SKY41nfall

Australia’s ASIC is proposing new rules that would require most crypto companies to be licensed, with many digital assets classified as financial products. High fees are feared to burden startups and drive innovation overseas. Submissions are being accepted until February 28, 2025, with final rules due mid-2025.
$ETH
$BTC

Ripple CTO David Schwartz has criticized “Operation Chokepoint 2.0,” the U.S. government’s alleged policy of pressuring banks to cut off services to crypto businesses. He called it a form of indirect regulation that violates due process, free speech, and privacy rights. Schwartz said the approach drives funds into illegal channels, evades oversight, and undermines trust in the law.

Others like Sam Kazemian (Frax Finance) and Brian Armstrong (Coinbase) have also shared similar experiences of debanking, while Nic Carter accused the government of deliberately shutting down Silvergate Bank to weaken the crypto industry. However, industry players are optimistic that the new administration could reverse the trend.

#XRP $XRP

James Howells lost 8,000 Bitcoins worth $716 million (£569 million) after his hard drive was dumped in a landfill in 2013. His ex-partner, Halfina Eddy-Evans, claims she dumped the hard drive at his request while clearing out old belongings.

Howells realised the Bitcoins’ huge value much later, when their value had skyrocketed compared to when they were mined in 2009. He had repeatedly asked Newport City Council for permission to excavate the site, but was refused, citing environmental risks and logistical challenges.

Howells even offered to fund his own work and donate to the council, but was repeatedly refused. As a result, he sued the council for £495 million in damages. The case highlights the importance of secure storage of crypto assets, including backup strategies to avoid losing digital assets.

$BTC

Singapore Gulf Bank seeks $50 million in funding to acquire stablecoin payments firm by 2025. The bank, run by Whampoa Group, plans to sell 10% of its equity to investors including Middle Eastern sovereign wealth funds. The funds will be used for product development, expanding its payments network and acquiring talent.

The acquisition target is a stablecoin payments firm in the Middle East or Europe by the first quarter of 2025. Reports suggest investors from Bahrain, Dubai and Abu Dhabi are active in the Web3 ecosystem. The Middle East and North Africa region accounts for 7.5% of global crypto transactions, with large transactions dominating.

Sky Mavis, developer of Web3 game Axie Infinity and blockchain Ronin, announced the layoff of 21% of its total workforce as part of a strategic reallocation. CEO Trung Nguyen explained that the move was not due to financial issues, but rather to redirect resources to priority projects, including the development of new Axie Infinity games, Ronin Wallet, Mavis Marketplace, and the expansion of the Ronin network.

Key Data:

1. Purpose of Layoffs:

Focus on long-term growth strategy for 2025 and beyond.

Increase the company’s agility in developing products.

2. Impact on Employees:

Affected employees will receive severance packages and job search assistance.

3. Asset Depreciation:

Axie Infinity NFT Price: Down from $700 (2022) to $0.33.

AXS Token: Down from $164.90 (2021) to $8.07.

SLP Token: Down from $0.39 (2021) to $0.0036.

Ronin Token RON: Reached $4.45 (2024), now $1.77.

The move reflects Sky Mavis' renewed focus on maintaining competitiveness in the blockchain industry despite challenges to the value of its digital assets.

$RONIN
$AXS

~ZA Bank Launches Crypto Trading Service in Hong Kong~

ZA Bank, Hong Kong’s largest digital bank, has launched a retail trading service for Bitcoin and Ethereum using fiat via its bank app. To use the service, users must have an account with ZA Bank and undergo a risk assessment.

Partners:
Working with HashKey Exchange to meet regulatory requirements.

Development:
Part of efforts to support the Web3 ecosystem.

Regulation:
Currently, only three exchanges are licensed by the Hong Kong Securities and Futures Commission (SFC): OSL, HashKey, and HKVAX.

ZA Bank has over 800,000 users and has been operating since 2019. Retail crypto trading has only been permitted in Hong Kong since August 2023.

$ETH
$BTC

BTCparser research suggests that Satoshi Nakamoto, the creator of Bitcoin, may have been cashing out Bitcoin from 2010 wallets since 2019, but intentionally avoiding 2009 wallets to maintain anonymity.

Details:

1. 2010 wallets:

Each wallet holds 50 BTC.

First activity detected in November 2019, dubbed the “2010 megawhale.”

2. Bitcoin sales:

Nov 2019: $5 million.

Mar & Oct 2020: $6–8 million & $11–13 million.

Nov 2024: $176 million.

Using P2SH addresses for escrow and bech32 for cost efficiency.

