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Code Is Law, Alameda Wallet Moves, BlackRock ETF Updates

Author

Aurelian
December 06, 2023

The market is on fire as BTC blasts past $40K! There might be pullbacks but the bullmarket is back

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ICYMI

  • Two hackers who attacked Avalanche stablecoin project Platypus have been acquitted by a French court

  • Societe Generale issues first digital green bond on Ethereum 

  • BlackRock and Bitwise updated their $BTC ETF applications on Monday

  • BlackRock receives $100K seed funding for spot $BTC ETF

  • Qatar wealth fund rumoured to be purchasing $500B of crypto 

  • SBF's attorneys waived post-trial motions and are currently appealing. SBF's attorneys insist SBF is innocent and will continue to aggressively fight the charges 

  • FTX/Alameda wallet withdrew 1.5M SOL from staking and presumably transferred it to Coinbase

  • Grayscale’s Ethereum Trust conversion filing has been delayed by the SEC 

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Narrative Of The Week: BTC, The Rising Tide that Lifts All Boats

What an exhilarating week it's been! A rollercoaster of events with BTC easily soaring past previous resistance levels, inching closer to its previous all-time high. This surge has been a nightmare for short sellers, who've faced a barrage of liquidations with each upward tick. In a market with such clear and decisive momentum, trading against the trend is akin to walking a tightrope without a safety net—a single extreme price swing can spell disaster.

Amidst this volatility, particularly concerning various exchanges, the market has displayed a remarkable resilience, almost nonchalantly brushing off these events. BTC, in a show of strength, blasted through the $40K barrier and is now ambitiously targeting $50K.

Amidst the surge in BTC, projects within the BTC ecosystem have experienced astronomical gains. Keep an eye on projects like $ORDI, $TRAC, and $MUBI, as it's highly probable that following ETF approval, these projects could achieve even greater heights.

This event marks a watershed moment for the crypto market, heralding an era of heightened competition and a deluge of liquidity as institutions officially step into the arena. We're on the cusp of a transformation, where the market's complexity and liquidity will make it a more challenging trading environment. It remains to be seen how this influx of institutional presence will affect the inherent volatility that characterizes the crypto world.

Amidst this excitement, there's widespread speculation about the post-ETF landscape. Will the confirmation of the ETF propel the market to new heights, or will it trigger a 'sell the news' reaction, leading to a retraction back to lows like $30K? Interestingly, despite ample opportunities for accumulation in the past two years, many seem to have missed the boat, neglecting to dollar-cost average or establish significant market positions.

The potential Ethereum ETF is also a hot topic, with many traders viewing it as the next big thing, likely to follow in the footsteps of the BTC ETF. There's a strong belief that the ETH ETF might be the real game-changer, especially as the market often moves in the least expected directions.

Beyond Bitcoin and Ethereum, other market segments are also flourishing. NFTs are surging, and tokens linked to compelling narratives are gaining traction. Sectors like GameFi, GambleFi, and Real-World Assets are witnessing their associated tokens achieving remarkable returns. Shitcoin trading is back in vogue, with numerous coins delivering astonishing profits.

However, it's not all sunshine and rainbows. The market's optimism is tempered by the persistent threat of hacks and security breaches, which likely persist for years to come.  One of the most peculiar incidents recently was the Kyber Swap hack. This event not only raised eyebrows due to its complex execution but also because of the hacker's unusual list of demands.

Industry

Binance reportedly informed its VIP traders of a $4B settlement with the Department of Justice at a dinner in Singapore, months before the settlement was publicly announced. Former CEO Changpeng Zhao, who has since pleaded guilty to anti-money laundering violations, was not present at the dinner. Separately, Brazilian bank Itau Unibanco launched a crypto trading service for Bitcoin and Ether, with plans to expand to other cryptos, competing with other local and global firms. The bank will also act as a custodian for users' assets. This move comes after two local companies exited the crypto market due to regulatory uncertainties. In other news, Spanish police detained Alejandro Cao de Benos for allegedly helping North Korea evade sanctions using crypto and blockchain technology, with possible implications of a 20-year prison sentence if convicted.

  • Deribit’s derivative exchange’s open interest on Bitcoin perpetuals has reached a yearly high of $740M

  • Lugano, a city in Switzerland, now accepts Bitcoin and USDT for municipal taxes

  • Envision partners with HBAR and UN on new digitization platform for carbon markets

  • Circle says it doesn't service Justin Sun in letter to US senators refuting claims about illicit financing activities 

  • Crypto trading volume on Robinhood surge 75% in November

  • DigiFT said it received a Singapore CMS and RMO license to operate collective investment schemes or secondary-market trading after an 18-month review

  • Cryptocom secures EMI license from UK financial regulators

Projects

In a period marked by major security breaches in the crypto space, decentralized exchanges Velodrome and Aerodome experienced a second compromise of their frontend domains within days, following an initial attack on November 29. The teams quickly restored access and confirmed that their decentralized frontends remained secure. Adding to the intensity of these security incidents, KyberSwap announced its plan to offer treasury grants to victims of its recent $48.8M exploit, a particularly bizarre hack due to the hacker's unusual demands and refusal to accept a bounty for returning the stolen funds. This exploit was caused by a vulnerability in the tick interval boundaries, leading to significant losses, although KyberSwap managed to recover $4.7M. Furthermore, NobitexMarket also fell victim to a hack, resulting in a staggering loss of $12.5M

Solana went from least likely to survive, to one of the market’s most loved projects. It seems way more is on the horizon for this titan

Dive into the inner workings of DeFi with this great thread by Castle Capital

Stacy explorers some very interesting projects in this latest thread

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