• According to Greeks.live, major asset classes are adjusting their pricing for the impending end of the rate hike cycle.
• Greek.live noted that the digital assets market will go through its “coldest” time of the year as Christmas approaches.
• The trading toolkit provider noted that Bittrex Global will close operations on Monday, December 4.

According to Greeks.live, a crypto options-trading toolkit provider, all major asset classes are adjusting their pricing for the impending end of the rate hike cycle. The platform provided a list of the significant events expected this week that could shape the digital assets market.

In a recent post on X (formerly Twitter), Greek.live noted that the digital assets market will go through its “coldest” time of the year as Christmas approaches. Hence, there have been fewer crypto events, and focusing on the inflows and outflows in the more capitalized assets has become critical.

Greeks.live noted that Bittrex Global will close operations on Monday, December 4. According to an earlier announcement, the crypto exchange told users it would disable all trading activities on its platform today, after which customers will become conditioned to withdraw assets as part of a winding-down process.

Two days after the Bittrex shutdown, Canada’s apex bank, the Bank of Canada, will announce its decision on the target for the overnight rate. According to reports, a press release will follow the announcement to briefly explain the decision, and digital asset traders will be keen on this outcome and how it would impact the trading ecosystem.

By Thursday, December 7, the US will release the initial jobless claims for the week. It would provide information on the number of Americans filing for unemployment benefits and usually impacts the labor market. Last week’s data showed an improvement in the economy as the jobless claims dropped by 24,000 to 209,000.

The US will release two critical data on Friday, December 8. They include the US unemployment rate for November and the quarterly nonfarm payroll. Those two are crucial data that usually impact the digital assets market. Greeks.live expects users to pay close attention to market movements before and after the relevant events and adopt investment strategies accordingly.

• The number of transactions on the Near blockchain soared above 13.935 million.
• According to Colin Wu, the spike coincided with the minting of the first inscription, NEAT.
• Near Chain generated a record $173,000 in transaction fees on December 1.

Near protocol achieved a milestone after a remarkable spike in the number of transactions on its native blockchain. As seen on a chart on its website, the number of transactions on the Near blockchain soared above 13.935 million on December 1, 2023.

In a post on X (formerly Twitter), renowned crypto journalist Colin Wu noted that the recent spike in the number of transactions on the Near Chain coincided with the minting of the first inscription, NEAT, and support from Near’s official tweet. Apart from the rally in the number of transactions, Wu also noted that Near Chain generated a record $173,000 in transaction fees on the same day. 

NEAT is the first Inscription standard to launch on Near’s Layer-1 blockchain. Reportedly, NEAT’s design would enable it to record inscriptions through function calls. It is a solution that is independent of smart contracts and enhances the security and trustlessness of the inscriptions.

NEAR, the native cryptocurrency of the Near protocol, gained nearly 10% within 48 hours of the NEAT minting, according to data from TradingView. The blockchain’s native crypto rose from $1.855 on December 1 to $2.068 by the next day. That move enabled NEAR to break out of a 10-day price range and resume an upward movement it started on October 20.

According to reports, NEAT will leverage NEAR’s inherent features, with a single NEAR token able to process up to 2,000 inscriptions at the current gas prices. Following the minting exercise, the NEAR Protocol allows up to 100 million NE​​AT for each inscription, with an expansive total supply of 42 trillion, and the cost of a single inscription remains below $0.001 under standard gas conditions.

• Maj. Jason Lowrey wrote the DOD describing Bitcoin as an offset strategy for the 21st century.
• According to Lowrey, offset involves using cutting-edge technologies to gain strategic and tactical advantages.
• Maj. Lowrey thinks Bitcoin is the most operationally successful implementation of a reusable proof-of-work protocol.

Maj. Jason Lowrey, a US Space Force Astronautical Engineer, sent a letter about Bitcoin to the US Department of Defense on December 2. In the letter, Lowrey contended that reusable proof-of-work networks like Bitcoin represent an offset strategy for the 21st century.

Based on his studies at the Department of Air Force’s Air Command and Staff College, Lowrey, who is also an MIT Fellow, the concept of an “offset” is a strategy that leverages technological advancements to counterbalance or negate an adversary’s traditional military strengths or numerical superiority.

