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Grayscale CEO Claps Back At Jamie Dimon For Saying Bitcoin Should Be Banned 📣
➡️ Bitcoin is here to stay whether big banking executives like Jamie Dimon like it or not, according to Grayscale CEO Michael Sonnhenshein.
♾ The executive is the face of the company spearheading the world’s largest Bitcoin (BTC) and Ethereum (ETH) investment funds. Grayscale is currently negotiating with the Securities and Exchange Commission (SEC) to approve each fund’s conversion into publicly traded spot ETF products.
🟢 Despite opposition, the company won a lawsuit against the government regulator in August in a major step towards doing just that. Yet earlier this week, JPMorgan’s CEO said that if he were in charge he’d close Bitcoin down entirely.
✅ Sonnhenshein responded with understanding, yet dismissal. In a Wednesday interview with Yahoo Finance, he said:
💬 “I think every executive, particularly in the financial services space, is going to have their own opinions on new technologies and whether that’s crypto or Bitcoin specifically. But if you take a big step back, there is no question that this asset class is here to stay, that investor interest in this asset class is only growing.”
⚠️ After a major rally above $44,000 earlier this week. Bitcoin is up over 160% year to date. Ethereum, meanwhile, is up 96% at over $2,300.
🚨Breaking: US Space Force Urges Bitcoin Adoption To US DOD, Cathie Wood And & Deaton Reacts ⚡️
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Coinbase’s Custody Success: A Major Player in Nearly Every U.S. Bitcoin ETF Application ⚠️
➡️ Over a dozen asset managers have applied to launch a Bitcoin spot ETF in the United States this year – and Coinbase is poised to serve as custodian for virtually all of them.
🔴 The firm’s custody arm, Coinbase Custody, is listed as a custodian in the S-1 registration forms for physically-backed Bitcoin ETPs sponsored by ARK, Bitwise, WisdomTree, Invesco, Valkyrie, Global X, and Franklin Templeton, according to Bloomberg ETF analyst James Seyffart.
❗️ That’s not all: Grayscale, owner of the world’s largest Bitcoin fund, will continue using Coinbase to manage its 600,000+ BTC upon its planned transition into an exchange-traded fund.
📣 BlackRock, which tapped Coinbase Custody for its institutional BTC trading service last year, will also allow the firm to manage its fund’s coins.
💬 “Coinbase looks dominant,” said Seyffart regarding the applicants’ custodians of choice. “Though i wouldn’t be surprised to see some of these ETFs have more than one custodian at some point down the line. There’s enough players — there will be competition.”
Belgium Moves to Accelerate EU Blockchain Infrastructure Project ‼️
⚡️ The Belgian government has unveiled plans to accelerate the development of a blockchain infrastructure project in Europe during its Council of the European Union presidency in early 2024. Mathieu Michel, Belgium’s Minister of State for Digitalization, shared with Science|Business media on November 21 the four key objectives the country aims to accomplish during its upcoming presidency.
📣 These goals include establishing a public blockchain for pan-European Union infrastructure and initiatives to address challenges related to the digital economy, online anonymity, and artificial intelligence (AI). Michel highlighted the idea of building innovative blockchain applications on a common infrastructure overseen by the government, considering the growing number of countries exploring blockchain-based applications.
⚠️ The Minister of Digitalization also proposed a strategic overhaul of the European Blockchain Services Infrastructure (EBSI) project, which was established by the European Commission in 2018. The project collaborated with the European Blockchain partnership of 27 EU member states, including Liechtenstein and Norway.
Bitget Releases Position Grids to Reshape Digital Asset Trading 🟥
✅ Cryptocurrency exchange, Bitget has launched position grids, a trading tool to enable users take advantage of market fluctuations in a bid to scale up activities. In a recent press release, the exchange announced the integration of its trading tools to aid all users including helping low-capacity traders minimize their losses.
🟢 Position grids can be described as bots utilized on futures and spot markets that automate buying and selling within a system-determined price range to benefit users. Gracy Chen Bitget’s Managing Director said the move shows determination to carry along traders on different experience levels as they get introduced to the market.
