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Crypto Daily Roundup,28 Nov: Binance vs. Coinbase: The Race to the Top

28-Nov-2023 By: Lokesh Gupta
Crypto Daily Roundup

Cryptocurrencies with the highest Loser in the past 24 hours:

TOP 5 Loser Coins

Indices LTP Change (%)
FTX Token $3.51 10.76%
Blur $0.4856 9.69%
Injective $15.82 8.45%
The Graph $0.1407 8.36%
Axie Infinity $6.44 8.26%

Crypto News Key Highlights:

  • Coinbase CEO Brian Armstrong sees Binance's $4 billion settlement with the U.S. Department of Justice as a turning point, allowing the crypto industry to move past scandals. Armstrong emphasizes the importance of regulatory clarity to attract institutional investment. He dispels the notion that crypto is primarily used for illicit activities, citing less than 1% involvement. Armstrong praises U.K. Prime Minister Rishi Sunak's approach to digital currencies and notes Coinbase's increased investment in the U.K. amid a legal battle with the U.S. SEC.

  • Coinbase (COIN) shares reached an 18-month high, closing at $119.77, up 256.5% YTD. The surge followed Binance and its CEO's guilty plea to money laundering and sanctions violations in the U.S., settling for $4.3 billion. Coinbase's role in pending spot crypto ETFs contributes to its recent success despite facing an SEC lawsuit.

  • TrueUSD (TUSD) briefly depegs due to large sell orders, dropping to $0.9976 before restoring its peg. The incident raises liquidity and slippage concerns. TUSD faced security questions earlier, disclaiming TEURO in October, highlighting potential infrastructure issues. Despite challenges, TrueUSD asserts smart contract security.

  • Bitcoin (BTC) stays resilient, hitting a new yearly high of $38,390 amid regulatory scrutiny. CoinShares reports a significant $346 million inflow into digital asset products, the largest in nine weeks, driven by anticipation of a U.S. spot Bitcoin ETF launch. Total Assets Under Management reach $45.3 billion, the highest in over a year.

  • The U.S. SEC is reportedly still seeking evidence that Binance.US had a backdoor to control customer assets, similar to FTX. During a recent hearing, Binance.US argued the SEC lacks evidence of asset misuse and requested the cessation of the investigation. The request follows Binance's $4.3 billion settlement for violating anti-money laundering laws.

  • A working paper, co-authored by Bitcoin advocates and the former president of ERCOT, argues that Bitcoin mining can be a "critical tool" for clean energy by providing flexibility to balance the grid. The paper highlights Bitcoin mining's interruptibility and swift load response, suggesting it can enhance grid stability and efficiency. The findings contrast with claims by some anti-crypto politicians blaming Bitcoin miners for high energy usage. The authors contend that Bitcoin's impact on global energy demand and climate change is more nuanced than conventionally believed.

  • FTX users file class-action suits against Mercedes F1 and MLB, alleging they aided FTX's massive fraud and promoted unregistered securities. The suits claim promotional deals, including logos on cars and umpire patches, contributed to deceptive practices. The group is also suing celebrities who promoted FTX, with some seeking dismissal and others, like Trevor Lawrence, settling similar lawsuits.

  • Scammers posing as Forbes journalists targeted Bored Ape Yacht Club (BAYC) NFT holders, attempting to steal digital assets through an elaborate scheme. One collector, Crumz, shared his encounter, exposing the scammers' attempts during a Zoom call. BAYC has seen a decline in sales, sales volume, and primary sales recently.

  • Ethereum co-founder Vitalik Buterin warns of the potential for super-advanced artificial intelligence to surpass humans, becoming the next "apex species." He highlights the need for human intervention to prevent adverse outcomes, suggesting brain-computer interfaces for better control over AI and emphasizing the importance of aligning AI with human values.

Also read - 24 Crypto Update, 27 Nov: Cryptos dip amid global market calm

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