The astronautical engineer noted that the offset approach involves using cutting-edge technologies to gain strategic and tactical advantages, often in unconventional ways. He considered it a strategy that seeks to tip the balance of power by introducing transformative capabilities that redefine the nature of power and the dynamics of conflict.

Following this description, Lowrey explained that the Bitcoin protocol could alternatively pass as the most operationally successful implementation of what early engineers called a reusable proof-of-work protocol. He thinks the name “Bitcoin” misleadingly implies that the proof-of-work protocol is limited to protecting financial information rather than practically all forms of data, messages, or command signals. Hence, a misconception that underplays the technology’s broad strategic significance for cybersecurity and national security.

According to Lowrey, proof-of-work mirrors the physical security and deterrence strategies utilized in other domains like land, sea, air, and space, where imposing steep costs on adversaries is the primary means of protection. He believes the key difference lies in the work or physical power used. Unlike the kinetic, lethal, or hard power projection typically observed in military contexts.

Furthermore, Lowrey noted that the significant yet subtle change in the internet’s underlying integrated architecture would occur at its foundational level, at the base-layer mechanism. A level of the internet that is often overlooked by most people and intentionally abstracted from the general view because of its enormous complexity.

• Bitcoin’s current price during CryptoDiffer’s report shows that it traded 0.25% below its yearly high.
• The report confirmed that BNB retraced the most from its yearly high among the top 10 cryptos.
• According to CryptoDiffer, at $2,103, Ethereum traded 1.54% below its yearly high.

CryptoDiffer, a crypto analytics platform, has released a price-variation list for the top 10 cryptocurrencies in 2023. The analytics platform shared the result of its analysis on X, showing that among the top 10 coins, BNB Chain (BNB), with a deficit of 34.52%, has fallen the lowest from its yearly high in 2023. 

The information provided by CryptoDiffer summarizes how the top cryptocurrencies have performed this year. It enables crypto users to quickly assess how the listed cryptocurrencies have fared in the past 11 months.

Considering their current prices and the deviation from the yearly high, Bitcoin qualifies as the best performer this year. The flagship cryptocurrency registered a low of $16,492, rallied to $38,718, and traded for $38,620 during CryptoDiffer’s report. The pullback from the yearly high reflected a 0.25% deficit, the least among the top 10 cryptocurrencies, according to CryptoDiffer.

Ethereum, the second largest cryptocurrency by market capitalization, had a drawdown of 1.54%, according to CryptoDiffer’s report. That makes it the second-best performer after Bitcoin. The flagship altcoin’s lowest price in the last 11 months was $1,192 before rising to $2,136. During the compilation of the report, Ethereum had retraced to $2,103.

Apart from Bitcoin, Ethereum, and BNB, all the other top 10 cryptocurrencies traded below their yearly highs by varying margins. For instance, Ripple (XRP), one of the most-embattled cryptocurrencies among the lot, registered a 30.07% deficit from its yearly high, while Solana (SOL), which recently embarked on a remarkable rally, was 9.69% off its yearly high of $68.11.

Other cryptos making up the top 10 list include Cardano (ADA), Dogecoin (DOGE), Tron (TRX), Toncoin (TON), and Chainlink (LINK).

• Data from DeFiLlama showed that transaction volume for many L1s surged last November.
• Avalanche’s monthly transaction volume rose by the highest value since July 2022.
• The surge in transaction volume also reflected in the prices of the blockchains’ native tokens.

Many Layer-1 blockchains experienced significant growth in transaction volume last November, according to Colin Wu, a renowned crypto journalist. Wu posted the information on X (formerly Twitter), referring to data from DeFiLlama, a platform for crypto data aggregation.

According to Wu, the transaction volume on Avalanche, an Ethereum rival known for speed and scalability, rose to $2.73 billion in November, representing a 167% increase. That marked the highest monthly increase for the Layer-1 blockchain since July 2022.

Wu also noted that the transaction volume on Osmosis, the decentralized exchange (DEX) for Cosmos, increased to $490 million, equivalent to a 113% rise. According to him, Solana, the blockchain designed to host decentralized, scalable applications, ThorChain, the independent blockchain built using Cosmos SDK, and Sui, the blockchain renowned for processing fast transactions, hit record highs.

