Author: Sahil Poudel

WBTC Flash Crashes on Binance Below $6K After Coinbase Delisting

Summary: Just days after Coinbase stated that it was delisting Wrapped Bitcoin (WBTC) owing to liquidity issues, the price of WBTC fell to $5,209 on Binance before rising to $98,000.

Sparks of Uncertainty in a Flash Crash

BitGo’s WBTC saw a precipitous 95% drop on Binance on November 23; in less than an hour, it went from $98,500 to $5,209. The cause is currently unknown, and neither BitGo nor the WBTC team have provided an explanation. This comes after Coinbase said that it would delist WBTC on December 19 due to liquidity issues.

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Growing Competition in Wrapped Bitcoin

Coinbase’s entry into the market with its competitor token, Coinbase Wrapped Bitcoin (cbBTC), intensifies the competition for WBTC. Kraken has also launched its version, kBTC.

The delisting comes amid strained relations between Coinbase and Justin Sun, involved with WBTC via a BitGo joint venture. Sun has criticized Coinbase for failing to provide proof-of-reserves for cbBTC.

WBTC’s Role in DeFi

WBTC, which was introduced in 2019, tokenizes Bitcoin in order to facilitate liquidity in systems that use decentralized finance (DeFi). Its market capitalization is close to $14 billion, and it is correlated 1:1 with Bitcoin.

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Blockchain Association Pushes Trump to Prioritize Crypto

Summary: Crypto community has a lot of hope from president-elect Donald Trump, and they want trump to take 5 out of several key steps in his first 100 days to position U.S. as a leader in the sector of blockchain and many completely believe he’ll go forth with it too as he started his campaign with a promise to make U.S. a pro-crypto nation.

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Five Crypto Priorities for Trump

1. Create a Regulatory Framework
The association calls for clear crypto legislation to balance consumer protection and innovation, with a focus on stablecoins, which offer price stability by being pegged to assets like the U.S. dollar.

2. End Banking Bans for Crypto Firms
Crypto businesses struggle without banking access, affecting payroll and vendor payments. Lifting restrictions would stabilize their operations.

3. Reform the SEC and Repeal SAB 121
The group seeks new SEC leadership to replace what it terms a “hostile” stance and recommends repealing SAB 121, an accounting rule limiting crypto activities.

4. Appoint Pro-Crypto Treasury and IRS Leadership
New leadership could address restrictive tax policies like the Broker Rule, fostering privacy and innovation while discouraging firms from relocating offshore.

5. Establish a Crypto Advisory Council
A public-private council would promote collaboration between regulators, Congress, and the industry to create balanced rules supporting growth and consumer protection.

Senator Lummis Proposes Bitcoin Reserves Backed by Gold

Summary: Senator Cynthia Lummis suggests a digital and decentralized way to make their national finances strong, He suggests converting U.S. gold reserves into Bitcoin. Though this seems to be a great leap for crypto community and it’s development, critics question the feasibility of the program in the midst of U.S’s growing debt crisis.

Bitcoin Strategic Reserve Plan

Lummis says that currently Bitcoin is way more valuable than gold as gold has recently been undervalued. He aims to do this without creating new dollars. He also points out that the BTC can be stored in Bitcoin Strategic Reserve Fund in decentralized places to make sure it’s properly and very tightly secure to reduce centralized risk like gold. He suggests a program to buy 200,00 BTC annually to ensure the reserve reached 1 million BTC in five years, which he expects would lead the states to participate through segregated accounts if the BTC is held for 20 years.

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Criticism and Concerns

No matter how blissful the program by senator may sound but experts in field of economics, Avik Roy argue that this plan won’t be able to address the annual $2 trillion deficits and explains how fiscal reform is vey much necessary. He also expresses how the volatility of Bitcoin and the crypto space as a whole causes potential misuse.

Trump’s Crypto Push

Trump has always advocated for a pro-crypto administration which includes a crypto advisory board to guide policy. Since this is a really huge deal for every digital and decentralized firm, Major crypto firms like Ripple and a16z are dying for a role.

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Steller, Dogecoin, Cardano Shine as Crypto Market Hits $3.5 Trillion

Summary: Everybody following any kind of crypto news probably knows by now that, the cryptocurrency market has reached an all time high of $3.49 trillion with an increase of astonishing 11.5% this week. In this huge surge there are some crypto which led the rally with significant gains and they are Stellar, Dogecoin and Cardano.

