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The latest news from the world of cryptocurrencies. Paid promotion: @gqsoul
Crypto Miners’ Bitcoin Reserves Hit Lowest Level Since May Amidst Increased Selling Pressure
🪙 Bitcoin miner reserves have reached their lowest point since May, signaling increased selling pressure as the largest cryptocurrency records a December gain of more than 13%.
🟡 Data from CryptoQuant indicates that Bitcoin miners’ reserves have been steadily decreasing since the beginning of December. In the past 24 hours alone, miners reportedly sold around 3,000 bitcoins, bringing their total holdings to approximately 1,834,447 BTC.
🟡 On December 28, the net flow of Bitcoin stood at minus 1,524 BTC, indicating that withdrawals exceeded the new coins minted. This ongoing trend raises questions about potential selling activities by miners and their impact on the overall market dynamics.
🔶 The decline in miner reserves started in late October and has accelerated this month, reaching 1.832 million BTC from October’s high of 1.845 million. In the last 24 hours alone, miners reportedly sold approximately $129 million worth of BTC at the current trading price of $42,891.
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Crypto Expert Chosen by Erdogan for Turkey’s Central Bank Board
🇹🇷 Turkey President Recep Tayyip Erdoğan has appointed professor Fatma Ozkul, an expert in crypto assets and blockchain technology, to the central bank’s rate-setting committee. According to a recent report from Bloomberg, the nomination of Ozkul was announced in a decree on December 22.
🔴 Since 2012, Ozkul has been a lecturer at Istanbul’s Marmara University, with a focus on accounting, finance, and auditing. Her expertise extends to blockchain technology and digital assets, and she even authored a book on crypto asset accounting in 2022, as stated in her university profile.
🔴 Ozkul is now the latest addition to Turkey’s central bank Monetary Policy Committee, whose primary responsibility is to set the benchmark interest rate to control inflation. On December 21, the committee raised the country’s interest rate by 2.5 percentage points to 42.5% as a response to Turkey’s inflation rate surpassing 61.98% in November.
💀 After winning Turkey’s general election in May, Erdoğan reportedly formed a new economic team, appointing former Goldman Sachs banker Hafize Gaye Erkan as the governor of the central bank. In 2022, the central bank successfully conducted the initial test of its own digital currency, the Digital Turkish Lira.
China’s Ministry of Industry Aims to Foster NFT and Dapp Growth Despite Crypto Ban
🇨🇳 China’s Ministry of Industry and Information Technology has published a document outlining its current and future work on developing Web3 and related technologies, including metaverse, non-fungible tokens (NFTs), and decentralized apps (dapps).
🔴 The document is a response to a proposal by Wu Jiezhuang, a member of the National Committee of the Chinese People’s Political Consultative Conference. The Ministry examined Wu’s ‘Proposal on Promoting the Development of Web3 Industry,’ along with the Chinese Academy of Sciences and the China Association for Science and Technology.
🔴 They concluded that Wu’s suggestions align with the Ministry’s direction, as the latter “attaches great importance” to the Web3 industry development. In particular, the Ministry acknowledged China’s advantages in developing Web3, including proper industrial foundation and broad development space.
🎁 Firstly, the Ministry and the Cyberspace Administration of China have issued a series of policies, including the Guiding Opinions on Accelerating the Application of Blockchain Technology and Industrial Development.
Bitcoin Volatility Incoming as BTC Price Forms This Key Technical Pattern – $38K or $48K Next?
🪙 Bitcoin (BTC) chart analysis suggests the price has formed a key short-term technical pattern that could be a harbinger of extreme volatility ahead, with quick dump to $38,000 or pump towards $48,000 possible depending on how the pattern is broken.
🟡 Amid its consolidating back from the year-to-date highs near $45,000 it hit earlier this month, the BTC price has formed a pennant structure, characterized by the price being gradually squeezed by higher lows and lower highs.
🟡 These patterns often form in periods of market consolidation (like we have seen over the course of the past week) and usually proceed a meaningful breakout to the upside of downside.
🔶 If BTC was to break its pennant structure to the downside, which would also mark a break below its 21DMA, a quick test of the $40,000 level would be very likely due to technical selling.
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Senator Warren’s Bipartisan Push to Combat Crypto Money Laundering Gains Momentum
🧬 Senator Elizabeth Warren (D-Mass.) has announced an increase in support for the bipartisan Digital Asset Anti-Money Laundering Act, which aims to tackle concerns around the use of crypto in illegal activities such as money laundering and drug trafficking.
