- According to reports, notable headlines among cryptocurrency enthusiasts this week include Binance, Bitcoin, OpenAI, and Microsoft.
- Binance, one of the world’s leading cryptocurrency exchanges, attracted significant attention by reaching a $4.3 million settlement with the U.S. Department of Justice (DoJ) regarding allegations of violating anti-money laundering laws.
- In the field of artificial intelligence, OpenAI experienced a significant development by announcing the removal of Sam Altman from the board of directors.
In the aftermath of the developments surrounding Binance and Changpeng Zhao, the price of Bitcoin surged to $38,000: Highlights of the week!
Key Events This Week
The week concluded with significant developments in the crypto space. According to reports, notable headlines among cryptocurrency enthusiasts this week include Binance, Bitcoin, OpenAI, and Microsoft.
Binance, one of the world’s leading cryptocurrency exchanges, garnered significant attention as its CEO, Changpeng Zhao (CZ), recently entered a guilty plea under U.S. anti-money laundering laws and reached a $4.3 million settlement with the U.S. Department of Justice (DoJ).
Following this, Zhao stepped down from the CEO position, but the company was allowed to continue its operations. As a result, global crypto prices collapsed amid growing concerns among crypto market enthusiasts. However, the market quickly recovered after Binance’s $4.3 million settlement.
Interestingly, substantial outflows were observed from Binance following the guilty plea. The company reported a net outflow of approximately $1.2 billion within the past week. Notably, before the guilty plea, the company had marked approximately $2 billion in monthly inflows. Additionally, after the money laundering incident, Binance CEO CZ was not allowed to leave U.S. territory ahead of the court decision in February.
Initiatives by OpenAI and Microsoft
In the field of artificial intelligence, OpenAI experienced a significant development by announcing the removal of Sam Altman from its board of directors. However, Altman returned to OpenAI shortly after being ousted. During Altman’s absence, Microsoft, one of the major technology giants, approached Sam Altman to hire him, resulting in another round of commotion.
Microsoft officially announced the hiring of Sam Altman, and Greg Brockman, the former president of OpenAI, was also hired alongside Altman. However, Altman returned as the CEO of OpenAI on November 22, and Greg Brockman resumed his position as the company’s president. Interestingly, during Altman’s absence, OpenAI reportedly turned to Emmett Shear, the former CEO of Twitch.
Bitcoin Surpasses $38,000
Bitcoin, a globally leading cryptocurrency, reaffirmed its dominance in the crypto universe by surpassing $38,000 for the first time this year. Despite the subsequent drop in Bitcoin’s price, the notable increase in the preceding days sparked significant speculation among crypto enthusiasts.
The price surge appears to be a result of two main contributors, primarily Binance’s legal troubles and speculation about the approval of a Bitcoin spot ETF. Interestingly, recent discussions about the potential approval of a Bitcoin spot ETF by the U.S. Securities and Exchange Commission (SEC) triggered speculation among crypto investors and traders.
