– The largest crypto exchange, Binance, has announced that it has reached a global agreement with the U.S. Department of Justice, the Commodity Futures Trading Commission, the Office of Foreign Assets Control, and the Financial Crimes Enforcement Network in connection with their investigations into issues related to registration, compliance, and violations of anti-Russian sanctions.
As part of the agreement, Changpeng Zhao (CZ) stepped down from the position of CEO of the exchange as of November 21, 2023. Additionally, under the terms of the agreement, Binance will pay regulators and law enforcement authorities substantial amounts (approximately $7 billion) in fines and compensations to resolve charges and claims against them.
In addition to the financial settlement, Binance has agreed to completely withdraw from U.S. markets and will "adhere to a set of stringent sanctions compliance commitments." Furthermore, the exchange will be under the five-year observation of the U.S. Tresrey service with open access to its financial records, records, and systems.
While such a significant fine will heavily impact the company, experts view this decision unequivocally positively, considering the exchange's leading role. Representatives of Binance also stated their firm belief in both the crypto industry and the bright future of their company.
– Bittrex Global, another crypto exchange based in Liechtenstein, will cease all operations and halt trading on December 4th. The exchange's management strongly advises all customers to log into their accounts and withdraw their assets as soon as possible. Bittrex Global has already frozen its referral program and halted advertising campaigns.
– Scammers recently conducted another fake cryptocurrency giveaway impersonating Elon Musk. The campaign included live video streams on YouTube featuring a deepfake of Musk. The individual in the video spoke with a generated voice. Participants were initially required to send cryptocurrency to specified addresses to take part in the giveaway. They were promised to receive the cryptocurrency back to their wallets, but with a 200% bonus. According to experts from BitOK, even several well-known news outlets fell into the trap, sharing links to the fake broadcasts.
– Javier Milei, a libertarian and implicit supporter of bitcoin, emerged victorious in the second round of the presidential elections in Argentina. He will assume the presidency of the country on December 10.
Due to the economic crisis, the Argentine peso is rapidly depreciating, with inflation exceeding 140% over the last 12 months. Milei blames the central bank for the troubles affecting the state's residents, branding the agency's employees as fraudsters. He believes they devised a mechanism to deceive citizens through an inflation tax.
During the electoral campaign, Javier adeptly manipulated his positive statements about bitcoin, stating that, thanks to this cryptocurrency, "money will return to its creator – the private sector of the economy." However, the new head of Argentina has not yet declared his intention to recognize bitcoin as legal tender, following the example of President Nayib Bukele of El Salvador. Furthermore, he has advocated for a dollarization policy, entailing the replacement of the Argentine peso with the US dollar.
– Can we expect a new significant downward correction from bitcoin? According to the well-known analyst Willy Woo, this is unlikely. He examined blockchain data reflecting the average purchase price of BTC by investors, based on which he concluded that the main cryptocurrency probably won't fall below $30,000 again.
Woo shared with readers a chart showing a dense gray band, indicating the price around which a significant portion of the bitcoin supply fluctuated at that time. According to Woo, this reflects "strong consensus value." The analyst claims that since the creation of bitcoin, this band has acted as reliable price support. Woo's chart shows that such bands have formed eight times throughout the entire existence of bitcoin and have always supported its price.
However, not everyone trusts Woo's calculations. For instance, an analyst using the pseudonym TXMC reminded that in 2021, Woo made a similar forecast, stating that bitcoin would never drop below $40,000. Yet, the following year saw precisely that happening.
– According to the calculations of several experts, the fundamental indicators of the cryptocurrency have never looked better. For instance, 70% of the existing supply of BTC has not moved from one wallet to another during this year, marking a record in bitcoin's history. Such withdrawal rates are extraordinary for a financial asset, as summarized by a group of analysts led by Gautam Chhugani.
Another positive factor is the upcoming halving, which could reduce the monthly selling pressure from miners from $1 billion to $500 million (at today's BTC rate of $37,000).
Additionally, the potential approval of bitcoin exchange-traded funds (ETFs) in the U.S. is seen as a positive catalyst. This approval would facilitate large investors' access to the cryptocurrency. According to experts from Bernstein, against this backdrop, the price of the leading cryptocurrency could rise to $150,000 by the beginning of 2025.
– Apple users have filed a collective lawsuit against the tech giant, accusing it of unfair competition due to restrictions on cryptocurrency payments. The document filed in the California district court claims that Apple entered into a "secret agreement" with Venmo, PayPal, and Cash App to limit users' use of decentralized cryptocurrency technology in payment applications.
The plaintiffs also allege that Apple employs "technological and contractual restrictions," including hardware exclusivity in the App Store and "constraints on web browser technology," to "exercise unlimited control over each application installed and launched on iPhone and iPad." As a result, users are forced to pay higher trading commissions.
It is worth noting that this is not the first time Apple has faced such lawsuits. The court ruling in the Epic Games lawsuit against Apple stated in April 2023 that software providers in the App Store are allowed to offer alternative payment options to avoid high commissions.
– Experts from the analytical company Glassnode highlight a continuous outflow of BTC coins from exchanges. The overall supply of the primary cryptocurrency is becoming increasingly scarce, and the circulating supply is currently at a historical minimum.
In a recent report by Glassnode, it is stated that 83.6% of all circulating bitcoins were acquired by current owners at a lower cost than the current market value. If this metric surpasses the 90% mark, it could indicate the beginning of the euphoria stage, where almost all market participants have unrealized profits.
According to analysts, statistically, these figures can help determine the current stage of the market. For instance, when less than 58% of all BTC coins are profitable, the market is considered to be in the bottom formation stage. Once the metric surpasses the 58% mark, the market transitions to the recovery stage, and above 90%, it enters the euphoria stage.
Glassnode believes that over the past ten months, the market has been in the second of these three stages, recovering from a series of negative events in 2022, such as the collapse of the Luna project and the bankruptcy of the FTX crypto exchange.
Notice: These materials should not be deemed a recommendation for investment or guidance for working on financial markets: they are for informative purposes only. Trading on financial markets is risky and can lead to a loss of money deposited.
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