The Incrypted team has prepared another digest about the main events in the cryptocurrency industry this week. In it we will talk about the compromise of the Ledger Connect Kit library, Bitwise Asset Management forecasts for the crypto market for 2024, inflation in the US and many other interesting events.
Top News Bitcoin News
- Bitcoin price plummets below $40,500
On the night of December 11, the rate of the first cryptocurrency immediately fell below $40,500. Against this background, the volume of liquidations on the crypto market amounted to almost $410 million per day. The asset’s price has subsequently recovered and is trading near $42,100 at the time of writing, according to Tradingview.
- Bitcoin mining difficulty dropped for the first time since mid-September
On December 10, 2023, the difficulty of mining the first cryptocurrency decreased by 0.96%. This is the first drop in the indicator since mid-September 2023.
Cryptocurrency ETFs
- BlackRock makes changes to the structure of its proposed spot Bitcoin ETF
BlackRock has made changes to the structure of its spot Bitcoin ETF that will allow authorized participants to issue shares for cash.. This will likely open up access to the crypto fund to regulated financial institutions that are unable to hold Bitcoin or crypto derivatives on their balance sheets due to restrictions.
Denis Solomyanyuk- SEC postpones consideration of Invesco Galaxy’s Ethereum spot ETF application
The US Securities and Exchange Commission (SEC) has postponed the decision date on Invesco’s spot Ethereum ETF. The new review deadline is set for February 6, 2024.
- Gary Gensler: SEC Changes Its Position on Spot Bitcoin ETFs After Recent Courts
SEC Chairman Gary Hensler commented on the agency’s policy regarding Bitcoin spot funds. According to him, the regulator changed course after some court decisions.
- First Trust filed with the SEC for a Bitcoin buffer ETF
First Trust has filed an application with the US Securities and Exchange Commission to create a Bitcoin buffer ETF.. It is noteworthy that the papers do not mention either a ticker or the exchange on which the product will be traded if approved.
Binance
- Binance P2P will stop supporting the ruble
The Binance exchange will completely stop supporting the ruble on its P2P service from January 31, 2024. After the specified period, users will be able to continue trading currencies on the CommEX platform. To do this, just synchronize your account on the site with your Binance account.
- Binance co-founder criticized haters and made a statement about the company’s headquarters
Yi He criticized those users who are trying to denigrate the exchange. According to her, the headquarters and board of directors of the company will be created “as soon as such an opportunity arises.”
Ivan Pavlovskyy- US authorities will oversee Binance’s activities
The US Department of Justice (DOJ) plans to conduct detailed monitoring of the activities of the Binance cryptocurrency exchange. The firm’s new commitments include cooperation in providing United States authorities with access to all documents, records and resources upon request.
- American regulators praised the transformation processes at Binance
The Financial Crimes Enforcement Network (FinCEN), DOJ and the US Office of Foreign Assets Control (OFAC) announced changes to the Binance crypto exchange.
- Philippines SEC gives Binance three months to register
The Philippine Securities and Exchange Commission has given Binance three months to register in the country.. In a comment to the press, the head of the regulator said that the designated period of three months came into force from the moment the warning was published on November 29.
Cryptocurrencies and Ukraine
- Ukrainian regulators supported the implementation of FATF recommendations on cryptoassets
The Ministry of Digital Development and the National Commission for Securities and Stock Market of Ukraine supported the implementation of the standards of the Financial Action Task Force to Combat Money Laundering. Previously, both departments submitted their bills on regulating the crypto market to the Verkhovna Rada.
- A study of the problems and prospects of the Web3 industry was presented in Ukraine
Analysts presented a report on the problems and prospects for the development of the Web3 industry in Ukraine. It reflects the results of interviews with 50 Ukrainian founders in various sectors of Web3. The study was initiated by the Ministry of Digital Development together with the public union “Virtual Assets 2030” as part of the Web3 Institute project.
- The National Securities and Stock Market Commission commented on the possibility of amending the law on virtual assets after the IMF assessment
The National Commission for Securities and the Stock Market and the National Bank of Ukraine will conduct a joint assessment with the International Monetary Fund of the Law “On Virtual Assets”. The institution’s memorandum states that the existing regulatory framework in the field of virtual assets may pose risks to price stability and the efficiency of monetary transmission.
Bitcoin NFT added to the US National Vulnerability Database
On December 10, 2023, “inscriptions” were added to the US National Vulnerability Database – Bitcoin NFTs based on the Ordinals protocol. This comes after Bitcoin Core team member Luke Dashjr accused them of “spamming” the blockchain.
FTX: $24B IRS Claim Will Deprive Creditors Of Their Money
FTX Exchange Files New Document As part of Bankruptcy Court Case. In it, the company demanded to establish a clear procedure for calculating the amount of debt to the US Internal Revenue Service (IRS).
The Ministry of Finance updated inflation data in the USA. Bitcoin held its position
In November 2023, the consumer price index in annual terms was 3.1%. This follows from a report from the Bureau of Labor Statistics at the US Treasury Department.. It is noteworthy that in October the figure was 3.2%. Its reduction indicates a slowdown in inflation.
Donald Trump presented a new NFT collection
Former President of the United States of America Donald Trump presented a new NFT collection called Mugshot Edition. One token costs $99. People who purchase 47 NFTs in one transaction will receive a physical card containing part of the suit Trump was wearing during his arrest in Georgia in August 2023.
The Fed left interest rates unchanged. Bitcoin tested the level of $43,000
On December 13, 2023, a meeting of the Federal Open Market Committee of the US Federal Reserve was held. After its completion, the regulator announced its decision on the interest rate, leaving the indicator unchanged.
Bitwise Asset Management made 10 forecasts for the crypto market for 2024
ETF provider Bitwise Asset Management shares 10 crypto market predictions for 2024. Among them: the approval of a spot exchange-traded fund for bitcoins, the rapid growth of the asset price and the level of adoption.
SushiSwap and other DeFi protocols reported a compromise of the Ledger library
The SushiSwap CTO reported on his X (formerly Twitter) that the Ledger Connect Kit library had been compromised, resulting in damage to decentralized applications (dApps)