✅ Trust Wallet's TWT Falls as Parent Company Binance Releases Web3 Wallet
Trust Wallet's native token (TWT) fell 7% after Binance, the exchange that acquired Trust Wallet in 2018, released its own competing Web3 wallet.
The wallet was acquired by Binance in 2018 in a deal that included a mixture of cash, Binance stock and a portion of BNB tokens, according to TechCrunch. The value of BNB in July 2018 was $14.80, now trading at $244.
TWT token experienced a positive week before Binance’s release, rising by more than 60% since last Wednesday. Five days ago, Binance announced the listing of TWT futures on its exchange, which saw its daily volume increase from $80 million to around $476 million on Monday.
When asked what role Trust Wallet will have alongside the release of Binance’s wallet, a Binance spokesperson did not immediately respond.
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Trust Wallet's native token (TWT) fell 7% after Binance, the exchange that acquired Trust Wallet in 2018, released its own competing Web3 wallet.
The wallet was acquired by Binance in 2018 in a deal that included a mixture of cash, Binance stock and a portion of BNB tokens, according to TechCrunch. The value of BNB in July 2018 was $14.80, now trading at $244.
TWT token experienced a positive week before Binance’s release, rising by more than 60% since last Wednesday. Five days ago, Binance announced the listing of TWT futures on its exchange, which saw its daily volume increase from $80 million to around $476 million on Monday.
When asked what role Trust Wallet will have alongside the release of Binance’s wallet, a Binance spokesperson did not immediately respond.
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✅ Bitcoin Call Skew Hints at Further Price Rise as Spot ETF Optimism Energizes BTC
Bitcoin's 25-delta one-month call-put skew, which assesses the relative price of calls versus puts expiring in four weeks, has risen above 10%, reaching the highest since April 2021, according to data tracked by Amberdata. In other words, demand for calls or bullish bets is outpacing puts, offering downside protection.
With spot ETF optimism driving BTC above $36,800 on Thursday, investors have likely stopped selling calls above the cryptocurrency's spot price, a popular strategy to generate additional yield on top of coin holdings.
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Bitcoin's 25-delta one-month call-put skew, which assesses the relative price of calls versus puts expiring in four weeks, has risen above 10%, reaching the highest since April 2021, according to data tracked by Amberdata. In other words, demand for calls or bullish bets is outpacing puts, offering downside protection.
With spot ETF optimism driving BTC above $36,800 on Thursday, investors have likely stopped selling calls above the cryptocurrency's spot price, a popular strategy to generate additional yield on top of coin holdings.
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✅ Ethereum Fees Briefly Jumped to $100 After BlackRock’s ETH ETF Filing
Heightened demand for block space on the Ethereum network has made transactional activity significantly more expensive for ether (ETH) users in the past 24 hours, data from Dune Analytics show.
Fees, as measured by median gas prices, spiked to as high as 270 gwei late on Thursday, temporarily touching a level last seen in June 2022. That pushed up costs of trading swaps to anywhere from $60 to $100 for a few hours.
As of writing, gas fees, used to pay for any activity on Ethereum, were 33 gwei, the highest since May. Ether transfers between wallets cost an average of $30 as of Asian morning hours on Friday.
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Heightened demand for block space on the Ethereum network has made transactional activity significantly more expensive for ether (ETH) users in the past 24 hours, data from Dune Analytics show.
Fees, as measured by median gas prices, spiked to as high as 270 gwei late on Thursday, temporarily touching a level last seen in June 2022. That pushed up costs of trading swaps to anywhere from $60 to $100 for a few hours.
As of writing, gas fees, used to pay for any activity on Ethereum, were 33 gwei, the highest since May. Ether transfers between wallets cost an average of $30 as of Asian morning hours on Friday.
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✅ Here Are 3 Charts Supporting the Bull Case for Bitcoin
- The global central bank tightening cycle that rocked financial markets, including bitcoin, last year seems to have peaked.
- U.S. financial conditions have eased despite the Fed's higher-for-longer interest-rate mantra.
- The U.S. 10-year Treasury note looks set to extend its recent slide in a positive development for risk assets.
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- The global central bank tightening cycle that rocked financial markets, including bitcoin, last year seems to have peaked.
- U.S. financial conditions have eased despite the Fed's higher-for-longer interest-rate mantra.
- The U.S. 10-year Treasury note looks set to extend its recent slide in a positive development for risk assets.