💬 “With the introduction of Position Grids, Bitget reaffirms its commitment to providing innovative tools for traders at all levels. This feature marks a significant step forward in enhancing the trading experience, aligning with our vision of making crypto trading accessible, and providing everyone a smarter way to trade.”
➡️ Over the years, several research papers have placed the technicalities of blockchain technology and crypto trading as reasons for slow adoption among potential users leading to executives creating more awareness. It should also be noted multiple companies have launched tools to make trading easy as part of wider efforts to drive adoption and protect investors.
📌 According to the statement, Bitget’s position grids will intelligently suggest parameters based on present and past prices forming a price range while offering flexible use of assets on the exchange.
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Spartan Capital Invests in DeFi Protocol Pendle in a Follow-on Funding Round 🟢
📌 In a strategic move to boost the burgeoning landscape of decentralized finance (DeFi), Spartan Capital has announced its continued commitment to Pendle Finance through an over-the-counter (OTC) acquisition.
➡️ As revealed in a Medium post on November 9, this new investment underscores the venture capital (VC) firm’s strong belief in Pendle’s innovative approach to the on-chain yield market.
🔔 Prior to this move, Spartan Capital has been a pioneering supporter of Pendle Finance, advocating for its objectives since its debut in 2021.
👌 The VC also pointed out the huge popularity of interest rate derivatives. These are financial contracts tied to interest rates or assets with interest. They have an enormous value, reaching hundreds of trillions each year, and play an important role in the traditional financial market.
➡️ Pendle Finance has solidified itself as a clear leader in the Liquid Staking Derivatives and LSDfi development, with the latest utility integration, including Real-World Assets (RWA). The company’s role in bridging these tools into the DeFi ecosystem is an indicator of the interest rate derivative sector maturity and potential growth trajectory.
➡️ On a closing note, Kelvin Koh, the Managing Partner of Spartan Capital, stated that the convergence of Liquid Staking Derivatives and Real World Assets provides an exceptional landmine for the DeFi sector.
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Not a week goes by without interesting news about the Sundae project.
After a post by one of the founders of the Odyssey project regarding Bitget exchange opening Sundae deposits was published, Elon Musk made a post on his X network:
"Ice cream is one of the great joys of life."
It's hard not to agree with Elon. In just two months, the Sundae token's value has increased from $0.25 to $4, making its many followers 16 times richer.
We'd like to remind you – this is at least the third mention by Musk of some "ice cream." The first mention miraculously coincided with the listing on MEXC.
So, what is Sundae? What's the secret behind the rapid token's value growth during such a depressive period of bear market rally?
The secret of this growth partly lies in rumors that Sundae senators have established an accumulation fund where about 30% of the token's sales profit goes.
The fund plans to invest in various sources of income, such as trust funds, media, online schools, IT companies, digital agencies, and even immortal canvases by world-famous authors.
The project has all chances to become revolutionary, as evidenced by its listing on major exchanges like MEXC and Bitget, the participation of bloggers with a million-strong audience and funds that previously invested in the current market "monsters."
One of the Odyssey co-founders explains: "Sundae means 'ice cream dessert.' Yesterday, the token cost only $0.25, less than ice cream. Today it's already $4, and tomorrow it could be worth thousands. Can you buy your secure future at the price of an ice cream? A foolish question, of course, you can!"
Bitcoin’s Value Can Outpace Gold, Says Fidelity Executive 📌
➡️ Bitcoin (BTC) may be a form of “exponential gold” capable of outperforming the precious metal in times of high inflation, wrote Fidelity’s Global Macro Director Jurrien Timmer on Wednesday.
🔔 In a series of threads posted on X this week, Timmer outlined how Bitcoin’s risk-return ratio is in a “different universe” from traditional asset classes like gold, stocks, or treasury debt.
💬 “In my view, Bitcoin is a commodity currency that aspires to be a store of value and a hedge against monetary debasement,” he wrote on Wednesday. “I think of it as exponential gold.”
♾ While recognizing gold as “money,” the analyst said it is “too deflationary and clunky to be used as a medium of exchange.” Nevertheless, the precious metal has gained market share relative to GDP during periods of excessive money supply growth, such as in the 1970s and 2000s.