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Stellar’s 190% Rally

Stellar hadn’t reached new heights since 40 months, but during this rally Stellar soared 190% making its valuation to $0.4436. This is speculated to have happened because of the Federal Reserve’s mention of its potential use in FedNow Payment system. There are many who still believe the rally hasn’t stopped for XLM and could potentially reach $5. which is a 1030% increase from its current level.

Dogecoin Peaks at $0.48

Dogecoin showed absolute potential as it ran on this crypto surge and gained 239% in just past month and rose to a yearly high of $0.48. Analysts still haven’t stop predicting that DOGE will hit $1.25 causing overbought which might cause a sudden pullback.

Cardano Breaks $1

Like Stellar and Dogecoin, Cardano (ADA) also reclaimed what was once lost and hit $1, it also had significant growth of 43.7% just this week taking it upto $1.08. Analysts show how Whale activity drove and led this rally causing a net inflows to surge to 220%, not only that but trading volume also skyrocketed by 86% reaching to $8.1 billion.

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The strong performance of these altcoins highlights growing investor confidence as the crypto market enters record-breaking territory.

15 Charged in U.S. for Laundering Drug Cartels’ Cash via Cryptocurrency.

Summary: 15 individuals which included 9 defendants and 6 associates face charges in the great state Florida for allegedly laundering drug money from neighboring developing cartels such as Mexico and Colombia into cryptocurrency. This scandal continued for almost 3 long years starting from 2020 to mid-2023 and the individuals where involved in bulk cash pickups and crypto transactions.

Sophisticated Money Laundering Scheme

The accused individuals allegedly collected drug proceeds from cities of United States and converted them into cryptocurrency. Then these digital money or assets were transferred to the wallets of the big evil conspirators, it doesn’t end here as the transferred digital asset was again converted back into cash and then transferred to cartel leaders in Mexico and Colombia.

Key Figures and Roles

Court documents and files suggest Nilson Sneyder Vasquez Duarte as a primary criminal and the one who coordinated the scheme. He and his co-conspirators allegedly helped during the deliveries to black-market crypto exchangers, which for sure included Hernan Horacio Richard Samper and Maria Eugenia Landeros Rosas. Not only there but there are several other individuals also served as a medium to physically transporting cash between U.S. cities.

Charges and Penalties

Accused individuals are facing charges for conspiracy to commit money laundering and operating an illegal money transfer business. This doesn’t end the charge for some as seven individuals which includes Duarte and Landeros, face even more additional count of substantive money laundering.

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76% of Memecoins Promoted by Influencers are Worthless

Summary: CoinWire conducted a research where it found out that a huge amount of memecoins which influencers promote and advertise as the next big thing have lost their value. The study shows that about 76% of Influencer promoted memecoins have reached worthlessness. The research also expresses how the influencers manage to earn some profit from paid promotions while the investors suffer loss as the token starts to collapse within months of being started.

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Majority of Memecoins Lose Value

The analyst of the research found out that out of over 1,500 memecoins promoted and advertised by 377 influencers, 86% of these projects and tokens lost 90% of their value within three months, which is just insane to think about. Not only that but 80% of such token lose 90% valuation on just first month.

Small Influencers Perform Better

This might seem like a huge shock but statistically it’s true, small influencers with under 50K followers experience better returns including 25% gain in one week and 141% growth after three months.

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Profit for Influencers, Losses for Investors

Most influencers prioritize their own financial gain rather than their audiences trust. Influencers earn an average of $399 per tweet, despite the flashy promotions and non stop ads from such influencers, only 3% of memecoins have achieved something other couldn’t and left their mark and are still continuing to do good. With such small success rate, paying influencers for promotions seems super risky.

Optimism Price Surges 23%, Market Cap Hits $2.6B

Summary: Optimism (OP) is a leading Ethereum Layer-2 Solution and it’s currently experience a 23% valuation surge just within 24 hours and is not trading at a sweet price of $2.08. The market cap of the token as also obviously increased and has reached $2.4 billion with a trading volume of $1.31 billion.

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What is Optimism ?

We’re all familiar with the terminology “Layer-2 Blockchain”, Likewise, Optimism is a laye-2 blockchain built on the ever so successful Ethereum which is a layer-1 blockchain. Optimism uses Optimistic Rollups to make sure the transaction process is efficient. Optimism is also highly regarded as one of the top scaling solutions as it uses Ethereum’s mainnet which is very secured while handling transactions. Optimism has a Total Value Locked (TVL) of over $500M and supports an extraordinary number of 97 protocol which includes Uniswap (UNI), Synthetix (SNX), and Velodrome (VELO).

