Bullish or bearish? A wild 24 hours for crypto exchanges

Crypto exchanges had an interesting Monday — a day some say reaffirmed the US as an unfriendly environment for such companies while also offering a potential bullish outlook. 

People familiar with the matter said Binance is in talks with US regulators to settle criminal charges and related investigations. 

The Department of Justice was set to announce “significant cryptocurrency enforcement actions” on Tuesday afternoon — with sources telling Bloomberg a Binance settlement would be revealed. 

Bittrex Global said in a Monday X post it was winding down its global operations just months after closing its US arm amid “regulatory uncertainty.”

Toward the end of the day, the…

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Why this time is different

A wave of optimism around the potential approval of a spot Bitcoin exchange-traded fund (ETF) in the United States has ignited bullish price action in the crypto market in recent weeks. 

But that could be just the beginning: If a spot Bitcoin ETF receives a greenlight by the U.S. Securities and Exchange Commission (SEC), it would mark a major milestone in the history of digital assets.

The spot Bitcoin ETF will provide institutional investors with a simple and regulated way to get exposure to Bitcoin with potentially explosive consequences for the Bitcoin market.

According to many analysts, a spot Bitcoin ETF could spark a demand shock that, coupled with next year’s Bitcoin halving…

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Microsoft, Salesforce, and Nvidia swoop in to hire OpenAI employees as walkout threats increase

OpenAI’s decision to fire CEO Sam Altman may have put the company’s future in jeopardy. 

Reportedly, a lion’s share of its employees have threatened to walkout unless the ousting is reversed. Complicating matters further, a number of executives from big tech orgnanizations have offered jobs to employees considering leaving.

To my partners at OpenAI: We have seen your petition and appreciate your desire potentially to join Sam Altman at Microsoft’s new AI Research Lab. Know that if needed, you have a role at Microsoft that matches your compensation and advances our collective mission.

— Kevin Scott (@kevin_scott) November 21, 2023

Salesforce will match any OpenAI researcher who…

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Circle launches ‘bridged USDC standard’ for deploying to new networks

Circle has launched a new standard to streamline the process of launching its stablecoin, USDC, on new networks, according to a Nov. 21 blog post. 

The new “bridged USDC standard” allows developers to launch the token through a two-phase process. In the first phase, the third-party developer has control of the token contracts, and the token on the new network is backed by a native version on another network. In the second phase, Circle takes control of the contracts, and the token becomes backed directly by Circle’s reserves. The second phase may not occur with all deployments.

Introducing Bridged USDC Standard, a new way to expand access to $USDC & reduce fragmentation.

EVM…

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LATEST: Purpose Bitcoin ETF Reaches New 2023 Peak with 32,433 BTC Holdings

In a boost for crypto enthusiasts, the Purpose Bitcoin ETF has seen a significant rise in its Bitcoin holdings, hitting a new year-to-date high of 32,433 BTC. Though not surpassing its all-time high of 48,000 Bitcoin from June 2022, the ETF’s Assets Under Management (AUM) have surged to an impressive $1.2 billion. This alignment of increased Bitcoin holdings and AUM points to growing investor confidence. Moreover, ongoing inflows into the Purpose ETF highlight its rising popularity. The anticipated introduction of Spot ETFs in the U.S. market is also driving optimism and recent inflows into the Purpose Bitcoin ETF.

JUST IN: Department of Justice Set to Announce Major Settlement with Binance in Today’s Press Conference, Reports Bloomberg

The article reports on an upcoming announcement by the U.S. Department of Justice (DOJ) regarding a settlement with the cryptocurrency exchange Binance. U.S. Attorney General Merrick Garland is scheduled to hold a press conference at 3 pm ET to discuss the matter, which is part of “separate but related cryptocurrency enforcement actions,” according to the DOJ. The settlement is a result of a years-long investigation, with the Justice Department reportedly seeking over $4 billion from Binance. The information comes from sources familiar with the situation, as detailed by Bloomberg News.

Top 10 Trending Crypto Coins of The Day

  1. AirTor Protocol: Market Cap of $51 Million.
  2. Pyth Network: Market Cap of $480 Million.
  3. AllianceBlock Nexera: Market Cap of $83 Million.
  4. Opulous: Market Cap of $24 Million.
  5. Acala: Market Cap of $53 Million.
  6. Bittensor: Market Cap of $1.3 Billion.
  7. Blur: Market Cap of $399 Million.
  8. Tectum: Market Cap of $49 Million.
  9. HELLO: Market Cap of $64 Million.
  10. Kaspa: Market Cap of $2.6 Billion.

Disclaimer: Market capitalizations can vary in real-time. The information provided here is intended purely for educational purposes and should not, under any circumstances, be construed as financial advice.

Why is Solana (SOL) price down today?

Solana (SOL) is seeing a price correction after rallying nearly 300% in recent months.

Why is Solana price down today?

As of Nov. 21, SOL’s price was trading for $55, down 20% when measured from its local high of $60.50 established just five days prior. The decline mirrors similar moves elsewhere in the crypto market, with top coins, Bitcoin (BTC) and Ether (ETH), also down 2.2% and 5.5% from their local highs.

SOL/USD versus BTC/USD and ETH/USD year-to-date performance. Source: TradingView

Let’s discuss the major reasons behind Solana’s slump.

SEC labels SOL a “security”

Solana’s price decline coincides with the U.S. Securities and Exchange Commission’s (SEC) latest lawsuit against the Kraken…

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OKX Follows PantherTrade Footsteps, Applies For Trading License In This ‘Crypto Hub’

Crypto exchange OKX has applied for a virtual asset trading platform (VATP) license in Hong Kong, positioning its Hong Kong branch, OKX Hong Kong FinTech, at the forefront of the city’s efforts to become a key cryptocurrency hub in the region.

The application, submitted on Nov. 16, is listed on the Securities and Futures Commission’s (SFC) website, South China Morning Post reported.

OKX Hong Kong FinTech is the seventh entity to apply for the license, just eight months after its establishment.

This follows PantherTrade, linked to Futu Holdings, which applied a day earlier.

Lennix Lai, OKX’s Global Chief Commercial Officer, expressed enthusiasm about the application in a recent statement.

Read more on Benzinga

Milei's Presidency: Implications For Argentina, El Salvador, And Bitcoin Adoption

On November 19, 2023, Argentine voters elected Javier Gerardo Milei, an Austrian economist known for his candid and unconventional style, as their new president. He ran on a platform promising substantial reforms: cutting spending, reducing government intervention, addressing inflation, and eliminating the central bank.

Milei’s path to victory was unexpected. In the general elections, he secured second place with 30% of the vote, trailing Sergio Massa of the Peronist establishment, who garnered 37%. Patricia Bullrich, former Minister of Security under President Macri’s administration, obtained 24%. These results forced Balotaje, or a run-off election between Massa and Milei.

On the run-off…

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