🟢 Bitcoin bullish hedge fund managers from Paul Tudor Jones to BlackRock’s Larry Fink have frequently likened Bitcoin to “digital gold” for its reliable scarcity in comparison to dollars or other forms of fiat currency.
➡️ When the Federal Reserve reduced interest rates in 2020, Bitcoin and gold surged to new all-time highs within months. Likewise, each experienced major retracements in 2022 as interest rates climbed, but both have recovered remarkably well since then.
November promises to be a very eventful month for all participants of the Sundae project
Is this tied to the project's creator announcing an imminent token listing on a major exchange or the upcoming Sundae Day in the USA? We will find out soon.
A reminder of what is known about the project:
Sundae is a crypto token that equates to digital art. Currently, Sundae is available at the price of an ice cream, but in a month, the token's value may reach $25, and subsequently $50, $100, or even $1000.
What is remarkable it's the coincidence: one of the Sundae creators posted information about the project on Telegram, and 20 minutes later, Elon Musk posted a photo where he was eating Sundae ice cream in his childhood. It might be a coincidence, but it could also be Musk's intention.
Investing in Sundae today might resemble buying McDonald's stocks on its opening day in 1940 or accidentally purchasing a Picasso drawing for ten dollars.
The Sundae project was established by the team of Odyssey and the popular meme token Grimace.
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One of the Main Accused Arrested in Alleged $240 Million Crypto Scam in India 📣
➡️ A Special Investigation Team (SIT) in India carried out extensive searches at 41 locations in the state of Himachal Pradesh on Sunday as part of the ongoing investigation into the alleged $240 million crypto scam.
🔔 The operation resulted in the arrest of Abhishek Sharma, one of the main accused who had been evading capture, police told local media today. Abhishek Sharma, a resident of Una district, was identified as one of the primary individuals involved in the scam that began its illicit operations back in 2018.
➡️ The alleged kingpin of the multi million crypto scam, identified as Subash, is still at large. At the core of this fraudulent scheme were promises of substantial returns through an investment plan related to a locally created cryptocurrency known as “Korvio Coin” or KRO coin.
📌 Initially, the scame was alleged to be at around $24 million, but amid ongoing investigations police estiamtes the scam to be somewehere around 2000 crore INR ($240 million).
Doctor Pleads Guilty to Bitcoin-Paid Darknet Murder Plot Against Girlfriend 📌
🟢 A Georgia medical doctor admitted to using Bitcoin to pay someone $16,000 on the dark web in an attempt to kill his girlfriend, according to the US Attorney's Office, Northern District of Georgia. On October 17, Dr. James Wan, 54, pleaded guilty in Atlanta federal court to one count of using a facility of interstate commerce in the commission of murder-for-hire, the US Attorney's Office announced in a news release.
➡️ The US Attorney, Ryan K. Buchanan, highlighted how Dr. Wan used the dark web to hide his sinister plan, but thankfully, it was stopped before any harm was done to the girlfriend. The FBI learned of this murder-for-hire plot from a confidential informant who watches the dark web and alerts authorities about solicitations for murder that seem credible and dangerous.
🟥 The court allowed the government to keep the informant's identity and the dark web marketplace secret from public filings to aid future investigations. The targeted girlfriend, whose name is not disclosed in court documents, was placed under FBI protection after the plot was discovered, ensuring her safety.
➡️ According to US Attorney Ryan K. Buchanan, Dr. Wan used the dark web to hide his dangerous scheme, but thankfully, it was uncovered before anyone got hurt.
Keep crypto anonimized and out of governmental control
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StarkNet Foundation Set to Allocate 1.8B STRK Tokens for User Rebates and Provisons’ Committee ❗️
📣 The Starknet Foundation has unveiled plans to distribute 1.8 billion STRK token rewards and rebates to drive the adoption and growth of the Starknet blockchain. While specific distribution plan details are not provided, the Foundation intends to involve various committees to oversee the overall allocation of the L2 tokens.
🟢 In a December 8 announcement on X (formerly Twitter), the Foundation highlighted the role of the “Provisions Committee,” a distinct committee within its ecosystem, in managing the distribution of rewards to users and community members. It added:
💬 “The committee’s objective is to distribute ownership of the network’s native token and to reward past and future contributions by users and community members. We’ve been working on the first phase of distributions for a while now, and we are close to getting this over the line. There’ll be more formal communications on this soon.”
