Coin360 Daily Dispatch | Crypto Market Updates & Highlights | November 28, 2023

Bitcoin's Price Surge and ETF Developments

Bitcoin's price rose above $38,000 following dovish comments from Fed's Waller on potential rate cuts if inflation continues to decline. In Brazil, spot Bitcoin ETFs reached $96.8 million in AUM, reflecting growing institutional interest. However, concerns of a "buy the rumor, sell the news" scenario loom with the anticipated U.S. spot Bitcoin ETF, potentially impacting retail investors.

Ethereum's Regulatory Challenges and Whale Impact

Ethereum's price struggles amid regulatory concerns and reduced DApp usage. Vitalik Buterin highlights AI risks, advocating for human-AI synergy. A major Ethereum whale's trading activities impact the market, seeming to have started selling ETH. Adoption of Ethereum's ERC-4337 'smart accounts' is low, with new proposals aiming to boost usage and security.

Tether's Market Cap High and Strategic Partnerships

Tether's USDT market cap reached an all-time high of $89 billion, driven by increased market confidence and proactive transparency measures. The company's partnership with the Georgia government is aiming to nurture blockchain startups, while a collaboration with Northern Data reflects an interest in diversifying into AI.  

Changpeng Zhao's Legal Challenges and Industry Critique

Changpeng Zhao steps down from Binance.US board amid SEC investigations into Binance, and he’s banned from leaving the U.S. Arthur Hayes criticizes the U.S.'s "absurd" treatment of Zhao and Binance, highlighting a $4.3 billion penalty for legal violations and contrasting it with leniency towards traditional financial institutions, reflecting a bias against blockchain's disruptive potential.

Coinbase's Regulatory Subpoena and Bybit's Silence

Coinbase notified customers of a subpoena from a U.S. regulator regarding Bybit. CFTC may seek information on Coinbase accounts. Bybit did not comment. PayPal also received a subpoena. Coinbase and Binance faced regulatory issues with the SEC.   

Binance Delists Cryptos Amid Regulatory Scrutiny

Binance announced the delisting of BitShares, Perl.eco, Waltonchain, and Tornado Cash. Tornado Cash (TORN) plummeted 57% after the announcement, dropping to $1.66 due to regulatory scrutiny and the ban on US customers. Binance conducts regular evaluations, signaling strategic decisions amidst the founder's resignation and guilty plea.  

dYdX Chain's Mainnet Migration and Incentive Program

dYdX Chain completes mainnet migration, enabling full trading and implementing a $20 million launch incentive program. Notable updates include the activation of trading rewards in DYDX tokens, introduction of a launch incentive program, and plans to expand market offerings while prioritizing platform stability and security. 

Google Cloud Joins EigenLayer's Operator Working Group

Google Cloud has joined EigenLayer's Operator Working Group, participating in the Goerli testnet for EigenLayer's restaking protocol. EigenLayer plans a mainnet deployment for node operators in the first half of 2024. This follows Google Cloud's prior involvement in Web3, including its Polygon validator status and partnership with LayerZero.  

Magic Eden's Cross-Chain Wallet Launch

Magic Eden is launching a cross-chain NFT and crypto wallet on Google Chrome, aiming to streamline user experience and eliminate the need for multiple wallets and seed phrases. The wallet will support Bitcoin, Ethereum, Solana, and Polygon, offering cross-chain token swaps and integration with MoonPay for fiat-to-crypto purchases.  

BinaryX's AI Hero Game: Strategy and NFTs

BinaryX's AI Hero game, supported by Binance Labs, merges AI and strategy in a multiplayer text adventure. It offers AI-driven quests, NFT integration, and cross-platform accessibility. Players engage in strategic gameplay and real-time interactions, aiming to secure victory in a battle royale-style competition with NFT rewards.  

Coinbase Stock Peaks Amid Binance's Legal Issues

Coinbase's stock hit an 18-month peak at $119.77 after Binance's legal woes, rising 256.5% year-to-date. Ark Invest sold $5.3M in Coinbase shares, buying $1.2M in Robinhood amid SEC challenges and Coinbase's custodian role in pending crypto ETFs. Robinhood's stock fluctuates, reflecting market dynamics and strategic shifts.

Kronos Research's Crypto Hack and Recovery Efforts

Kronos Research suffered a $26 million crypto hack and aims to cover the losses internally. They've negotiated with the hacker to return 90% of the stolen funds, similar to recent instances in the industry. This alarming trend reflects over $1.2 billion stolen from DeFi protocols in 2023.  

Solana's Jito Launches Governance Token JTO

Solana DeFi platform Jito is launching governance token JTO for users, airdropping 100 million tokens to the community. The Jito Foundation will distribute 250 million tokens, and 162 million will go to investors. Snapshot taken on November 25, timeframe for airdrop is pending. Pyth and Jupiter also recently conducted airdrops.  

Solana's BONK Coin Rallies After KuCoin Listing

Solana's BONK coin surged by 13.54%, hitting $0.000004132 with a potential bullish pennant formation. The rally followed its KuCoin listing, offering a $58,000 giveaway. BONK peaked at $0.00000575 earlier in November, indicating potential for further upward momentum.   

Chainlink's Staking v0.2 Launch and LINK Pool

Chainlink has launched Staking v0.2 with a 45 million LINK pool, aiming to diversify LINK token holders and enhance network security. Existing stakers have a nine-day priority migration period, with expanded access for all participants starting on Dec. 7 and Dec. 11. The upgrade offers improved flexibility, security, and modular design. 

Top Altcoin Gainers and Losers

Gainers:

Sei SEI (+29.28%)

FTX Token FTT (+14.34%)

Terra Classic LUNC (+13.74%)

Losers:

Rollbit Coin RLB (-6.84%)

Gala GALA (-3.21%)

Frax Share FXS (-2.59%)