- Vitalik Buterin, co-founder of Ethereum
, expressed his intention to redesign Ethereum staking and comprehensively address all performance-related issues.
- On November 30, MicroStrategy purchased approximately $513 million worth of Bitcoin, acquiring 16,130 BTC at an average price of $36,785.
- Binance’s newly appointed CEO, Richard Teng, mentioned that Binance is currently in the process of transforming from a disruptive technology startup to a traditional financial institution.
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Bitcoin and cryptocurrency markets are leaving behind a week full of turmoil and positive emotions: What will happen next week?
What happened in the last week? Extended summary!
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Bitcoin and the cryptocurrency market conclude a week marked by turmoil and positive sentiments. As Bitcoin entered the final month of 2023 with strength, surpassing the $39,000 level and currently trading at $39,450, expectations of ETFs add momentum to the crypto rally. Let’s take a look at the highlights of the week…
Vitalik Buterin Considers Redesigning Ethereum Stake, Approves UTXO Payment Model
Vitalik Buterin, co-founder of Ethereum, stated in an interview at the Devconnect conference in Turkey on November 27 that he aims to redesign Ethereum staking and address all performance-related issues comprehensively. The Unspent Transaction Output (UTXO) payment system model received praise due to its features. Vitalik shared his views on integrating various new protocols into the Ethereum codebase, emphasizing specific protocols like private mempools, ERC-4337 account abstraction protocol, code precompilation, ZK-EVMs, and a focus on state-based staking. While expressing a preference for integrating protocols like ERC-4337, he noted a more cautious approach for protocols like mempools. Additionally, he raised concerns about the increasing centralization in Ethereum’s proof-of-stake model.
MicroStrategy Acquires 16,130 More Bitcoins
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On November 30, MicroStrategy purchased approximately $513 million worth of Bitcoin, acquiring 16,130 BTC at an average price of $36,785. Currently, MicroStrategy holds a total of 174,530 BTC worth $5.28 billion, with an average acquisition cost of $30,252 per BTC.
Robert F. Kennedy Jr.: We Need an Independent and Non-Governmental Currency
On November 26, Robert F. Kennedy, former Democratic Party independent presidential candidate, expressed the need for an independent non-governmental currency. He voiced deep concerns about government restrictions on Bitcoin and suggested issuing treasury bonds backed by a combination of Bitcoin, platinum, gold, silver, and other tangible assets. Additionally, he opposed central bank digital currencies, viewing them as instruments of power and control.
Spanish Tax Agency: Citizens Must Declare Assets on Foreign Crypto Platforms by the End of March Next Year
On November 28, the Spanish Tax Agency issued a declaration form for overseas virtual asset platforms, requiring Spanish citizens to declare their assets on foreign crypto platforms between January 1, 2024, and March 31, 2024. Individual and corporate taxpayers must report the amount of funds held in overseas crypto accounts by December 31. Individuals must report foreign assets when their asset balance in cryptocurrency exceeds €50,000 (approximately $55,000). Users storing assets in private wallets must report them using the standard wealth tax form 714.
Binance Weekly Recap
Binance’s New CEO: “Binance is Becoming a Regulated Traditional Financial Institution”: According to Fortune on November 27, Binance’s newly appointed CEO, Richard Teng, mentioned that Binance is currently in the process of transforming from a disruptive technology startup to a traditional financial institution. The company will adopt a traditional corporate structure emphasizing transparency, sharing the board, address, and financial aspects. Financial data will be shared when these corporate structures are established. Binance has a strong foundation with a debt-free capital structure, fee model, and strong revenue and profits. Efforts to reshape Binance into a regulated company are expected to increase cryptocurrency adoption from 5% to 20%.
Binance’s new CEO Richard Teng published his first blog post, highlighting the significant efforts made in the last two years to hire, recruit, and retain the right talent. He emphasized the importance of collaboration with policymakers and expressed a desire to collaborate with industry peers. Commitments in the blockchain space include opportunities such as increasing financial inclusivity, facilitating cross-border transfers, reducing transaction costs, and providing individuals with more control over their personal data.