The surge in transaction volume of the Layer-1 blockchains is also reflected in the prices of their native tokens. For instance, data from TradingView shows that AVAX, the native crypto of Avalanche, rose from $11.33 on November 1 to a monthly high of $24.68 on November 17. However, it experienced a slight pullback to end the month at $21.39, marking a 90% monthly gain.

OSMO, the native crypto of Osmosis, gained 130% in November after climbing from $0.3584 at the beginning of the month to $0.8250 as of November 18. OSMO retraced 14.5% to end the month at $0.7053. 

Notably, Solana’s SOL token also returned a significant profit in November. SOL traded for $38.42 on November 1 before rallying to $68.18 by November 16. TradingView’s data shows that SOL’s price retraced from that monthly high and closed the month at $59.29, reflecting a monthly gain of 53.83%.

During the same period, data from TradingView also showed that ThorChain’s RUNE gained over 120%, while SUI gained 35.5%.

• According to Whale Alert, Ripple released its customary 1 billion XRP tokens from its escrow accounts.
• Whale Alert reported that Ripple released the 1 billion XRP tokens in three different tranches.
• The recent token unlock did not show any significant impact on the price of XRP.

According to Whale Alert, the crypto tracking platform, the fintech company Ripple released its customary 1 billion XRP tokens from its escrow accounts in the early hours of Friday, December 1, 2023. The recent release is part of a pre-scheduled token unlock designed to sustain the stability of the XRP market.

Ripple initially released 200 million XRP from escrow as part of a regular monthly exercise the company performs at the beginning of every month. It follows a system the fintech company introduced in 2017 when it set aside 55 billion XRP tokens released in installments.

Within seconds of the initial release of 200 million XRP, Ripple released the remaining 800 million tokens in two tranches of 500 million XRP, worth $301,009,952, and 300 million XRP, equivalent to $180,605,971, to complete its monthly allocation of 1 billion XRP released from escrow. 

Notably, this monthly exercise by Ripple has become customary, and traders seem familiar with the process. Hence, the token unlock does not cause any unusual market behavior in price volatility. 

Data from CoinMarketCap shows that the 5th-ranked altcoin by market capitalization has gained only 0.89% since the trading day opened. The price movement remained consistent with the current market conditions, suggesting the achievement of Ripple’s goal of maintaining price stability while releasing XRP tokens.
CoinMarketCap’s data also showed that XRP traded for $0.6112 at the time of writing, having opened the trading day at $0.6060. The altcoin’s market cap stood at $32.92 billion, slightly increasing by 0.90%.

• Charles Hoskinson accused the XRP community of holding a conspiracy theory against Ethereum’s Joseph Lubin.
• According to Hoskinson, many XRP supporters believe Lubin bribed the SEC to go after XRP.
• Hoskinson was allegedly assisting in the trivialization and cover-up of Lubin’s corruption.

Cardano founder Charles Hoskinson has reiterated that several XRP community members are embarking on a conspiracy theory campaign against Ethereum’s Co-Founder, Joseph Lubin. According to Hoskinson, many XRP supporters believe Lubin bribed the Securities and Exchange Commission (SEC) to go after XRP to eliminate competition for Ethereum.

Hoskinson made the recent statement via a post on X (formerly Twitter) in response to Mr. Huber, a renowned XRP supporter, and other XRP community members. Huber and his group had accused Hoskinson of doing everything to publicly embarrass the XRP community following his repeated statements about the lack of evidence over the allegation that Lubin bribed the SEC.

Huber, who describes himself as a “sleuth looking for truth,” also accused Hoskinson of assisting in the trivialization and cover-up of Lubin’s corruption, believing it was a constructive approach to bring clarity to Cardano. In response, Hoskinson told Huber he was mixing things up and could not differentiate between his “free pass” argument and allegations of ConsenSys bribing the SEC to go after XRP.

The Cardano founder insisted that until those accusing Lubin of bribing the SEC provide evidence, their allegations would amount to spreading conspiracies and participating in slander. 

Hoskinson further explained that both the arguments of Lubin attempting to bring down XRP and ‘negotiating’ for a free pass for Ethereum are different and should not be considered the same by XRP community members.

Hoskinson shared a YouTube video from last October to further argue his point, presenting his thoughts on the XRP case. In the video, Hoskinson outlined what he described as “baseline stuff,” affirming that he is “NOT OK” with corruption and is against people using relationships to improperly influence government policy.

