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Digifinex Labs: Peter Schiff Predicts Bear Markets for Spot Bitcoin ETFs Following SEC Approval

He pointed out that the Fidelity Wise Origin Bitcoin Fund (FBTC) is the biggest loser among them, experiencing a 32% drop. Additionally, Schiff mentioned the Proshares Bitcoin Strategy ETF (BITO), which tracks bitcoin futures and has seen a significant decline of over 50% since its launch in October 2021.

Schiff argues that the approval of spot bitcoin ETFs by the U.S. Securities and Exchange Commission (SEC) did not lead to an increase in demand for bitcoin itself. Instead, he believes that investors who might have otherwise bought actual bitcoin or bitcoin-related equities are now opting for the new ETFs. In his view, this shift in demand is not preventing the overall decline in the cryptocurrency market.

It’s important to note that opinions on cryptocurrency markets can vary widely, and investors should consider multiple perspectives when forming their own views on market trends.

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Digifinex Labs: Solana Mobile Set to Launch Second Crypto Smartphone Following Surprising Success of Saga

The original Saga smartphone faced challenges in the market, initially priced at $1000 but later experiencing price reductions due to struggling sales. Despite the initial difficulties, a surprising surge in demand occurred when buyers realized that the phone came with an allocation of BONK tokens that exceeded the device’s price. This sudden realization led to the rapid sell-out of the Saga smartphones within a week.

The decision to introduce a second smartphone could potentially help meet the demand in the secondary market for the limited supply of existing Saga devices, with prices on platforms like eBay reaching up to $3,200 at the time of the report. This new offering aims to cater to a broader audience by providing similar crypto-centric features at a more accessible price, thus potentially expanding the market for Solana Mobile’s crypto smartphones.

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Digifinex Labs: XRP ETF Approval Speculation Intensifies Amidst SEC’s Bitcoin ETF Green Light

Seyffart’s perspective contrasts with the opinion of Valkyrie Funds co-founder Steve McClurg, who sees a chance for an XRP or Ethereum ETF launch following the approval of a Bitcoin ETF. McClurg’s outlook is more optimistic, suggesting that it wouldn’t be surprising to see Ripple or Ethereum spot ETFs in the future.

The conflicting views reflect the uncertainty and complexity surrounding regulatory considerations for cryptocurrencies and their related financial products. The outcome may depend on the resolution of the legal disputes involving Ripple and the SEC, as regulatory clarity is often a crucial factor in the approval of such financial instruments.

It’s important to note that the crypto community itself holds divergent opinions on the matter. Bulls may anticipate an XRP ETF launch due to perceived regulatory clarity, while bears may remain pessimistic, possibly due to lingering uncertainties or concerns about the regulatory environment.

In summary, the approval of an XRP ETF is uncertain and contingent on various factors, including the resolution of legal disputes and the regulatory landscape. As with any financial product in the cryptocurrency space, investors should closely monitor developments and be aware of the associated risks.

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Digifinex Labs: Crypto Exchanges Experience Surge in Bitcoin Deposits Amid Ethereum Outflow

As of December 4, 2023, crypto exchanges collectively held 2,058,106 BTC. Over the subsequent month, this figure increased by 1.55%, reaching a current total of 2,090,164 BTC. This represents a net accumulation of 32,058 BTC, valued at approximately $1.4 billion during the observed period.

Binance emerged as the leading custodian of BTC, holding 555,700 BTC, followed by Coinbase with approximately 412,467 BTC, and Bitfinex with 390,050 BTC. Together, these top three platforms safeguard a combined value of $59.71 billion, constituting 64.98% of the total BTC held on exchanges.

In contrast, Ethereum holdings on centralized trading venues declined. A total of 262,904 ETH, valued at $597.42 million, was withdrawn from exchanges. The data indicates a decrease from 14,226,502 ETH on December 4, 2023, to 13,963,598 ETH in the latest count. Additionally, ERC20 stablecoins, which are fiat-pegged tokens built on the Ethereum blockchain, experienced significant inflows into centralized trading platforms during the same period.

