Stablecoins invest in cryptocurrency mining, fake tweets re-move markets, Binance customer executives are kidnapped and robbed! This week we bring you these stories and more in cryptocurrency.
Stablecoins move to Bitcoin mining
Leading stablecoin issuer Tether is investing $500 million in its Bitcoin mining operations to become one of the world’s largest miners. The company is building mining facilities in Central and South America with ambitious plans to contribute 1% of Bitcoin’s overall network computing power. Tether disclosed a $3 billion cash surplus in its latest certification report.
Bitcoin ETF decision expected to be delayed
Amid growing expectations of approval, the US SEC has again postponed its decision on the application for a spot Bitcoin ETF. The postponement affects ETF applications from Hashdex, Global X and Franklin Templeton. The application of Grayscale’s Ether ETF was also delayed. Franklin Templeton’s deadline was November 17th and Global X’s was the 21st. But these new delays mean no decision will be made before the end of the year.
fake tweet shock market
XRP surged 12% in 25 minutes after a fake tweet hinted at the filing of a BlackRock XRP ETF, prompting a quick price recovery and liquidation of $5 million in leveraged trades. Despite the volatility, optimism about XRP persists as Ripple’s legal developments and cross-border partnerships pique the interest of the cryptocurrency community. Meanwhile, BlackRock officially filed for a spot Ether ETF this week naming Coinbase as custodian, as the market had expected based on previous filings.
Token plummets as OpenAI CEO is ousted
The token price of Worldcoin, the $200 million cryptocurrency project backed by Altman, fell 13% after ChatGPT creator OpenAI announced that Sam Altman had been ousted as CEO. In an open letter to the public, OpenAI said it had reached an agreement that its board no longer had confidence in Altman’s ability to continue leading OpenAI.
Pension fund invests in Coinbase
South Korea’s National Pension Service purchased $20 million worth of Coinbase shares in the third quarter, marking its first foray into cryptocurrency, according to a U.S. regulator filing. Korea’s public pension fund is the third largest in the world and includes both Korean citizens and foreigners living in the country.
High Profile Lending Protocol Rebranding
Popular lending protocol Aave is rebranding to Avara, as announced by founder Stani Kulechov. Avara also shared the strategic acquisition of Los Feliz Engineering, the team behind Family, an Ethereum cryptocurrency wallet. Aave has approximately $8.7 billion in liquidity across eight networks, including Ethereum, Avalanche, Optimism, and Polygon.
Disney and Star Wars NFT
Dapper Labs has revealed the waiting list for Disney Pinnacle, an NFT platform that promises to transform the traditional pin collecting hobby into a digital experience featuring Disney, Pixar, and Star Wars characters. Dapper Labs is known for its successful NBA Top Shots collection, which is bringing NFTs into the mainstream in 2021.
Binance Involves Kidnapping and Robbery Cases
An executive of a Binance affiliated customer was kidnapped in Montenegro and stole $12.5 million in cryptocurrency, but Binance froze $11.8 million of the stolen funds traced to a Tron wallet. Binance CEO Changpeng Zhao emphasized the need for balance to prevent such confiscations, and while he was praised for his quick action, Binance remains under ongoing scrutiny from regulators.
This is what happened in the cryptocurrency market this week. I will see you next week.