News Headlines (5th December 2023)

Bitcoin BTC $41,748 -related investment products have become the “main beneficiary” of recent investor interest in crypto amid growing anticipation of a spot Bitcoin exchange-traded fund (ETF) approval in the United States.

A total of $1.76 billion of investors’ funds have flowed into crypto products over 10 weeks, making up the most significant inflows over such a period since October 2021 when Bitcoin futures launched, according to a Dec. 4 report from CoinShares’ head of research James Butterfill.

CoinShares’ weekly reports over the past 10 weeks show that at least $1.44 billion of inflows went to Bitcoin investment products over the period, with the price of Bitcoin jumping from $26,600 to $37,700 during the period.

New York state financial regulator Adrienne Harris argued that crypto’s “element of anonymity” creates an environment in which it can be used in illicit finance.

Speaking on a panel at the Financial Times Crypto Winter Summit, Harris, who serves as Superintendent of the New York Department of Financial Services (NYDFS) said that crypto “really is an environment that lends itself to illicit finance, to bad actors.”

Using the example of a ransom payment in cash, Harris pointed out that, “someone still has to show up to the drop site,” arguing that, “with digital currency, that’s not the case, even though it has this element of traceability.”

Unusually high liquidations on some altcoin futures led by Big Time’s BIGTIME and Ordi Protocol’s ORDI tokens created over $250 million in total altcoin liquidations in the past 24 hours, showcasing the inherent and sudden volatility of the sector.

Liquidation refers to when an exchange forcefully closes a trader’s leveraged position due to a partial or total loss of the trader’s initial margin. It happens when a trader is unable to meet the margin requirements for a leveraged position (fails to have sufficient funds to keep the trade open).

These figures were without the liquidations of futures trading bitcoin (BTC) and ether (ETH), which topped the charts at a cumulative $85 million in evaporated bets.*1gxoanb*_up*MQ..*_ga*MTM5MjYyODA1OS4xNzAxNzc2MzEw*_ga_VM3STRYVN8*MTcwMTc3NjMwOS4xLjEuMTcwMTc3Njk5NC4wLjAuMA..

According to Foresight News, ETHGlobal has announced its 2024 season schedule, planning to host 20 events worldwide. These events include LFGHO (January 12-24), Circuit Breaker (February 2-21), Pragma Denver (February 28), Pragma London (March 14), ETHGlobal London (March 15-17), Scaling Ethereum 2024 (April 5-26), Pragma Sydney (May 2), ETHGlobal Sydney (May 3-5), Pragma Brussels (July 11), ETHGlobal Brussels (July 12-14), ETHOnline 2024 (August 23-September 13), ETHGlobal Singapore (September 20-22), Pragma San Francisco (October 15-17), ETHGlobal San Francisco (October 18-20), ETHGlobal Devcon 2024 (tentatively scheduled for November), and five additional events.

Some of the most significant U.S. presidential hopefuls and candidates, including Donald Trump, Robert F. Kennedy Jr., and Vivek Ramaswamy, have been invited to the First Crypto Presidential Forum, an event focused on providing a medium for these politicians to describe their stance on cryptocurrency.

The event, to be held in New Hampshire on December 11, and hosted by the Stand with Crypto Alliance, a nonprofit focused on advocating for clear cryptocurrency regulations, will allow the candidates to discuss their hypothetical crypto-related policies in front of the crypto community. Other leaders and politicians, such as former Arkansas Governor Asa Hutchinson, U.S. Representative Dean Phillips, North Dakota Governor Doug Burgum, have also been invited.

Taiwan’s principal financial regulator, the Financial Supervisory Commission (FSC), is considering allowing crypto exchange-traded funds (ETFs) in the country, but only after analyzing the product’s development in other markets worldwide. At the moment, the FSC considers itself to be “in the exploratory phase.”

According to a Dec. 5 report in the Taiwanese newspaper, the Commercial Times, the FSC is closely watching developments in the United States, where the Securities and Exchange Commission will review spot Bitcoin BTC $41,764 ETFs in January. It also monitors developments in Canada and Australia, where local exchanges trade crypto ETFs.

The FSC also reportedly acknowledged the launch of numerous cryptocurrency futures commodities listed on the Toronto Stock Exchange, the New York Stock Exchange, the Nasdaq Exchange, the Chicago Board Options Exchange and the Hong Kong Stock Exchange, among others.

Serious investors continued to flood the market and Bitcoin funds with cash last week—with the biggest 10-week inflows since the height of the 2021 bull run, according to a report today.

Digital asset fund manager CoinShares said in a Monday report that money going into crypto investment products last week hit $176 million, reaching a 10-week total of $1.76 billion. Total assets under management is up 107% this year and stands at $46.2 billion—47% below the all-time high of $86.6 billion in 2021.

An apparent large ether (ETH) holder moved nearly $90 million worth of the token to the crypto exchange Kraken after being dormant for five years, on-chain analytics tool Lookonchain posted early Tuesday.

The “whale,” a term for a large holder of any token, deposited 39,260 ether to Kraken in Asian morning hours, blockchain data shows. The address previously received 47,260 ether, worth just over $11 million at the time, from one transaction in 2017.

A CoinDesk analysis of the address shows previous transactions are not tied to the cold storage of any exchange. However, at least one transaction may be possibly connected to an address belonging to trading firm Cumberland, a labeling on data tool Arkham shows.*1gxoanb*_up*MQ..*_ga*MTM5MjYyODA1OS4xNzAxNzc2MzEw*_ga_VM3STRYVN8*MTcwMTc3NjMwOS4xLjEuMTcwMTc3Njk5NC4wLjAuMA..

According to Decrypt, Solana’s dog-themed meme coin BONK reached a new all-time high overnight at $0.00000669. CoinGecko data indicates that the cryptocurrency is now trading just below that at $0.00000653, representing a 24-hour increase of 33%. Over the past month, the asset has experienced a significant surge, with its value now up about 762%. BONK was launched in December 2022 and saw a renewed spike in interest and price last month, partly due to increased investor attention towards Solana, the blockchain on which BONK operates. Solana’s native token, SOL, is currently the sixth-largest digital asset by market cap.

According to a report, North Star, a not-for-profit, member-owned power distribution cooperative, first noticed a substantial loss of electric power in June 2022, sparking an investigation. During a routine inspection in May 2023, employees uncovered non-North Star equipment connected to their lines in Roosevelt, leading to a property owned by Fehlhaber. Inside, they found two unauthorized 50 kilovolt-ampere transformers and over two dozen cryptocurrency mining units.

Jaenicke, known for his Youtube channel “Degenerate Passive Income,” is accused of being the mastermind behind this operation. In his videos, he often discussed cryptocurrency as a lucrative passive income source, even showing off his mining farms. However, it’s alleged that the Roosevelt farm operated on stolen electricity from North Star, resulting in losses potentially amounting to hundreds of thousands of dollars.