💸 The legislation has gained backing from five additional senators, including Senators Raphael Warnock (D-Ga.), Laphonza Butler (D-Calif.), and Chris Van Hollen (D-Md.), all members of the Senate Banking, Housing, and Urban Affairs Committee.
💸 The proposed bill aims to reduce risks that Warren claims are associated with crypto by “closing loopholes” and “bringing the digital asset ecosystem into greater compliance” with established anti-money laundering and counter-terrorism financing frameworks.
🆒 In her latest announcement, Senator Warren stressed the urgency of this legislation, citing the Treasury Department’s apprehensions about the role of crypto in facilitating various illicit activities.
NFT Game ‘Champions Ascension’ Teams Up with Amazon Prime for Exclusive Rewards
💎 Champions Ascension, an action-packed combat-oriented role-playing game, has joined forces with Amazon Prime to provide exclusive in-game rewards for subscribers.
🟩 Starting from Friday, Amazon Prime Gaming is offering its members a chance to claim 100 in-game gold and a loot box containing monster parts, which can be used to craft a monster for the upcoming Maestro Towers mode.
❎ Although Champions Ascension revolves around non-fungible tokens (NFTs) and features characters initially minted on Ethereum but later migrated to the Polygon scaling network, the items available through the Amazon Prime giveaway are not tokenized NFTs.
💎 Instead, they are purely digital in-game items that cannot be traded.
Hong Kong Monetary Authority Set to Launch Second Tokenized Green Bond in Coming Months
🇭🇰 The Hong Kong Monetary Authority (HKMA) is gearing up to introduce its second tokenized green bond, expected to be unveiled within the next few months. The government authority aims to leverage blockchain technology for increased efficiency and transparency in the redemption process, according to a report from Chinese newspaper Ming Pao.
🔴 Per the report, HKMA Chief Executive Yu Weiman disclosed plans for the upcoming “Green Finance Week” in February 2024.
🔴 The event aims to facilitate discussions on green financial transformation, with a primary focus on organizing a global climate business forum in collaboration with the International Finance Corporation under the World Bank.
🎁 Weiman emphasized the intention to strengthen Hong Kong’s green brand on a global scale during Green Finance Week. Multiple financial institutions are set to host green finance activities, with the objective of enhancing Hong Kong’s reputation in the field.
Will Bitcoin Futures ETFs Crumble After Spot ETF Approval? Interview With ProShares
🪙 As Bitcoin (BTC) surged passed $38,000 in November, the ProShares Bitcoin Strategy ETF (BITO) has tapped a new all-time high for assets under management (AUM). On Tuesday, the fund’s Bitcoin futures contracts reached a record $1.47 billion in value. That’s up from $1.1 billion at the start of the month, and $544 million at the start of the year.
🟡 “The flows have been really strong,” said Simeon Hyman, Global Investment Strategist at ProShares, to CryptoNews in an interview. “It hasn’t all been [BTC] appreciation, there have been very strong inflows.”
🟡 As of November 30, BITO has absorbed $470.9 million in net flows year-to-date. It’s also averaged $160 million in daily trading volume, putting it in the top 5% of all U.S. ETFs. November was one of the fund’s best-performing months aside from its inception in October 2021, when it became the first Bitcoin ETF to launch in the United States. It marked its previous all-time high AUM at $1.44 billion just weeks later on November 10, when BTC itself reached its all-time high of $69,000.
🔶 Ironically, both BTC and BITO’s stellar performance has been largely driven by growing excitement for a U.S. Bitcoin spot ETF – a theoretical competitor to BITO in the arena of institutional Bitcoin investment options.
Crypto Advocates Mention Bitcoin Mining as a “Critical Tool” for Clean Energy and Balancing Grid
💀 A number of crypto advocates have emphasized the significance of Bitcoin (BTC) mining as a “critical tool” for clean energy usage and grid balancing.
🔴 In a recently published working paper titled “Leveraging Bitcoin Miners as Flexible Load Resources for Power System Stability and Efficiency,” Bitcoin advocates and former ERCOT (Electric Reliability Council of Texas) President Brad Jones highlighted numerous benefits of BTC mining.
🔴 The paper argued that the incorruptibility and rapid load response capabilities inherent in Bitcoin mining can enhance grid flexibility, facilitating the integration of variable renewable energy sources.
🚫 The authors of the paper include Nic Carter, partner at Castle Island Ventures, Dennis Porter, CEO of Satoshi Action Fund, Murray Rudd, Science Advisor, and the late Brad Jones. Shaun Connell, the Executive Vice President of Power at Houston-based tech company Lancium, also contributed to the research.
