24/11/2024. Weekly CryptoNews Digest (November, 18 – November, 24)

Hello and welcome to the MNO blog! With over 17 years of experience, I’m here to help you make informed investment decisions and navigate the ever-changing digital asset landscape. Since 2007, MNO has been your go-to resource for practical tips, insightful analysis, and the latest news on digital assets. Together, we’ll explore the potential and challenges of this exciting space, empowering you to achieve your financial goals.

At MNO, I am dedicated to keeping you updated on such groundbreaking events and helping you understand their implications for your investments. The recent surge in BTC’s price is a testament to the dynamic nature of cryptocurrencies and their potential to reshape the financial landscape. I aim to provide you with the knowledge and tools necessary to navigate these changes successfully and make the most of the opportunities they present.

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Now it’s time to bring you the latest news and developments from the past seven days in our traditional MNO’s Weekly CryptoNews Digest. I post this regularly every Sunday to ensure you stay informed and prepared, as cryptocurrencies are clearly a hot topic of discussion right now. Keeping up with the rapidly evolving world of digital assets is crucial, and our digest aims to provide you with the most relevant updates and insights.

Over the past week, November 18 to November 24, 2024, the crypto world has been bustling with significant developments. Avalanche, Oasis, and Cardano unlocked a combined $90 million worth of tokens, causing market volatility. Bitwise introduced the first Aptos Staking ETP on the SIX Swiss Exchange, offering a 4.7% return through staking. FTX sought court approval for $21 million in recoveries from Evolve Bank and the Silicon Valley Community Foundation. US spot Bitcoin ETFs surpassed $30 billion in cumulative inflows as Bitcoin reached another record price of $99,419. Solana hit an all-time high amid a market rally, while XRP surged to a 3-year high following SEC Chair Gensler’s resignation.

So, let’s dive into this week’s highlights and understand the trends that are shaping the future of finance.

BITCOIN HITS RECORD HIGH IN SEVEN-DAY RALLY

Over the past seven days, Bitcoin (BTC) has experienced a remarkable rally, reaching a new all-time high. The cryptocurrency surged past the $97,000 mark and even touched $99,419 on Friday. This impressive climb is part of a broader trend that has seen BTC’s value increase by over 9% during this period. The rally was fueled by a combination of factors, including rising stablecoin inflows, strong demand for Bitcoin spot ETFs, and positive market sentiment surrounding potential regulatory changes in the United States.

The highest record price achieved during this rally was $99,419, which BTC reached on Friday. This milestone brought the cryptocurrency within striking distance of the $100,000 threshold, a level that many analysts believe is imminent given the current market conditions. The surge in BTC’s price has been accompanied by significant inflows into Bitcoin ETFs, with BlackRock’s IBIT alone seeing substantial inflows. This influx of capital has provided strong support for the ongoing bullish momentum.

Several factors contribute to the potential continuation of this upward trend. First, the influx of stablecoins into cryptocurrency exchanges indicates heightened speculative demand, which could further drive BTC’s price higher. Additionally, the anticipation of crypto-friendly policies under the new U.S. administration has bolstered investor confidence. Analysts have drawn parallels between the current market behavior and previous bullish periods, suggesting that BTC could reach even higher levels before the end of the year.

Moreover, institutional demand for Bitcoin remains robust, with significant whale accumulation observed in recent days. This strong demand from large investors, combined with the positive regulatory outlook and continued inflows into Bitcoin ETFs, suggests that the rally may have further room to run. As long as these factors persist, BTC’s price could continue its upward trajectory, potentially reaching new heights in the near future.

TOKEN UNLOCK FRENZY HITS AVALANCHE, OASIS, AND CARDANO ECOSYSTEMS

Recently, the crypto world has been abuzz with the news of major token unlock events in the Avalanche, Oasis, and Cardano ecosystems. A staggering $90 million worth of tokens were released across these networks. Token unlocks typically involve releasing tokens that were previously locked or vested, making them available for trading and use. This sudden influx of tokens in the market often leads to increased trading volumes and, consequently, price volatility. In this case, the scale of the unlocks has magnified the effects, creating ripples across the broader cryptocurrency market.

The Avalanche network saw a significant portion of these releases, with a focus on unlocking tokens allocated to developers, early investors, and ecosystem participants. Such unlocks are designed to reward contributors and incentivize further development and engagement within the ecosystem. However, the immediate impact of releasing large quantities of tokens can also lead to short-term price drops as recipients may choose to sell their newly available assets. This creates a dynamic where the benefits of increased liquidity and participation are weighed against the challenges of managing market stability.

Similarly, the Oasis Network and Cardano have experienced their own token unlocks, contributing to the overall $90 million surge. For Oasis, the unlocks are part of a broader strategy to enhance the network’s capability to support decentralized applications and services, while Cardano’s releases align with its roadmap of gradually distributing governance and staking rewards. Both networks aim to foster a vibrant and active community of developers, users, and stakeholders, ensuring long-term sustainability and growth.

