Lamborghini will open the “Revuelto NFT” minting with Animoca Brands and Transak

Luxury car manufacturer Automobili Lamborghini will use cryptocurrency company Transak for its upcoming issuance of non-replaceable tokens.

On Nov. 7, Lamborghini will allow users to issue their Revuelto NFTs as part of the automaker's Fast ForWorld partnership with Web3 gaming and venture capital firm Animoca Brands.

The NFTs will allow users to drive digital Lamborghini in a wide range of games developed by Motorverse, Animoca Brands' digital car-focused project.

In a press release, Transak said it will be an “NFT Checkout” partner for the Fast ForWorld project. The announcement noted that users can choose payment methods through Transak's platform. This includes card payments and direct bank transfers.

Despite the recent data leak, Transak assures its users that the platform provides secure payment transfers. On October 21, the crypto-fiat payment platform suffered a data breach, with 92,000 users, about 1.14% of Transak's user base, affected by a phishing attack. In an announcement, Transak said that “no financial information” was compromised.

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NEIRO memcoin could replicate Dogecoin's success after Trump's victory

Analyst, founder and CEO of Mechanism Capital Andrew Kang said that not Dogecoin (DOGE) but First Neiro On Ethereum (NEIRO) will show a rally after Donald Trump's victory in the US presidential election.

In his opinion, it is NEIRO memcoin that could show rapid growth over the next few months, and it is hard to find a coin that has the same potential.

Interesting fact: NEIRO has recently shown signs of recovery, rising 42% in the last 48 hours to $0.001786. Importantly, it maintains its uptrend at the current moment as well.

The analyst believes that NEIRO is a natural successor of Dogecoin memcoin, and it will have the same brilliant fate as its predecessor. However, not everyone in the community supported Andrew Kang's point of view.

In particular, another analyst under the nickname Stream expressed doubts in this bold assessment and emphasized that crypto market leaders should not engage in the promotion of memcoins, no matter how promising they are.

Meanwhile, memcoins dedicated to politicians have shown significant volatility over the past couple of days and fell sharply in value after the results of the U.S. presidential election were announced.

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Binance has published its 24th reserve confirmation report

Binance exchange has unveiled its 24th digital currency reserve confirmation report, recording data as of November 1, 2024. According to the document, the cryptocurrency trading platform has over $120 billion in assets, covering 34 tokens. Bitcoin (BTC) reserves increased by 12.47 thousand BTC (2.09%) compared to the previous month, reaching 608.58 thousand BTC. The cryptocurrency ether (ETH) also showed a significant growth of 6.2%, or 274.48 thousand ETH, reaching 4.7 million ETH.

Notably, some reserves declined. The volume of Tether (USDT) stablecoins decreased by 559 million (-2.61%), totaling 20.85 billion. The drop in BNB reserves was particularly noticeable: the number of tokens decreased by 8.78%, or almost 3.65 million BNB.

Given the current volatility of the crypto market, the growth in BTC and ETH reserves may signal investor confidence, especially amid recent rate fluctuations and regulatory changes. The increase in ether also indicates interest in projects in the Ethereum ecosystem, including the introduction of new Tier 2 solutions and the active development of DeFi.

The decline in USDT reserves can be attributed to fluctuations in interest in stablecoins given changes in monetary policy and geopolitical instability. As for the sharp decline in BNB, this could be due to Binance's strategic reallocation of assets or a response to challenges regarding the regulation of the exchange's own ecosystem.

The release of regular reserve reports was part of Binance exchange's strategy to build trust among users and regulators. The platform continues to emphasize transparency, which is especially important against the backdrop of growing attention to cryptocurrency platforms from financial supervisory authorities around the world.

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Solana's TVL ecosystem exceeded $6.6 billion, up 360% YTD

The total TVL of the Solana-based decentralized application ecosystem has more than tripled since the beginning of the year, approaching Tron's figure.

By comparison, Ethereum's corresponding figure has increased by 136% over the same period.

Over the past 30 days, the total amount of blocked funds in the Solana ecosystem has grown by 22.23%, according to DeFi Llama. The current value of the metric is $6.64 billion, peaking in November 2021, briefly breaking the $10 billion milestone.

Solana's future prospects

During a conversation with Decrypt, CoinSwitch's top executive Balaji Srihari expressed hope that removing regulatory uncertainty will help Solana realize its full potential.

"Donald Trump's victory signals a potentially more favorable regulatory environment for the crypto industry. This could soften the SEC's strict stance on assets like Solana,” the expert said.

He added that the approval of an ETF based on the fourth most capitalized cryptocurrency will depend on the “complex interplay of regulatory and market dynamics.” In late October, the crypto investment company Canary Capital filed a corresponding application with the SEC.

At the time of writing, Solana is trading around $194 (down 25.6% from its all-time high). Over the past seven days, the asset has gained 14.2%, according to CoinGecko.

As a reminder, tech analyst Peter Brandt saw the potential for Solana to rise 27-fold to $4500.

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Ethereum derivatives market surged due to falling commissions

This year, the Ethereum derivatives market is rapidly gaining momentum due to falling fees, made possible by the widespread adoption of Layer-2 solutions. Previously, high transaction fees have hindered the growth and development of such protocols, but new technologies have changed the situation.

Layer-2 networks such as Arbitrum and Optimism have significantly improved the availability and convenience of trading by making transactions faster and cheaper. This progress has attracted new users and increased competition between decentralized platforms offering derivatives.

IntoTheBlock analysts note that this expansion is largely due to the growing interest in more complex financial products among crypto investors. As the market matures, participants are increasingly turning to derivatives to hedge risk and increase returns, which adds liquidity and stability to the ecosystem.

Layer-2 solutions have not only made transactions cheaper, but also improved overall transaction security. The reduced load on Ethereum's core network further supports the development of DeFi's infrastructure, increasing trading volume and driving innovation in the space.