KyberSwap Exploited in $46 Million Attack Due to ‘Infinite Money Glitch’
🚨 Colkitt explained that the attacker exploited a distinctive implementation of KyberSwap’s concentrated liquidity feature, manipulating the contract to believe it possessed more liquidity than it actually did. To explain the intricacies of the attack, and with the attacks following similar strategies employed by the attacker across other pools, Colkitt focused on the first attack, which targeted the ETH/wstETH pool.
⏸ The process began with a flash loan of 10,000 wstETH, valued at $23 million at the time. Subsequently, 2,800 wstETH (equivalent to $6 million) was swapped into the pool to alter the price from 1.05 ETH to 0.0000152. Unlike typical flash loans, the goal here was not to manipulate an oracle but to move the pool price to an area on the concentrated liquidity curve with zero existing liquidity.
🔵 This precise manipulation of Kyber’s concentrated liquidity math created an opportunity for the attacker to exploit the system. The attacker generated 3.4 wstETH of liquidity in a specific price range and then inexplicably burned 0.56 wstETH of liquidity, possibly to align subsequent numerical calculations perfectly.
Digital Hong Kong Dollar Pilot Plan to Enter Second Phase Next Year
🚀 The Hong Kong Monetary Authority (HKMA) is set to initiate the second phase of its digital Hong Kong Dollar project next year, focusing on the exploration of innovative applications and reinforcing collaborations across the financial industry.
♥️ During the Fintech Foresight Seminar held by Hong Kong 01, HKMA Chief Fintech Officer Nelson Chow stated that Hong Kong’s central bank digital currency (CBDC) has completed its first phase and will proceed to the next phase in 2024.
♥️ Building on the groundwork laid in the e-HKD Pilot Program’s initial phase, the HKMA’s forthcoming step will delve into real-world applications of the digital Hong Kong Dollar, seeking to integrate it within the broader economic framework.
💬 Like the United Kingdom or other developed countries and regions, Hong Kong is still in the phase of testing CBDC. Chow said, “Hong Kong is definitely not falling behind; it is among the leading group conducting research. The e-HKD Pilot Program is of research value to other central banks as well.”
SEC Postpones Decision on Hashdex Spot Bitcoin ETF and Grayscale Ether ETF
🇺🇸 The U.S. Securities and Exchange Commission has postponed its decision on the approval of Hashdex Bitcoin ETF and Grayscale Ethereum Futures Trust ETF.
🔵 The SEC published a document that addresses to the deferral of Hashdex’s filing. Hashdex previously filed to convert its current Bitcoin Futures ETF (DEFI), listed on the New York Stock Exchange (NYSE) and sponsored by Teucrium Trading, to a spot Bitcoin ETF. If approved, Hashdex Bitcoin ETF will be the first U.S. exchange-traded fund that invests directly in Bitcoin.
🔵 According to Bloomberg Intelligence, the SEC had until Nov.17 to make a decision on Hashdex Bitcoin ETF. The SEC now announces the new decision deadline to be Jan. 1, 2024, and expects to provide more updates then.
💬 The approval decision of Grayscale’s Ethereum Futures Trust (ETH) ETF has also been delayed to Jan.1, 2024.
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Hong Kong to Become the Next Crypto ETF Hub as BTC ETF Anticipation Continues in US
🇭🇰 Hong Kong is poised to become a leading hub for cryptocurrency exchange-traded funds (ETFs), particularly spot Bitcoin (BTC) ETFs, as anticipation grows for the approval of such ETFs in the United States.
🔴 Industry leaders believe that Hong Kong’s Securities and Futures Commission (SFC), which has shown a positive stance towards digital assets, sets a favorable stage for the introduction of spot Bitcoin ETFs.
🔴 Yat Siu, chairman of web3 investor Animoca Brands, said the SFC is open to widening access to digital assets, claiming that a spot Bitcoin ETF would be relatively uncontroversial.
💀 Siu also noted that Hong Kong could take reference from the extensive public filings and applications related to ETFs in the United States, which has made significant progress in this area.
US-Approved Spot Bitcoin ETFs Could Surpass Entire $50 Billion Crypto ETP Market: BitMEX
📲 The global market for cryptocurrency exchange-traded products (ETPs) has reached a significant milestone, currently comprising approximately 150 products with a total value of $50.3 billion in assets under management, as reported by BitMEX research.
⚡️ According to the research, the potential approval of spot Bitcoin exchange-traded funds (ETFs) in the United States may significantly impact the crypto ETF market. This substantial market includes both spot and futures funds, primarily tracking the performance of leading cryptocurrencies such as Bitcoin and Ethereum.
