Top stories this week
There is the 13th participant in the Bitcoin ETF race, BlackRock is revising the ETF model
Asset manager Pando Asset has become an unexpected late entrant to the spot Bitcoin ETF race in the United States. On November 29, Pando filed a Form S-1 – used to register securities with the agency – with the U.S. Securities and Exchange Commission for the Pando Asset Spot Bitcoin Trust. Like other ETF offerings, the trust aims to track the price of Bitcoin with the custody arm of crypto exchange Coinbase to hold Bitcoin on behalf of the trust. Pando is the 13th applicant for an approved spot Bitcoin ETF in the US, joining the race along with a dozen others including BlackRock, ARK Invest and Grayscale.
Binance will end support for the BUSD stablecoin in December
Crypto exchange Binance is discontinuing services for its native stablecoin Binance USD (BUSD). According to an announcement, the exchange will stop supporting all BUSD products after Paxos stops minting new coins. Binance said users should withdraw or convert their existing BUSD into other assets before December 15th before it begins disabling withdrawals for BUSD on December 31st. At that point, existing balances will certainly be automatically converted into First Digital USD users.
CME Bitcoin futures show that investors are betting on a BTC price of $40,000
Institutional investor demand for Bitcoin (BTC) was evident on November 10 when Chicago Mercantile Exchange (CME) Bitcoin futures flipped Binance's BTC futures markets in terms of size. According to BTC derivatives metrics, these investors show great confidence in Bitcoin’s potential to break $40,000 in the near term. CME's current Bitcoin futures open interest is $4.35 billion, the highest level since November 2021, when Bitcoin hit its all-time high of $69,000 – a clear sign of increased interest. The impressive 125% increase in CME BTC futures open interest from $1.93 billion in mid-October is undoubtedly related to the anticipation of the approval of a spot Bitcoin exchange-traded fund.
ChatGPT's first year was marked by existential angst, lawsuits, and meeting drama
With ChatGPT, OpenAI has developed the world's most popular artificial intelligence tool. It was launched a year ago on November 30, 2022 and reached 100 million monthly users within the first three months. In just 12 months, ChatGPT's existence has contributed to narratives surrounding human extinction, accusations that OpenAI built it through alleged mass copyright infringement, and a tumultuous firing and rehiring of a CEO that experts are still trying to understand.
FTX and Alameda Research pay out $10.8 million to Binance, Coinbase and Wintermut
Wallets linked to defunct crypto trading firms FTX and Alameda Research transferred $10.8 million in eight cryptocurrencies to accounts at Binance, Coinbase and Wintermute. Blockchain analytics firm Spot On Chain spotted the move and estimates that the defunct companies have transferred $551 million in 59 different cryptocurrency tokens since October 24. The fund's movement dates back to March, when FTX and Alameda began the process of recovering assets for investors.
Winner and Loser
At the end of the week Bitcoin (BTC) is at $38,673ether (ETH) at $2,084 And XRP at $0.61. The total market capitalization is $1.45 Trillion, according to CoinMarketCap.
Among the 100 largest cryptocurrencies, the three biggest altcoin winners of the week are TerraClassicUSD (USTC) at 294.40%, Terra Classic (AWAY) at 85.78% and IOTA (JOTA) at 31.53%.
The three biggest altcoin losers of the week are Blur (BLUR) at 21.87%, dYdX (ethDYDX) at 13.90% and gas (GAS) at 10.06%.
For more information on crypto prices, check out Cointelegraph's market analysis.
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As the money printer goes Brrrrr, Wall Street is losing its fear of Bitcoin
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Rogue States Dodge Economic Sanctions, But Is Crypto in the Wrong?
The most memorable quotes
“I find [Binance’s settlement with the SEC is] a net profit for their company. I think it’s a net win for our industry.”
Mike NovogratzCEO of Galaxy Digital
“Obviously, the treatment of CZ and Binance is absurd and only highlights the arbitrary nature of the state’s punishment.”
Arthur HayesEntrepreneur and former CEO of BitMEX
“We must remember that 'innovation versus regulation' is a false dichotomy that technology companies have been peddling for years to evade meaningful accountability and binding regulation.”
Agnes CallamardSecretary General of Amnesty International
“AI is […] a new type of mind that is rapidly gaining intelligence and has a serious chance of overtaking the mental capabilities of humans and becoming the new top species on the planet.”
Vitalik ButerinCo-founder of Ethereum
“Don’t be a loser. Get out of the FAKE money system. Get into gold, silver, Bitcoin now…. Before it is too late.”
Robert KiyosakiAuthor and entrepreneur
“[Blast] Boundaries were crossed in both messaging and execution.”
Dan RobinsonHead of Research at Paradigm
Prediction of the week
Bitcoin ETF Will Drive 165% BTC Price Surge in 2024 – Standard Chartered
According to Standard Chartered's latest forecast, Bitcoin is expected to trade in the six-figure range by the end of 2024. With the United States potentially approving Bitcoin spot price ETFs, BTC/USD has the opportunity to almost triple in the coming 12 months from the current $37,700.
“We now expect there will be more price upside ahead of the halving than before, particularly with the earlier-than-expected launch of US spot ETFs,” wrote Geoff Kendrick, head of EM FX Research, West and Crypto Research at Standard Chartered . “This suggests that there is a risk that the $100,000 mark could be reached before the end of 2024.”
The figure continues the consumer banking giant's already optimistic vision of how Bitcoin will grow in the coming years. In July, researchers considered the declining availability of BTC supply as a reason to believe that significantly higher prices were on the way.
FUD of the week
Crypto thieves stole $363 million in November, the “most damaging” month this year
According to blockchain security firm CertiK, the cryptocurrency industry has now experienced its “most damaging” month for crypto theft, fraud and exploits in 2023, with crypto criminals making off with $363 million in November. Around $316.4 million came from exploits alone, flash loans caused $45.5 million in damage, and $1.1 million was lost to various exit scams.
The unbanked controversy forces founders to burn tokens and divest from DAO
Amid the ongoing controversy surrounding cryptocurrency media company Bankless and its associated decentralized autonomous organization BanklessDAO, Bankless founders have proposed separating the brand from the DAO. Bankless co-founders David Hoffman and Ryan Sean Adams plan to submit a governance proposal to BanklessDAO to separate the two companies. Hoffman and Adams' decision to separate Bankless from BanklessDAO came in response to community criticism of BanklessDAO's application for a grant from Arbitrum.
KyberSwap hacker demands complete control of Kyber company
The hacker behind the $46 million KyberSwap exploit has finally released his terms for the return of the stolen funds, which include “full executive control” of the Kyber Network company. On November 30th, the KyberSwap hacker sent an on-chain message aimed at all relevant and interested parties. The hacker made demands including control of the company, temporary full authority and ownership of its governance mechanism, the KyberDAO, all company-related documents and all assets of the Kyber Network company.
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Powers On… The five most important legal and regulatory developments in crypto in 2021
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Get Your Money Back: The Strange World of Crypto Litigation
Top magazine pieces of the week
Outrage over ChatGPT not saying insults, Q* 'breaking encryption', 99% fake web: AI Eye
A blizzard of AI bullsh*t is taking over the internet from the tide of human outrage that is currently rife there.
Real AI Use Cases in Crypto, #3: Smart Contract Audits and Cybersecurity
Experts predict that AI will become an invaluable tool for smart contract auditing and cybersecurity – but it's not there yet.
Pudgy Penguins CEO Says the Praise He's Getting is 'Actually Pretty Sad': NFT Creator
“You can’t really be an angry, miserable person and then click buy and buy a chubby penguin.”
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