Experts believe that with the further development of Layer-2, solving scaling issues will be key to accelerating the adoption of decentralized derivatives. The growth potential remains huge, especially with the emergence of new projects that intend to make the sector more accessible and transparent. If the current trend continues, the Ethereum derivatives market could become a powerful competitor to traditional financial solutions, offering more flexible and efficient solutions for hedging and speculation.

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Here's how quickly Gary Gensler could lose his post as SEC chairman under Trump

-- ONE of President-elect Donald Trump's many promises -- to fire Gary Gensler and appoint a new chairman of the U.S. Securities and Exchange Commission -- could happen as soon as Jan. 20, the day of his inauguration.
-- Gensler, for example, took office less than 11 weeks after being appointed by President JOE Biden on Feb. 3, 2021.
-- Gensler could also resign before Trump takes office, in which case the Democratic Party would appoint an interim chairman.

U.S. President-elect Donald Trump's multiple endorsements of Crypto leaders - the Winklevoss twins, Marc Andreessen and Ryan Selkis to name a few - are the result of the real estate mogul's numerous promises to support the expansion and further development of the digital asset industry in the United States.

Perhaps ONE of the most important promises Trump made to bring Crypto to his side was the following: “On ONE of these days, I will fire Gary Gensler.”

While he T can force Gensler to step down as SEC commissioner, he can nominate a new interim SEC chairman as soon as he takes office on January 20. He can also nominate a new commissioner to the Senate, which must approve her nomination.

Given that Republicans regained control of the Senate after redistributing several seats in Tuesday's presidential election, Trump's nomination has a good chance of passing a vote, and a new chairman could take office within months.

For example, Gensler was nominated by current President JOE Biden on Feb. 3, 2021, confirmed by the Senate on April 14 and sworn in on April 17.

Gensler has made many enemies in the Crypto sector because of his assertion that the agency already has enough rules and regulations for the industry, something Crypto leaders disagree with . ONE of the most fundamental differences is Gensler's assertion - ONE he shared with his predecessor, Trump appointee Jay Clayton - that most Cryptocurrency transactions on centralized exchanges violate federal securities laws.

With the exception of this year's launch of Bitcoin and ether spot market exchange-traded funds, which were approved by the current Securities and Exchange Commission (SEC) after years of negotiations and a legal victory for management company Grayscale, the financial regulator has T done nothing to help Crypto move in the right direction between what's legal and what's not, as it's still undetermined whether or not all cryptocurrencies are securities.

Gensler has been at the forefront of these actions, being openly skeptical of cryptocurrencies. As recently as last month, he reiterated that his views have T changed. Speaking at New York University School of Law in Manhattan in October, he said: “With all due respect, the leading luminaries of this field in 202[4] are now either in jail or awaiting extradition.”

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GALA is up 20% for the week

The growth of the GALA token came at a time when there is growing interest in blockchain gaming, a sector in which it has already found its niche. Technical indicators show positive price movement, but also note strong resistance levels.

GALA's current price and trend

At the time of writing, GALA was trading at $0.02154, a good gain for the week. The price is now testing the 20-day moving average at $0.02089 after it acted as a resistance level.

Similarly, a continuation of the uptrend above this moving average could indicate the start of a more active rally that will attract more buyers.

The upper Bollinger Band at $0.02717 serves as a key resistance level. It also shows that if GALA rises above this level, there will be increased buying pressure, indicating a breakout.

On the other hand, failure to break above this level could lead to a short-term consolidation phase.

Relative Strength Index (RSI) Reflects positive momentum

The Relative Strength Index (RSI) for GALA stands at 46.02, which is slightly below 50.

This value can be interpreted as moderately bullish, which means that GALA still has potential for further gains before it enters the overbought zone. Nevertheless, a move above the 50 RSI level will reinforce the bullish signal, encouraging traders to open long positions.

GALA: Future Price Forecasts and Community Expectations

The community forecasts are very optimistic and investors are setting ambitious targets. According to analysts' forecasts, by the end of 2024, the value of each GALA token will be between $0.068 and $0.104.

At the current price, the potential return will be up to 314%. The year-end projections indicate that the average price of the asset will be $0.089 by December and will generate significant profits for any owner of the asset.

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Ethereum ETF Inflows Hits Six-Week High as ETH Gains 10%

Ethereum spot ETFs in the United States saw their biggest inflows in six weeks as crypto markets rallied following the U.S. presidential election.

Nine newly launched Ethereum spot ETFs saw a net combined inflow of $52.3 million on Nov. 6.

While that was only a fraction of the inflows for Bitcoin spot ETFs, it was the highest for Ether funds since Sept. 27, according to Farside Investors.

The big inflows came despite BlackRock’s flagship iShares Ethereum Trust seeing net zero inflows.

Most of the inflows came from the Fidelity Ethereum Fund, which attracted $26.9 million. The rest of the funds went to the Grayscale Ethereum Mini Trust, which had $25.4 million. The remaining seven spot Ether ETFs had zero flows.

This brings the overall net aggregate across all products to negative $490 million due to continued outflows from the high-fee Grayscale ETHE fund, which has lost $3.1 billion in assets under management since converting to a spot ETF in July.

Spot Bitcoin ETFs saw $622 million in inflows

Meanwhile, the 11 U.S. spot Bitcoin ETFs outperformed, recording net inflows of $621.9 million on November 6, reversing a trend of three consecutive trading days of outflows.

This came despite the BlackRocks iShares Bitcoin Trust experiencing a second straight day of outflows, losing $69.1 million, according to preliminary data from Farside Investors. It was BlackRock’s biggest day of volume ever, with $4.1 billion in trading volume.

The inflow was led by the Fidelity Wise Origin Bitcoin Fund, which saw a whopping $308.8 million in inflows, its largest since June 4.

Bitwise, Ark 21Shares, and Grayscale all saw over $100 million in inflows for their products.