This observed shift suggests a dynamic market, with traders and investors potentially reallocating their portfolios between Bitcoin and Ethereum, possibly influenced by market conditions, investment strategies, or other factors impacting the crypto landscape.

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Digifinex Labs: SOL Price Plunges 13% as Solana Users Face Escalating Threats from Drainer Attacks

With Solana (SOL) experiencing an extraordinary 722% year-to-date surge, the network’s rapid expansion has brought both attention and challenges.

Web3 security firm Blockaid has identified a concerning trend wherein users are falling victim to attacks orchestrated by Solana-based drainers.

One notable instance is the website lessfeesndgas[.]org, which successfully pilfered tokens from the Solana Program Library (SPL), supporting the creation and management of tokens on Solana, as well as SOL tokens valued at hundreds of thousands of dollars.

Interestingly, as stated in Blockaid’s post on X (formerly Twitter), their secure wallets remained impervious to these attacks from the moment the site went live, preventing any connections from being established.

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Digifinex Labs: Worldcoin Resumes Operations in Singapore Following Brief Pause in India

As of the latest available information, Worldcoin’s website indicates verification locations in 11 countries, including the United States. Notably, certain jurisdictions, such as Kenya, have suspended the project due to privacy concerns.

Worldcoin introduced identity verification services in 2021, attracting over two million sign-ups before its official launch in July 2023. At present, more than five million people have created accounts using their identity, constituting approximately 0.06% of the world’s population, according to Worldcoin’s latest update.

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Digifinex Labs: Binance Founder CZ’s Wealth Surges by $24.6B Despite $4.3B Fine

Changpeng Zhao (CZ), the ousted founder of Binance, has seen a remarkable increase in his fortune, growing by $24.6 billion in 2023, as reported by the Bloomberg Billionaires Index. CZ’s wealth experienced a staggering 195.9% surge to reach $37.2 billion compared to its January value, positioning him as the 35th richest person globally.

It’s worth noting that CZ’s cryptocurrency portfolio, including Bitcoin and Binance Coin (BNB), is not factored into the estimated $37.2 billion. The specific amounts of these tokens remain undisclosed, according to the Bloomberg Billionaires Index.

Despite the significant uptick, CZ’s current estimated wealth is lower than its peak of nearly $97 billion at the beginning of 2022. Furthermore, it has declined from its year-to-date high of $50.4 billion in July, according to the Bloomberg Billionaires Index.

Notably, the $24.6 billion increase in Zhao’s wealth is more than five times the $4.3 billion in fines imposed on Binance by U.S. authorities. In November, both Zhao and Binance pleaded guilty to charges related to anti-money laundering and U.S. sanctions violations.

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Digifinex Labs: Solana Surpasses Ethereum in Key Trading Metric with Impressive Perpetual Futures Trading Volume

This shift in market dynamics coincides with a 7.51% increase in Solana’s price over the past 24 hours.

Perpetual futures are a type of derivatives contract that enables traders to speculate on the future price of a cryptocurrency without an expiry date, playing a vital role in the liquidity and price discovery of the crypto market.

Solana’s lead in this metric is notable, considering Ethereum’s historical dominance in the field.

Even in spot trading volume, Solana maintains its lead with a volume percentage of 8.43% compared to Ethereum’s 4.62%.

Additionally, Solana’s market capitalization has surpassed the $50 billion mark, solidifying its position as a significant contender in the cryptocurrency space.

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Digifinex Labs: Nansen Reveals ‘High-Conviction Bets’ for Crypto in 2024: AI-Blockchain Integration Takes Center Stage

The first highlighted bet by Nansen analysts for 2024 focuses on the integration of AI and blockchain, signifying a substantial advancement for both technologies. Originally designed for deterministic tasks, AI agents have evolved to operate with increased autonomy, demonstrating the capability to process transactions and manage value exchanges on blockchain networks, according to the report.

