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Hello, PRDT Community! We’re excited to bring you another edition of our weekly crypto news roundup, where we spotlight the most pivotal events and developments that have shaped the crypto world this past week. So, let’s unravel the narratives that got everyone talking!
1. Pando Asset AG’s Bold Move: Seeking SEC approval of spot bitcoin ETF in US. 🚀
The innovative Pando Asset Spot Bitcoin Trust targets approval from the SEC by Pando Asset AG. Potential ETF that would provide US investors with exposure to bitcoin without holding any direct positions in the currency, but the hurdle such as market manipulation may have been an element that could sway regulators’ decision on approval or denial of the fund.
2. MUNGER Coin Takes Center Stage: After the Death of Charlie Munger, Rockets Up 409%. 📈
Interestingly, MUNGER, another meme coin, rose by 409% on Uniswap in 24 hours after Charlie Munger died. It is worth noting that a recent influx of traders makes it quite risky despite its current valuation of $0.0000001884 and $3.57m worth of trading volume.
3. Bitcoin Mining’s Eco-Friendly Twist: A study by the Cornell team looks into Renewable energy synergy. 🌱
A study conducted at Cornell University offers a different outlook regarding Bitcoin mining and climate change. Mining operations could sell surplus energy from renewable projects to generate profit for reinvestment into future green initiatives, particularly in regions such as Texas.
4. U.K. Crypto Tax Alert: Penalties For Unpaid Taxes, Government Issues Guidance. ⚖️
U.K. government warns crypto users to voluntarily disclose unpaid CGT and ITEP on crypto and NFT trades. Failure to adhere to this 30-day deadline will attract punitive measures reflecting crypto fiscal responsibility awareness.
5. Binance’s Strategic Shift: BUSD Support Concluded, FDUSD Commenced. 🔄
Binance announces a radical move as it retiring the support for BUSD Products effective December 15th, 2023. Users are advised to withdraw or convert BUSD assets to FDUSD at a 1:1 zero fee rate for trading, a major signal that Binance is getting to stablecoins.
6. Philippines SEC Takes Action: Blocking Binance access in three months. 🛑
In response, the Philippines Securities and Exchange Commission came up with aggressive measures geared towards denying access to Binance. Philippine users have three months within which to withdraw their investments before the restriction becomes effective on the grounds of regulatory discrepancy.
7. Mining Industry Merger: US Bitcoin Corp Hut 8 Closes In. 🌐
A major merger is imminent as Hut 8 nears a deal with the US Bitcoin Corp. Labeled as a “merger of equals”, this strategy will provide geographical expansion and a multi-jurisdiction revenue line with the blending of Canadian and US operations.
8. Coinbase Faces CFTC Scrutiny: Potential data sharing warning to the users. 📧
As it passes through the subpoena-related situation with the CFTC, Coinbase sends warning letters to users. The exchange is trying to outline the boundary of shared data while at the same time providing transparency to its customers.
9. Ark Invest’s Tactical Moves: Coinbase Shares Are Sold Off For $5.3M During 20 Months High. 📈
Cathie Wood and Ark Invest take advantage of Coinbase share stocks hitting an eighteen-month high, selling more than $5 million. At the same time, the company invests money into Robinhood shares in the Ark Fintech Innovation ETF displaying a diversified investment policy.
10. ‘Lightning Cat’ Unleashed: Smart contract vulnerabilities detected by AI-powered solution. 🐾
Lightning Cat has become a powerful ally for the blockchain industry, an AI-based solution that improves the security of smart contracts. With deep learning, it outperforms conventional analysis tools and forces developers to write secure codes as decentralized technology continues to grow.
11. Zhao’s Legal Hurdles: A judge orders the former Binance CEO to be detained within the U.S. ⛓
A federal judge has required former Binance CEO Changpeng “CZ” Zhao to continue staying in the US. The concern about Zhao’s flight risk after he pleads guilty to violation of the Bank Secrecy Act has influenced the decision.
12. Institutional Momentum: Crypto funds hit $312m ahead of Bitcoin ETF decision. 💼
A whopping addition of $346 million from institutional investors makes it nine continuous weeks of inflows for crypto exchange-traded products (ETPs). Of this amount, $312 million is bitcoin-specific funds, demonstrating continued hope for a Bitcoin ETF authorization.
13. KyberSwap’s Recovery: Agrees to Restitution of $4.67 million following $47 million exploit. 🔐
Kyberswap managed to recover $4.67 million from front-running bot operators after a recent $47 million exploit. This emphasizes the difficulties in combating hackers as they are continuously negotiating with the main hacker throughout the process of the breach.
14. Ethereum’s New Contender: Blast Attracts Over $400M in Spite of Safety Considerations. 🚀
At first, Blast’s arrival was suspected to be a scam, but a couple of weeks later, it had already amassed over $405 million in total value locked. With Tieshun “Pacman” Roquerre at the lead, this project intends to increase transaction efficiency in the Ethereum network.
15. Singapore’s Regulatory Move: New Rules for Curbing Retail Crypto Speculation. 🗣
Singapore announces new rules intended to clamp down on retail speculation in cryptocurrencies. The proposed rules to be phased in from mid-2024 include prohibitions on trading while lending and incentivizing retail trading by DPTS.
16. Costly Bitcoin Transaction: The mistake will cost the sender — $3 million dollars. 💸
In a shocking development, a Bitcoin sender accidentally pays a whopping $3 million in transaction fees, resulting in the recipient receiving much less Bitcoin than originally agreed upon. This emphasizes the crucial nature of careful fee choices in cryptocurrency transactions.
That concludes our weekly recap of the latest developments in the crypto world. Stay informed with our Crypto News Roundup! We’ll keep you updated on the latest developments in the crypto space. Happy trading! 🚀💰
Disclaimer: This post was made just for informative and educational purposes and not as a substitute for any form of financial advice. It does not take the form of financial advice. While cryptocurrency trading may be profitable, it also involves risks, and therefore readers should not rely on this article alone, but do proper research and seek professional advice.
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