🟥 The committee will disburse 900 million STRK tokens in stages to acknowledge both past and future contributions made by users and community members. This distribution phase is set to commence in the first half of 2024.
Envision Joins Hands With HBAR Foundation in Latest Move to Digitize Carbon Markets 📌
🟢 Web3 development protocol Envision Blockchain Solutions has partnered with the HBAR Foundation to create a blockchain-centric system for handling the carbon markets. The collaboration, announced in a press release on December 4, aligns with Envision Blockchain’s commitment to innovative enhancements within its open Guardian framework.
➡️ Formalized during the United Nations Climate Change Conference (COP28), the partnership will see Envision and the HBAR Foundation collaborate on a new open-sourced Managed Guardian Service (MGS) platform.
⚡️ Providing more details on this, the Web3 development solution firm said the MGS platform would solely focus on creating a state-of-the-art digitized and digital measurement, reporting, and verification (dMRV) framework for the carbon markets.
➡️ Envision noted that the MGS platform and the UN Climate Change Global Innovation Hub signify a new turn in the carbon markets space.
➡️ The platform will be powered by Hedera Hashgraph’s distributed ledger technology (DLT) and its native coin, the HBAR asset, aiming to revolutionize the approach to addressing global climate change concerns.
IRS Deals Devastating Blow to FTX With $24 Billion Tax Claim, Crypto Exchange Pushes Back 👀
🔔 According to a November 30 filing by FTX debtors, the IRS tax claims of $24 billion filed in early November are “completely unsubstantiated” and FTX has now requested that the claims be dismissed by the bankruptcy court.
➡️ Sam Bankman-Fried’s FTX was hit with a major setback in its bankruptcy proceedings when the IRS filed the staggering tax claims last month, presenting a potentially insurmountable obstacle for the exchange as it attempts to recover funds and reimburse customers.
🟢 FTX asserted that the IRS has failed to provide any factual or legal rationale to justify tax claims of such an immense magnitude, especially given FTX’s financial circumstances.
➡️ The filing stated that despite ongoing discussions and repeated requests, the IRS has not substantiated the basis for maintaining tax claims that vastly exceed FTX’s estimated earnings and debts. FTX argued that the IRS claims, which currently total 47 separate claims against 31 FTX debtors, were speculative and threatened to impede customer reimbursement efforts indefinitely.
⚡️ The scale of the IRS tax claims against FTX, among the largest ever levied by the agency, has prompted urgent legal action by the exchange. FTX contends that the unexpected tax claims of approximately $24 billion could critically impact its objective of restoring funds to customers and creditors affected by FTX’s shocking collapse in November 2022.
CZ’s Lawyers Push Back Against Flight Risk Claims 📌
⚠️ In a court filing from November 23rd, representatives for the Dubai-based Zhao argued he posed no flight risk in part due to the fact he traveled to the United States to self-surrender and take responsibility for his crimes. Additionally, the defense for Zhao added that he has no criminal past and is recognizable worldwide.
‼️ Moreover, the defense noted that Zhao and his partner welcomed their third child a few months ago and that “preventing him from returning to them would be punitive.”
💬 “Allowing Mr. Zhao to remain in the UAE will, in turn, allow him to take care of his family and prepare them for his return to the U.S. for sentencing,” Zhao’s attorneys wrote.
💬 “To flee would be to risk additional charges, a likely much greater potential Guidelines range, and a host of other grave consequences to Mr. Zhao and Binance,” claimed Zhao’s defense. “To return, however, would be to potentially serve a brief or possibly no prison term and then return to his family with this matter behind him.”
➡️ 1The filing comes days after Zhao pled guilty to anti-money laundering charges and stepped down from his role as CEO at the world’s largest crypto exchange.
KuCoin became the first exchange that listed Islamic Coin, but there are more top-tier exchanges to come🔔
👀According to the Islamic Coin's socials the official listing of $ISLM on KuCoin was held on October 10. Islamic Coin also announced that KuCoin is only a first platform on the list and soon there will be other launches on top-tier CEX and DEX platforms. That means ISLM will receive new liquidity and improve its price.