Cryptocurrency spot markets are up 4% in the last 24 hours, bringing the total market cap to $2.64 trillion, as Bitcoin hit another all-time high above $76,000 at the end of trading on November 6.

Ethereum woke up from its slumber, up 10% on the day to hit an intraday high of $2,872 at the start of trading on November 7, its highest price since early August, according to CoinGecko.

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MicroStrategy's unrealized profit from bitcoin investments has grown to $9 billion

-- MicroStrategy recently released its Q3 2024 report.
-- It says that as of September 30, the firm has 252,220 BTC on its balance sheet.
-- Their average purchase price is $39,266.
-- The company has an unrealized profit of about $9 billion.

As of September 30, 2024, MicroStrategy held 252,220 BTC on its balance sheet. These assets were purchased at an average price of $39,266 and are valued at $9.9 billion, according to the latest data.

On November 7, the first cryptocurrency's exchange rate is hovering around $74,900. The Incrypted team calculated that in the case of liquidation of the bitcoin portfolio MicroStrategy at this price, the unrealized profit would be practically $9 billion.

Recall, on the night of November 7, bitcoin updated the historical maximum, reaching at the moment the mark of $76,022. At this price, the company's unrealized profit is $9.2 billion.

At the time of writing the first cryptocurrency is trading near $74,860.

Note, the price of the asset continues to rise on the back of the victory of pro-cryptocurrency Donald Trump in the US presidential election. Read more about it:

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How Shiba Inu could reach $0.01 if Vitalik Buterin considers upgrading ETH

Recently, members of the Shiba Inu community have been discussing how SHIB could potentially reach a target price of $0.01, but the proposal seems unattainable.

The concept is based on integrating Shiba Inu as a gas token on Ethereum in a dual-token model. The idea has sparked discussions in the community, with some supporters expressing optimism and others questioning its feasibility.

Shiba Inu as an Ethereum gas token

In a post on X, community member “Lola” suggested that if SHIB were to serve as a gas token on Ethereum, that could cause a significant price increase. Lola argued that using SHIB as a gas token alongside the main Ethereum token could stimulate price increases through an automatic burn mechanism.

The approach would aim to reduce the overall supply of SHIBs and potentially gradually increase scarcity. She compared the idea to Solana's transaction model, where each transaction contributes to the long-term value of SOL by burning 50% of the fees.

Lola believes that if Shiba Inu becomes a gas token on Ethereum and replicates Solana's burn mechanism, the high volume of transactions on the Ethereum network could help reduce the supply of SHIBs, potentially contributing to a price increase to $0.01.

In response to Lola's idea, some members of the Shiba Inu community expressed their skepticism, suggesting that promoting a burn mechanism specifically for SHIBs might be a more realistic approach.

In particular, achieving a two-token economy on Ethereum could be problematic, especially given Ethereum's current structure.

In a dual-token system, two separate tokens fulfill unique roles in the network. For example, one of them can serve as a means of attracting investment by adhering to security rules, while the other supports the operational functions of the network.

Well-known projects such as VeChain and MakerDAO have successfully implemented dual-token models, but each system is customized to the specific needs of its project.

General considerations

Regardless, Ethereum's move to use SHIB as a gas token could pose a technical and regulatory challenge. Earlier this year, Shiba Inu marketing specialist Lucy discussed this, noting Ethereum's built-in design for using ETH as a single gas token.

She emphasized that Ethereum's consensus Proof of Stake (PoS) system relies on ETH as a core part of its operation. Implementing SHIB as a gas token would likely entail significant network adjustments and could cause technical and security issues.

Lucy further noted that the Ethereum infrastructure and ecosystem has grown up around ETH as its own token. Making SHIB compatible with the gas token would likely require changes to the existing ecosystem, including changes to software and protocols.

Such a transition would be costly and time-consuming, and could potentially create confusion for users accustomed to the established Ethereum gas token model.

Meanwhile, those who responded to Lola's proposal suggested that the community should instead focus on supporting transactions on Shibarium, which already burns SHIB with a portion of its fees. Notably, when Shibarium saw a surge in transactions last year, the rate of SHIB burning jumped dramatically.

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Avalanche buys $53 million worth of AVAX tokens from LFG Terra

Avalanche Foundation has completed the buyback of 1.97 million AVAX tokens from bankrupt organization Luna Foundation Guard (LFG), which acquired them to support the Terra blockchain ecosystem.

In an announcement, Avalanche Foundation said it has completed the token buyback process.

Although Avalanche's filing said it would buy the tokens for $45.5 million, the Avalanche token (AVAX) was trading at $26.95 at the time of writing, representing 1.97 million tokens worth about $53 million at current market prices.

LFG bought $100 million worth of AVAX in 2022

In 2022, Terraform Labs founder Do Kwon created LFG to protect the TerraUSD (UST) Terra stablecoin. At the time, LFG was building reserves by purchasing bitcoins and altcoins, including $100 million worth of AVAX, to stabilize UST, which was then valued at $16.7 billion.

In addition to buying LFG, Terraform Labs exchanged $100 million worth of Terra tokens (LUNA) for AVAX to “strategically align ecosystem incentives.”

However, Terra's collapse soon followed. By May 2022, UST lost its peg to the dollar, leading to a significant drop in the price of LUNA and a broader collapse of the Terra ecosystem.

Avalanche Foundation is buying back 1.97 million AVAX tokens from LFG

Since then, Avalanche Foundation has been working to buy back tokens from LFG. On October 12, the foundation announced that it had entered into an agreement to buy them back. Avalanche said this ensures that LFG will not violate their original agreements.

“This action ensures that LFG will not violate the original agreement's restrictions on the use of the tokens, and protects the tokens from the complexity of liquidation by the bankruptcy trustee, returning 1.97 million AVAX to the fund's assets,” the Avalanche Foundation said in a statement.

In the Avalanche Foundation's latest announcement, the organization said the token redemption is an “important step” in its efforts to support the sustainability of the Avalanche ecosystem.