Nansen’s prediction is that AI could emerge as a dominant user category within the blockchain ecosystem. Simultaneously, the report acknowledges the potential for blockchain to enhance the AI industry, emphasizing distinctions between human and AI interactions.

The report highlights various examples, including the use of cryptographic proof for digital signatures, the application of IPFS & Merkle Trees to ensure data set and AI model integrity, and the concept of Zero-Knowledge Machine Learning (zkML), allowing AI models to be verified without revealing their details.

Additionally, Nansen analysts foresee the implementation of token rewards for AI agents and a shift towards consumer-oriented applications as integral components of the integration between AI and blockchain.

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Digifinex Labs: NFT Trader Recovers Stolen Apes; Line’s NFT Arm Raises $140M

Line Messenger’s NFT Arm Secures $140 Million for Web3 Services

Line Next, the NFT-focused venture of the popular messaging platform Line, raised $140 million in a funding round led by Crescendo Equity Partners, backed by former PayPal CEO Peter Thiel. The funds will support the global launch of DOSI, Line Next’s NFT marketplace, scheduled for early 2024 after integration with the existing Japanese-based NFT platform.

Stolen Apes Returned by NFT Trader After Bounty Payment

The hacker who pilfered nearly $3 million worth of Bored Ape Yacht Club (BAYC) and Mutant Ape Yacht Club (MAYC) NFTs returned the assets following a bounty payment of 120 Ether (ETH), equivalent to approximately $260,000.

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Digifinex Labs: Marathon Digital Expands Bitcoin Mining Presence with $178M Acquisition

This move represents Marathon’s first ownership of fully owned sites, indicating a pivotal change in its business model. Currently, Marathon’s Bitcoin mining portfolio boasts 584 megawatts of capacity, with only 3% directly owned and operated by the company.

Recent reports from BeInCrypto highlighted Marathon Digital’s impressive 467% growth in Bitcoin production over the past year. With this acquisition, Marathon’s portfolio will see a substantial increase to around 910 megawatts, with 45% comprising directly owned sites and the remaining 55% hosted by third parties.

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Digifinex Labs: US Court Approves Landmark Settlement Against Binance and CEO Changpeng ‘CZ’ Zhao

The court officially issued a consent order, imposing a series of penalties and injunctions against the cryptocurrency exchange and its CEO, Changpeng ‘CZ’ Zhao.

A substantial fine has been levied on Binance as part of the settlement. According to a recent statement, the court found that Zhao and Binance allegedly violated the Commodity Exchange Act and CFTC regulations, resulting in a $150 million civil monetary penalty against Zhao personally.

Binance is mandated to disgorge $1.35 billion of alleged ill-gotten transaction fees and pay an additional $1.35 billion penalty to the CFTC.

The court order demands evidence from Zhao and Binance regarding the effectiveness of enhanced compliance controls while emphasizing the necessity of permanent injunctions to prevent future violations.

This decision follows the CFTC’s initial announcement of the settlement on November 21.

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Digifinex Labs: Bitcoin Surges Above $43K as Altcoins and Crypto Stocks Rally on Fed’s Rate Cut Projections

Although the Fed maintained the Fed funds rate at 5.25%-5.5% during the December Federal Open Market Committee (FOMC) meeting, officials projected a decrease to 4.6% by the end of 2024, suggesting around three 25 basis point cuts.

The Fed’s dovish projection led to a significant drop in bond yields and the U.S. dollar index (DXY), contributing to a broad-market rally for risk assets, including stocks and cryptocurrencies.

Bitcoin, the largest cryptocurrency, climbed nearly 5% from below $41,000 earlier in the day, surpassing $43,000 in late U.S. afternoon hours.

