Cryptoslate

November’s CryptoSlate Alpha snapshot: Navigating crypto’s regulatory maze and economic uncertainties

Welcome to the CryptoSlate Alpha November Snapshot, a collection of the month’s most pivotal research, insights, and market reports. This content, central to understanding the evolving crypto landscape, is available exclusively to our subscribers who stake at least 20,000 ACS tokens in our Access Protocol pool on Solana. This edition delves into the challenges and […]
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1 Dec 2023

Milei’s Argentina reverses course on BRICS, signaling shift toward stronger US relations

Argentina will not join the BRICS emerging economies bloc as planned next year, a senior official on President-elect Javier Milei’s transition team announced Thursday. Incoming Foreign Minister Diana Mondino stated on X: “No ingresaremos a los BRICS (we will not join BRICS).” Mondino had previously downplayed BRICS’ trade benefits, given Argentina’s existing partnerships with members […]
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1 Dec 2023

Kraken legal chief dismisses SEC charges as ‘hollow,’ citing Ripple victory

Kraken, facing charges from the U.S. Securities Exchange Commission (SEC), plans to fight and respond to the complaint in court, confirmed the company’s Chief Legal Officer (CLO), Marco Santori, in a conversation with CNBC on Nov. 30. Santori said: “The SEC alleges that … Kraken is a exchange clearing house and broker dealer for investment […]
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30 Nov 2023

SEC meets with Hashdex to discuss its Bitcoin ETF proposal

The U.S. Securities and Exchange Commission (SEC) met with Bitcoin ETF applicant Hashdex this week, according to a Nov. 29 memo from the agency. The discussion, which took place on Monday, Nov. 27., concerned a proposed rule change to allow NYSE Arca to list and trade shares of Hashdex’s Bitcoin ETF. According to the SEC […]
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30 Nov 2023

November sees Bitcoin soar 7%, topping year-to-date highs amid U.S. bullishness

Quick Take November 2023 was another robust month for Bitcoin, which saw a surge of almost 7% over 30 days. The month was marked with several highlights, including setting a new year-to-date high by crossing the $38,000 mark. This was attributed to noticeable premiums on CME and Coinbase, signaling bullishness within the U.S. market. However, […]
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30 Nov 2023

SEC opens comment period for Fidelity’s proposed Ethereum ETF

The U.S. Securities and Exchange Commission (SEC) began to accept comments on Fidelity’s proposed spot Ethereum ETF through a Nov. 30 filing. That filing indicates that the securities agency is now soliciting comments on a proposed rule change from Cboe BZX. If approved, that rule change will allow the exchange to list and trade Fidelity’s […]
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30 Nov 2023

Microsoft to invest record $3.2B in UK AI infrastructure

Microsoft is pledging a colossal $3.2 billion to enhance artificial intelligence (AI) infrastructure and training in the UK, according to a Nov. 30 press release. The investment marks the company’s most significant commitment in its 40-year history in the UK and aims to propel the nation forward in the global AI race. Microsoft intends to […]
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30 Nov 2023

Robinhood opens UK brokerage services in first international expansion

Today marked the launch of Robinhood‘s previously announced brokerage services in the UK. The launch represents Robinhood’s first expansion beyond the U.S. In its announcement, the company said UK customers will have access to over 6,000 U.S.-listed stocks and American Depository Receipts (ADRs) at launch. Features will include commission-free trading, high-yield interest on uninvested cash, […]
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30 Nov 2023

KyberSwap hacker demands full control over the DEX at ‘fair valuation’

The hacker responsible for the $48 million KyberSwap heist has escalated their demands, now seeking complete executive control over the decentralized exchange (DEX). The hacker revealed the updated demands in an on-chain message sent on Nov. 30. They had previously expressed willingness to negotiate a bounty but complained of receiving threats and a general lack […]
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30 Nov 2023

Binance sees whale outflows and retail inflows amidst leadership shuffle

Quick Take The current year has witnessed a unique trend on Binance, one of the world’s largest digital exchanges. By analyzing the netflows, a stark divergence can be observed with transactions of $1 million or more and those less than $1 million. Larger transactions are experiencing predominantly outflows, indicating that whales, or large holders of […]
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30 Nov 2023