The combined effect of these token unlocks has undeniably led to noticeable market fluctuations. Traders and investors have been closely monitoring these events, adjusting their positions in response to the changing supply dynamics. While such volatility can be daunting, it also presents opportunities for those adept at navigating the crypto markets. As these ecosystems continue to evolve and mature, the ability to manage token unlocks effectively will be crucial in maintaining investor confidence and fostering robust, decentralized networks.

BITWISE UNVEILS APTOS STAKING ETP WITH 4.7% RETURNS ON SIX SWISS EXCHANGE

In a significant move for the cryptocurrency market, Bitwise has launched the first-ever Aptos Staking Exchange-Traded Product (ETP) on the SIX Swiss Exchange. This groundbreaking financial product allows investors to gain exposure to Aptos, a fast-growing blockchain network, while earning a competitive return of 4.7% through staking. Staking is a process where cryptocurrency holders participate in network validation and, in return, earn rewards. By offering this product, Bitwise aims to make staking more accessible to a broader range of investors, further integrating blockchain technology into traditional financial markets.

The introduction of the Aptos Staking ETP is a testament to Bitwise’s commitment to innovation and providing investors with novel opportunities to diversify their portfolios. Aptos, known for its high-performance and scalable blockchain infrastructure, has been attracting attention from developers and investors alike. The ETP will allow institutional and retail investors to tap into the potential of Aptos without the technical complexities typically associated with direct staking. By listing on the SIX Swiss Exchange, Bitwise ensures a regulated and secure environment for trading this new product, appealing to those seeking both safety and returns.

With the Aptos Staking ETP, investors can expect not only capital appreciation but also income generation through the staking rewards. This dual benefit makes the product particularly attractive in a market where finding reliable yield opportunities can be challenging. The 4.7% return offered by the ETP is competitive, reflecting the efficient network operations of Aptos and the strategic management by Bitwise. As the crypto market continues to mature, products like the Aptos Staking ETP are likely to play a crucial role in bridging the gap between traditional finance and the digital asset space.

The launch of the Aptos Staking ETP marks a pivotal moment in the evolution of cryptocurrency investment products. By combining the advantages of a regulated exchange-traded product with the innovative staking mechanisms of Aptos, Bitwise is setting a new standard for crypto asset management. This initiative not only highlights the growing acceptance of cryptocurrencies in mainstream finance but also showcases the potential for generating sustainable returns through decentralized technologies. Investors looking to diversify their portfolios and capitalize on the growth of blockchain networks will find the Aptos Staking ETP a compelling addition to their investment strategies.

FTX SEEKS COURT APPROVAL FOR $21 MILLION RECOVERIES FROM EVOLVE BANK AND SILICON VALLEY

FTX, the bankrupt cryptocurrency exchange, has recently sought court approval for settlements aimed at recovering up to $21 million in assets. These settlements involve agreements with Evolve Bank and the Silicon Valley Community Foundation (SVCF). The court filings indicate that these settlements are still pending approval, with a hearing scheduled to address the matter. The recoveries are part of FTX’s ongoing efforts to maximize creditor recovery and expedite the asset retrieval process.

The settlement with Evolve Bank involves the return of approximately $12.77 million to FTX, with the bank retaining a portion for indemnification expenses. Additionally, Evolve Bank has agreed to waive all current and potential claims against FTX, including indemnity and expense claims under their Master Bank Services Agreement. This agreement is expected to avoid prolonged litigation and facilitate a smoother recovery process for FTX.

Similarly, the settlement with the Silicon Valley Community Foundation includes the return of $8.57 million in cash and 34,208.70 FTT tokens. The foundation had previously sold part of the donated tokens for external grants, and this settlement allows FTX to reclaim the remaining assets without entering into litigation. The agreements with both Evolve Bank and SVCF are crucial steps in FTX’s bankruptcy proceedings, aiming to recover significant assets for creditors.

FTX’s efforts to secure these settlements highlight the complexities involved in managing the aftermath of a high-profile bankruptcy in the cryptocurrency industry. The court’s approval of these settlements will be a key milestone in the ongoing process of asset recovery and creditor compensation. As the crypto market continues to evolve, the outcomes of such cases will likely influence future regulatory and legal frameworks for digital asset exchanges.

SOLANA HITS RECORD HIGH AMID MARKET RALLY

Solana has recently surged by 11%, reaching an all-time high of $263. This impressive milestone comes amid a broader market rally, driven by a combination of factors including increased investor confidence and favorable market conditions. The surge in Solana’s price reflects the growing interest in its blockchain technology, which is known for its high performance and scalability. As one of the leading cryptocurrencies, Solana’s rise is a testament to its robust ecosystem and the increasing adoption of its platform by developers and users alike.

The recent rally in Solana’s price can be attributed to several key developments within the cryptocurrency market. One significant factor is the anticipation of a potential Solana ETF approval, which has fueled investor optimism. Additionally, the resignation of SEC Chair Gary Gensler has been seen as a positive development for the crypto market, as it may lead to a more favorable regulatory environment. These events have contributed to a bullish sentiment, driving up the prices of not only Solana but also other major cryptocurrencies.

