Please try another search
© Reuters. Crypto Flipsider News – Market Wrap; Brazil Approves Crypto; Coinbase Delists XRP; Animoca Metaverse Fund; Genesis Avoids Bankruptcy
Read in the Digest:
The global crypto market is on a rally, gaining more than 3% in the last 24 hours in anticipation of a speech from Federal Reserve Chair Jerome Powell. The Fed boss is expected to announce a smaller 0.5% point rate hike after four consecutive 0.75% hikes.
As the cryptos await what would be a positive development, Bitcoin, the market’s flagship asset rallied as much as 5% in the early hours of Wednesday, November 30th to trade as high as $17,021 for the first time since the FTX crash.
The 24-hour price chart for Bitcoin (BTC). Source: CoinMarketCap
Ethereum (ETH), the second biggest crypto, saw gains of up to 7% to trade as high as $1,276 for the first time since November 15th. ETH maintains gains of 5% over the last 24 hours and now trades at $1,267.
The 24-hour price chart of Ethereum (ETH). Source: CoinMarketCap
Fantom (FTM) continues its strong performance following the announcement of a strong cash reserve. FTM is today’s top gainer, rallying by 13% in the last 24 hours to set a new three-week high at $0.2451.
The 24-hour price chart for Fantom (FTM). Source: CoinMarketCap
A smaller interest rate hike would take pressure off the market and could see cryptos turn bullish.
Brazil’s Chamber of Deputies has approved a complete regulatory framework for the trading and use of cryptocurrencies in the country, marking a new milestone for the country’s crypto industry.
The bill, which was approved on Tuesday, November 29th, refers to the sector as “virtual assets.” It now needs the president’s signature before it becomes law.
The bill also enables licensing of crypto exchanges and for custody and management of crypto by third parties. Exchanges will also need to make a clear distinction between company and user funds, to avoid another FTX incident.
When passed into law, the government’s executive branch must decide which office will be in charge of supervision. However, tokens considered securities will be regulated by the Brazilian Securities and Exchange Commission (CVM).
The bill marks significant progress for the crypto industry in Brazil, with a framework to avoid future debacles similar to FTX’s.
In a Tuesday announcement, America’s biggest crypto exchange, Coinbase, announced that it will end support for four leading cryptos, XRP, Bitcoin Cash (BCH), Ethereum Classic (ETC), and Stellar (XLM) on its self-custody wallet.
According to Coinbase, the delisting was “due to low usage” of the assets on the platform. As per the announcement, from Monday, December 5th, these four assets will no longer be available on the Coinbase Wallet.
They will be fully delisted from the self-custody wallet in January 2023. However, Coinbase has assured users that they will not lose their assets even after Coinbase Wallet ends support for them.
According to Coinbase, the assets will remain tied to their owners’ addresses after delisting and will be accessible through a “recovery phase.” However, they will need to use another non-custodial wallet provider that supports the network to recover the funds.
Concerns have been raised about the move, with some suggesting that it could be because of Ripple’s lawsuit to determine XRP’s status as a security.
Animoca Brands, the Hong Kong-based blockchain gaming group popular for The Sandbox metaverse game, has unveiled plans to launch a fund of up to $2 billion to invest in the metaverse.
In an interview, Animoca’s co-founder and Executive Chairman Yat Siu announced that the fund, Animoca Capital, would focus majorly on digital property rights.
According to Siu, Animoca would look to raise between $1 and $2 billion for its metaverse fund. Animoca Capital will also aim to develop the metaverse ecosystem and provide opportunities to access Web3 companies.
Animoca Brands, which has a valuation of over $5 billion as of its latest fundraising, made 66 investments in the first half of the year. However, Yat Siu says the first investment in Animoca Capital will come next year.
The fund is a significant boost for the metaverse, as the company stated Animoca Capital will be used to advance the open metaverse.
As the FTX contagion spreads, creditors of Genesis Global Trading have hired restructuring lawyers to prevent the firm from filing for bankruptcy. Creditors are reportedly in talks with law firms like Proskauer Rose and Kirkland & Ellis.
On November 16th, Genesis halted withdrawals citing ‘unprecedented market turmoil.’ The firm is now in talks with creditors to raise an emergency loan of up to $1 billion that would bring itself respite.
In his recent letter to clients, Genesis’ interim chief executive, A. Derar Islim, wrote that “we’ve begun discussions with potential investors and our largest creditors and borrowers, including Gemini and DCG.”
Genesis looks to resolve the current financial situation in the lending business without going down the bankruptcy route like FTX.
Are you sure you want to block %USER_NAME%?
By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.
%USER_NAME% was successfully added to your Block List
Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.
I feel that this comment is:
Thank You!
Your report has been sent to our moderators for review
Add a Comment
We encourage you to use comments to engage with other users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind:
Enrich the conversation, don’t trash it.
Stay focused and on track. Only post material that’s relevant to the topic being discussed.
Be respectful. Even negative opinions can be framed positively and diplomatically. Avoid profanity, slander or personal attacks directed at an author or another user. Racism, sexism and other forms of discrimination will not be tolerated.
Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.