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✅ Bitcoin and BNB Token Stage Relief Rallies on Binance Settlement News
A major overhang over the crypto market – whether the world's largest crypto exchange might soon be put out of business – might soon be going away, and bitcoin (BTC) and BNB Coin (BNB) are moving higher on the news.
According to Bloomberg, Binance by month's end might be paying $4 billion to make multiple criminal charges in the U.S. go away. Importantly, however, the settlement reportedly would allow the exchange to continue operations.
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A major overhang over the crypto market – whether the world's largest crypto exchange might soon be put out of business – might soon be going away, and bitcoin (BTC) and BNB Coin (BNB) are moving higher on the news.
According to Bloomberg, Binance by month's end might be paying $4 billion to make multiple criminal charges in the U.S. go away. Importantly, however, the settlement reportedly would allow the exchange to continue operations.
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✅ Crypto Industry Goes Nuclear With Uranium-Linked Tokens
Many a crypto degen trader is trolling digital-asset markets for the next hot token. The blockchain industry's latest offering might be thought of as thermonuclear.
A uranium-linked token called Uranium3o8 (U) opened for trading on Uniswap Tuesday in an attempt to shake up how the highly-regulated heavy metal is bought and sold.
"Our goal is to create a spot market" for uranium, said Ryan Gorman, head of strategy at Uranium3o8.
Canada-based public uranium exploration and development firm Madison Metals Inc. (GREN) provides the asset backing for the U tokens, which represent one pound of uranium. Sanmiguel Capital Investments LLC is responsible for the token issuance and administration.
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Many a crypto degen trader is trolling digital-asset markets for the next hot token. The blockchain industry's latest offering might be thought of as thermonuclear.
A uranium-linked token called Uranium3o8 (U) opened for trading on Uniswap Tuesday in an attempt to shake up how the highly-regulated heavy metal is bought and sold.
"Our goal is to create a spot market" for uranium, said Ryan Gorman, head of strategy at Uranium3o8.
Canada-based public uranium exploration and development firm Madison Metals Inc. (GREN) provides the asset backing for the U tokens, which represent one pound of uranium. Sanmiguel Capital Investments LLC is responsible for the token issuance and administration.
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✅ Binance to Pay $4.3B to Settle U.S. Criminal Case; Changpeng 'CZ' Zhao Resigns as CEO and Pleads Guilty in Seattle
Binance, the world's largest crypto exchange, was criminally charged with breaking sanctions and money-transmitting laws and agreed to pay $4.3 billion to settle the allegations in "one of the largest penalties" the U.S. has ever obtained from a corporate defendant.
Founder Changpeng "CZ" Zhao pleaded guilty in Seattle to charges he personally faced and agreed to pay a $50 million fine, as well as step down from the CEO job. Richard Teng, a former Abu Dhabi regulator and later Binance's regional markets head, will take over as CEO.
Binance was accused of failing to maintain a proper anti-money laundering program, operating an unlicensed money-transmitting business and violating sanctions law, according to a court filing unsealed on Tuesday.
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Binance, the world's largest crypto exchange, was criminally charged with breaking sanctions and money-transmitting laws and agreed to pay $4.3 billion to settle the allegations in "one of the largest penalties" the U.S. has ever obtained from a corporate defendant.
Founder Changpeng "CZ" Zhao pleaded guilty in Seattle to charges he personally faced and agreed to pay a $50 million fine, as well as step down from the CEO job. Richard Teng, a former Abu Dhabi regulator and later Binance's regional markets head, will take over as CEO.
Binance was accused of failing to maintain a proper anti-money laundering program, operating an unlicensed money-transmitting business and violating sanctions law, according to a court filing unsealed on Tuesday.
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✅ Bitcoin's Hashrate War Between Antpool and Foundry Intensifies as BTC ETF Nears
Bitcoin miners Antpool and Foundry dominate Bitcoin mining hashrate. Between them, the two own a total of 53.4% of the world's hashing power.
In the past few weeks, Antpool has been pulling ahead of its biggest competitor, adding significant power to its hashing capabilities.
"China is aggressively mining ahead of the approval of a Bitcoin ETF", Bradley Park, a Web3 analyst at CryptoQuant, wrote to CoinDesk in a note.
"As the Bitcoin halving nears, I anticipate a competitive surge between China and the US in mining machine productivity," he continued. "This is because the unit cost of mining Bitcoin is likely to escalate due to increasing power expenses and rising mining difficulty."
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Bitcoin miners Antpool and Foundry dominate Bitcoin mining hashrate. Between them, the two own a total of 53.4% of the world's hashing power.