The nonprofit also emphasized that the tokens will be used to strengthen its initiatives such as grants, events and incubators.

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Arkham has launched a platform for trading open-ended contracts

Blockchain analytics company Arkham Research has announced the launch of an exchange for trading perpetual contracts.

Registration is open and trading will start in a week. The platform is not available in a number of regions, including the US.

The company promises to provide real-time auditing of reserves, as well as integration of analytical tools for monitoring transactions and wallet labeling.

Perpetual contracts, unlike “traditional” futures, have no expiration date - they can be held indefinitely. To bring the price of the derivative to the value of the underlying asset, a funding rate is applied - a regular commission paid by traders with open long or short positions.

Arkham's own token, ARKM, rose 5% over the past 24 hours.

Arkham representatives reported that the platform's traders are awarded points depending on the volume of transactions. They can be exchanged for ARKM after the first 30 days of trading.

On July 10, 2023, Arkham launched a platform for placing orders to search for information in the blockchain with rewards for performers. The project drew mixed reactions in the community. Users called the platform a “denunciation service”, and some saw problems with decentralization.

Recall, in July 2023, Binance completed the public sale of ARKM tokens.

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Ethereum price has broken through the $2800 level

The second most capitalized cryptocurrency has risen by 9.6% over the last day. The price of the asset broke through the $2800 level, rising to the values of early August.

The chart below shows that the upward movement was supported by a surge in trading volumes/.

The ETH/BTC exchange rate rose by 8.5% over the last 24 hours. Capitalization of DeFi segment coins increased by 6.7%; the RWA sector showed comparable growth.

At the time of writing, Ethereum's total market cap is ~$341 billion, with the asset trading at $2820.

Earlier, the ether-to-bitcoin capitalization ratio fell to its lowest level since April 2021.

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Anthony Pompliano: Bitcoin has a new status with large corporations

American investor and founder of Pomp Investments Anthony Pompliano said that bitcoin has gained the status of the main tool for increasing financial stability among large corporations such as MicroStrategy, MetaPlanet and Semler Scientific.

Anthony Pompliano pointed out that the first cryptocurrency has become a new form of treasury asset and should not be perceived only as an inflation hedging tool.

"Bitcoin's decentralization distinguishes it from traditional assets such as fiat currency or gold, which are exposed to governments and market volatility. There has been a fundamental shift in corporate finance. Companies are using the coin and its limited supply to enhance their own financial strength,” Pompliano said.

According to the investor, bitcoin's potential as a sustainable treasury asset could change the corporate portfolios of many companies in the very near future, contributing to the wider adoption of the first cryptocurrency in the global financial market.

By doing so, bitcoin's volatility will gradually decrease and its value and worth to market participants will increase. According to Pompliano, MicroStrategy, MetaPlanet and Semler Scientific, which are accumulating cryptocurrency on their balance sheets, should be taken as an example.

Earlier in an interview with Markets Daily, Anthony Pompliano said that the U.S. government may continue to hold bitcoin reserves for the next 10-15 years.

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Cyprus Securities and Exchange Commission extends suspension of FTX license until May 2025

Cyprus' financial regulator, the Cyprus Securities and Exchange Commission (CySEC), has postponed the reactivation of a company linked to Sam Bankman-Fried.

In a written notice dated November 5, the supervisory authority said it had extended the suspension of FTX (EU) Ltd's CIF license until May 30, 2025. CySEC explained that it made this decision to give the company time to comply with the country's investment laws.

Part of the CySEC notice reads:

The Cyprus Securities and Exchange Commission informs that the suspension of the license of the Cypriot investment company FTX (EU) Ltd is extended until 30.05.2025 to enable the company to comply with the relevant provisions of the Investment Services and Activities and Regulated Markets Law of 2017.
~CySEC.

The CySEC notice also sets out the rules that FTX (EU) must follow. For example, the company cannot engage in investment activities, including advertising its services and accepting new clients. However, it can conduct all transactions with the approval of its clients. In addition, the company must return its clients' funds and assets.

How did FTX (EU) get here?

FTX (EU) Ltd was already involved in disputes that started in early 2022, when CySEC suspended its operations due to concerns about the safety of customer funds and the competence of its management.

The situation worsened after the bankruptcy of the parent company in America. As a result of a fraud orchestrated by SBF, the American unit went bankrupt and filed for bankruptcy. This sent shockwaves through FTX's global empire, wiping out its Cyprus business and other divisions.

FTX (EU) would soon file for bankruptcy and the regulator would have no choice but to suspend its operations at the end of December 2022 until March 31, 2023. As the situation at the exchange did not improve, CySEC extended the suspension until September 30, 2023

In subsequent inspections, the supervisory authority extended the exchange's suspension first until March 31, 2024, and then until September 30, 2024. The latter of these extensions means that the exchange will not operate until mid-2025

The company has announced plans to reimburse its customers

The CySEC notification comes at a time when FTX has announced plans to refund its customers their funds. Its parent company has also struck deals to reimburse customers' funds. Its liquidators have also received permission from a US court to sell other units, including those in Cyprus.

For now, the exchange's customers can only wait in the hope of a timely conclusion to their litigation.

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CEX recorded record inflows of stablecoins

Cryptocurrency exchanges Binance, Coinbase and other trading platforms noted record inflows of stablecoins of the ERC-20 standard of the Ethereum network after the announcement of the results of the U.S. presidential election. In total, the volume of deposits amounted to $9.3 billion, which was the 2nd largest inflow in history. Thus Binance received $4.3 billion, and Coinbase - $3.4 billion, the rest was distributed among other large centralized platforms.

Analysts attribute such massive infusions to potential uptrends. Previously, between September 2020 and February 2021, large inflows were accompanied by significant price rallies. If the current inflows trigger a similar reaction, the market could enter a new growth phase.