3. Motive:

Not using 2009 wallets to avoid attention and maintain privacy.
Strategic liquidation as BTC price rises.

4. Identity Speculation:

Coinbase may know who is behind these transactions. Satoshi is believed to have planned these withdrawals meticulously.

$BTC #2010 #BTC☀
BTCparser stresses that this is still a theory, not conclusive evidence.

~Salesforce CEO says LLM ‘upper limits’ reached, future of AI is agents~

Salesforce CEO Marc Benioff believes the future of artificial intelligence (AI) lies in autonomous agents, not large language models (LLMs) like those used in chatbots like ChatGPT. Speaking on The Wall Street Journal’s “Future of Everything” podcast on Nov. 23, Benioff argued that people have overestimated the potential of LLMs, describing the enthusiasm for tools like ChatGPT as “drunken on the Kool-Aid.” He argued that LLMs have reached their limits and are not the key to technological progress.

Instead, Benioff envisions autonomous agents, or “agentic AI,” as the future of AI innovation. These agents can autonomously perform tasks, such as managing sales communications or marketing campaigns, thereby increasing business efficiency. Salesforce has begun adopting this approach with its ready-to-use AI agents for customer service automation. Benioff emphasized that such tools can significantly improve a company’s productivity, profit margins, revenue, and customer relationships.

While acknowledging AI’s transformative potential, Benioff cautions against overstating AI’s current capabilities. He criticizes exaggerated claims that AI can solve major global problems like curing cancer or climate change, saying such claims mislead businesses about AI’s practical applications. Other major tech companies are also turning their attention to agentic AI. OpenAI will launch its autonomous agent, code-named “Operator,” in January 2025, while Nvidia CEO Jensen Huang highlighted the growing adoption of agentic AI in businesses on the company’s Q3 earnings call. According to Benioff, this agentic approach is the next phase of AI innovation.

Elon Musk hit a new record with a net worth of $348 billion, boosted by a surge in Tesla shares and a $50 billion investment in his artificial intelligence startup xAI. Musk’s wealth skyrocketed after Donald Trump’s victory in the US presidential election and Tesla’s 3.8% stock surge on November 22. Tesla shares have risen 45% since November 4, adding about $350 billion to the company’s market value.

Musk’s wealth is primarily derived from his 13% stake in Tesla ($145 billion) and 42% stake in SpaceX ($210 billion). SpaceX is also expected to add $18 billion to its wealth through a tender offer next month. Musk is now worth $80 billion more than the next-richest billionaire, Larry Ellison.

Musk has also shown an interest in media, joking about buying MSNBC after Comcast announced plans to spin off its cable unit. Comedian Joe Rogan chimed in with a similar joke about the plan.

New Rules for Bitcoin Miners in Texas

Texas has implemented new rules for Bitcoin miners connected to the ERCOT (Energy Reliability Council of Texas) power grid. Miners are required to register their facilities within one business day after connecting to the ERCOT grid. They must provide information including the facility's location, ownership, and electricity demand. This registration must be renewed annually on or before March 1.

The rules, issued by the Public Utilities Commission of Texas (PUCT) on November 21, 2024, aim to ensure the reliability of Texas's power grid as the number of crypto mining facilities increases. Non-compliant miners may face daily fines of up to $25,000.

---

The Development of Bitcoin Mining Industry in Texas

Since China cracked down on crypto mining in 2021, many Bitcoin miners have relocated to Texas. The state offers a supportive environment, both in terms of regulations and energy supply, making it a global hub for mining activity.

Senator Ted Cruz has fully endorsed this growth. In a November 21 interview, he stated that Texas should be an "oasis" for Bitcoin and cryptocurrency. He emphasized that the federal government dislikes Bitcoin due to its decentralized nature, which makes it difficult to control. Cruz aims to protect Bitcoin from federal interference and establish Texas as a center for cryptocurrency innovation and investment.

---

Strategic Plans for Bitcoin in Texas

At the recent North American Blockchain Summit, initial discussions arose regarding legislation for a strategic Bitcoin reserve. This legislation is seen as a step to capitalize on opportunities presented by a more favorable regulatory environment in the future.

Through these measures, Texas strengthens its position as a global center for the cryptocurrency industry, attracting miners and innovators from around the world.

