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
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
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.
Drive organic growth for your tokens with Yellow Capital's Crypto Market Making services.
Our team of experts specializes in creating a sustainable and profitable crypto market for your tokens through our proven strategies including crypto market making, algorithmic trading, liquidity provision, token growth, and crypto exchange listing.
Yellow's algorithmic trading infrastructure can connect to over 100 exchanges, and our constantly evolving architecture is compatible with all major Blockchain protocols.
Schedule a Call now with Yellow Capital
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.
Hi, I am Alexis Yellow
Chairman of Yellow Capital
Are you ready for a wild career transition? I went from launching rockets into outer space at the European Space Center to helping Token Issuers launch their Crypto Projects!
Yellow Capital provides advisory services, strategic investments, and prime crypto market making.
Join me on this journey as I share my experiences and expertise in the crypto world, and maybe we'll even launch a few successful projects together!
Investment
Private Rounds
- Early stage pre-listing
- Investment and Incubation
Market Making
Token Issuers
- We are Prime Market Makers for the projects we invest into.
Increase Your Cash Flow
Listed Tokens
- We buy up to $5,000,000
Exclusive For the Projects We Invest In
Get Free Market Making
Our investment strategy involves providing deep liquidity crypto market making to the projects we invest in. This approach allows us to ensure continuous and substantial liquidity in exchanges. By doing so, we aim to increase market efficiency and reduce price volatility. We help to stabilize prices and reduce the bid-ask spread, which can lower transaction costs for traders. This usually attracts more traders to the markets, by making it easier and less risky to trade your token which can help to increase the overall liquidity and trading volumes both for the benefit of traders and issuers. However, we recognize that providing liquidity also comes with potential risks, which we carefully evaluate and manage as part of our investment decision-making process.
Strategic Investments and Prime Crypto Market Making
© 2024 Yellow | All rights reserved