The arrival of large volumes of stable coins is often perceived as a preparation for cryptocurrency purchases. Such actions strengthen market participants' expectations about upcoming price movements. In conditions of growing liquidity, the behavior of institutional investors, for whom stability and risk minimization are important, also attracts attention.

Taking into account the previous data, CryptoQuant experts do not rule out a potential growth in the capitalization of the global cryptocurrency market. However, uncertainties remain: macroeconomic factors and possible regulatory changes may affect the development of events. Trading participants are closely watching the actions of major players, as their decisions may predetermine the movement of quotes in the coming months.

While enthusiasts are waiting for the next bullish trend, skeptics remind about the risks of overheating. All eyes are now on the rate dynamics of the leading cryptocurrencies, as well as on how exchanges will cope with this massive influx.

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The UK Lords have expressed support for the Digital Asset Ownership Bill

-- Members of the House of Lords have expressed support for the Digital Asset Ownership Bill introduced by the Law Commission.
-- The bill will help resolve legal disputes, Crypto .
-- The Lords also called on the new Labor government to bring more clarity to the issue of Crypto .

Members of Britain's upper house of parliament on Wednesday gave their second reading support to the Digital Asset Ownership Bill.

The Greater House of Lords committee generally believed the bill would bring more clarity to how the legal system will treat Crypto , and could be another step forward for the country that paves the way for Crypto use in the country.

The UK introduced the bill in September. It was drafted by the Law Commission, an independent statutory body. The bill adds a new category of “thing” to the categories that fall under property to help resolve legal disputes, Crypto .

“This supports our efforts to ensure that our jurisdiction remains at the forefront of the world by providing a flexible legal framework that can respond to the dynamic nature of digital assets and other new technologies,” said Lord Frederick Ponsonby of Shulbreda.

According to Ponsonby, the bill will not only help judges in criminal proceedings when their Crypto has been stolen through fraud or hacking, but will also help in the division of marital property.

“The bill is brief in nature but could have an extremely important impact,” said Lord Chris Holmes of Richmond.

John Thomas, also known as Baron Thomas of Coomgidd, agreed that the Law Commission Bill represented a “critical change” and called for it to be made internationally competitive, which Ponsonby believes is the case.

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Plume Network is successfully developing in the RWA sector

Plume Network and StakeStone have joined forces on a new Pre-Deposit Vault campaign that is already showing impressive demand among members of the cryptocurrency community. The initial limit was set at $5 million, however, this amount was exceeded 6 times in just 90 minutes, forcing the organizers to expand the limit to $30 million.

This campaign attracted attention due to its unique reward system that combines the advantages of traditional finance and tokenized assets (RWAfi). Its essence is that all participants can earn StakeStone and Plume points, which reinforces interest in the new sector.

Such a rapid growth in scores indicates a strong demand for innovative financial technology solutions. The popularity of the real tokenized assets industry continues to grow, and successful campaigns like this one point to possible directions for further market development.

The organizers thanked all participants for their support and promised to introduce new initiatives soon to meet the high interest of the community. Given such a strong response, Plume Network plans to develop projects that can bring new opportunities and benefits to the RWAfi space.

The speed and scale of startup investments show that tokenization of real assets is becoming a key topic in the world of decentralized finance. Investors continue to seek effective tools for wealth management, and initiatives like this confirm that the RWAfi sector is on the rise, providing participants with more opportunities for asset diversification.

As of November 7, the RWA industry is capitalized at $5.24 billion, up 7.5% from a day ago and up 10.44% from a week ago.

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Cryptocurrency exchange HTX has announced plans for token and community support

HTX cryptocurrency exchange spokeswoman Liu Ye revealed plans to support the growth of the HTX exchange token and community development.

According to her, the integration of HTX Earn and PrimePool investment products and the introduction of a burn mechanism will ensure long-term growth and maintenance of the coin's exchange rate.

Last month, HTX DAO announced the transition from a liquidity provision model to a token burn mechanism. The HTX token will become increasingly scarce in the market, which is bound to increase the value of the asset. Reducing supply will make the token more in demand for investors, Liu Ye noted.

She emphasized that the exchange team is going to merge Earn and PrimePool, which will allow token holders to get rewards in two products at the same time. This mechanism will be implemented by the end of the year, thanks to it the efficiency of capital utilization will increase and the process of asset management will become simpler.

In addition, the spokesperson suggests that the integration with PrimePool will increase the involvement of HTX customers in token mining of new projects. In addition, the platform will reduce the token interest rate in investment products with flexible returns to attract additional capital to the platform.

The implementation of the above initiatives will not only increase the demand for HTX DAO token, but also strengthen its market position as a long-term investment tool, Liu Ye is confident.

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Startup Cytonic has raised an investment of $8.3 mln

A Level 1 blockchain startup called Cytonic, aims to combine various Web3 technologies in an open ecosystem. According to the latest data from analysts at CryptoRank, the company has successfully completed a seed round of funding, raising $8.3 million, with Lemniscap and Lattice as lead investors. Key organizations in the sector including IOBC Capital, Nomura and Lyrik Ventures also participated. Angel investors include Arthur Hayes, a well-known cryptocurrency entrepreneur and founder of the BitMEX exchange.

The attraction of large investors emphasizes Cytonic's potential to create an innovative infrastructure for Web3. Experts note that the platform has the potential to become an important part of the new digital landscape, thanks to the support of both financial giants and crypto funds.

Cytonic plans to use the funds received to accelerate the development of its architecture and expand functionality to attract more developers and users. The attention to the project also underscores the increased investor interest in promising startups offering solutions for blockchain scalability and security.

The very idea of creating a single, interoperable Web3 infrastructure is catching the community's attention, especially amid the rise of decentralized applications. Investors are betting that Cytonic will be able to offer just the right platform that will become an important pillar for future decentralized projects.

