The editors of Incrypted have prepared a fresh digest with an overview of key events in the digital asset industry over the past week. This time we will talk about the cessation of Binance Card in Ukraine and Europe, the forecast for 2024 from Messari, the increase in the cost of FTX claims and other news.
Top News Bitcoin News
- The Bitcoin rate continued to recover
This week, the Bitcoin rate continued its gradual recovery after a noticeable drop in the value of the asset on the night of December 11, 2023. Then the price of the first cryptocurrency immediately dropped to $40,500.
In recent days, Bitcoin has again tested the $44,000 mark..
However, on December 21, 2023, users paid $18.6 million in transaction fees on the Bitcoin network. According to this indicator, the asset has surpassed Ethereum. It is noteworthy that on December 17, 2023, the average commission on the network of the first cryptocurrency exceeded $37.
- Bitcoin miner Cipher purchased more than 37,000 Antminer T21
Bitcoin miner Cipher Mining announced the purchase of equipment from Bitmain for $99.5 million. The company will purchase 37,396 Antminer T21 installations. The agreement provides for completion of deliveries in the first half of 2025.
- Hut 8 will open a 215 MW mining farm in the USA
Canadian mining company Hut 8 has signed a contract to build a facility in Texas. As part of the agreement with Celsius’ creditors, it will open a 215 MW bitcoin mining complex.
Crypto market forecasts
- Messari forecast for 2024: Bitcoin at $600,000 and the dawn of “consumer” markets
Analytical company Messari presented a comprehensive forecast for the crypto market for the next 12 months. The report highlights key events in 2023 and possible trends in 2024.
According to experts, in the future, Bitcoin may overcome the $600,000 mark, as its parity with gold will increase. Messari also analyzed the shift in lawmakers’ rhetoric, pointed to signs of CeFi’s recovery, and noted the growing dominance of L2 solutions.
- VanEck CEO believes Bitcoin will reach all-time high within a year
Investment company VanEck CEO Jan van Eck said Bitcoin will set a new ATH within 12 months. According to the expert, halving and the potential approval of spot ETFs could lead to a rapid increase in the value of the asset.
- QCP Capital allowed Bitcoin to fall to $36,000
Against the backdrop of optimistic forecasts and excitement around Bitcoin, representatives of the Singaporean company QCP Capital allowed a different development of the scenario. Experts do not rule out a fall in the Bitcoin price to $36,000 if spot Bitcoin ETFs encounter low demand at the launch stage.
Cryptocurrency ETFs
- Crypto companies have started advertising spot Bitcoin ETFs
Last week, companies in the digital asset industry unveiled promotional materials for spot Bitcoin ETFs. Bitwise was the first to do this, publishing a 16-second video with “the most interesting person in the world.”
Subsequently, advertising material was released by Hashdex. On its X (formerly Twitter), the company published a message in which it offered services for investing in Bitcoin.
Denis Solomyanyuk- BlackRock Adds Ticker to Spot Bitcoin ETF Registration Application
BlackRock has amended its application to register a spot Bitcoin ETF to include the ticker IBIT.. The firm also chose the model of the mechanism for redeeming fund shares in cash, rather than in bitcoins, as was originally intended.
- Media: SEC to approve spot Bitcoin ETFs by January 10
The US Securities and Exchange Commission (SEC) is likely to approve several applications for registration of spot Bitcoin ETFs before January 10, 2024. Fox Business reports this with reference to its sources.
- Michael Saylor calls potential approval of spot Bitcoin ETFs a key development on Wall Street
Former MicroStrategy CEO Michael Saylor sees potential SEC approval of spot Bitcoin ETF applications as a key development on Wall Street.
The entrepreneur pointed to the fact that until now investors have not had access to a “high-bandwidth channel” to invest in Bitcoin. With the advent of spot ETFs, the situation will change dramatically, the businessman notes.