Binance delists Tornado Cash as TORN value plummets

Binance announced plans to delist Tornado Cash’s native token, TORN, on Nov. 27, closely coinciding with massive losses for the coin. The exchange announced plans to delist TORN on Nov. 27 at 6:00 PM UTC. This coincided with a sudden loss in value for the asset, which dropped from $3.90 to as low as $1.94 […]
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27 Nov 2023

Grayscale Bitcoin Trust’s discount narrows to 8% amid growing ETF optimism

According to market data from YCharts on Nov. 24, the Grayscale Bitcoin Trust (GBTC) discount rate has narrowed to 8.06%. The “discount” refers to the situation where the Grayscale Bitcoin Trust (GBTC) shares are trading at a price lower than their underlying net asset value (NAV). GBTC began trading at a discount in early 2021, […]
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27 Nov 2023

Judge rules CZ must remain in the U.S. for now

Changpeng Zhao, the former CEO of Binance, is currently barred from returning to his home in the United Arab Emirates (UAE), as per the ruling of a federal judge in Seattle. U.S. District Judge Richard Jones has temporarily suspended a decision that would have allowed Zhao to leave the U.S. before his sentencing, scheduled for […]
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27 Nov 2023

Hong Kong to retain grace period for crypto firms despite recent scandals

Hong Kong’s financial regulators have decided to retain the grace period for crypto firms despite the city grappling with major fraud scandals involving crypto exchange platforms JPEX and Hounax in recent weeks, local media reported on Nov. 27. The grace period allows crypto firms to continue operating in Hong Kong without a license until June […]
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27 Nov 2023

Terra’s USTC stages remarkable rally with 150% surge over 24 hours

Terra’s failed algorithmic stablecoin USTC topped CryptoSlate’s daily biggest gainers list on Nov. 27; the token’s value shot up over 150% in the last day and was up 39.9% over 24 hours at press time. The digital asset rose to $0.07581 during the reporting period, its highest level since May 2022, when the industry was […]
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27 Nov 2023

Crypto phishing kit Inferno Drainer shuts down after enabling over $80M in scams

Inferno Drainer, a crypto wallet-draining kit known for its widespread involvement in cryptocurrency scams, announced on Nov. 27 that it is shutting down its operations. The kit has been responsible for phishing schemes that resulted in the theft of over $80 million in cryptocurrencies, with thousands of victims. Inferno Drainer gained notoriety after the shutdown […]
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27 Nov 2023

Despite record sales, Black Friday underscores Americans’ reliance on debt and credit

Quick Take According to CNBC analyst Carl Quintanilla, a staggering $9.8 billion was spent on Black Friday, reflecting a 7.5% increment from the previous year, suggesting robust consumer behavior. However, a source of concern lies in a parallel trend: many of these purchases appear to be financed through personal debt. Experian reports that the average […]
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27 Nov 2023

Bitcoin miners see 19-month high in revenue as halving nears

Monitoring miner revenue is essential for understanding the health and sustainability of the Bitcoin network. Miner revenue, a combination of block rewards and transaction fees, provides a window into the economic viability of Bitcoin mining. In the context of the upcoming halving, which will slash block rewards by half, the analysis of miner revenue becomes […]
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27 Nov 2023

Justin Sun defends Tron following allegations of facilitating terror financing

Justin Sun, founder of the Tron (TRX) blockchain, has defended the network in a Nov. 27 X (formerly Twitter) post following a Reuters report that it is increasingly being used to finance terrorist activities and organizations. Sun stressed that Tron’s decentralized structure, similar to Bitcoin (BTC) and Ethereum (ETH), forms the core of its philosophy. […]
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27 Nov 2023

BlockFi secures key $21M agreement with Vrai Nom amid turbulent bankruptcy

BlockFi has reached an agreement in principle with Vrai Nom Investment in its complex bankruptcy proceedings, potentially marking a pivotal moment in the crypto lending firm’s efforts to navigate its financial challenges. BlockFi has been granted an adjournment on related hearings until Dec. 19. As BlockFi emerges from the shadows of its November 2022 bankruptcy […]
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27 Nov 2023