✔️Islamic Coin is backed by top names in finance and UAE Royal Family members on Executive Board. The mission of the company is to empower 1.8B+ Muslims with a gateway to Shariah-compliant Web3. Islamic Coin recently won «Best Blockchain Infrastructure of the Year» at TahawulTech’s Future Enterprise Awards 2023.
🟢The potential audience of ISLM is over 2 billion people and developers suggest that if only 3% of this audience holds ISLM token, the capitalization will be comparable to BTC. At the moment this project already has the biggest Twitter account among crypto Muslim community with 1.3M followers.
📌 In addition, partnerships with SushiSwap and Pyypl will help further expand Islamic Coin's ecosystem, providing liquidity and staking assets, and setting the stage for lucrative token mining opportunities.
🟢 Even before the listing Islamic Coin has already secured $400M from private investments and from ABO Digital. Join Islamic Coin Official Telegram Channel not to miss any updates on the listings and check KuCoin to trade and deposit ISLM.
Coinext Crypto Exchange CEO Highlights Competitiveness Driven by Brazil’s Crypto Regulatory Environment ♾
➡️ José Ribeiro, the CEO of the cryptocurrency exchange Coinext, shared his perspective on Bitcoin and the crypto landscape in Brazil during the Web Summit in Lisbon.
➡️ During the Web Summit, Ribeiro discussed the vibrant crypto economy in Brazil and the growing competition in the country’s payments sector due to regulatory clarity. He highlighted that while cryptocurrency might be “out of fashion,” it continues to attract new users, especially in emerging markets like Brazil.
🟢 According to Ribeiro, Bitcoin transaction volume in Brazil is expected to reach record levels in 2023, while interest rates in Brazil are expected to decrease, driving increased adoption of Bitcoin. He attributes this growth to the increasing presence of global crypto exchanges like Binance, OKX, and Coinbase in the country.
📌 Ribeiro emphasized the heightened competitiveness in Brazil’s crypto economy, driven by factors such as historical issues with inflation and anticipated interest rate changes.
🔴 He noted that interest rates in Brazil are currently at 12.25% but are expected to decline to around 9.25% by December 2024. Lower interest rates, along with global factors like the approval of a spot Bitcoin exchange-traded fund in the United States and the Bitcoin halving, are anticipated to impact cryptocurrency prices.
Fnality Receives $95 Million Investment Led by Goldman Sachs, BNP Paribas 📣
➡️ Fnality International, a company specializing in tokenized cash solutions on blockchain, has secured a substantial investment of $95.2 million, according to Bloomberg. The funding round was spearheaded by prominent financial institutions Goldman Sachs and BNP Paribas.
🔔 Established in 2019, Fnality International emerged from a blockchain project initiated by UBS. The company’s objective is to create digital versions of major currencies for use in wholesale payments and transactions involving digital securities.
🟢 The Series B funding round, which also included investors like the Depository Trust & Clearing Corp., Euroclear, Nomura Holdings Inc., and Wisdom Tree Inc., marks a significant capital infusion for Fnality International since its last funding round of $63 million in 2019 led by UBS, Banco Santander, BNY Mellon, Barclays, CIBC, Commerzbank, ING, Lloyds Banking Group, Nasdaq Ventures, State Street, and Sumitomo Mitsui Banking Corporation.
📌 This investment will be directed towards the development and operational expansion of Fnality’s blockchain-based payment system, initially focusing on a British pound-based version with GBP, USD, EUR, CAD, and JPY in scope. Despite some delays in product development, according to Fnality Chief Executive Officer Rhomaios Ram, the firm anticipates the initial operation of its Sterling payment system by the end of the year, pending regulatory approval.
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Japanese Megabank Mitsubishi UFJ Teams up with Crypto Exchange for Stablecoin Project 📣
📌 The Japanese banking giant Mitsubishi UFJ will join forces with one of the nation’s biggest crypto exchanges for a new stablecoin offering. The bank will team up with Bitbank, one of Japan’s biggest and longest-running crypto exchange platforms.