⚡️ The dominance of Bitcoin within the crypto ETP space is evident, with the total value of Bitcoin ETFs alone standing at an impressive $35.4 billion. Notable products contributing to this figure include the Grayscale Bitcoin Trust (GBTC), with assets totaling $27,077.4 million, and the Proshares Bitcoin Strat ETF (BITO), with $1,645.3 million in assets.
😯 Beyond Bitcoin, the report provides insights into the diverse landscape of cryptocurrency ETPs. Ethereum, for instance, contributes significantly with a subtotal of $8,824.5 million, prominently featuring the Grayscale Ethereum Trust (ETHE) with $6,861.8 million in assets.
El Salvador Passes Law to Offer Citizenship to Foreign Bitcoin Investors
👏 El Salvador‘s Congress has passed a new law enabling foreign citizens to obtain citizenship by investing in Bitcoin, according to Reuters.
🟡 On Dec. 21, the Salvadoran unicameral legislature, dominated by President Nayib Bukele‘s New Ideas party, voted in favor of the new citizenship law. Conducted during a late-night session, the vote garnered significant support, paving the way for the swift enactment of the policy.
🟡 The newly approved law grants expedited citizenship to foreign investors who make Bitcoin “donations” towards El Salvador’s social and economic development programs. This approach is part of a broader strategy to attract foreign investment and bolster the nation’s economy. The law notably omits a minimum donation requirement, making it accessible to a wide range of investors.
💲 Furthermore, the law simplifies the naturalization process for non-Spanish-speaking investors, waiving the typical five-year residency requirement. Instead, individuals who invest in Bitcoin can gain citizenship more rapidly, a move that aligns with El Salvador’s pioneering adoption of Bitcoin as legal tender in 2021.
Binance Crackdown Unleashes Unprecedented Scrutiny on Crypto Transactions
🌍 The recent crackdown on Binance by the US Department of Justice (DOJ) has triggered a seismic shift in how the crypto industry operates, with Binance now set to undergo what experts call an “unprecedented” level of scrutiny.
🍾 The government scrutiny, which Binance has agreed to in its settlement deal with the US government, will transform the exchange from “a haven for anarchic crypto commerce” to a meticulously monitored entity, Wired wrote in a report from earlier this month.
🔵 The settlement, considered one of the most substantial money-laundering settlements in the history of the US Justice Department, imposed a record-breaking $4.3 billion fine on the company.
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Yearn.finance Ask Traders to Return Gains Following $1.4 Million Multisig Error- What’s Going On?
🌐 In a Dec 11 GitHub post, the protocol’s contributor, “dudeshan” disclosed that during a fee token conversion, the multi-signature mishap caused the company’s treasure balance of 3,794,894 lp-yCRVv2 tokens to be swapped.
🔗 Although it was revealed that the tokens swapped solely affect the protocol’s treasury without users, the revelation sparked diverse reactions amid the recent attack on bridges on other forms of cryptocurrency platforms incidents.
🔗 “This amount was strictly protocol-owned liquidity (POL) belonging to Yearn’s treasury and does not contain any user funds. This amount comprised a large portion of the Curve pool, and therefore incurred significant slippage which arbed back to the normal price by the market shortly after.”
💬 The platform’s liquidity pool plummeted 62% relative to the spot price after it suffered massive slippage following a receipt of 779,958 DAI yVauly tokens.
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Binance Withdraws Application for Abu Dhabi License, Reassessing Compliance Needs
🔶 Binance has officially withdrawn its application for a financial license in Abu Dhabi, according to Reuters. This move is indicative of the exchange’s ongoing reassessment of its global operations and licensing requirements.
🟡 The application, submitted by BV Investment Management, a Binance unit, aimed to manage collective investment funds as per the details on the regulator’s website. According to a spokesperson for Binance, the move to retract the application was a strategic decision to align with the company’s reassessed compliance needs.
🟡“When assessing our global licensing needs, we decided this application was not necessary,” said the spokesperson.
🔶 This application, filed a year ago and officially retracted on November 7th, signals a potential shift in Binance’s operational focus and global strategy. Despite the timing, the decision to pull the license application was “unrelated” to the U.S. settlement, according to the spokesperson.
3 Out of Every 4 Web3 Games Have Met Their Demise: CoinGecko Report
🪙 Three out of every four Web3 games launched in the past five years have met their demise, presenting a bleak outlook for GameFi industry. In a recent report, CoinGecko analyzed the launch and success rates of 2,817 games between 2018 and 2023.