- Hong Kong regulators will begin accepting applications for spot cryptocurrency ETFs
The Securities and Futures Commission and the Hong Kong Monetary Authority announced their readiness to consider applications for the launch of spot exchange-traded crypto funds. Regulators have published a document establishing uniform standards for the distribution of investment products using virtual assets.
Binance
- The court officially dismissed the CFTC case against Binance
The US District Court has approved a settlement agreement between the Binance crypto exchange and the US Commodity Futures Trading Commission (CFTC). The statement announced the official settlement of the dispute and the conclusion of the case against the company.
As a reminder, on March 27, 2023, the CFTC filed a lawsuit against Binance and its CEO Changpeng Zhao (CZ) for violating US law.
Ivan Pavlovskyy- Binance has integrated 19 applications into its Web3 Wallet
Cryptocurrency exchange Binance has completed the integration of decentralized applications (dApps) into its Web3 Wallet.
Now the crypto wallet supports applications from such projects as Dodo, Radiant Capital, Maverick, WooFi, CyberConnect, QuickSwap, GMX, Gala Games, BinaryX, 1inch, Maker, Compound, Curve, Convex, Frax Finance, Sushi, Yearn Finance, Alpaca, BiSwap. In total, Binance has integrated 19 dApps.
Cryptocurrencies and Ukraine
- In 2023, more than $500,000 in cryptocurrency donations were collected in Ukraine using Whitepay
In 2023, using the Whitepay solution in Ukraine, it was possible to collect more than 500,000 USDT for charity. This was reported to Incrypted by representatives of a company specializing in providing crypto-acquiring for businesses.
- German and Ukrainian police shut down Kingdom Market darknet market
Law enforcement officers from Germany, Ukraine, the USA and Switzerland conducted an international operation. As a result, the police managed to close the Kingdom Market darknet site, seize the servers and arrest the project administrator.
FTX and Alameda Research
- FTX debtors presented an updated plan to restart the exchange
Debtors of bankrupt cryptocurrency exchange FTX, along with lawyers from Sullivan & Cromwell, have amended the exchange’s Chapter 11 reorganization plan.
The document states that the value of claims on assets of FTX clients must be established retroactively. The debtors want to achieve the valuation of cryptocurrencies at the time the exchange files for bankruptcy, that is, November 11, 2022.
- The value of the FTX exchange SOL portfolio grew to $4.2 billion
The value of the FTX exchange portfolio in SOL tokens has grown over the past months from $1.16 to $4.2 billion. This happened against the background of a jump in the price of the asset, which has grown by 450% since January 2023.
Dmitriy Yurchenko- FTX enters into agreement with liquidators of Bahamas unit
Crypto exchange FTX and its affiliated lenders have entered into an agreement with the Bahamian unit and its liquidators. The deal determines how claims will be filed and funds will be distributed.
- The cost of FTX debt rose to $0.73 per $1
The cost of debt claims against the bankrupt FTX exchange increased to $0.57-$0.73 per $1. Analysts say a key factor behind the growth is a message from the company’s bankruptcy managers that the bankrupt firm’s clients will receive “more than 90% of the distributed value” if the plan is approved.
- Since the end of October 2023, FTX and Alameda Research have sold SOL for $666 million
Between October 23 and December 14, 2023, FTX and Alameda Research sold 13.22 million SOL for a total of approximately $666 million. This follows from a report by Spot On Chain analysts.
Hackers
- The US court officially approved the confiscation of Silk Road crypto assets
US Circuit Court of Appeals rules in Silk Road case. This is the final approval of the seizure of 69,370 BTC and other cryptocurrencies associated with the darknet marketplace.
- Ledger will return funds to victims of the Connect Kit exploit
Ledger has promised to compensate losses to users affected by the Connect Kit library compromise. Representatives of the company reported approximately $600,000 in cryptocurrencies stolen as a result of a phishing attack. They intend to return all assets to users by the end of February 2024.
