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Crypto Daily Roundup, 01 Dec: All Eyes on Fed: Market Holds Its Breath

01-Dec-2023 By: Lokesh Gupta
Crypto Daily Roundup

Cryptocurrencies with the Highest Gains in the Last 24 Hours

TOP 5 Gainers Coins

Indices LTP Change (%)
Celestia $6.98 14.44%
Helium $3.18 9.22%
Sei $0.2534 7.07 %
Render $3.52 6.04%
Polkadot $5.47 5.74%

Crypto News Key Highlights:

  • Federal Reserve Chair Jerome Powell is set to engage in back-to-back discussions on Friday, sparking anticipation among investors eager for signals on whether he and fellow policymakers are considering a pause in interest-rate hikes. Market focus is honed in on any clues pointing to a potential shift in the central bank's stance and how it might impact monetary policy.

  • In the week concluding on November 25, initial jobless claims—indicating individuals filing for unemployment insurance for the first time—reached 218,000, marking a 7,000 increase from the revised figure of the previous week. Despite this uptick, the latest number falls below the anticipated 220,000, hinting at a slightly more optimistic outlook for the labor market than initially projected.

  • November marked the crypto industry's most damaging month in 2023, with $363 million lost to theft, scams, and exploits. Blockchain security firm CertiK reported $316.4 million from exploits, $45.5 million from flash loans, and $1.1 million from exit scams. Notable incidents included exploits on Poloniex and HTX/Heco Bridge, each with significant losses. This surpasses the previous record of $329 million in September. Year-to-date, $1.7 billion has been lost to such incidents, constituting 54% of 2022's total losses, according to CertiK.

  • A dormant Bitcoin whale, inactive for four years, transferred 3,623 BTC (approximately $136.94 million) to two new wallets. Accumulating BTC at $6,889 from 2018 to 2019, the whale's investment has grown to an estimated $112 million in profits. The timing aligns with Bitcoin's recent surge, sparking speculation about insider knowledge or strategic insights.

  • Former inmate and informant Gene Borrello revealed that Sam Bankman-Fried, founder of FTX, was reportedly concerned for his safety in jail and even contemplated paying for protection. The former crypto mogul, facing charges and found guilty of money laundering, fraud, and conspiracy, was said to be "out of his element" in jail.

  • Australian law firm Cadena Legal suggests ignoring the Australian Tax Office's (ATO) recent cryptocurrency taxation guidance, calling it "toilet paper." The firm argues the guidance is non-binding, causing confusion in the crypto community, and recommends waiting for a public ruling instead. Founder Harrison Dell advises clients to ignore the rules, anticipating a negative impact on tax compliance.

  • Decentralized exchange dYdX is unlocking 150 million DYDX tokens, worth $478 million, on December 1. Investors worry about oversupply affecting DYDX prices. Despite the unlock's postponement from February to December 2023, concerns linger about its impact on the token's positive momentum. The team plans a phased release to alleviate potential selling pressure.

  • OCBC, Southeast Asia's second-largest bank, seeks redress in Singapore's money laundering scandal, filing a claim against suspect Su Baolin for S$19.7 million. First case of a local institution pursuing justice raises questions about its role and impact on Singapore's financial reputation.

  • Robinhood expands to the UK, introducing commission-free trading of 6,000 US equities in early 2024. CEO Vladimir Tenev targets competition with UK firms, emphasizing global vision and zero-fee trading. Robinhood aims to reshape UK investing with technology-driven features and a fresh perspective.

Also read - 24 Crypto Update, 30 Nov:Crypto Gains Pre US ISM PMI & Powell's Speech

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