cryptocurrency widget, price, heatmap
arrow
Burger icon
cryptocurrency widget, price, heatmap
News/Coin360 Daily Dispatch | Crypto Market Updates & Highlights | November 7, 2023

Coin360 Daily Dispatch | Crypto Market Updates & Highlights | November 7, 2023

Van Thanh Le

Nov 7 2023

8 months ago5 minutes read

Crypto Market Update

Table of Contents

Crypto Market Updates

  • SEC's Hiring Hurdles Amid Ownership Ban
  • Surge in Bitcoin Transaction Costs
  • Custodia's New Bitcoin Custody Solution
  • ZK Tools Boost Sui Network's Web3 Gaming

Exchange and Platform Insights

  • Coinbase to Delist Bitcoin SV
  • Kraken's Potential Layer-2 Foray
  • Investment Firm Considers FTX Bid
  • SK Telecom's New Web3 Wallet Initiative
  • Glassnode Sells Accointing to Blockpit

Banking and Regulatory Updates

  • Dubai's Crypto Regulation Deadline Looms
  • Cardano's New Partner Chain Ecosystem
  • The Graph's "New Era" of Services
  • Arbitrum Considers $100M Token Payout

Personalities and Legal Matters

  • Bank Founder's Misplaced Crypto Keys
  • Allegations Against Ethereum's Co-Founders
  • Bored Ape Yacht Club's PR Crisis

Asset Performance and Trends

  • XRP Price Surge Attracts Whales
  • LINK Token Finds New Exchange Home
  • ETFs Allocate to Bitcoin Futures
  • Ava Labs Reduces Workforce

Cultural Impact and Adoption

  • Simpsons NFTs Ride Satirical Wave
  • Magic Eden Boosts Polygon Features
  • Blur NFT Marketplace Gains Ground
Coin360.webp

SEC's Hiring Hurdles Amid Ownership Ban

The SEC's Office of the Inspector General (OIG) highlighted challenges in hiring crypto specialists due to a prohibition on crypto asset ownership, which deters potential candidates. The OIG's report also pointed out the need for comprehensive legislation and better interagency coordination to address gaps in oversight, particularly concerning non-security crypto assets and certain stablecoins

The SEC is actively seeking to fill crypto-related positions across various divisions, but faces stiff competition from the private sector and a limited pool of candidates who are often crypto asset holders, making them ineligible under current SEC ethics rules.


Surge in Bitcoin Transaction Costs

Bitcoin's transaction fees have spiked to a five-month peak at $5.93, driven by a surge in Ordinals inscriptions, now exceeding 38 million. Ordinals sales hit $18.33 million in a week, marking a 191% jump. Meanwhile, the ORDI token's value soared by 50% post-Binance listing, despite warnings of high volatility. 

Open interest in Bitcoin futures has reached $15.5 billion, with analysts cautioning a potential 20% BTC price dip, as historical patterns of high open interest often precede significant price movements.

chart.webp

Custodia's New Bitcoin Custody Solution

Custodia Bank, steered by Bitcoin proponent Caitlin Long, has rolled out its Bitcoin custody service after getting the green light from the Wyoming Division of Banking. This platform is tailored for entities like investment advisers and corporate treasurers, offering both Bitcoin custody and U.S. dollar services in a unified package to streamline operations and mitigate risks. 

Despite facing a setback when the Federal Reserve Board denied its application to join the Federal Reserve System, citing concerns over crypto concentration, Custodia, established in 2020 to fuse digital assets with traditional finance, has pushed forward with its services, although some of its intended business model has been stymied by the Fed.


ZK Tools Boost Sui Network's Web3 Gaming

Blockchain developers on the Sui network now have access to a range of zero-knowledge-proof-based (ZK) tools through a partnership with data platform Space and Time (SxT). These tools are expected to accelerate the growth of Web3 gaming on the Sui network by allowing developers to connect in-game activity with on-chain transactions and verifiable rewards. The integration of SxT's tools sets a new standard for transparency and trustlessness in the Web3 gaming community.

chart (1).webp

Coinbase to Delist Bitcoin SV

Coinbase is phasing out Bitcoin SV (BSV), urging users to withdraw funds to avoid liquidation, following a 51% attack on BSV's blockchain in 2021. Meanwhile, Coinbase beefs up its Global Advisory Council with four national security heavyweights, including ex-U.S. Secretary of Defense Dr. Mark T. Esper, to navigate regulatory waters amid a dispute with the SEC over unregistered securities. 

