Market Roundup: Shocking Settlements, Bitcoin’s Bold Stand, and Altcoins’ Astonishing Rally

Written by BTSE

November 24, 2023

Market Roundup: Shocking SEC Settlements, Bitcoin's Bold Stand, and Altcoins' Astonishing Rally

Welcome to the latest edition of our newsletter, where we cover the highlights of the past week in the rapidly evolving world of blockchain and decentralized technologies.

Token Prices

 (as of 10:00 AM Singapore Time, November 24, 2023)

This week in the crypto market, major cryptocurrencies Bitcoin (BTC) and Ethereum (ETH) exhibited resilience, maintaining their values above $37,000 and $2,000 respectively, despite a downturn earlier this week.

Analysts attribute this temporary market downturn to the news of Binance’s now ex-CEO Changpeng Zhao pleading guilty with U.S. authorities, as well as Binance itself settling a similar case for a multi-billion dollar sum. These shockwaves resulted in Bitcoin momentarily dropping below $37,000 and Ethereum falling under the $2,000 mark. 

However, these losses were promptly recovered, buoyed by the surprise news of BlackRock’s participation in face-to-face meetings with the SEC regarding its spot Bitcoin ETF application on Tuesday. The crypto ETF saga has been a significant market influencer over the past months, contributing to both rises and dips in the market.

Over in the altcoin world, in a remarkable 24-hour rally, Uniswap’s governance token, UNI, soared over 15%, outperforming even its larger siblings Bitcoin and Ethereum, who saw lesser gains over the same period. While the precise cause of this surge remains unclear, some analysts link it to a recent proposal by StableLab, a governance service provider. The proposal, currently pending an on-chain vote, seeks to delegate 10 million UNI tokens from the Decentralized Autonomous Organization’s (DAO) treasury to underrepresented delegates. The initiative is likely to enhance governance diversity and representation within the Uniswap ecosystem.

For more insights about market movements, be sure to check out the routine updates on BTSE’s blog.

 

Web3 News

 

  • DeFi Technologies Inc. has announced the upcoming launch of Valour Inc.’s Ripple (XRP) Exchange Traded Product (ETP), expected to be introduced on a European exchange in early December 2023. This ETP will allow investors to gain exposure to XRP through banks or brokers. The introduction of this product is part of Valour’s strategy to offer diverse digital asset investment options and reflects the growing demand for such products in European markets. Additionally, Valour is planning to introduce more traditional and physically backed ETPs in the coming months.

 

  • South Korea is set to launch a digital currency pilot program involving 100,000 citizens. This initiative marks a significant step in the country’s exploration of central bank digital currencies (CBDCs). The pilot aims to assess the practical aspects of using a digital currency in everyday transactions and its impact on the financial system and consumer behavior. This move reflects South Korea’s commitment to keeping pace with global trends in digital finance and exploring innovative solutions to modernize its monetary system. The program’s outcomes could have important implications for the future of digital currencies in South Korea and beyond.

 

  • KyberSwap, a decentralized exchange (DEX), was hacked for $48 million, with the attacker initiating negotiations post-incident. Prior to the hack, KyberSwap had over $80 million in total value locked. This event highlights the vulnerabilities and security challenges facing decentralized financial platforms. The incident is a reminder of the risks associated with emerging financial technologies and the need for enhanced security measures to protect users’ assets in the rapidly evolving world of decentralized finance.

 

Stories You May Have Missed

 

  • KPMG in Canada and Chainalysis have formed an alliance to expand the adoption of Chainalysis’ blockchain data platform among Canadian financial institutions, governments, and other organizations. This partnership aims to facilitate a deeper understanding and use of blockchain technology, enabling these entities to leverage Chainalysis’ tools for compliance, risk management, and investigative processes. By integrating Chainalysis’ comprehensive blockchain analysis capabilities, KPMG in Canada seeks to enhance its advisory services, particularly for clients dealing with digital assets and cryptocurrencies, thereby fostering a more secure and compliant blockchain ecosystem in Canada.

 

  • BlackRock, the world’s largest asset manager, has joined Grayscale in engaging with the U.S. Securities and Exchange Commission (SEC) regarding a Bitcoin ETF. This meeting underscores the increasing interest and investment by major financial institutions in cryptocurrency, particularly Bitcoin. The involvement of a heavyweight like BlackRock in these discussions indicates a significant shift in the perception and potential adoption of digital assets within traditional financial sectors, potentially paving the way for more mainstream acceptance and regulatory frameworks around cryptocurrencies.

 

  • A Netflix director reportedly gambled a portion of the budget for a BET show on Dogecoin (DOGE), the popular meme cryptocurrency. This unconventional financial move highlights the growing interest and speculative nature of investments in the cryptocurrency space. Dogecoin, known for its volatility and meme-based origin, has attracted a diverse range of investors, from casual enthusiasts to industry professionals, showcasing the widespread and sometimes unconventional appeal of digital currencies.

 


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Note: BTSE Blog contents are intended solely to provide varying insights and perspectives. Unless otherwise noted, they do not represent the views of BTSE and should in no way be treated as investment advice. Markets are volatile, and trading brings rewards and risks. Trade with caution.

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