Leading altcoins such as Avalanche (AVAX), Cardano (ADA), and Injective (INJ) posted gains of nearly 10%, propelling the CoinDesk Smart Contract Platform Index (SMT) to become the best-performing sector among CoinDesk’s crypto indices.

The CoinDesk Market Index (CMI), tracking a weighted basket of almost 200 digital assets, registered a 3.8% increase over the past 24 hours.

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Digifinex Labs: BlackRock Modifies Bitcoin ETF Proposal to Facilitate Bank Participation, Opening Doors for Wall Street Giants

By adopting this new approach, these banking giants can serve as authorized participants, bypassing restrictions that prohibit direct holdings of Bitcoin or crypto on their balance sheets. The proposal, presented by six members of BlackRock and three from NASDAQ during a meeting with the U.S. Securities Exchange Commission on November 28, offers a potential solution for highly regulated banks seeking to engage in Bitcoin-related activities.

If approved, this modification could represent a significant shift for Wall Street banks with substantial balance sheets, providing them with a feasible means of involvement. Many regulated banks currently face limitations on holding Bitcoin directly.

Under the revised model, authorized participants would transfer cash to a broker-dealer, which would then convert the cash into Bitcoin. The converted Bitcoin would be stored by the ETF’s custody provider, with Coinbase Custody fulfilling this role in the case of BlackRock.

This new structure not only simplifies the process for banks but also redistributes risk, placing a greater burden on market makers rather than authorized participants.

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Digifinex Labs: Bitcoin Vulnerability Discovered by Developer Flagged by US Government

Dashjr first highlighted the bug on December 6 through a post on social media. The bug is associated with BTC Inscriptions, a feature that has gained popularity in the last year, allowing developers to create Bitcoin’s version of non-fungible tokens (NFTs).

Dashjr explained that the vulnerability stems from how Inscriptions leverage a weakness in the Bitcoin Core. This allows developers to hide their data as program code, bypassing the preset limit on the size of extra data in BTC transactions.

While Dashjr is actively working on a fix, the vulnerability persists, enabling developers to create inscriptions on the network. Despite being addressed in “Bitcoin Knots v25.1,” the vulnerability still exists in the upcoming v26 release. Dashjr hopes for a complete fix sometime in 2024.

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Digifinex Labs: Tether Freezes 161 Wallets Due to Sanctions; Only 11 Contain USDT

Among the frozen wallets, 150 currently contain no USDT tokens, leaving uncertainty about their previous holdings. The remaining 11 wallets collectively hold over 3.5 million USDT, with a significant portion, 3.4 million, concentrated in one address linked to a recent hack of the betting platform Stake. The wallet in question was active just before the freeze, involving numerous transactions in the past week.

Of the wallets still holding USDT, two addresses have around 20,000 tokens each, while a third holds nearly 60,000. Other wallets have smaller sums, with one containing only 16 cents in frozen USDT. Two days before the freeze, this wallet was used to transfer over 400,000 USDT received from THORChain through two other wallets, making the funds harder to trace. Notably, Tether did not freeze the two wallets used for routing the USDT.

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Digifinex Labs: Avalanche Surges, Overtakes MATIC, TRX, and LINK to Secure Top-10 Crypto Position

With a market cap of $9.8 billion, AVAX has now secured a spot in the top-10 cryptocurrencies (excluding Lido Staked ETH), marking its highest rank of the year. In terms of US dollars, AVAX has experienced a remarkable 150% year-to-date surge, with the majority of these gains occurring in the past month. Bitcoin (BTC) has seen slightly higher returns, with its rallies credited for bringing a positive shift to the overall crypto market following an extended bearish period.

The significance of Avalanche’s gains becomes more evident when measuring its performance against bitcoin. Among the top 30 cryptocurrencies, AVAX’s bitcoin ratio is the second-best performer over the past three months, witnessing a 60% increase. Solana takes the lead in this comparison, nearly doubling its ratio during the same period.

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