Across the globe, Kazakhstan has clamped down on Coinbase, blocking access due to a breach of its Digital Assets Law, which requires a national license for crypto exchange operations.

chart (2).webp

Kraken's Potential Layer-2 Foray

Kraken is exploring layer-2 solutions, as indicated by a job posting for a senior cryptography engineer tasked with designing cryptographic protocols. While the crypto exchange hasn't confirmed the development of a layer-2 network to rival Coinbase's Base network, the job listing suggests an interest in integrating more protocols and decentralized applications into Kraken's ecosystem. 

Community reactions are mixed, with some questioning the need for more layer-2 solutions due to the existence of scalable layer-1 networks and concerns over liquidity fragmentation.


Investment Firm Considers FTX Bid

Proof Group, part of the Fahrenheit consortium that acquired Celsius Network, is reportedly interested in acquiring FTX. The investment firm is exploring partnerships and has previously invested in various blockchain and crypto ventures. FTX, which filed for bankruptcy, is in talks with interested bidders and considering options for relaunching or forming partnerships. Former CEO Sam Bankman-Fried has been found guilty of fraud-related charges.  


SK Telecom's New Web3 Wallet Initiative

SK Telecom is set to launch a Web3 wallet, T wallet, in collaboration with Aptos Labs and Atomrigs Lab, stepping beyond Ethereum Virtual Machine (EVM) integration for a more diverse Web3 experience. This move aligns with their July 2022 vision for a blockchain wallet supporting cryptocurrencies and NFTs

The partnership aims to weave T wallet into Aptos' DApp ecosystem, leveraging MoveVM blockchain technology. Meanwhile, South Korea's National Tax Service reports a significant portion of residents' overseas assets are in cryptocurrencies, with 5,419 entities holding about $140 million in various assets, including digital currencies.

chart (3).webp

Glassnode Sells Accointing to Blockpit

Crypto data platform Glassnode has sold its crypto tax platform, Accointing, to Blockpit. The multimillion-dollar deal allows Glassnode to focus on delivering digital asset intelligence solutions for institutions. Glassnode aims to expand into DeFi and equip institutions with DeFi data and tools.  


Dubai's Crypto Regulation Deadline Looms

Over 1,000 cryptocurrency firms registered with Dubai's Virtual Assets Regulatory Authority (VARA) must complete their applications by November 17 to avoid regulatory consequences. VARA's virtual asset service provider (VASP) license allows firms to offer crypto services to qualified investors and institutional customers in Dubai. Dubai unveiled its crypto regulatory framework in February.


Cardano's New Partner Chain Ecosystem

Cardano will use Polkadot's Substrate framework to build its new "partner chain" ecosystem, allowing developers to launch interoperable and customized chains. Substrate's design and consensus mechanisms make it well-suited for an interoperable blockchain future. Polkadot's multi-chain interoperability is a key advantage.

chart (4).webp

The Graph's "New Era" of Services

The Graph is unveiling a new suite of resources as part of its "New Era" of blockchain data services. The expansion includes AI-assisted querying, verifiable data, and improved tooling. The Graph aims to enhance web3 development and provide more efficient and resilient blockchain data services. 

Additionally, the roadmap addresses how to access historical data on the Ethereum blockchain and introduces the concept of subgraphs as a way to efficiently query specific data points.

chart (5).webp

Arbitrum Considers $100M Token Payout

Arbitrum plans to distribute over $100 million worth of ARB tokens to users who lock their tokens with the protocol's DAO. The proposal has received positive community sentiment, but a second on-chain vote is required for it to be officially approved. 

Supporters believe the payouts will benefit long-term token holders, while detractors worry that it may create sell pressure and raise regulatory concerns. The DAO is awaiting a second proposal for implementing the staking program.

chart (6).webp

Bank Founder's Misplaced Crypto Keys

The founder of LHV Bank is reportedly linked to a wallet containing 250,000 Ether, purchased during Ethereum's ICO, now valued at $470 million. However, he's lost the keys and cannot access the funds. Despite the loss, he has not put significant effort into recovering them but is open to sharing the fortune with anyone who can crack the wallet. 