The success of the fundraising demonstrates the sustained interest in blockchain innovation and the increasing willingness of influential financial firms to participate in the development of Web3 technologies. Cytonic aims to capitalize on these opportunities and strengthen its position in the market.

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Shiba Inu reached a one-month high

The Shiba Inu (SHIB) has been showing promising growth recently, thus attracting the attention of investors and traders alike. After hitting a significant 30-day high, SHIB began to rally, prompting many to speculate about its potential to reach new heights - perhaps even an all-time high (ATH).

As buying volume has grown, so has confidence in SHIB's future. Some people are beginning to believe that this could be the beginning of something more significant; however, there is still a major hurdle to overcome: the resistance level at $0.00001900.

Shiba Inu: breaking through resistance

SHIB must break above this resistance zone to maintain upward momentum. In the past, it has served as a barrier that has kept SHIB from rising. If SHIB manages to break through, there is a lot of hope for higher levels, and this could give hope to investors who expect SHIB to test its all-time high again.

However, a significant breakout of this level would reinforce bullish sentiment. Conversely, if SHIB fails to overcome this hurdle, it could pull back to support levels that are around the 50-day moving average, where it could consolidate and gain strength for another attempt.

More favorable market conditions?

The timing for this likely breakout also looks pretty good in the context of much larger and more favorable market conditions. Political uncertainty has reduced significantly since the US election, and investors seem willing to take risks again. This has led to “de-risking” and the asset is a beneficiary.

Overall, the cryptocurrency market is trending towards recovery and this is good for SHIB in the long term. This will be especially true if short-term fluctuations continue to favor SHIB.

The next 7-10 days will be crucial to whether SHIB can maintain this trend.

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SEC Seeks to Dismiss Kraken’s Three Key Defenses in U.S. Lawsuit

-- The Securities and Exchange Commission (SEC) has called Kraken’s defenses “legally untenable” and asked for them to be dismissed.
-- The lawsuit against the exchange was filed in November 2023.

The U.S. Securities and Exchange Commission (SEC) has asked the Northern District Court of California to dismiss three defenses raised by Kraken in response to allegations that the crypto exchange is engaging in illegal activity.

In a motion filed on November 5, the regulator rejected Kraken’s claims regarding a lack of clarity about securities laws and how they apply to virtual assets, as well as allegations that the exchange was not properly notified that its actions constituted a violation of securities law.

It also asks the court to reject Kraken’s “fundamental questions doctrine” defense. The doctrine is a legal principle established by the Supreme Court that states that agencies should not expand their regulatory powers without explicit authorization from Congress.

The SEC sued Kraken in November 2023 for operating the platform as an unregistered securities exchange, broker, dealer, and clearing agency. The SEC said it believed that since at least September 2018, Kraken had illegally earned hundreds of millions of dollars by facilitating the purchase and sale of crypto securities. Kraken filed a motion to dismiss, which was denied in August.

“In denying Kraken’s motion to dismiss, the court rejected Kraken’s contention that the fundamental questions doctrine precludes this claim from proceeding and also held that the definition of an ‘investment contract’ under the Exchange Act of 1934 is well-established law,” the SEC said in its motion.

According to the filing, Kraken “has now filed multiple requests for Histories, seeking voluminous sets of documents and lengthy admissions related to these legally unsound defenses.” “The court should reject these defenses in order to preserve the proper scope of the Histories, narrow the scope of summary judgment, conserve judicial and party resources, and prevent Kraken from attempting to re-litigate the same issues at every possible stage of this case.”

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Matrixport: BTC rate will soar to $100,000 within 3 months

The impact of potential changes to the U.S. Securities and Exchange Commission (SEC) guidance and the prospect of a U.S. Bitcoin Strategic Reserve could have a significant impact on the cryptocurrency market. A recent report from analyst firm Matrix on Target discusses the potential effects of the new regulatory environment and proposals, including Bitcoin Act 2024. This initiative, involves the U.S. government purchasing 1 million bitcoins (BTC) over five five years. Such actions could boost the price of the flagship digital coin.

It is expected that key changes could be made with the election of the new Donald Trump administration to the presidency. The billionaire, who has previously expressed a desire to support innovation in the crypto industry, plans to ease regulatory pressure. He has suggested forming an advisory board to bring transparent regulations and even replacing SEC Chairman Gary Gensler with a candidate more loyal to digital currencies.

A key milestone that Matrixport researchers are talking about is reaching the 8% level of global cryptocurrency usage. This value is considered a key transition point: once 8% of the population starts using digital currencies, we can expect a rapid increase in mass acceptance and adoption of new financial solutions. Stablecoins, decentralized finance and investment funds have the potential to play a significant role in this process.

At the Bitcoin 2024 conference, Trump emphasized that including bitcoin in the national reserve could enhance the economic stability of the United States. He also noted the importance of supporting domestic energy generation for mining . These steps are designed to make the United States a leader in the cryptocurrency sector, ensuring the security and transparency of the financial system.

If the Bitcoin Act is implemented, the government will create a decentralized vault protected from market fluctuations and assets will be frozen for 5 years. Analysts predict that bitcoin's appreciation could happen faster than expected, especially if the regulatory framework becomes more loyal. The $100,000 rate looks achievable in the coming months, as the general mood of market participants is clearly positive and possible political reforms play into the hands of digital assets.

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Bybit received a license in Georgia

-- Bybit announced that it has registered as a VASP in Georgia.
-- The company cited support for the country's digital transformation efforts.

Cryptocurrency exchange Bybit has successfully registered as a virtual asset service provider with the National Bank of Georgia. This was reported to Incrypted by the company.

As the organization noted, this demonstrates the exchange's strong commitment to regulatory compliance and positions it as an active and reliable partner in promoting the development of the digital economy in Georgia.

According to the release, Bybit has undergone the licensing process in several key markets, including Kazakhstan, the Netherlands and Turkey in 2024. This indicates Bybit's commitment to actively strive to create a transparent and secure environment for digital assets worldwide.