In the past few weeks, Antpool has been pulling ahead of its biggest competitor, adding significant power to its hashing capabilities.
"China is aggressively mining ahead of the approval of a Bitcoin ETF", Bradley Park, a Web3 analyst at CryptoQuant, wrote to CoinDesk in a note.
"As the Bitcoin halving nears, I anticipate a competitive surge between China and the US in mining machine productivity," he continued. "This is because the unit cost of mining Bitcoin is likely to escalate due to increasing power expenses and rising mining difficulty."
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✅ Binance's Changpeng 'CZ' Zhao Is a Manageable Flight Risk: U.S. DOJ
The U.S. Department of Justice doesn't want Changpeng 'CZ' Zhao locked up until sentencing, but it doesn't want him to leave the United States either, arguing in a new filing that he's a "flight risk that could be managed."
"The reality is that the top-end of the Guidelines range may be as high as 18 months, and the United States is free to argue for any sentence up to the statutory maximum of ten years," the filing reads.
Late last week, CZ's counsel argued that the very fact he – a non-U.S. citizen holding UAE and Canadian passports – voluntarily entered the U.S. to appear before a court represents that he's not a flight risk.
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The U.S. Department of Justice doesn't want Changpeng 'CZ' Zhao locked up until sentencing, but it doesn't want him to leave the United States either, arguing in a new filing that he's a "flight risk that could be managed."
"The reality is that the top-end of the Guidelines range may be as high as 18 months, and the United States is free to argue for any sentence up to the statutory maximum of ten years," the filing reads.
Late last week, CZ's counsel argued that the very fact he – a non-U.S. citizen holding UAE and Canadian passports – voluntarily entered the U.S. to appear before a court represents that he's not a flight risk.
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✅ BNB Chain’s OpBNB Developers Look to More Than Double Speed in New Roadmap
BNB Chain developers are looking to more than double the transaction speed and slash network fees by 90% as part of a new technical roadmap for layer-2 network opBNB, a representative shared with CoinDesk over email.
The increase will take processing to 10,000 transactions per second (TPS) from around 4,000 and cut the cost to $0.0005 within six months, according to the plan. The first fee cut, to $0.001 from $0.005, is scheduled for Dec. 4.
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BNB Chain developers are looking to more than double the transaction speed and slash network fees by 90% as part of a new technical roadmap for layer-2 network opBNB, a representative shared with CoinDesk over email.
The increase will take processing to 10,000 transactions per second (TPS) from around 4,000 and cut the cost to $0.0005 within six months, according to the plan. The first fee cut, to $0.001 from $0.005, is scheduled for Dec. 4.
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✅ Bitcoin to shine in December if this 8-year pattern plays out
Bitcoin (BTC) broke another price resistance on the first day of December, trading as high as $38,839 by press time. The leading cryptocurrency might end 2023 in the ‘green’ if it continues an 8-year pattern observed since 2015.
Interestingly, Bitcoin had a negative Q3 in 2023, with 11.54% accumulated losses. On the other hand, the Q4 has already carved two positive months with a 28.52% October, followed by an 8.81% green November.
As first observed by Zack Voell and reported on X (formerly Twitter), December price action has mirrored November’s since 2015. This means that for every ‘red’ November, there was a negative December in the same year, the opposite also being true.
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Bitcoin (BTC) broke another price resistance on the first day of December, trading as high as $38,839 by press time. The leading cryptocurrency might end 2023 in the ‘green’ if it continues an 8-year pattern observed since 2015.
Interestingly, Bitcoin had a negative Q3 in 2023, with 11.54% accumulated losses. On the other hand, the Q4 has already carved two positive months with a 28.52% October, followed by an 8.81% green November.
As first observed by Zack Voell and reported on X (formerly Twitter), December price action has mirrored November’s since 2015. This means that for every ‘red’ November, there was a negative December in the same year, the opposite also being true.
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✅ BlackRock Received $100K Seed Funding for Spot Bitcoin ETF
BlackRock (BLK) revealed that it received $100,000 as “seed capital” for its proposed bitcoin (BTC) exchange-traded fund, the investment giant disclosed in a fresh application with the U.S. Securities and Exchange Commission (SEC).
Seed capital represents the initial funding that allows an ETF to fund the creation units underlying the ETF so that shares can be offered and traded in the open market.
BlackRock’s proposed “iShares Bitcoin Trust” will invest in bitcoin rather than futures tied to the leading cryptocurrency and is one among the 13 applications awaiting regulatory approval.