At Ethereum's peak price, his holdings were worth over $1.22 billion. The wallet also contains $6.5 million in airdrops, marking a 628,757% gain from his initial $75,000 investment.

chart (7).webp

Allegations Against Ethereum's Co-Founders

Former Ethereum advisor Steven Nerayoff has accused Ethereum founders Vitalik Buterin and Joseph Lubin of engaging in fraudulent activities that surpass the scale of the FTX scandal. Nerayoff claims to have evidence implicating the founders and has hinted that it will be released soon. 

He also accuses them of exploiting his contributions to Ethereum for personal gain. Nerayoff alleges collusion between the founders and high-ranking officials in the US financial regulatory sphere, including the SEC Chairs Gary Gensler and Jay Clayton.


Bored Ape Yacht Club's PR Crisis

The Social Lead for Yuga Labs, the $4 billion startup behind the Bored Ape Yacht Club, has resigned after racist and antisemitic tweets he posted in the past resurfaced. Shpend Salihu, known as NGBxShpend, apologized for his tweets and stated that they do not reflect his beliefs. The Bored Ape Yacht Club is a prominent NFT project that has generated billions of dollars in trading volume. Yuga Labs has not commented on the matter.


XRP Price Surge Attracts Whales

XRP crossed a key price mark for the first time since August, with whales accumulating the cryptocurrency at the highest levels of the year. XRP's market value surpassed $0.72 at one point today before dropping to $0.67 later. The previous positive narrative surrounding the legal standoff between Ripple and the SEC has also contributed to its rally.

chart (8).webp

LINK Token Finds New Exchange Home

Hong Kong's HashKey Exchange plans to list Chainlink's LINK token for professional investors. Trading will begin on November 10, with deposits and withdrawals already open. The price of LINK has risen by 4% in the past 24 hours to $13, the highest since April 2022. Chainlink recently launched its cross-chain interoperability protocol.  

chart (9).webp

ETFs Allocate to Bitcoin Futures

WisdomTree's ETFs, GCC and WTMF, now allocate 5% to Bitcoin futures, diversifying into digital assets alongside traditional commodities. With $200 million in assets, GCC holds $4 million in Bitcoin futures. Concurrently, WisdomTree is liquidating five other ETFs, refining its investment focus.


Ava Labs Reduces Workforce

Ava Labs, the developer behind the Avalanche blockchain, has downsized its workforce by 12%, with the marketing team notably impacted. CEO Emin Gün Sirer announced the layoffs as a strategic move to reallocate resources and bolster growth amidst market challenges. 

The layoffs took many by surprise, signaling a broader industry trend as crypto firms grapple with a protracted bear market. The exact number of affected employees remains undisclosed, but the move reflects a wider pattern of restructuring within the crypto space.

chart (10).webp

Top Altcoin Gainers and Losers

Gainers:

Trust Wallet Token TWT (+10.37%)

Cronos CRO (+10.32%)

Toncoin TON (+9.99%)

Losers:

WEMIX WEMIX (-23.82%)

PancakeSwap CAKE (-7.98%)

Rollbit Coin RLB (-7.09%)

NFT Market Map

nft.webp

Simpsons NFTs Ride Satirical Wave

In a quirky twist of art imitating life, "The Simpsons" episode lampooning NFTs coincided with a surge in trading volumes for Simpsons-inspired NFTs. Springfield Punks, a collection melding "The Simpsons" with CryptoPunks, exploded to nearly $2.5 million in sales, following the show's satirical nod to digital collectibles. 

The free-to-mint collection by parody artist Rino Russo became a hot commodity, with the floor price peaking before settling around 0.14 ETH. Meanwhile, other Simpsons-themed NFTs like "The Chimpsons Official" also saw a spike, with its floor price momentarily soaring. This cultural crossover highlights the symbiotic relationship between satire, digital art, and the ever-volatile NFT market.


Magic Eden Boosts Polygon Features

NFT platform Magic Eden is expanding its support for Polygon with new features such as an aggregation tool and a publicly released Polygon API. The company hopes these additions will attract more collectors, creators, and game developers to join the Polygon ecosystem. Magic Eden initially launched on Solana but added support for Polygon in November 2022.


Blur NFT Marketplace Gains Ground

Blur's token value has surged by 33% following rival NFT marketplace OpenSea's announcement of laying off 50% of its staff. Blur has been dominating the NFT market with its generous incentive program and a business model that undercuts OpenSea's higher fees.

This article has been refined and enhanced by ChatGPT.

cryptocurrency widget, price, heatmap
v 5.6.31
© 2017 - 2024 COIN360.com. All Rights Reserved.