• The top three CEXs by assets held are Binance, OKX, and Bitfinex.
• DefiLlama data shows that Binance holds $66.917 billion to rank top among CEXs by assets held.
• There was a negative inflow in digital assets on all the top 3 CEXs in the last 24 hours.

Data from DefiLlama, a blockchain data aggregation platform, shows that the top three centralized exchanges (CEXs) by assets held are Binance, OKX, and Bitfinex. As posted by Lookonchain on X (formerly Twitter), the smartmoney on-chain platform, the total digital assets held by Binance amount to $66.917 billion. OKX holds $12.413 billion, while Bitfinex holds $11.746 billion to complete the top three CEXs in digital assets holding.

Notably, Bitcoin dominated the volume of assets held in two of the three top CEXs, while Tether (USDT), the flagship stablecoin, topped the assets held on the other. The volume of Bitcoins held on the Binance exchange totaled $20.578 billion, representing 30.75% of the digital assets on the leading crypto exchange.

As of the time of reporting, DefiLlama’s data showed that OKX held $4.827 billion in Bitcoins, reflecting 38.89% of the total assets held on the trading platform. Tether dominated the digital assets volume held on OKX with a volume of $5.2 billion and a market share of 41.89%.

Bitcoin represents the dominant digital asset on Bitfinex by claiming 65.47% of all assets held on the crypto exchange. Bitcoins held on Bitfinex as of the time of writing amounted to $7.69 billion, while LEO, with a volume of $2.596 billion, representing a 22.1% market share, is the second-highest digital asset held on Bitfinex.

It is important to note that data from DefiLlama showed a negative inflow in digital assets on all the top three crypto exchanges in the last 24 hours. According to information on the data aggregation platform, $327.85 million was withdrawn in digital assets from Binance 24 hours before this report. The volume on OKX dropped by $17.01 million, while Bitfinex users pulled out $42 million in digital assets from the trading platform.

• CoinShares reports that $346 million was injected into the digital asset market last week.
• Bitcoin had the lionshare by attracting $312 million in investments, according to the report.
• The report noted that Ethereum’s $34 million weekly inflow brought its monthly inflow to $103 million.

A recent CoinShares report showed that $346 million was injected into the digital asset market last week in investment products. With that amount, it became the highest weekly inflow into the crypto market since the bull run of late 2021.

Of the recorded weekly inflows into the digital assets market, CoinShares reported that Bitcoin had the lionshare by attracting $312 million in investments, bringing the flagship crypto’s year-to-date inflows to just over $1.5 billion. Ethereum, the largest altcoin by market capitalization, attracted $34 million in investments. This week’s inflow brings Ethereum’s 4-week investment inflow to $103 million, nearly overturning this year’s outflow and redefining the flagship altcoin’s market sentiment.

CoinShares’ report showed that the growing inflows in the digital asset market are powered by various factors, notable among which is the anticipated spot ETF approvals. Other factors behind the inflows include the newfound profitability among numerous altcoins and the upcoming Bitcoin halving, which users expect to trigger the next crypto bull market.

The report identified some of the top inflow providers in institutional investments that have recently made significant investments in the digital asset market. The biggest investor in recent times, according to the CoinShares report, is Purpose Investment Inc. ETF. Purpose Investment injected $112.3 million into the digital assets market in the past week, bringing its 4-week investment volume to $246.4 million.

Apart from flows by asset and provider, CoinShares also provided information about flows by exchange country. Under this category, Canada stood out as the country with the highest inflow in recent times. The weekly inflow from exchanges in the North American country was $199.1 million, while in the past four weeks, Canadian exchanges have generated an inflow of $428.4 million.

• Whale Alert spotted a transfer of 32,078,901 XRP to Bithumb from an unknown wallet.
• The transaction happened at 05:15:10 UTC on Wednesday, November 29, according to Whale Alert.
• TradingView data shows XRP is approaching a breakout from a symmetrical triangle on the daily chart.

Whale Alert, blockchain tracker and analytics system for reporting whale crypto transactions, reported that an XRP holder recently transferred 32,078,901 XRP, equivalent to $19,557,285, from an unknown wallet to the Bithumb crypto exchange. Transactions of such magnitude are considered whale transactions and are usually suspected to be intentional.

