Yellow Capital Blog/Weekly Crypto Digest/Weekly Crypto Digest for November 27- December 3, 2023

Weekly Crypto Digest for November 27- December 3, 2023

Monday, December 04, 2023

In the latest issue of Weekly Crypto Digest read more about how Bitcoin broke through $40,000, promises from the new Binance CEO, Ronaldo accused of promoting Binance, Coinbase denies rumors of Base token release, and more news.

Bitcoin broke through $40,000

On Sunday, December 3, BTC quotes reached a new annual maximum, immediately exceeding $40,000.
Most of the top 10 digital assets by capitalization ended the week in the green zone. Solana and Dogecoin added the most.
The total capitalization of the cryptocurrency market is $1.55 trillion.
Bitcoin dominance index - 53.3%.

The new CEO of Binance promised to transform the crypto exchange

Richard Teng Binance

Binance will implement a traditional corporate structure and begin disclosing information. Its new CEO, Richard Teng, shared similar plans.
He compared the six-year-old platform to a child preparing to start primary school. According to him, Binance will have to transform from an “unmanaged” technology startup into a regular financial company.
The executive acknowledged that the organization had made several “missteps” during its growth phase, but stressed that it had learned from them. He said the allegations in the settlement do not include allegations of misappropriation of client funds. Teng pointed to years of experience in ensuring the safety of users' assets.

75% of GameFi projects have closed

75% GameFi projects closed

Since GameFi's inception five years ago, about 2,127 out of 2,817 projects in this field have failed, or about 75.5%. This is stated in the CoinGecko report.
Following the success of CryptoKitties in late 2017, P2E games have become popular in the crypto community. As a result, 422 Web3 games were launched in 2018, and 307 crashed.

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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%.

Coinbase CEO denies rumors of Base token release

Coinbase CEO Brian Armstrong said that the exchange does not plan to issue a native token of the Base network shortly.
“We currently have no plans to issue any tokens for Base. However, I still think it's a viable idea. We're not ruling it out completely," Armstrong said.
According to Armstrong, the exchange aims to make Base “more than that” by integrating it into the rest of the crypto space.
As a result, the developers plan to make transactions on the network cheaper than $0.01 and processed in less than 1 second.

Cristiano Ronaldo accused of promoting Binance

A group of plaintiffs filed a lawsuit against football star Cristiano Ronaldo, claiming losses due to the athlete's promotion of the Binance cryptocurrency exchange.
According to documents filed in US court, Ronaldo "promoted, assisted, and/or actively participated in the offer and sale of unregistered securities in coordination with the trading platform."
Binance entered into a multi-year partnership with the football player in mid-2022 to release a series of NFTs. At least three of his collections are listed on the stock exchange.
The complaint claims that users who subscribe to Ronaldo's NFT are more likely to use the platform for other purposes.

Grayscale Investments Amends GBTC Trust Agreement

Grayscale Investments has made two significant amendments to the GBTC trust agreement. Thus, the company seeks to optimize the structure of its product in anticipation of its possible conversion into a spot Bitcoin ETF.
The first change in the agreement affects the mechanism for charging fees for managing funds. As a reminder, Grayscale Investments charges 2% for this.
Notably, most companies that have applied to register spot Bitcoin ETFs have set fees ranging from 0.7% to 1%.
If this amendment is adopted, the company will charge a commission daily, rather than once a month. At the same time, the company previously promised to reduce the fee but never did so.
The second amendment provides for the possibility of consolidating assets in a single account. According to Grayscale Investments, this will make it easier to issue new shares and redeem them.
In this case, the Coinbase Custody service will take over custodial functions. He is also a partner of BlackRock, judging by the company’s application to register the iShares Bitcoin Trust.

Wormhole raised $225 million at a $2.5 billion valuation

Cross-chain protocol Wormhole closed a funding round of $225 million, which valued the startup at $2.5 billion, Yahoo.Finance reports.
Major investors include Brevan Howard, Coinbase Ventures, Multicoin Capital, Jump Trading, ParaFi, Dialectic, Borderless Capital, and Arrington Capital.

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