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Following recent ambiguity surrounding the Grayscale Bitcoin Trust's future, its custodian partner Coinbase published a report outlining the assets held on the trust's behalf. The trust owns 635K Bitcoin, which is worth about $10 billion. The amount would have been more in line with $43.8 billion at the height of the bull market. Grayscale also has 3,056,833 ETH in the Greyscale Ethereum Trust, which is worth $3.3 billion.
All validators were asked to update to the most recent node version, 1.13.5, by Anatoly Yakovenko, co-founder of Solana Labs. Yakovenko claims that the update should resolve all UDP-based protocol overload causing Solana network outage. This issue has previously resulted in lengthy shutdowns of the Solana network, which is still in testing. Many of the biggest validators in the Solana network, according to Solscan, are still not updated.
Despite the recent collapse of the FTX cryptocurrency exchange and the market turmoil that followed it, billionaire investor and hedge fund manager Bill Ackman claims he is still bullish on crypto. Although there needs to be more oversight and fraudulent players removed from the market, Pershing Square Capital Management's CEO and founder stated in a Twitter thread that he believes crypto is here to stay despite recent setbacks.
According to a Nov. 19 article in the Economic Times of India (ETI), the Reserve Bank of India (RBI), the nation's central bank, is completing the implementation of the retail digital rupee experiment. The wholesale central bank digital currency (CBDC) pilot was started by the RBI on November 1 in order to test its application in settling transactions involving government securities. The retail digital rupee pilot, according to the RBI at the time, would be introduced within a month.
According to Matthew Gorham, its Chief Operating Officer, the Pantera Bitcoin Fund has purchased bitcoin valued $137 million. With a minimum investment requirement of $50,000 instead of $100,000, 141 accredited investors took part. By removing the hassle of purchasing and storing coins, Pantera Bitcoin Fund aims to offer easy access to Bitcoin. It has been a very long time since the fund has made a milestone purchase.
The volatile environment of the cryptocurrency sector is not completely deterring builders from entering the market. An Australian company called Arkon Energy that builds renewable data centers recently raised millions of dollars to expand its bitcoin mining operations and buy another data center in Europe. The data center infrastructure business, which mines Bitcoin using only electricity generated from renewable resources, successfully completed its funding round by raising $28 million.
With an investment in the cold wallet platform Ngrave, the crypto exchange Binance is moving into the hardware wallet market. Binance Labs has led the upcoming Series A round of funding for the Belgian hardware wallet company Ngrave and has made a strategic investment in the company. The hardware wallet market has seen rapid growth as a result of the current crypto winter, which has left many centralized crypto exchanges scrambling to keep operating.
With $400 billion in assets under its management, Itaú, the largest commercial bank in Latin America, will begin providing custody for cryptocurrencies for the space's wide users. Next year, Itaú Digital Assets, the division in charge of handling cryptocurrency, will first begin offering custody for its own cryptocurrency before expanding it to businesses and other institutional clients.
The USDA stablecoin will launch on the proof-of-stake network in the first quarter of 2023, according to a statement from one of Cardano's founding entities, EMURGO. This will give Cardano its own fiat-backed stablecoin for the first time.EMURGO declared that the stablecoin would be entirely compliant with all applicable regulations and built to shield Web3 participants from the inherent volatility of the cryptocurrency market.
U.S. Senator Cynthia Lummis (R-WY) outlined in a series of tweets why her cryptocurrency legislation would have prevented the bankruptcy of the defunct cryptocurrency exchange FTX. Last week, the cryptocurrency trading platform declared bankruptcy. She personally owns bitcoin and thinks the Federal Reserve should keep part of it on its balance sheet. She has emphasized numerous times how great a value store cryptocurrencies is.
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.