Bankless Co-Founders Plan Organizational Split

Bankless co-founders plan to separate Bankless from BanklessDAO after controversy surrounding a grant proposal. The proposal requested 1.82 million Arbitrum tokens, receiving criticism for lack of transparency. Hoffman and Adams aim to burn their BANK tokens in response. Bankless, founded in 2019, is a crypto media company.  

Blur Token Sell-Offs After Airdrop Announcement

Massive Blur sell-offs followed a recent airdrop announcement, with 19 million BLUR tokens moved to OKX. Despite this, the number of holders remains high, peaking at over 47,000. Historical balance on OKX shows a decline in tokens, suggesting reduced selling. Sustainability of volume to be assessed post-airdrop.  

LooksRare Announces Token Migration Strategy

LooksRare concludes its 24-month plan, requiring users to migrate LOOKS tokens to a new contract for continued rewards. Early adopters are incentivized with a $200,000 ETH reward pool. The migration starts on November 27, emphasizing the platform's adaptability and commitment to user engagement in the NFT marketplace.  

HIVE's New Data Center Acquisition in Sweden

HIVE has acquired a data center in Sweden for $2.25 million, expanding its European infrastructure. The facility, integrated into the EU Horizon 2020 project, aims to enhance bitcoin production with new ASIC servers. This aligns with HIVE's focus on sustainability and green energy, though its impact on the local economy and ESG goals remains to be determined.  

KyberSwap Recovers Funds Post-Hack

KyberSwap recovered $5.7M after a $47M hack, offering a 10% bounty to hackers. Stolen funds were linked to Elastic Pools on Polygon and Avalanche. They halted deposits, urging users to withdraw, and are collaborating with law enforcement. Cyber attacks on crypto platforms increased to over $3.7B in 2022.  

End of Inferno Drainer Wallet Scam Service

Inferno Drainer, a crypto wallet scam service, is shutting down after stealing $70 million from over 100,000 victims. It operated by facilitating phishing sites and taking a cut from the thefts. Despite its closure, similar services remain active, highlighting ongoing threats in the crypto security landscape.

Top Altcoin Gainers and Losers

Gainers:

Terra Classic LUNC (+6.35%)

Gala GALA (+4.18%)

Axie Infinity AXS (+4.16%)

Losers:

FTX Token FTT (-10.63%)

Bittensor TAO (-7.02%)

Mina MINA (-6.52%)