Yellow Capital Blog/Weekly Crypto Digest/Weekly Crypto Digest for November 20-26, 2023

Weekly Crypto Digest for November 20-26, 2023

Monday, November 27, 2023

In the latest issue of Weekly Crypto Digest read more about how Bitcoin has updated 2023 high, Binance fined $4.3 billion, Changpeng Zhao resigns, Crypto exchange Bittrex Global announced its closure, and more news.

Bitcoin has updated its 2023 high

Bitcoin 2023 price updated maximum

This week, BTC quotes exceeded $38,000 and reached a new annual high.
Among the digital assets in the top 10 by capitalization, Ethereum gained the most over the week (+6.6%), while BNB lost the most (-4.2%).
The total capitalization of the cryptocurrency market is below $1.5 trillion—Bitcoin dominance index - 52.5%.

Netflix director bought Dogecoin instead of filming a show and earned $27 million

According to The New York Times, the director of the film 47 Ronin, Carl Erik Rinsch, received funds from Netflix to film a new series and bought Dogecoin with part of it.
According to the publication, from November 2018 to March 2020, the streaming service gave the director $55 million to create the science fiction series 'Conquest'. However, none of the episodes were ever completed.
At the same time, Rinsch invested $11 million of this amount in the stock market and lost almost all of his investments. In May 2021, he bought $4 million worth of Dogecoin coins on the Kraken exchange and earned $27 million.
The director spent this money on purchasing five Rolls-Royce cars, a Ferrari, and expensive Swiss watches from Vacheron Constantin.
Netflix is now suing Rinsch, accusing him of breach of contract. In turn, the director claims that the company itself is to blame for the failure of the contract, which was late on several payments in the amount of $14 million.

Binance fined $4.3 billion, Changpeng Zhao resigns

CZ leaves Binance

The CEO of the Binance crypto exchange, Changpeng Zhao, pleaded guilty to money laundering and resigned. In addition, Binance agreed to pay one of the largest corporate fines in the history of the United States - $4.3 billion.
Despite CZ's departure and penalties, analysts at Matrixport, Bernstein, and JPMorgan expressed confidence that the company will maintain international dominance among cryptocurrency exchanges.
Changpeng Zhao is out on bail of $175 million. His trial is scheduled for the end of February 2024. The ex-CEO of the Binance exchange can leave the country but undertakes to return two weeks before the sentencing.
Later, CZ turned to the exchange employees. He expressed confidence that Binance would be fine and encouraged them to help Richard Teng step into his new role as CEO of Binance.

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Binance listed BLUR - the token grew by 88% in a week

On November 24, the Binance cryptocurrency exchange opened trading in the NFT marketplace token Blur (BLUR) paired with Bitcoin, USDT, and the Turkish lira.
The platform assigned BLUR the Seed Tag, which means a new project from the “Innovation Zone” and implies risks of high volatility.
The coin has seen strong growth over the past month, jumping from $0.16 in mid-October to $0.62 at the time of writing, according to CoinGecko. The weekly increase in BLUR quotes amounted to 88%.

Crypto exchange Bittrex Global announced its closure

On December 4, Liechtenstein-based Bittrex Global will cease all operations and halt trading on the cryptocurrency exchange.
The decision follows the closure of Bittrex's US operation in April due to regulatory uncertainty. The SEC then filed a lawsuit against the company for violations of securities laws.
On May 8, the exchange filed for bankruptcy in the United States. Bittrex reported that its assets and liabilities range from $500 million to $1 billion and have more than 100,000 creditors.
Probably due to the proceedings, American clients of the exchange are currently unable to withdraw funds in US dollars.
In April, Bittrex and its ex-CEO William Shihara reached a settlement with the SEC. As part of it, the defendants agreed to pay $24 million in the form of ill-gotten profits, interest, and a civil penalty.

Between November 18 and November 25, 13 projects attracted investments totaling $109.1 million

The largest amount raised:
$20 million – Klever Finance. The P2P network received funding from investment firm GEM Digital.
$20 million – Blast. The company closed a funding round that included participation from Paradigm, Standard Crypto, eGirl Capital, Mechanism Capital, and private investors.
$18.7 million - Gomdori. Funds were raised in three rounds: seed, preliminary Series A, Series A, and Series B. Investors included: The Invention Lab, Venture Square, KB Investment, F&F Partners, IBK, Ubiqous Investment, MDI Ventures, I DS Asset Management, and HL Holdings.
$18 million - Privy. The non-custodial wallet provider has completed a Series A round led by investment firm Paradigm. The following counterparties also took part in the round: Sequoia Capital, Archetype Ventures, BlueYard Capital, Electric Capital, and others.
$10 million – Matr1x. The GameFi startup raised funding in an extended Series A funding round, co-led by SevenX Ventures and Folius Ventures, with participation from other investors.

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