13/11/2023. Weekly CryptoNews Digest (November, 06 – November, 12)

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So let’s have a look at the Weekly CryptoNews Digest. This time it covers the period from November, 06 to November, 12, 2023. I will be covering some most talked about news surrounding the crypto markets last week and such important events that happened last week. And of course we will start with the positive price hike for BTC and other major cryptocurrencies over the last few days time and what might have caused it.

MAJOR CRYPTO REACHED NEW HEIGHTS AGAIN LAST WEEK

Both BTC and ETH have seen a positive trend in the last few days, with prices rising steadily. BTC traded over $37K yesterday while ETH has broken into the $2,100 area.

The latest crypto price hike, which began last week on November 9, 2023, is likely due to a combination of factors, including:

– Increased institutional interest: A growing number of institutional investors, such as hedge funds and pension funds, are allocating capital to cryptocurrencies. This is a sign of increasing confidence in the asset class and is helping to drive up prices.

– Anticipation of a spot Bitcoin ETF: The US Securities and Exchange Commission (SEC) is currently reviewing several applications for spot Bitcoin ETFs. A spot ETF would allow investors to expose themselves to Bitcoin without having to buy and store the cryptocurrency directly. This would make it easier for investors to invest in Bitcoin and could lead to increased demand.

– Short liquidations: Some traders had bet that Bitcoin prices would continue to fall. However, the recent price hike has led to liquidations of these short positions, which has further pushed prices higher.

– Improved macroeconomic sentiment: The global economy is showing signs of improvement, which is leading to increased risk appetite from investors. This is benefiting risky assets such as cryptocurrencies.

Here is a more detailed look at each of the factors mentioned above:

Increased institutional interest:

Institutional investors are increasingly allocating capital to cryptocurrencies. This is due to a number of factors, including the belief that cryptocurrencies are a new asset class with the potential to generate high returns, the desire to diversify portfolios, and the increasing availability of investment products that make it easy for institutions to invest in cryptocurrencies.

According to a recent report by Grayscale Investments, the world’s largest digital asset manager, institutional investors now account for more than 70% of all inflows into its Bitcoin and Ethereum products. This suggests that institutional interest in cryptocurrencies is at an all-time high.

Anticipation of a spot Bitcoin ETF:

A spot Bitcoin ETF would allow investors to invest in Bitcoin without having to buy and store the cryptocurrency directly. This would make it easier for investors to invest in Bitcoin and could lead to increased demand.

The SEC is currently reviewing several applications for spot Bitcoin ETFs. If one of these applications is approved, it would be the first spot Bitcoin ETF to be launched in the United States. This would be a major milestone for the cryptocurrency industry and could lead to a significant increase in institutional investment in Bitcoin.

Short liquidations:

Some traders had bet that Bitcoin prices would continue to fall. However, the recent price hike has led to liquidations of these short positions. Short liquidations occur when a trader is forced to sell an asset at a loss because the price of the asset has moved against them.

Short liquidations can help to drive prices higher because they force traders to buy back the asset that they had shorted. This increased demand can push prices up.

Improved macroeconomic sentiment:

The global economy is showing signs of improvement, which is leading to increased risk appetite from investors. This is benefiting risky assets such as cryptocurrencies.

The recent decline in inflation and the positive outlook for economic growth are helping to boost investor sentiment. As investors become more willing to take on risk, they are likely to allocate more capital to risky assets such as cryptocurrencies.

RIPPLE BRIEFLY TOPS MAJOR ALTCOINS

Not only BTC and ETH have benefited from the industry surge last week. XRP briefly topped major altcoins on November 13, 2023, reaching a market capitalization of $22.1 billion. This is the second time in a week that XRP has briefly surpassed Ethereum as the second-largest altcoin, after doing so on September 26, 2023.

XRP’s recent surge in price is likely due to a number of factors, including:
– Positive news about the ongoing Ripple vs. SEC lawsuit
– Increased adoption of XRP by financial institutions
– Growing interest in XRP’s use cases as a digital asset and payment network

I remind you that the Ripple vs. SEC lawsuit is a major legal battle that has been ongoing since 2020. The SEC alleges that Ripple and its executives sold XRP unregistered securities. Ripple has denied the allegations and is fighting the lawsuit in court.

Despite the ongoing lawsuit, Ripple has continued to expand its partnerships and grow its business. In recent months, Ripple has partnered with a number of financial institutions, including Santander and MoneyGram, to enable them to use XRP for cross-border payments.

