Bitcoin ETF race has a new player, Binance ends support for BUSD, and more: Hodler’s Digest: Nov. 26 – Dec. 2

Top Stories This Week

Bitcoin ETF contention gets 13th entrant, BlackRock revises ETF model

Asset manager Pando Asset has go an unexpected precocious entrant into the spot Bitcoin ETF contention successful the United States. On Nov. 29, Pando submitted a Form S-1 — utilized to registry securities with the bureau — to the U.S. Securities and Exchange Commission for the Pando Asset Spot Bitcoin Trust. Like different ETF bids, the spot aims to way Bitcoin’s terms with the custody limb of the crypto speech Coinbase to clasp Bitcoin connected behalf of the trust. Pando is the 13th applicant for an approved spot Bitcoin ETF successful the U.S. and joins the contention with a twelve others, including BlackRock, ARK Invest and Grayscale.

Binance volition extremity enactment for BUSD stablecoin successful December

Crypto speech Binance is winding down the services for its autochthonal stablecoin, Binance USD (BUSD). According to an announcement, the speech volition cease enactment for each BUSD products pursuing Paxos halting the minting of caller coins. Binance said users should retreat oregon person their existing BUSD into different assets earlier Dec. 15, anterior to it opening the process of disabling withdrawals for BUSD connected Dec. 31. At that point, existing balances volition automatically beryllium converted into First Digital USD for definite users.

CME Bitcoin futures amusement investors betting connected $40K BTC price

The request of organization investors for Bitcoin (BTC) became evident connected Nov. 10 arsenic the Chicago Mercantile Exchange (CME) Bitcoin futures flipped Binance’s BTC futures markets successful presumption of size. According to BTC derivatives metrics, those investors are showing beardown assurance successful Bitcoin’s imaginable to interruption supra the $40,000 people successful the abbreviated term. CME’s existent Bitcoin futures unfastened involvement stands astatine $4.35 billion, the highest since November 2021, erstwhile Bitcoin deed its all-time precocious of $69,000 — a wide denotation of heightened interest. The awesome 125% surge successful CME’s BTC futures unfastened involvement from $1.93 cardinal successful mid-October is undoubtedly tied to the anticipation of the support of a spot Bitcoin exchange-traded fund.

ChatGPT’s archetypal twelvemonth marked by existential fear, lawsuits and boardroom drama

With ChatGPT, OpenAI has developed the astir popular artificial quality instrumentality successful the world. It was launched a twelvemonth ago, connected Nov. 30, 2022, and catapulted to 100 cardinal monthly users wrong its archetypal 3 months. In conscionable 12 months, ChatGPT’s beingness has contributed to narratives surrounding the extinction of humankind, accusations that OpenAI built it by allegedly committing mass-scale copyright infringement, and a tumultuous CEO firing and rehiring that pundits are inactive trying to understand.

FTX and Alameda Research currency retired $10.8M to Binance, Coinbase, Wintermut

Wallets linked to defunct crypto trading firms FTX and Alameda Research moved $10.8 million to accounts successful Binance, Coinbase and Wintermute utilizing 8 cryptocurrencies. Blockchain investigation steadfast Spot On Chain spotted the movement, estimating that the defunct entities person transferred $551 cardinal since Oct. 24 utilizing 59 antithetic cryptocurrency tokens. The funds’ question dates backmost to March, erstwhile FTX and Alameda began the process of recovering assets for investors.

Winners and Losers

At the extremity of the week, Bitcoin (BTC) is astatine $38,673, Ether (ETH) astatine $2,084 and XRP astatine $0.61. The full marketplace headdress is astatine $1.45 trillion, according to CoinMarketCap.

Among the biggest 100 cryptocurrencies, the apical 3 altcoin gainers of the week are TerraClassicUSD (USTC) at 294.40%, Terra Classic (LUNC) at 85.78% and IOTA (IOTA) at 31.53%. 

Most Memorable Quotations

“I deliberation [Binance’s colony with the SEC is] a nett affirmative for their company. I deliberation it’s a nett affirmative for our industry.”

Mike Novogratz, CEO of Galaxy Digital

“Obviously, the attraction of CZ and Binance is absurd and lone highlights the arbitrary quality of punishment astatine the hands of the state.”