OP Token Popularity

OP Tokens received a major reaction when it was first launched on a community airdrop on May 31. There were hundreds and thousands of Ethereum enthusiasts who used OP tokens as a go-to asset as it was available on major exchanges such as Binance, Coinbase and Kucoin at that time. That’s not all because accessing Optimism is also fairly easy, all users have to do it connect their wallets like MetaMask and Bridge asset such as ETH to use its efficiency.

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Bitcoin Rally Mirrors 2020 Bull Market

Summary: Ki Young Ju who’s the CEO of infamous CryptoQuant said that the recent Bitcoin rally which is driven and supported by huge whale accumulation and mining economics. He believes that this surge is very similar to the 2020 bull phase. Bitcoin currently is being traded at $97,444 as it comes closer and closer to $100,000.

Whale Accumulation Drives Rally

Ju was previously criticized for sharing how he believes whale accumulation is surging the BTC valuation but now Ju’s truth is highlighted by the insane surge as whale accumulation have been a major factor in Bitcoin’s valuation increase.

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Halving Impact on Mining Economics

Ju explained how higher Bitcoin prices are very necessary to maintain profitability for miner, and after the April halving, the mining rewards was reduced to mere 3.125 BTC while also doubling mining costs. This has added upward pressure on the market.

Short Squeeze Potential

As many more traders and investors are shorting Bitcoin, Ju highly believes that a short squeeze could potentially fuel the flame and further the bullish momentum. Which seems just parallel to what happened during 2020’s sixfold surge. He stressed his tone and emphasized that the recent conditions including political aspect greatly supports sustainable growth, however, he’s also cautious as the timing remains uncertain.

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AI Firm Genius Group Adds $14M to Bitcoin Treasury, Shares Jump 8.5%

Summary: Genius Group is a Singapore-based artificial intelligence focused company or firm which has just now invested an additional $14M on its Bitcoin holding which just seems to be every company’s plan right now as BTC just hit it’s ATH of $97,000. The company raised its total treasury to 153 BTC and the announcement made on Nov.21 help increase the company’s share by 8.5%.

Accelerated Bitcoin Strategy

Genius Group recently adopted a crypto-based policy named ” Bitcoin-first” strategy and this latest purchase followed said policy. This policy includes committing 90% or more of its reserves to Bitcoin which shows their trust on Bitcoin as a currency and asset. Key developments on said case include:

  • A $10M Bitcoin purchase on Nov.18
  • Additional investment of $14M on announced on Nov. 21.
  • Formation of a crypto-focused treasury to have $120M in Bitcoin holdings.

Strategic Shift Towards Bitcoin

Roger Hamilton who’s the big man, The CEO said that this move reflects a growing rapid trend amongst public companies of rethinking and revising their financial and economical strategies and increasing Bitcoin allocations.

After this much of commitment and investment on Bitcoin, Genius Group becomes yet another company that has managed to position itself as a leader among AI firms using Bitcoin for treasury management which goes hand to hadn with bigger and greater industry trends.

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Bitcoin Breaks $97K, Over 80% Odds of Hitting $100K This Month

Summary: Bitcoin’s valuation increased by 5.8% in just last 24 hours and so the bullish streak continues. Bitcoin surged to yet another of its all-time high of $97,750. Market capitalization for Bitcoin also looks fantastic as it stands at $1.93 trillion, with a super dominant 57.9% share of the crypto market. Bitcoin’s daily trading volume has also surpassed $85 billion which shows how strong and dominant the bullish momentum has been for BTC.

Market Sentiment and Predictions

After this recent and explosive success of Bitcoin, A poll was done on the prediction platform Polymarket where 83% odds were on the favor of Bitcoin hitting $100,000 before December. This is also happening as the global crypto market cap reaches an all-time high of $3.33 trillion.

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Factors Driving Bitcoin’s Surge

  1. Political Landscape: Donald Trump winning the election as the “crypto president” with a promise of making U.S. a pro-crypto Congress country has filled everyone especially crypto enthusiast with hopes for regulatory support.
  2. Institutional Interest: After the first big surge, Whale accumulation and many over-the-counter (OTC) deals most probably by big organizations are sustaining this bull run.
  3. Halving Effect: After the Bitcoin Halving on April 20th, rewards for mining and miners had decreased. Therefore, prices was pushed upwards to maintain an environment where miners can also enjoy profit.
  4. Spot BTC ETFs: When BlackRock’s iShares Bitcoin trust was firstly launched, it was the first and one and only U.S. approved spot Bitcoin ETF and this fueled the demand for bitcoin even higher. This made things easier for investors as they were greatly manage risks while still gaining rapid exposure to digital asset.

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