The SEC is widely expected to greenlight one or more spot ETFs early next year, with Bloomberg analysts putting the probability of an approval in January at 90%.
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BlackRock (BLK) revealed that it received $100,000 as “seed capital” for its proposed bitcoin (BTC) exchange-traded fund, the investment giant disclosed in a fresh application with the U.S. Securities and Exchange Commission (SEC).
Seed capital represents the initial funding that allows an ETF to fund the creation units underlying the ETF so that shares can be offered and traded in the open market.
BlackRock’s proposed “iShares Bitcoin Trust” will invest in bitcoin rather than futures tied to the leading cryptocurrency and is one among the 13 applications awaiting regulatory approval.
The SEC is widely expected to greenlight one or more spot ETFs early next year, with Bloomberg analysts putting the probability of an approval in January at 90%.
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✅ Galaxy-Backed Gyroscope's 'All-Weather' Decentralized Stablecoin Goes Live on Ethereum Mainnet
- Gyroscope's GYD novel stablecoin went live on the Ethereum mainnet after testing on Polygon.
- Venture capital firms Galaxy, Placeholder and Maven 11 invested in the project.
Gyroscope's "all-weather" stablecoin gyro dollar (GYD), which aims to keep crypto investors shielded from stablecoin failures, went live Thursday on the Ethereum (ETH) mainnet, the developer team told CoinDesk.
"GYD is a means to protect against the risks of holding stablecoins, putting risk control on autopilot," the team said in an interview via email.
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- Gyroscope's GYD novel stablecoin went live on the Ethereum mainnet after testing on Polygon.
- Venture capital firms Galaxy, Placeholder and Maven 11 invested in the project.
Gyroscope's "all-weather" stablecoin gyro dollar (GYD), which aims to keep crypto investors shielded from stablecoin failures, went live Thursday on the Ethereum (ETH) mainnet, the developer team told CoinDesk.
"GYD is a means to protect against the risks of holding stablecoins, putting risk control on autopilot," the team said in an interview via email.
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✅ SEC, Not Included in Binance-U.S. Settlement, Issues Statement on Its Case
The US Securities and Exchange Commission (SEC) said Binance's recent $4.3 billion settlement with the Department of Justice and other US authorities strengthens its case against the world's largest cryptocurrency exchange.
The SEC, which was not involved in the settlement agreement, argued in a statement on Friday that the federal court in Washington hearing its case should take into account the admissions made by Binance and the company's former CEO Changpeng Zhao in the Nov. 21 settlement.
Both Binance and Zhao had asked the court to dismiss the SEC's case. Representatives from Binance and Zhao's defense attorney have not yet responded to requests for comment.
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The US Securities and Exchange Commission (SEC) said Binance's recent $4.3 billion settlement with the Department of Justice and other US authorities strengthens its case against the world's largest cryptocurrency exchange.
The SEC, which was not involved in the settlement agreement, argued in a statement on Friday that the federal court in Washington hearing its case should take into account the admissions made by Binance and the company's former CEO Changpeng Zhao in the Nov. 21 settlement.
Both Binance and Zhao had asked the court to dismiss the SEC's case. Representatives from Binance and Zhao's defense attorney have not yet responded to requests for comment.
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✅ Decentralized Exchange Uniswap Expands to Bitcoin Sidechain Rootstock
Decentralized exchange Uniswap expanded to the Bitcoin sidechain Rootstock, in a boost to the world's largest blockchain's decentralized finance (DeFi) landscape.
Uniswap version 3 (v3) has been deployed on Rootstock by GFX Labs, the team behind trading terminal Oku, according to an emailed announcement shared with CoinDesk on Monday. According to Uniswap's website, the project, originally designed for Ethereum, has also been deployed on the Ethereum layer-2 networks Arbitrum, Optimism and Polygon.
Oku will provide Rootstock with trading tools that incorporate analytics, limit orders and liquidity provider position management.
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Decentralized exchange Uniswap expanded to the Bitcoin sidechain Rootstock, in a boost to the world's largest blockchain's decentralized finance (DeFi) landscape.
Uniswap version 3 (v3) has been deployed on Rootstock by GFX Labs, the team behind trading terminal Oku, according to an emailed announcement shared with CoinDesk on Monday. According to Uniswap's website, the project, originally designed for Ethereum, has also been deployed on the Ethereum layer-2 networks Arbitrum, Optimism and Polygon.
Oku will provide Rootstock with trading tools that incorporate analytics, limit orders and liquidity provider position management.