“We are honored to be registered as a VASP by the National Bank of Georgia, which marks a new chapter in our journey to support the growth of the cryptocurrency ecosystem. This registration underscores our commitment to providing users in Georgia with a secure and compliant platform, which further supports the region's ambitions to become a hotbed of blockchain innovation,” said Bybit co-founder and CEO Ben Zhou.

Bybit's entry into the Georgian market is intended to contribute to the country's digital transformation aspirations, the release emphasized. As the demand for cryptocurrency products and solutions grows, the exchange aims to provide world-class trading solutions to empower local users, entrepreneurs and institutional investors, the organization said.

Being at the forefront of progressive regulation and occupying a strategically important geographic location, Georgia has fertile ground for the development of the digital economy, Bybit pointed out.

The exchange aims to enrich this dynamic ecosystem by adopting global best practices, educating and opening new innovative opportunities for the region, the company said.

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3 Ethereum addresses, dormant for over 8 years, sell 44,706 ETH amid latest price hike

Three inactive Ethereum addresses have emerged from years of hibernation to sell large volumes of ETH following the recent ETH price spike.

The cryptocurrency market has witnessed many interesting developments this week. Topping the list is the emergence of over 200 pro-cryptocurrency candidates for various public offices in the United States, including the presidency.

This remarkable feat has led to a staggering jump in the prices of cryptocurrencies such as Bitcoin (BTC) and Ethereum (ETH). While ETH did not register a new all-time high (ATH) like BTC, the second largest cryptocurrency rose to nearly $2900.

Ethereum whales are awakening again after 8 years of inactivity

Interestingly, the owners of the three dormant Ethereum addresses capitalized on the recent price spike by selling some of their ETH assets. In total, these multi-year dormant addresses sold 44,706 ETH after the recent spike.

Leading on-chain analytics platform Spot On Chain brought to public attention two long-term ETH holders who sold 33,701 ETH for a whopping $89.72 million.

The first transaction came from an Ethereum ICO participant with the address “0xB8c”. Apparently, this address had been dormant since the ICO, but came out of hibernation after the price of ETH approached $2,700.

Upon awakening, the user transferred 25,000 ETH to the Kraken crypto exchange, selling it for $65.67 million. Spot On Chain speculated that the whale sold each ETH for $2,627. Despite the large sale, the user still held around 64,450 ETH worth $181.2 million.

In addition, a second whale, labeled Spot on Chain, emerged from 8.75 years of inactivity to sell over 8,000 ETH. This indicates that the Ethereum address “0x0c1” has been dormant since April 2016. With the surge in ETH this week, the whale became active and sold 8,701 ETH for USDC worth $24.05 million.

The address still held 2,304 ETH ($6.49 million) after taking a profit of $30.48 million, a return of 68,900%.

Additionally, another Ethereum whale with an eight-year dormant address, “0xd82,” cashed out $30.56 million after selling 11,005 ETH at $2777 per unit, leaving it with a zero ETH balance. Popular blockchain smart money platform Lookonchain indexed this transaction today in a post X.

According to Lookonchain, the whale has been a long-term ETH investor since 2016. At that time, the user purchased all 11,005 ETH from crypto trading platform ShapeShift. At the then ETH price of $3.46, Whale spent about $38,000 to accumulate 11,005 ETH coins. Interestingly, the user made a profit of $30.52 million, which is an 80,200% ROI.

Apart from these transactions, other Ethereum whales have also benefited from the recent price hike. ETH is currently trading at $2846 per coin, marking a 24-hour rise of 9.71%.

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XRP community reacts to whale moving 1,606,093,000 XRP via Bybit and Bithumb

Whale Alert reported that whales transferred $814 million worth of XRP in a matter of hours, sparking market curiosity. Yesterday's transactions included five separate transfers in which Whale deposited and withdrew large amounts of XRP from the exchanges.

Transaction details

Chain data from XRPL reviewer Bithomp shows that the first transaction occurred at 13:53 (UTC) between South Korean crypto exchange Bithumb and an unknown wallet. The exchange transferred 580,092,812 XRP ($297 million) to the receiving address “rPyCQm”.

While questions about the origin of the transaction prevailed, another large withdrawal occurred. Notably, in this transfer, a second Bithumb-linked wallet, “mArodsZ”, transferred 199,999,993 XRP to the same receiving address from the previous transaction.

The second withdrawal occurred by 14:00 (UTC), seven minutes after the first transaction. In addition, the transfer was worth $101 million at that time at an average price of $0.506 per XRP.

Two minutes later, the same address received 200,000,043 XRP from another Bithumb-linked wallet. Address “rJyEK6” sent $101.3 million worth of XRP to the receiving wallet “rPyCQm,” marking the third withdrawal to that address.

Meanwhile, the newly created wallet didn't stop its withdrawal, as Whale Alert shows it had received the largest amount of XRP for the day by 14:06 (UTC). Another Bithumb-linked address, “rZcBQa,” sent a staggering 600,000,096 XRP ($304 million) to the wallet address.

At the time of writing, the address “rPyCQQm” still holds everything it received from Bithumb. The wallet currently holds 1.586 billion XRP worth $859 million.

Another whale is transferring 20 million XRP to Bybit

Whale Alert also shows that another whale transferred 20,000,000 XRP to Bybit an hour later. The data shows that sending address “raQxZL” transferred $10.2 million worth of XRP to Bybit tagged address “rMvCas” at 3:06 p.m. (UTC).

The sending address has been continuously transferring XRP to Bybit recently. Bithomp data shows that the address transferred 10 million XRP to the exchange on Nov. 4 and the previous 10 million XRP on Nov. 1.

At the time of writing, the sending address still holds 386 million XRP worth $200 million. At the time of writing, XRP is trading at $0.5374, up 5.44% in the last 24 hours.

