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Despite the general cryptocurrency industry being in a bear market and the FTX exchange crash further complicating matters, the decentralized finance (DeFi) network Cardano (ADA) has added roughly 100,837 wallets in the month of November alone. According to data from Cardano Blockchain Insights, as of November 25, there were 3,734,363 ADA wallets, up from 3,633,526 at the beginning of the month.
Despite general cryptocurrency market volatility and bear season, smaller wallet addresses in the Bitcoin (BTC) ecosystem have continued to accumulate BTC. There are now more known addresses on the Bitcoin blockchain holding 1 BTC or more than ever before. Glassnode, a provider of blockchain analytics, reports that there are now 950,000 wallets holding at least one bitcoin or more.
The Belgian Financial Services and Markets Authority declared that digital assets such as Bitcoin and ether should not be regulated as securities because they have no issuer. Cryptocurrency assets with payment capabilities are also subject to the same laws governing the promotion of financial products to retail customers. The FSMA also stated that additional rules might be necessary if cryptocurrency assets have a payment or exchange function.
Binance, a cryptocurrency exchange, has added another $1 billion to its industry recovery fund, bringing the total amount of the fund to over $2 billion. The size increase occurs a day after CZ stated that Binance is aiming to raise $1 billion for its cryptocurrency recovery fund. Along with other well-known crypto businesses, Aptos Labs, Jump Crypto, and others joined Binance's initiative and will each contribute $50 million to the fund.
Raoul Pal, a macro specialist claims that although the cryptocurrency space is experiencing an all-time high in negative sentiment, its fundamentals are still solid. In a recent interview with Impact Theory co-founder and host Tom Bilyeu, Pal asserts that investor pessimism is at an all-time high, surpassing levels observed during the Great Recession. Pal advises investors to approach cryptocurrency investment with a long-term perspective.
Bybit, a cryptocurrency derivatives exchange, has introduced a new assistance fund to assist institutional traders in gaining access to liquidity following the FTX crash, which brought on a new round of panic selling in the digital asset market. Following the demise of FTX earlier this month, market makers and high-frequency trading firms may use the $100 million support fund. The money will be given to qualified candidates with 0% interest.
After reaching the critical milestone of 1.2 million delegated wallets, the Cardano network recorded a strong daily address activity increase that has surpassed 90%. Cardano has a reputation for strong growth even though the value of its underlying asset, ADA, is still flat. However, there is frequently a clear correlation between holders' network performance of asset prices, causing Cardano to increase in value over 2.8% during the last week.
The Chief-Executive Officer of Binance, a top cryptocurrency exchange, disclosed on Thursday that he intended to create a new acquisition offer for the insolvent crypto lender Voyager Digital. The assets of Voyager Ditial were up for auction in September 2022, and Sam Bankman-Fried's crypto exchange FTX won it for almost $50 million. The transaction, however, failed before the trade could be completed, and the crypto lender was still up for grabs.
The highly awaited scaling proposal EIP-4844 will likely be implemented in a future mainnet upgrade, according to a meeting of the Ethereum core team. EIP-4844, commonly known as "proto-danksharding," has been added by developers to the list "considered for inclusion (CFI)," indicating that they intend to work on the suggested feature. If all goes according to plan, this feature will be implemented on the mainnet sometime in next year.
Despite the collapse of the FTX and the ongoing downturn of the cryptocurrency market, Cathie Wood, the founder and CEO of Ark Invest, stands by her forecast that the price of bitcoin will soar to $1 million by 2030. According to Wood, the sole drawback of the catastrophe is the diminished attention from important institutions. But she believes they will soon see the advantages of the flagship cryptocurrency and accept it.
Bitcoin's Open Interest has surged by $1.8 billion as its price broke the $27,000 mark, indicating a strong influx of investor interest. Open Interest tracks the total value of Bitcoin futures contracts open on derivative exchanges, with rising figures signifying increased market activity and potential volatility. The recent jump from $11.04 billion to $12.81 billion suggests heightened trading and leveraged positions. The future direction of Bitcoin's price remains uncertain, with the surge potentially fueled by shorts covering positions or longs hoping for further gains. The funding rate suggests a balanced mix of long and short positions.
Morgan Creek Capital founder Mark Yusko predicts a bright future for Bitcoin (BTC) as institutional capital worth hundreds of billions is expected to enter the market. Yusko points to Bitcoin's historical trend of adding a zero to its price following each halving event, with the next one slated for April 2024. He anticipates a 1.5x increase from the current all-time high, potentially reaching $100,000. Additionally, Yusko believes Bitcoin exchange-traded funds (ETFs) will be approved by late 2023 or early 2024, leading to a substantial influx of capital into the cryptocurrency.
Citigroup has unveiled Citi Token Services, a permissioned blockchain platform designed for institutional clients, offering access to tokenized deposits, cross-border payments, and automated trade finance around the clock. This move aligns with Citigroup's goal of creating a 24-7, on-chain, programmable financial system. The partnership with Maersk enables instant payments through smart contracts, benefiting companies with numerous vendors. Citi Token Services also aids corporate treasurers in managing global liquidity more efficiently. Meanwhile, JPMorgan is reportedly still in the early stages of exploring a similar private blockchain service, lagging behind Citigroup's innovation.
Bitcoin is making a strong comeback, currently priced at $26,684 and holding over 50% of the total cryptocurrency market, boasting a market cap of approximately $520 billion. This milestone is significant as it contrasts with the stagnation or decline of many alternative cryptocurrencies (altcoins). Ethereum, the closest rival, sits at $1,632.09, with other altcoins showing modest gains or losses. Bitcoin's resurgence aligns with historical trends, often thriving during bear markets, cementing its status as a digital "safe haven." Despite gains, it remains below its peak dominance levels, but its return to prominence is noteworthy.
Animoca Brands subsidiary Darewise Entertainment is set to introduce the first-ever metaverse token on the Bitcoin blockchain. The token is aimed at powering a comprehensive ecosystem for gaming, brands, and real-world experiences. This move represents a significant expansion of Bitcoin's capabilities beyond a store of value. The metaverse token will facilitate in-game assets and virtual lands for the Life Beyond metaverse project, marking a new era for Bitcoin. Darewise Entertainment is partnering with Horizen Labs to develop and expand the Ordinals ecosystem on Bitcoin, with more innovations expected in the coming months.