Ripple is also working on a number of other use cases for XRP, including micropayments and supply chain management. As these use cases develop, they could help to drive further adoption of XRP and increase its demand.

Overall, XRP’s recent surge in price is a positive sign for the cryptocurrency industry. It suggests that there is growing interest in XRP as a digital asset and payment network. The outcome of the Ripple vs. SEC lawsuit will be a major factor in determining XRP’s long-term success. However, even if the SEC wins the lawsuit, it is likely that XRP will remain a popular cryptocurrency.

FTX MIGHT BE REVIVED AFTERALL

You might be aware of the recent trial on the FTX exchange founder Sam Bankman-Fried and his conviction that MNO has been informing you about over the last few weeks. It appears though that the story of his venture FTX might be far from over though as last week, on November 8, 2023, SEC Chair Gary Gensler suggested the possibility of the revival of FTX under new leadership.

He said in an interview with CNBC at DC Fintech Week: “It’s possible to reboot FTX if it’s done within the law. Build the trust of investors in what you’re doing and ensure that you’re doing the proper disclosures.”

Gensler’s comments come after FTX, one of the world’s largest cryptocurrency exchanges, filed for bankruptcy last year. I remind you that the bankruptcy filing was the result of a liquidity crisis that was triggered by a number of factors, including the collapse of the TerraUSD stablecoin and the Luna cryptocurrency.

Gensler’s openness to the possibility of a revived FTX is a positive sign for the cryptocurrency industry. It suggests that the SEC wants to work with companies that are willing to comply with the law.

However, it is important to note that Gensler also emphasized the importance of investor protection. He said that any new leadership at FTX would need to build the trust of investors and ensure that the company is making proper disclosures.

Overall, the possibility of a revived FTX is a positive development for the cryptocurrency industry. However, it is important to be realistic about the challenges that the company faces. Only time will tell whether FTX will be able to overcome these challenges and successfully return to business.

SEC OPENED TALKS WITH GRAYSCALE

The US Securities and Exchange Commission (SEC) has opened talks with Grayscale Investments to convert its Grayscale Bitcoin Trust (GBTC) into a spot Bitcoin ETF. This is a significant development for the cryptocurrency industry, as it could be the first time that the SEC approves a spot Bitcoin ETF in the United States.

GBTC is a closed-end investment trust that holds Bitcoin. It is currently traded over-the-counter (OTC), but Grayscale has been seeking to convert it into an ETF since 2021.

The SEC has been hesitant to approve spot Bitcoin ETFs in the past, citing concerns about market manipulation and volatility. However, the agency has recently signaled a more open-minded approach to cryptocurrency regulation.

The talks between the SEC and Grayscale are ongoing, and it is unclear when or if they will lead to a spot Bitcoin ETF being approved. However, the fact that the SEC is willing to engage with Grayscale on this issue is a positive sign.

If a spot Bitcoin ETF is approved, it would be a major milestone for the cryptocurrency industry. It would provide investors with a new and easier way to gain exposure to Bitcoin, and it could help to legitimize Bitcoin as an investment asset.

Here are some of the potential benefits of a spot Bitcoin ETF:
– Increased liquidity and accessibility for Bitcoin
– Reduced volatility and price manipulation
– Increased institutional investment in Bitcoin
– Legitimization of Bitcoin as an investment asset

A spot Bitcoin ETF would also be a boon for Grayscale, as it would allow the company to unlock the billions of dollars in value that are currently tied up in GBTC.

BINANCE LAUNCHED WEB3 WALLET

Binance, the world’s largest cryptocurrency exchange by trading volume, launched its Web3 Wallet on November 8, 2023. The Binance Web3 Wallet is a self-custody wallet that allows users to store, send, and receive cryptocurrencies, as well as interact with decentralized applications (dApps).

The Binance Web3 Wallet is integrated with the Binance app, making it easy for users to access both their centralized and decentralized assets in one place. The wallet also features a number of features that make it easy to use, including:
– A simple and intuitive user interface
– Support for multiple blockchains and thousands of tokens
– The ability to swap tokens at great prices
– The ability to earn yield on crypto assets
– A built-in dApp browser

Here are some of the benefits of using the Binance Web3 Wallet:
– Self-custody: Users have full control over their private keys and assets.
– Convenience: The wallet is integrated with the Binance app, making it easy to access both centralized and decentralized assets in one place.
– Security: The wallet uses advanced security features to protect user assets.
– Usability: The wallet has a simple and intuitive user interface.
– Features: The wallet supports a variety of features, such as token swapping, yield earning, and a built-in dApp browser.