Arthur Hayes, entrepreneur and erstwhile CEO of BitMEX

“Let america not hide that ‘innovation versus regulation’ is simply a mendacious dichotomy that has for years been peddled by tech companies to evade meaningful accountability and binding regulation.”

Agnes Callamard, secretary-general of Amnesty International

“AI is […] a caller benignant of caput that is rapidly gaining successful intelligence, and it stands a superior accidental of overtaking humans’ intelligence faculties and becoming the caller apex taxon connected the planet.”

Vitalik Buterin, co-founder of Ethereum

“Don’t beryllium a loser. Get retired of FAKE wealth system. Get into gold, silver, Bitcoin now…. Before it’s excessively late.”

Robert Kiyosaki, writer and entrepreneur

“[Blast] crossed lines successful some messaging and execution.”

Dan Robinson, caput of probe astatine Paradigm

Prediction of the week

Bitcoin ETF volition thrust 165% BTC terms summation successful 2024 — Standard Chartered

Bitcoin is successful enactment to commercialized astatine six figures by the extremity of 2024, the latest forecast from Standard Chartered concludes. Thanks to the United States perchance approving Bitcoin spot terms ETFs, BTC/USD has the quality to astir treble from its existent $37,700 implicit the coming 12 months.

“We present expect much terms upside to materialize earlier the halving than we antecedently did, specifically via the earlier-than-expected instauration of US spot ETFs,” Geoff Kendrick, Standard Chartered’s caput of EM FX research, westbound and crypto probe wrote. “This suggests a hazard that the USD 100,000 level could beryllium reached earlier end-2024.”

The fig continues the user banking giant’s already optimistic imaginativeness of however Bitcoin volition turn successful the coming years. In July, probe eyed the declining availability of the BTC proviso arsenic a crushed to judge that overmuch higher prices were successful store.

FUD of the Week

Crypto thieves bargain $363M successful Nov, the astir ‘damaging’ period this year

The cryptocurrency manufacture has present seen its astir “damaging” period for crypto thievery, scams and exploits successful 2023, with crypto criminals walking distant with $363 cardinal successful November, according to blockchain information steadfast CertiK. Around $316.4 cardinal came from exploits alone, flash loans inflicted $45.5 cardinal successful damage, and $1.1 cardinal was mislaid to assorted exit scams. 

Bankless contention forces founders to pain tokens and abstracted from DAO

Amid the ongoing contention astir cryptocurrency media steadfast Bankless and the associated decentralized autonomous organization, BanklessDAO, the founders of Bankless have suggested separating the marque from the DAO. Bankless co-founders David Hoffman and Ryan Sean Adams program to taxable a governance connection to BanklessDAO to abstracted the 2 entities. Hoffman and Adams’ determination to abstracted Bankless from BanklessDAO came successful effect to assemblage disapproval of BanklessDAO’s exertion for a assistance from Arbitrum.

KyberSwap hacker demands implicit power implicit Kyber company

The hacker down the $46-million KyberSwap exploit has yet released their conditions for the instrumentality of the stolen funds, which see “complete enforcement control” implicit the Kyber Network company. On Nov. 30, the KyberSwap hacker sent an on-chain connection addressing each applicable and funny parties. The hacker laid retired demands, including power implicit the company, impermanent afloat authorization and ownership of its governance mechanism, the KyberDAO, each documents related to the company, and each of the Kyber Network company’s assets.

Top Magazine Pieces of the Week

Outrage that ChatGPT won’t accidental slurs, Q* ‘breaks encryption’, 99% fake web: AI Eye

A blizzard of AI bullsh*t is taking over the web from the torrent of quality outrage that presently lives there.

Real AI usage cases successful crypto, No. 3: Smart declaration audits & cybersecurity

Experts judge AI volition become an invaluable instrumentality for astute declaration auditing and cybersecurity — but it’s not determination yet.

Pudgy Penguins CEO says praise helium gets ‘is really beauteous sad’: NFT Creator

“You can’t truly beryllium an angry, miserable idiosyncratic and past spell click bargain connected a Pudgy Penguin.”