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Bitcoin miners are losing the battle for power to AI giants

The struggle of technology giants for electricity is jeopardizing bitcoin mining in the United States. The decision by the US regulator to block electricity supplies for Amazon's data center has significantly exacerbated the situation in the energy market.

The U.S. Federal Energy Regulatory Commission rejected a request that would have allowed the Susquehanna nuclear power plant in Pennsylvania to send some of the generated energy to Amazon's data center. The decision set a major precedent limiting the ability of major tech companies to quickly access energy sources to develop artificial intelligence infrastructure.

Bitcoin mining expert Jaran Mellerud notes the aggressive expansion of AI facilities across the U.S. “With the ability to generate significantly higher revenue per kilowatt hour, these operations easily outbid bitcoin miners in the battle for power.”

He predicts that by 2030, the U.S. share of the global hashrate will fall from the current 40% to less than 20%, and that mining will move to remote regions inaccessible to AI infrastructure.

According to the Bitcoin Policy Institute (a non-profit organization dedicated to research and policy development on bitcoin-related issues), the energy consumption of artificial intelligence systems may already exceed the amounts needed to mine bitcoin. Researchers predict that AI will consume 169 TWh in 2024, and by 2027 this figure will reach 240 TW⋅h, while mining will consume around 160 TW⋅h.

Cryptocurrency consultant Anibal Garrido emphasizes that it is not easy for miners to switch to the more lucrative AI sector due to the specifics of the hardware: ASIC machines designed for proof-of-work hash calculation cannot be repurposed for AI or data processing tasks.

The current situation reflects fundamental changes in the computing market, where traditional bitcoin mining is facing increasing competition from new technologies.

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Optimism claims to be the standard for Layer-2 solutions

The development of Optimism technology is attracting more and more major players in the crypto industry, strengthening the project's position as a leader among Layer-2 solutions for the Ethereum network.

Large companies choose Optimism

After the successful launch of Coinbase's Base network, new projects continue to join the Optimism ecosystem. Uniswap, Sony and Kraken have announced plans to deploy their own Layer-2 networks based on OP Stack technology.

Layer-2 is an additional blockchain layer that runs on top of the main Ethereum network. These solutions allow transactions to be processed outside of the core network and the resulting data to be transmitted into it.

Layer-2 networks play a key role in the development of the Ethereum ecosystem by enabling faster and cheaper transactions. Second only to bitcoin in terms of capitalization, Ethereum remains the leading platform for smart contracts, decentralized exchanges, and credit protocols.

Expansion strategy through grants

The Optimism Foundation actively supports new projects by allocating significant amounts in OP tokens. The Kraken exchange recently received a grant of 25 million OP tokens (about $42.5 million) to develop its Ink network.

As of September 30, the Optimism partnership fund has:

-- 841 million OP tokens to fund projects
-- 480 million OP tokens have already been distributed
-- 361 million OPs remain available (about $480 million at the current exchange rate of $1.32)

Expert Opinion

Offchain Labs CEO Steven Goldfeder notes the differences in approach, “There is a strategy focused on announcements and a strategy focused on real success and metrics on the web. Our strategy is to support real users and developers.”

Andrew Koller, creator of Kraken's Ink network, explains the choice of OP Stack: “We wanted to focus on the user experience without worrying about the complexities of blockchain management. So Optimism was an obvious choice.”

Results and outlook

Despite a 65% drop in the value of the OP token this year, this is less than the decline in other major Layer-2 tokens - MATIC from Polygon (-70%) and ARB from Arbitrum (-72%). Meanwhile, Ethereum's price is up 6% YTD.

The Optimism ecosystem continues to expand, attracting new participants and strengthening its position in the segment of Layer-2 solutions for Ethereum.

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SynFutures launches Perp Launchpad with $1 million grant for new tokens

SynFutures, a decentralized derivatives trading platform, has launched its Perp Launchpad platform to help crypto projects create open-ended futures markets.

According to SynFutures' press release, the platform aims to expand access to trading lesser-known tokens, offering users more opportunities to interact with various digital assets.

This trading platform stands out because it specializes in open-ended futures markets, a type of derivatives market. Perpetual futures are contracts that remain open indefinitely and are often used for leveraged trading.

This platform is also unique because most cryptocurrency platforms focus on spot trading or direct asset trading.

A $1 million grant for token projects

As part of this initiative, SynFutures is launching a $1 million grant program to support token projects, providing financial support, liquidity, and marketing assistance to help new projects build visibility and attract users.

By expanding access to derivatives, SynFutures allows these projects to host tokens and offers communities additional ways to interact through trading and liquidity provision.

Initially, Perp Launchpad will be powered by Base, a layer 2 network based on Ethereum (ETH), allowing projects to create permanent trading pairs for their tokens. SynFutures has already partnered with high-profile projects such as Lido and Solv Protocol, significantly expanding its ecosystem from July 2024.

The SynFutures startup platform also targets individual traders and provides access to a wider range of tokens, including popular meme coins. The platform offers incentives to attract traders to the derivatives markets, such as trading contests.

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Cryptomama could become the new head of the U.S. SEC instead of Gary Gensler

Ahead of the US election, SEC Commissioner Hester Pearce has emerged as a potential successor to the current head of the agency, Gary Gensler.

She owes her position to former President Barack Obama, who nominated her for the position in 2018. Over the years, she has earned the nickname “Cryptomama” in the crypto industry and quite often criticized Gensler's tough approach to regulating cryptocurrencies.

As you know, back in the summer, former President Donald Trump promised to fire Gary Gensler on the first day of his presidency, if he is re-elected of course, but that would require a good reason and the audits could last up to a year.

It seems Pearce has already figured out exactly what Gensler was doing wrong:

Leaving cryptocurrency to an endless series of misguided and overreaching cases was and remains a mistake with serious consequences.

Despite industry support for her possible appointment, Pearce becoming the head of the regulator seems unlikely, as she has announced plans to leave the commission after her term ends in 2025.

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