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✅ Tether Scores Second-Lowest Rank in S&P Global Stablecoin Stability Assessment
Ratings company S&P Global introduced a stablecoin stability assessment on Tuesday, assigning scores from 1 (very strong) to 5 (weak) as a measure of how capable the cryptocurrency is at keeping to its fiat-currency peg.
None of the eight stablecoins assessed warranted a 1. Three – Gemini dollar (GUSD), USD Coin (USDC) and Pax Dollar (USDP) – scored 2 and Tether (USDT), the largest stablecoin by market cap, was assigned 4 (constrained). The lowest rank was assigned to TrueUSD (TUSD) and Frax (FRAX).
Stablecoins are often digital assets backed by real-world assets like the U.S. dollar and are meant to hold their value against those assets. Some, however, are not physically backed, and attempt to use mathematical algorithms to maintain their value. S&P's assessment considered quality risks, including credit, market value and custody risks as well as liquidation and overcollateralization among other criteria
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Ratings company S&P Global introduced a stablecoin stability assessment on Tuesday, assigning scores from 1 (very strong) to 5 (weak) as a measure of how capable the cryptocurrency is at keeping to its fiat-currency peg.
None of the eight stablecoins assessed warranted a 1. Three – Gemini dollar (GUSD), USD Coin (USDC) and Pax Dollar (USDP) – scored 2 and Tether (USDT), the largest stablecoin by market cap, was assigned 4 (constrained). The lowest rank was assigned to TrueUSD (TUSD) and Frax (FRAX).
Stablecoins are often digital assets backed by real-world assets like the U.S. dollar and are meant to hold their value against those assets. Some, however, are not physically backed, and attempt to use mathematical algorithms to maintain their value. S&P's assessment considered quality risks, including credit, market value and custody risks as well as liquidation and overcollateralization among other criteria
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Tidus is now live in the Google Playstore and Apple App Store with Tidus DAO & $TIDE launching in 2024.
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✅ Polygon Stops Work on 'Edge,' Used to Build Dogechain, as Focus Turns to ZK
Polygon Labs, the primary developer behind the Polygon blockchain ecosystem, said it has discontinued contributions to Polygon Edge, the open-source software for building Ethereum-compatible networks that was used as the template for Dogechain – created purportedly to bring DeFi to the Dogecoin community.
Top executives at Polygon Labs have been signaling that shift toward ZK since early this year. A new Ethereum-compatible, zero-knowledge-powered network called Polygon zkEVM launched in March, and subsequently the team has been recruiting blockchain builders to use "Polygon CDK," a blueprint for new layer-2 networks that can be modeled after the original technology.
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Polygon Labs, the primary developer behind the Polygon blockchain ecosystem, said it has discontinued contributions to Polygon Edge, the open-source software for building Ethereum-compatible networks that was used as the template for Dogechain – created purportedly to bring DeFi to the Dogecoin community.
Top executives at Polygon Labs have been signaling that shift toward ZK since early this year. A new Ethereum-compatible, zero-knowledge-powered network called Polygon zkEVM launched in March, and subsequently the team has been recruiting blockchain builders to use "Polygon CDK," a blueprint for new layer-2 networks that can be modeled after the original technology.
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✅ Tokenized Fund Adoption Grows but Brings Technology Risks: Moody's
The adoption of tokenized investment funds is on the rise – but the technology providers have a “limited track record,” contributing to increased risk, a Monday report by credit-rating agency Moody’s Investor Services warned.
Tokenized funds are investment funds whose units are digitally represented with the use of distributed ledger technology (DLT), which powers crypto. Asset or fund tokenization is having a moment as financial institutions worldwide attempt to improve market liquidity, efficiency and transparency. The growing adoption of tokenized funds – mostly fueled by the tokenization of funds that invest in government securities like bonds – signals untapped market potential, according to the report by Moody's DeFi and Digital Assets team.
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The adoption of tokenized investment funds is on the rise – but the technology providers have a “limited track record,” contributing to increased risk, a Monday report by credit-rating agency Moody’s Investor Services warned.
Tokenized funds are investment funds whose units are digitally represented with the use of distributed ledger technology (DLT), which powers crypto. Asset or fund tokenization is having a moment as financial institutions worldwide attempt to improve market liquidity, efficiency and transparency. The growing adoption of tokenized funds – mostly fueled by the tokenization of funds that invest in government securities like bonds – signals untapped market potential, according to the report by Moody's DeFi and Digital Assets team.
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