BBVA Switzerland selects Ripple-owned Metaco to power digital asset operations

BBVA Switzerland, the Swiss subsidiary of the Spanish banking behemoth BBVA, has announced a strategic partnership with Ripple-owned Metaco to build its digital asset operations via the latter’s Harmonize platform, according to a social media announcement. BBVA’s Swiss unit is the latest in a string of prestigious banks that have entered deals with Metaco in […]
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23 Nov 2023

Grayscale files updated Bitcoin ETF prospectus days after talks with U.S. SEC

Grayscale submitted an updated filing for its pending spot Bitcoin ETF to the U.S. Securities and Exchange Commission (SEC) on Nov. 22. The filing in question is an amended S-3 prospectus, a type of registration form used by firms that have previously met other reporting requirements. Bloomberg ETF analyst James Seyffart suggested in an X […]
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22 Nov 2023

U.S. Treasury calls $3.4B Binance resolution FinCEN’s largest settlement in history

The U.S. Department of the Treasury published its comments on settlements with Binance and related parties in a statement on Nov. 21. Secretary of the Treasury Janet Yellen said: “Binance turned a blind eye to its legal obligations in the pursuit of profit. Its willful failures allowed money to flow to terrorists, cybercriminals, and child […]
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22 Nov 2023

Hester Peirce says SEC shouldn’t block spot Bitcoin ETFs, speaks on Binance resolution

Commissioner Hester Peirce of the U.S. Securities and Exchange Commission (SEC) commented on pending spot Bitcoin ETFs to Bloomberg on Nov. 22. Peirce said that, although she cannot comment on currently active ETF proposals, she is open to approving such a product. She said: “I’ve been very transparent that I’ve thought for many years now […]
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22 Nov 2023

Imminent Bittrex Global closure triggers $10k Bitcoin premium on platform

Bittrex Global’s imminent closure has led to Bitcoin (BTC) trading at a substantial premium exceeding $10,000, data from its website shows. The exchange’s BTC/US Dollar pair surged to $46,300 before retracing to $44,613 as of press time, significantly surpassing the current average price of $36,450 on major platforms like Binance and Coinbase. Data from Tradingview […]
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22 Nov 2023

Ripple CLO optimistic following Binance settlement, lambasts SEC’s ‘juvenile behavior’

Ripple Chief Legal Officer Stuart Alderoty believes the recent resolution of anti-money laundering violations by Binance via a settlement with the U.S. Department of Justice (DOJ) is a significant step towards aligning the crypto industry with essential legal and safety standards. Alderoty noted in a series of tweets that major banks have previously undergone similar […]
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22 Nov 2023

Surge in Bitcoin exchange deposits breaks six-month withdrawal streak

After six months of Bitcoin exchange withdrawals outpacing deposits, a reversal occurred this month, signaling a change in holder behavior. The exchange net flow, which measures the difference between Bitcoin deposits and withdrawals on exchanges, turned positive at the beginning of November, indicating a renewed interest in exchange activities among Bitcoin holders. This shift is […]
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22 Nov 2023

Bitcoin and gold show similar trends as miner shares fall behind spot prices

Quick Take CryptoSlate’s recent analysis has highlighted a growing divergence between Bitcoin miners and the spot price of Bitcoin, hypothesizing a link to the upcoming halving event next year. Intriguingly, this trend seems to echo in the world of precious metals, gold, to be precise. The spot price of gold reached $2,000 this week; this […]
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22 Nov 2023

Coinbase champions regulatory compliance amid Binance woes – calls for clearer U.S. regulations

Coinbase CEO Brian Armstrong has touted his exchange’s compliance-first approach following the issues that bedeviled rival Binance. In a Nov. 21 statement on social media platform X, Armstrong pointed out that Coinbase embraced compliance since its launch in 2012 “to become a generational company that stood the test of time.” “Since the founding of Coinbase […]
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22 Nov 2023

The GAM3 Awards final nominees have been revealed with $2M prize pool

The GAM3 Awards 2023 in collaboration with GAM3S.GG and Magic Eden features a prize pool exceeding $2M. It will take place on Dec. 14. With 214 games initially nominated, the selection process was entrusted to a panel of over 70 experts from the traditional and web3 gaming sectors. This jury comprises executives from tech giants […]
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22 Nov 2023