Binance to Stop Supporting BUSD Products on December 15, 2023: On November 29, Binance announced that it would cease supporting BUSD products on December 15, 2023, due to Paxos discontinuing the issuance of new BUSD tokens. Binance recommends users withdraw their BUSD assets or convert them to other supported assets on the Binance platform by December 15, 2023. Users can trade BUSD assets freely on the Binance spot market with FDUSD. Binance expects to exchange the collateral assets of Binance-Peg BUSD for FDUSD at a 1:1 ratio around December 2023. Users will receive more information when the collateral asset conversion is complete.
Previously, BUSD faced regulatory challenges in February when New York state regulatory authorities forced the halt of issuing new BUSD tokens, and in June, it was classified as a security in the SEC’s lawsuit against Binance.
US Department of Justice Reiterates Restriction on CZ’s Residence in the US and Travel Ban to the UAE: According to documents presented by the Department of Justice on Saturday, November 26, John Reed Stark revealed that the Department of Justice reiterated its request to restrict CZ’s residence on the US mainland and impose a travel ban to the United Arab Emirates. The defense argued that CZ faces a short-term imprisonment without legal basis and could be facing a maximum sentence of up to 18 months, with the US claiming a maximum legal penalty of up to 10 years.
Binance US Announces CZ’s Departure from Chairman of the Board: On November 29, Binance US announced that Changpeng Zhao (CZ) has decided to step down from the position of Chairman of the Board and has chosen to transfer his voting rights through proxy arrangements. CZ’s interests in the company are purely economic, and he will no longer be involved in the company’s management.
Coinbase CEO Reveals 30 Unsuccessful Meetings with the SEC
On November 30, Coinbase CEO Brian Armstrong revealed that Coinbase had held 30 meetings with the SEC in the last 18 months. Armstrong stated, “We haven’t received any feedback from them on what is or isn’t a security outside of Bitcoin.” He criticized the lack of clear regulation in the United States and mentioned that Coinbase is trying to expand its business outside the United States. He highlighted the contrasting regulatory environment by comparing the UK government’s supportive stance on cryptocurrencies.
Court Approval Granted to FTX for the $873 Million Sale of Grayscale and Bitwise Assets
On November 30, FTX received approval from the New York Bankruptcy Court to sell approximately $873 million worth of shares of Grayscale and Bitwise investment funds. FTX’s trust assets include shares of Grayscale Bitcoin Trust (GBTC) and Bitwise Crypto Index Fund. According to court documents filed on November 3, the assets were valued at around $744 million as of October 25. Due to the increase in Bitcoin’s price, FTX’s trust assets’ value may have risen to approximately $873 million.
Footballer Cristiano Ronaldo Faces Class Action Lawsuit for Promoting Binance
On November 29, football superstar Cristiano Ronaldo faced a class-action lawsuit for allegedly promoting Binance. Documents filed in the Florida District Court indicate that the plaintiffs claim Cristiano Ronaldo collaborated with Binance, leading to the issuance, sale, and/or active participation in unregistered crypto securities, causing them financial losses. Binance had formed a long-term exclusive partnership with Cristiano Ronaldo last year and released the Cristiano Ronaldo NFT series.
What to Expect Next Week?
Next week, there are no economic data that could create intense volatility on Bitcoin and cryptocurrencies. However, there are still data in the US that should be monitored. These include the ADP Nonfarm Employment Change, Unemployment Rate, and Nonfarm Payrolls.
Apart from this data, significant developments in cryptocurrency projects may be essential for altcoin investors. NEO will undergo the N3 mainnet upgrade, and Kava’s long-awaited KAVA 15 mainnet upgrade will take place. You can see the full schedule below:
— COINOTAG NEWS (@coinotagen) December 3, 2023