♾ The firms and their partners want to develop a stablecoin-powered settlements platform for crypto firms.
🔔 The bank has been keen to launch stablecoin services after the government earlier this year approved legislation that allows banks and other regulated, traditional financial institutions to launch, handle, and operate stablecoins.
➡️ Per an official release and a report from Nikkei, Mitsubishi UFJ (MUFJ)’s trust and banking arm will work on the project with a range of domestic crypto and Web3 firms. The result, the firm claimed, will be the creation of a stablecoin-powered “international payment system.” The platform is slated to roll out in 2024, and will involve issuing stablecoins that are pegged to the Japanese yen and the United States dollar.
➡️ MUFJ revealed that it is working with the Web3 provider Ginco on the platform construction, along with Progmat, the bank’s own stablecoin affiliate.
JPEX Scandal Won’t Deter Hong Kong’s Web3 Market Development, Says Treasury Secretary ‼️
🟢 Amidst the $213 million scandal involving the cryptocurrency exchange JPEX, the Hong Kong government has maintained its commitment to advancing its Web3 vision for the region.
➡️ Christopher Hui, the Secretary for Financial Services and the Treasury of Hong Kong, assured the city’s vision to develop the web3 market during a keynote address at Hong Kong Fintech Week on November 2.
🔴 Hui emphasized that the recent controversy surrounding JPEX would not deter the government’s determination to foster growth in the Web3 market.
🟢 The JPEX scandal revolves around a financial scandal involving the Dubai-based exchange, which has faced allegations of defrauding 2,500 locals. The scandal has balloned up to $213 million since it was uncovered in late September.
📣 This prompted the Securities and Futures Commission (SFC) to issue a warning that JPEX was promoting its services locally without a license.
✅ In response to the alleged actions of the JPEX scandal, Hong Kong has vowed to tighten its cryptocurrency regulations.
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Bitmain’s Latest Air-Cooled Antminer Set for Q1 2024 Shipping 📌
➡️ Bitcoin mining firm Bitmain has formally launched the Antminer T21, a new air-cooled Bitcoin miner. The company made the announcement today, October 26, on X.
➡️The Antminer T21 is the company’s new air-cooling miner, which can tolerate temperatures as high as 45 degrees Celsius. The new mining gear from Bitmain is anticipated to ship in January 2024. The BTC miner comes with an energy efficiency ratio of 19 joules of energy efficiency per terahash (J/TH) and a processing power of 190 terahashes of processing power per second (TH/a).
🟢 This new Antminer T21 offers more energy efficiency per terahash compared to its predecessor, the Bitcoin Miner S21 Hyd, which offers 16.0 J/TH. In addition, the air-cooling miner is compatible with the SHA256 mining algorithm, which is used for mining proof-of-work (PoW) cryptocurrencies like Bitcoin, Bitcoin Cash, and Bitcoin SV (BSV).
⚠️ According to Bitmain’s head of marketing, Xmei Lin, the Antminer T21’s global launch took place at the Blockchain Life 2023 Forum in Dubai.
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Testimony from the FBI, Kendall Jenner, and Revealing Twitter Messages 📌
➡️ The prosecution started with a bang as Nishad Singh delivered a powerful testimony against the now-disgraced FTX founder. Singh testified that customer deposits into FTX were "spent and lost" by sister company, Alameda Research, on "real estate investments, VC investments, campaign donations, and speculative events in trading."
🔔 The former head of engineering for FTX went on to say Bankman-Fried spent in "excess," claiming that the disgraced crypto founder spent nearly $1 billion on promotional deals for the company. Bankman-Fried's lavish lifestyle was widely reported on, with the former "king of crypto" bankrolling a $35 million luxury penthouse for himself and nine other FTX and Alameda Research employees. While Singh claimed he had "the nicest room in the house," he often felt "confused" about its "ostentatious" nature.
🟢 The prosecution went on to share an email from Bankman-Fried in early 2022 detailing a Super Bowl party attended by the FTX founder. Thrown by venture capital firm K5 Global, the party featured "the most impressive collection of people," including former presidential candidate Hillary Clinton, Amazon founder Jeff Bezos, Netflix CEO Ted Sarandos, and supermodel Kendall Jenner.