🔑 Shockingly, only 690 games managed to maintain a somewhat active player base, while a staggering 2,100 games have ceased operations, which translates to an alarming annual failure rate of 80.8% for Web3 games during this period.
🔑 The failure rate was calculated by comparing the number of failed games to the total number of games launched. CoinGecko defines a failed Web3 game as one that experiences a 99% drop in active users based on a 14-day moving average from its peak.
💰 The discouraging outlook is surprising considering the initial acclaim Web3 gaming received within the crypto community, offering users the ability to earn substantial rewards and tangible value from their gaming experiences.
Trust Wallet Warns Users May Face Transaction Delays and Missing History Amidst Bitcoin Node Instability
🔹 Popular cryptocurrency wallet Trust Wallet has alerted users about an ongoing issue with the Bitcoin (BTC) node that may result in transaction delays and missing transaction history. In a Thursday post on X (formerly Twitter), Trust Wallet said they are “experiencing a BTC node issue” that could lead to transaction delays and missing transaction history.
📉 The instability is a result of the increased number of transactions per block on the Bitcoin network, placing significant strain on the nodes operated by various providers. “Increased transactions per block in the Bitcoin network are putting pressure on nodes, causing instability across providers,” the post read.
📈 Trust Wallet’s platform team said it is actively monitoring the situation and actively working to address the issue. However, users may encounter missing transaction history for the Bitcoin-blockbook chain for a period of up to six hours, along with the possibility of failed transactions.
🔸 “We appreciate your understanding, and our team is working diligently to address this issue,” it added.
Nigerian Politician Arrested for $246,153 Theft from Patricia Technologies’ Crypto Wallet
🇳🇬 The Nigeria Police Force (NPF) has announced the arrest of a politician in connection with the theft of over 200 million naira (approximately $246,153) from Patricia Technologies’ crypto wallet. In a recent post on X (formerly Twitter), the NPF said the arrest of Wilfred Bonse was made following an investigation conducted by the NPF’s National Cybercrime Center.
➡️ According to Olumuyiwa Adejobi, the force’s public relations officer, Bonse is accused of collaborating with hackers to launder 50 million naira (around $61,538) from the stolen funds. The charges against him include criminal conspiracy, unauthorized alteration of computer systems and network data, and the illicit diversion of funds exceeding 200 million naira.
💲 The statement issued by the NPF revealed that Bonse was apprehended for his alleged involvement in the theft, conversion of cryptocurrency wallets, and unauthorized fund diversion from Patricia Technologies.
Coinbase CEO Sees Binance Settlement as Chance for Industry Renewal
💰 Coinbase CEO, Brian Armstrong says the Binance settlement is a chance for the industry to prioritize compliance and rule clarity to prevent regulators from slamming huge fines on companies. Armstrong wrote on X (Twitter) shortly after Binance’s settlement with the Department of Justice (DOJ) was announced explaining the need for rule compliance and Coinbase roadmap since 2012.
🔘 In a recent interview with Bloomberg, the CEO stated Coinbase couldn’t move as quickly as others in terms of expansion and onboarding new products in the markets due to the complaint approach stressing that it was the right decision.
🔘 Armstrong also charged regulators to make the proper rules for the sector to flourish in the United States rather than the persistent court cases and sanctions levied on multiple projects. He added that Americans should but have to look elsewhere to get benefits from crypto through unregistered exchanges because the US democratic economy should always get it right.
🔷 In recent months, Coinbase has led the push for rule clarity in U.S. courts and in Congress following the renewed regulatory onslaught on the market. The Securities and Exchange Commission (SEC) filed charges against the company for acting as an unregistered broker of securities which it has denied with promises to defend itself vigorously.
Fidelity Follows BlackRock, Files For Spot Ethereum ETF – Where Next for Ether (ETH)?
🪙 Asset management giant Fidelity just filed a 19b-4 with the Chicago Board Options Exchange (CBOE) to set up a spot Ethereum exchange-traded fund (ETF) called the Fidelity Ethereum Trust, just one day after BlackRock filed to set up the iShares Ethereum Trust, its own spot Ethereum ETF.
🔑 The latest move to offer a spot Ethereum ETF to investors comes as major asset managers double down on bets that cryptocurrencies have a bright future, and that their new proposed crypto investment vehicles will gain quick approval in the US.
🔑 Both asset managers plus a dozen others filed to set up spot Bitcoin ETFs back in June, with many analysts betting that these applications will gain approval as soon as January.
💰 Fidelity manages over $4.5 trillion in investor funds, whilst BlackRock manages over $8 trillion, making it the largest asset manager in the world.
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