$BTC

Bitcoin's price retreated after nearing $100,000 on Nov. 24, leading to $470M in crypto liquidations, one of the largest weekend events in months. Long liquidations totaled $352.6M, while shorts reached $119.9M. Altcoins like Dogecoin, XRP, and Stellar accounted for significant shares, with some, like XLM, rallying up to 50% prior to the sell-off. Bitcoin dominance stands at 56.2% of the $3.46T crypto market cap, currently trading at $97,790, down 2% from its all-time high. Analysts attribute the altcoin surge to renewed interest from previous-cycle traders and undervaluation in a market led by Bitcoin and memecoins.
$
Key Data on Crypto Liquidations and Market Movements (Nov. 23-25, 2024)

1. Total Crypto Liquidations: $470 million liquidated within 24 hours.

~Long positions: $352.6 million.

~Short positions: $119.9 million.

2. Top Assets by Liquidation Value:

~Bitcoin (BTC): $97,543, $108.9 million liquidated (combined with ETH).

~Ethereum (ETH): $3,341.27.

~Dogecoin (DOGE): $0.4202, $33.1 million liquidated.

~XRP: $1.38, $27.6 million liquidated.

~Stellar (XLM): $0.5166, $21.6 million liquidated.

3. Other Significant Altcoins:

~Solana (SOL): $250.36.

~Sandbox (SAND): $0.75.

~Polkadot (DOT): $8.57.

~Cardano (ADA): $0.9903.

4. Altcoin Rally: Altcoins from the 2020-2021 cycle surged up to 50% (e.g., XLM).DOGE reached its highest price since May 2021.

5. Market Trends and Analysis:

Renewed interest from traders of previous cycles is driving investment. Utility tokens are seen as undervalued in a "barbell market."

6. Bitcoin Performance:

Current price: $97,790 (down 2% from $99,645, its all-time high on Nov. 22).Price up 44% since Nov. 5, coinciding with Donald Trump's U.S. presidential election victory.

7. Market Dominance:

Bitcoin's dominance: 56.2%. Total crypto market cap: $3.46 trillion (CoinGecko data).

$BTC
$ETH
$SOL

NFTs Continue to Show Positive Momentum in November

NFTs recorded weekly sales of $158 million in the last week, although it was down 12.7% from the previous week ($181 million). This volume remains well above the $93 million recorded in early November.

Key Details:

1. Top Blockchains by Sales:

Ethereum: $49 million (down 25.9%).

Bitcoin: $43 million (down 29%).

Solana: $23.9 million (down 9%).

Other blockchains (Polygon, Mythos Chain, Immutable, BNB) recorded a total of $35.8 million.

2. Highest Number of Buyers:
Solana led the way with 185,000 buyers (up 58% from last week).

3. Average Transaction Value:
Decreased from $133.08 to $126.17 per transaction.

Monthly Momentum:

October: $356 million (up 18% from September).

November: Potential to surpass October’s numbers, solidifying a positive trend after seven months of decline.

NFTs show consistent growth despite fluctuations, with Ethereum dominating sales volume and Solana leading in number of buyers.

$BTC

$SOL
$ETH

Cantor Fitzgerald Acquires Tether Stake: Cantor Fitzgerald has agreed to acquire a 5% stake in Tether for up to $600 million. The deal was made over the past year and could potentially provide Tether with a political boost.

Howard Lutnick & Political Role: Cantor Fitzgerald CEO Howard Lutnick was appointed U.S. Secretary of Commerce by President-elect Donald Trump. Lutnick also advised Trump’s transition and helped select candidates for other key positions.

Controversies & Relationships with Tether: Lutnick has been said to use his influence to protect Tether from threats, including a U.S. Justice Department investigation into its use of illegal activity.

Strategic Partnerships: Cantor Fitzgerald holds the majority of Tether’s $134 billion in reserves, mostly in U.S. Treasury securities. The firm is one of Tether’s main banking partners, especially after many other banks cut ties with Tether.

Lutnick’s Plans & Beliefs: Lutnick believes in Tether’s financial stability and has highlighted the stablecoin’s critical role in high-inflation countries like Argentina, Turkey, and Venezuela. He also announced a $2 billion Bitcoin lending program at the Bitcoin 2024 conference.

Next Steps: Lutnick will step down from his position at Cantor Fitzgerald upon his Senate confirmation for Secretary of Commerce.

Brief Remarks: The acquisition demonstrates a collaboration between finance and politics, with strategic implications for Tether’s stability amid regulatory challenges.

$USDT
#Tether

Alexey Pertsev, the developer of Tornado Cash, remains in pretrial detention on charges of laundering $1.2 billion through the protocol. Tornado Cash, a non-custodial platform for private crypto transactions, has been in the legal and regulatory spotlight since US sanctions in 2022. The case has raised concerns about the future of privacy technology in the face of global legal challenges.