Ivan Pavlovskyy- Interpol detains 3,500 people and seizes $300 million in cybercrime operation
An international operation to combat cyber crime led by Interpol led to the arrest of 3,500 suspects and the seizure of $300 million.
According to the information provided, Operation HAECHI IV lasted six months and was aimed at countering seven types of cyber fraud. 34 countries took part in it.
- Experts announced a large-scale phishing attack in the Google and X search engines, affecting 63,000 people
A malicious smart contract allowed fraudsters to take possession of crypto assets worth more than $58 million, analysts from the Scam Sniffer platform said.. Funds were stolen from more than 63,000 people using phishing software known as a “drainer.”
- Hacker sells access to law enforcement query panel based on Binance customer data for $10,000
Access to the Binance data request portal is being sold for $10,000 on the BreachForums.
In his announcement, the attacker under the pseudonym Miembro noted that this platform is used by law enforcement officers to make inquiries regarding account data on the exchange. Hudson Rock has warned of the dangers for owners of crypto assets.
Tether announced cooperation with the FBI and the US Secret Service
Tether works closely with the Federal Bureau of Investigation (FBI) and the US Secret Service. This follows from the organization’s letters to representatives of the American authorities.
Prices for the Solana Saga smartphone jumped to $5,000 on eBay
Two Solana Saga smartphones were sold on eBay for $5,000 per device. The increase in price occurred against the backdrop of news that all phones were sold out in the official store.
Report: Blockchain gaming market to grow to $614 billion by 2030
Analytical company Fortune Business Insights presented a report on the expected growth of the gaming industry with blockchain solutions. Experts expect a fourfold increase in market volume by 2030.
Coinbase sues SEC for refusing to consider petition
The Coinbase platform has asked the Third Circuit Court of Appeals to force the US Securities and Exchange Commission to reconsider its request. This was stated by the company’s general counsel, Paul Grewal.
Trading volume on the OKX NFT marketplace crossed the $60 million mark per day
Trading volume on the OKX NFT marketplace exceeded $60 million, beating the Blur and OpenSea platforms. Analysts attribute this growth to an increase in trading volumes in BRC-20 and Bitcoin Ordinals tokens.
The European Union has tightened sanctions against the Russian Federation in the crypto segment
The European Union has adopted a twelfth package of economic and individual restrictive measures in view of the ongoing Russian war against Ukraine. Among the restrictions is a ban on citizens of the Russian Federation to manage companies that provide services of crypto wallets, accounts or storage of crypto assets for Russian individuals and residents.
Montenegro Court of Appeal overturns decision to extradite Do Kwon
The Montenegrin Court of Appeal has overturned the decision to extradite the co-founder of the bankrupt company Terraform Labs, Do Kwon.. The decision of the previous instance was overturned, and the case was sent to the Main Court of Podgorica for retrial.
Core developers of EthereumPoW announced the dissolution of the team
On December 19, 2023, the team of Core developers of the EthereumPoW fork announced its dissolution. It was noted here that the project is capable of working and developing autonomously.
Other news:
- Solana Saga became the worst smartphone of the year according to MKBHD.
- Ripple Labs, Kraken, Coinbase, Circle and others have pledged $78 million to support some candidates in the US elections.
- The trader earned more than $1.5 million on memcoin on the Solana network.
- Arthur Hayes sold SOL and bought Ethereum. Our team has studied the causes and consequences and also reviewed the alternatives available on the market:
Dmitriy Yurchenkosuper postBinance Card stopped working in Ukraine and Europe. Let’s figure out what happened and what alternatives there arereadThe editors of Incrypted also remind you of the start of registration for the portfolio battle, which is taking place in partnership with the WhiteBIT crypto exchange.
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Besides…
- We have collected for you in one material key investments in the field of blockchain, crypto assets and AI.
- We regularly update the Incrypted crypto calendar, in which you will find a lot of interesting events and announcements.