November 26 – December 2 – Cointelegraph Magazine

Top news this week

Bitcoin ETF Race Gets 13th Entrant, BlackRock Revises ETF Model.

Asset management company Pando Asset has become an unexpected latecomer to the U.S. Bitcoin ETF competition. On November 29, Pando filed a Form S-1 with the U.S. Securities and Exchange Commission for the Pando Asset Spot Bitcoin Trust, which is used to register securities with the agency. Like other ETF bids, the trust aims to track the price of Bitcoin through the custodian of cryptocurrency exchange Coinbase to hold Bitcoin on behalf of the trust. Pando is the 13th applicant for a spot Bitcoin ETF approved in the U.S., joining 12 other ETFs in the race including BlackRock, ARK Invest, and Grayscale.

Binance Ends Support for BUSD Stablecoin in December

Cryptocurrency exchange Binance is discontinuing services for its stablecoin, Binance USD (BUSD). According to the announcement, the exchange will discontinue support for all BUSD products as Paxos stops issuing new coins. Binance said users should withdraw their existing BUSD or convert it to another asset before December 15th, before starting the process to disable BUSD withdrawals on December 31st. At this point, your existing balance will automatically be converted to First Digital USD for a specific period of time. user.

CME Bitcoin futures show investors betting on $40,000 BTC price.

Institutional investor demand for Bitcoin (BTC) became evident on November 10, as Chicago Mercantile Exchange (CME) Bitcoin futures flipped the BTC futures market size on Binance. According to BTC derivatives indicators, these investors are very confident in the possibility of Bitcoin surpassing $40,000 in the near term. CME’s current Bitcoin futures open interest is $4.35 billion, the highest since November 2021, when Bitcoin hit an all-time high of $69,000. This clearly indicates increased interest. The 125% surge in open interest in CME’s BTC futures from $1.93 billion in mid-October is undoubtedly related to expectations of the approval of a Bitcoin spot exchange-traded fund.

ChatGPT’s first year was marred by existential fears, lawsuits and boardroom drama.

OpenAI has developed the world’s most popular artificial intelligence tool with ChatGPT. It launched a year ago, on November 30, 2022, and within the first three months its monthly users surged to 100 million. In just 12 months, ChatGPT’s existence has contributed to stories surrounding the extinction of the human race, accusations that OpenAI committed massive copyright infringement to build it, and the firing and rehiring of a tumultuous CEO that experts are still trying to understand.

FTX and Alameda Research paid $10.8 million in cash to Binance, Coinbase, and Wintermut.

Wallets linked to defunct cryptocurrency trading firms FTX and Alameda Research moved $10.8 million using eight cryptocurrencies to accounts at Binance, Coinbase, and Wintermute. Spot On Chain, a blockchain analytics firm, picked up on this movement and estimated that the defunct entity had transferred $551 million since October 24 using 59 different cryptocurrency tokens. The fund’s moves date back to March, when FTX and Alameda began the asset recovery process for investors.

winners and losers

Bitcoin this weekend (BTC) It’s in $38,673ether (ETH) In ~ $2,084 and XRP In ~ $0.61. The total market capitalization is $1.45 $1 trillion, according to CoinMarketCap.

Among the top 100 cryptocurrencies, the top three altcoin gainers this week are TerraClassicUSD. (USTC) 294.40%, Terra Classic (away) 85.78% and IOTA (iota) 31.53%.

The top three altcoin losers of the week are Blur. (blur) At 21.87%, dYdX (ethDYDX) 13.90% and gas (gas) 10.06%.

For more information on cryptocurrency prices, read Cointelegraph’s market analysis.

most memorable quotes

“I think (Binance’s agreement with the SEC) has a positive impact on the company. I think this has a positive impact on our industry.”

Mike NovogratzCEO of Galaxy Digital

“Clearly, the treatment of CZ and Binance is outrageous and only highlights the arbitrary nature of punishment by the state.”

Arthur HayesEntrepreneur and former CEO of BitMEX

“Never forget that ‘innovation versus regulation’ is a false dichotomy that technology companies have peddled for years to avoid meaningful accountability and binding regulation.”

Agnes CallamardAmnesty International Secretary General

“AI (…) is a new type of mind whose intelligence is growing rapidly, and is likely to overtake human mental capacity and become the new pinnacle species on Earth.”

Vitalik ButerinEthereum co-founder

“Don’t be a loser. Get away from the fake currency system. Immerse yourself in gold, silver, and Bitcoin now… before it’s too late.”

Robert Kiyosakiwriter and entrepreneur

“(Blast) crossed the line in both messaging and execution.”

Dan RobinsonParadigm Research Director

This week’s predictions

Bitcoin ETF Could Drive 165% BTC Price Rise in 2024 — Standard Chartered

According to Standard Chartered’s latest forecast, Bitcoin will trade in six figures by the end of 2024. Thanks to the US potentially approving a Bitcoin spot price ETF, BTC/USD has the ability to nearly triple from its current $37,700 over the next 12 months.

“We now expect more price upside to be realized ahead of the halving than previously possible, especially with the faster-than-expected adoption of US spot ETFs,” wrote Geoff Kendrick, head of EM FX Research, Western and Cryptocurrency Research at Standard Chartered. . “This suggests a risk that the $100,000 level could be reached before the end of 2024.”

These figures continue the consumer finance giant’s already optimistic vision of how Bitcoin will grow in the coming years. A study from last July attributed the decline in BTC supply availability as the reason for much higher prices.

FUD of the week

Cryptocurrency thieves stole $363 million in November, the most ‘destructive’ month of the year

According to blockchain security company CertiK, the cryptocurrency industry faces its most “damaging” month for cryptocurrency theft, fraud and abuse in 2023, with cryptocurrency criminals embezzling $363 million in November. I did. Exploits alone accounted for an estimated $316.4 million, flash loans accounted for $45.5 million in losses, and various exit frauds resulted in losses of $1.1 million.

The bankless controversy led the founders to burn their tokens and separate from the DAO.

Amid 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 Arbitrum grant application.

KyberSwap hackers demand complete control of Kyber company

The hackers behind the $46 million KyberSwap exploit have finally revealed their terms for returning stolen funds, which include “complete enforcement control” of the Kyber Network company. On November 30, KyberSwap hackers sent an on-chain message to all relevant and interested parties. The hackers’ demands included control of the company, governance mechanisms, KyberDAO, all documents related to the company, and temporary full authority and ownership of all assets of the Kyber Network company.

Best magazine articles of the week

Anger that ChatGPT doesn’t speak slurs, Q* ‘decrypts’, 99% fake web: AI Eye

A blizzard of AI is currently taking over the web from the torrent of human rage that exists there.

Real-World AI Use Case in Cryptocurrency No. 3: Smart Contract Auditing and Cybersecurity

Experts believe AI will become a valuable tool for smart contract auditing and cybersecurity, but we’re not there yet.

Pudgy Penguins CEO says the praise he receives is ‘actually pretty sad’: NFT Creator

“You can’t be an angry and miserable person and click to buy a Pudgy Penguin.”

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