Overall, the Binance Web3 Wallet is a good option for users who are looking for a self-custody wallet that is easy to use and supports a wide range of features. The Binance Web3 Wallet is a significant development for the cryptocurrency industry, as it makes it easier for users to access and interact with the Web3 ecosystem. The wallet is also a sign of Binance’s commitment to supporting Web3 adoption.

ROBINHOOD EXPANDS TO EUROPEAN MARKETS

Robinhood, the popular American trading platform, is expanding its crypto trading services into the European Union and launching brokerage operations in the UK in the coming week. This is a significant development for the cryptocurrency industry, as it will make it easier for European and UK investors to access Robinhood’s platform.

Robinhood is known for its user-friendly interface and commission-free trading. The platform currently offers trading in a variety of cryptocurrencies, including Bitcoin, Ethereum, Dogecoin, and Litecoin.

Robinhood’s expansion into the EU and UK is a sign of the growing popularity of cryptocurrency trading in these regions. It is also a sign of Robinhood’s commitment to global expansion.

Here are some of the potential benefits of Robinhood’s expansion into the EU and UK:
– Increased access to cryptocurrency trading for European and UK investors
– Reduced trading costs for European and UK investors
– Increased liquidity in the cryptocurrency market
– Legitimization of cryptocurrency trading in the EU and UK

Robinhood’s expansion into the EU and UK is a positive development for the cryptocurrency industry. It could help to accelerate the adoption of cryptocurrency trading in these regions and make it easier for investors to gain exposure to this emerging asset class.

However, there could be some potential challenges that Robinhood may face in the EU and UK:
– Regulatory compliance: Robinhood will need to comply with the different regulatory requirements in the EU and UK.
– Competition: Robinhood will face competition from other cryptocurrency exchanges and trading platforms in the EU and UK.
– User adoption: Robinhood will need to convince European and UK investors to use its platform, especially since it is a new entrant to these markets.

Overall, Robinhood’s expansion into the EU and UK is a bold move that has the potential to significantly impact the cryptocurrency industry in these regions. It remains to be seen how successful Robinhood will be, but its expansion is a sign of the growing popularity of cryptocurrency trading and the increasing legitimacy of the cryptocurrency market.

SCAMMERS TRY TO CAPITALIZE ON FAKE GROK COINS

And I will end today’s Weekly CryptoNews Digest with a word of caution in regards to the new chatbot Grok which was developed as an initiative by Elon Musk as a direct response to the rise of OpenAI’s ChatGPT. So since Grok was announced on November 5, 2023, more than 400 different crypto tokens have been created and named after Elon Musk’s ChatGPT rival. The tokens are being traded on decentralized exchanges (DEXes), but many of them are scams.

The scammers are hoping to capitalize on the hype around Grok and Musk’s name to steal investors’ money. They are creating tokens with names like “Grok Coin” and “Grok Token,” and they are promoting them on social media and through phishing emails.

Investors should be wary of any tokens that are using Grok’s name or branding. These tokens are likely scams designed to steal investors’ money. Investors should only invest in tokens that have been vetted by a reputable source.

Here are some of the reasons why scammers are creating tokens named after Grok:
– Grok is a new and exciting project that has generated a lot of hype.
– Elon Musk is a popular and influential figure in the cryptocurrency industry.
– Scammers can easily create tokens and trade them on DEXes.
– Many investors are new to the cryptocurrency industry and are more susceptible to scams.

Investors should be careful when investing in any cryptocurrency, but they should be especially careful when investing in tokens that are named after new or popular projects. Investors should always do their own research before investing in any cryptocurrency.

Here are some tips to avoid cryptocurrency scams:
– Be wary of any token that is promising high returns or guaranteed profits.
– Do your research on any token before you invest in it.
– Only invest in tokens from reputable sources.
– Be wary of any token that is being promoted on social media or through phishing emails.
– Never give out your private keys to anyone.

If you believe you have been the victim of a cryptocurrency scam, you should report it to the authorities immediately.

That’s about it for this latest Weekly CryptoNews Digest on the MNO blog. I’ll be posting the next update on cryptocurrency in a week from now when all the latest developments and news will be covered. So, if you’re genuinely interested in what is going on in the cryptocurrency world, then make sure you check it out next Monday.

That will be it for tonight, guys. I hope your business week will be fruitful and productive and I will be back with the next blog post in a few days time. Keep following MNO – For Money Lovers!