Solana’s performance has been particularly noteworthy given its past challenges. The cryptocurrency experienced significant setbacks during the crypto winter of 2022, when its price plummeted to single digits. However, Solana has made a remarkable recovery, thanks to improvements in its network stability and the expansion of its ecosystem. The blockchain’s ability to handle a high volume of transactions at low costs has made it a preferred choice for decentralized finance (DeFi) platforms and non-fungible token (NFT) projects, further boosting its value.

The future looks promising for Solana as it continues to attract attention from both institutional and retail investors. The recent price surge is a clear indication of the market’s confidence in Solana’s potential. As the cryptocurrency market evolves, Solana’s innovative technology and strong community support are likely to play a crucial role in its continued success. Investors and developers alike are keeping a close eye on Solana, anticipating further growth and development in the coming months.

XRP HITS 3-YEAR HIGH FOLLOWING SEC CHAIR GENSLER’S DEPARTURE

XRP, the cryptocurrency associated with Ripple, recently surged to a 3-year high following the announcement of SEC Chair Gary Gensler’s resignation. The price of XRP jumped significantly, reaching $1.43, its highest level since May 2021. This price increase is part of a broader market rally, fueled by optimism surrounding the potential for a more favorable regulatory environment under the incoming administration. Gensler’s departure has sparked speculation that the SEC might drop its appeal or reach a settlement with Ripple, reducing the regulatory uncertainty that has weighed on the token.

The legal battle between Ripple and the SEC has been a significant factor affecting XRP’s value. In 2020, the SEC filed a lawsuit against Ripple, alleging that the company raised $1.3 billion through the sale of XRP, which it considered an unregistered security. This led to XRP’s delisting from several exchanges and a drop in its value. However, in July 2023, a judge ruled that XRP’s sales on exchanges were not securities, triggering a short-term price surge. Despite the SEC’s appeal, Gensler’s resignation has raised hopes for a more positive outcome for Ripple and its token.

The recent surge in XRP’s price reflects the market’s confidence in the potential for regulatory changes that could benefit the cryptocurrency. Analysts believe that the incoming administration may adopt a more pro-crypto stance, which could lead to the approval of XRP exchange-traded funds (ETFs) and further institutional interest in the token. The market sentiment has been further boosted by the anticipation of a clearer regulatory framework, which could pave the way for XRP’s growth and adoption.

As XRP continues to attract investor attention, its recent performance highlights the impact of regulatory developments on the cryptocurrency market. The departure of Gensler and the potential for a more supportive regulatory environment have contributed to the token’s significant price increase. With ongoing legal challenges and the possibility of favorable regulatory changes, XRP’s future looks promising, and it remains a key player in the evolving crypto landscape.

US SPOT BITCOIN ETFS SURPASS $30 BILLION: RECORD HIGHS AND RENEWED EXCITEMENT

Over the past week, US spot Bitcoin ETFs have reached a remarkable milestone, surpassing $30 billion in cumulative inflows. This surge in investment coincides with Bitcoin’s price approaching the $100,000 mark, reflecting growing confidence and interest in the cryptocurrency market. The impressive inflows, totaling $30.35 billion since their launch in January, underscore the increasing acceptance of Bitcoin as a viable investment asset.

BlackRock’s iShares Bitcoin Trust (IBIT) led the pack with significant inflows, attracting $608.41 million, followed closely by Fidelity’s FBTC with $300.95 million. This influx of capital highlights the strong market sentiment and the appeal of these ETFs to both institutional and retail investors. The success of these funds is a testament to the dynamic nature of the digital asset space and the growing enthusiasm for Bitcoin as a store of value.

The renewed excitement around Bitcoin and its ETFs is driven by several factors, including favorable regulatory developments and the increasing adoption of blockchain technology. As Bitcoin continues its bull run, reaching new all-time highs, investors are keen to capitalize on the opportunities presented by these ETFs. The milestone achieved by US spot Bitcoin ETFs is a clear indicator of the market’s potential and the significant role these funds play in the broader financial ecosystem.

As we look ahead, the continued growth and innovation in the digital asset space are expected to drive further interest and investment in Bitcoin and other cryptocurrencies. The record inflows into US spot Bitcoin ETFs are just the beginning, with analysts predicting even more milestones as the market evolves. This exciting time for Bitcoin and its ETFs is a promising sign for the future of digital assets and their role in reshaping the financial landscape.

Another fantastic week in the world of crypto! Let’s celebrate the incredible growth and innovation happening in the digital asset space.

A huge thank you to all of you for your continued support and engagement. Your passion and enthusiasm fuel my mission to provide valuable insights and information.

Take some time to relax and recharge this weekend. Don’t forget to share your thoughts in our MNO TalkBack poll – your feedback helps us tailor our content to better serve your needs.

I’ll be back next Sunday with more crypto news and insights. Keep building your portfolio, and remember, I’m here to support you on your financial journey. Thanks for being part of MNO – For Money Lovers!

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