Notably, the transaction’s details on Whale Alert’s platform show it happened at 05:15:10 UTC on Wednesday, November 29. At the time, the XRP/USD price reflected minimal volatility as it traded sideways and was approaching a breakout from a symmetrical triangle on the daily chart, according to data from TradingView.

From a historical perspective, crypto whales usually transfer tokens to centralized exchanges when they plan to liquidate them or swap them for other cryptocurrencies. The crypto token community, in this case, the XRP community, becomes vigilant when such transactions occur and anticipates that the token’s price might drop following a significant sell-off. 

Often, the crypto community observes such significant transfers after a notable price rally or when there are crucial events around a particular coin or token. However, these events have been consistent for XRP over a long period, following Ripple’s protracted court case with the Securities and Exchange Commission (SEC).

The reason for the unidentified significant transaction remains unknown at the time of writing, just like the actual identity of the whale behind it, and there has been no notable price movement on the XRP chart since the transaction occurred. 

However, crypto traders remain vigilant, especially those from the XRP community, as they watch out for the anticipated breakout from the symmetric triangle on the daily chart. At the reported time, XRP traded for $0.6137 after experiencing a 1.82% surge in the past 24 hours, according to CoinMarketCap.

• According to Santiment, Bitcoin’s supply on exchanges has continued to move into self-custody.
• Santiment revealed that the ten largest Tether exchange wallets hold $15.23 billion, highest in 17 months.
• The increasing Tether supply on exchanges suggests that whales may be preparing to buy BTC or altcoins.

Bitcoin‘s supply on exchanges has continued to move into self-custody as “exchange reputation continues to diminish,” according to Santiment, the market intelligence platform with on-chain and social metrics. At the same time, the on-chain market analytics platform also reported that the ten largest Tether exchange wallets hold $15.23 billion, pushing the exchange buying power to its highest level in 17 months. 

In a recent post on the social media platform X (formerly Twitter), Santiment shared a screenshot of a chart showing the growth pattern of both metrics over a long period. The shared data shows that Bitcoin’s overall supply on exchanges is down to 5.38%, its lowest value since December 2017. Meanwhile, the recorded Tether holding of $15.23 billion held by the top 10 largest USDT exchange wallets is the highest since June 2022.

Notably, the shared chart showed that the value of both metrics crossed each other between May and June 2023, after Bitcoin climbed above $30,000 for the first time since dropping below that level in June 2022. Both metrics have maintained relatively steady movements in their respective directions since the intersection, with minor retracements at intervals.

It is crucial to note that Bitcoin traders use exchange supply metrics to study the prevailing sentiment in the Bitcoin marketplace. Usually, when the volume of the flagship crypto moving into self-custody increases, it suggests that more users are planning to hold their Bitcoins for extended periods. They may be removing them from exchanges to keep them in more secure storage environments.

On the other hand, the increase in Tether supply on the ten largest wallets on centralized exchanges suggests that whales may be preparing to buy Bitcoin or other cryptocurrencies. Hence, they may be sending their stablecoins to trading platforms in preparation to exchange them for Bitcoin or any altcoin of preference.

• According to the FSB, there is a need for increased regulation in the crypto industry.
• Multifunction crypto firms are those that combine trading and other activities, said the FSB.
• The FSB noted that collapses in multifunction crypto firms could destabilize traditional finance.

The Financial Stability Board (FSB), a global organization that regulates and makes recommendations regarding the global financial system, has said there is a need for increased regulation in the crypto industry.

According to its recent report, the monitoring organization noted that increasing regulatory measures would tackle the potential destabilization of the wider financial sector by crypto firm collapses.

The report mentioned multifunction crypto-asset intermediaries (MCIs), which are firms that offer combinations of crypto-asset services that are typically conducted by separate legal entities in traditional finance.

Binance, FTX, and Coinbase are examples of MCIs mentioned in the report. Moreover, the report claimed that the collapse of FTX showed that MCIs represent a critical part of the market and can exacerbate structural vulnerabilities.

According to the FSB, vulnerabilities around crypto firms that are similar to those in traditional finance include leverage, liquidity mismatches, and technology and operational vulnerabilities. However, the organization noted that the lack of controls and operational transparency, poor disclosures, and conflicts of interest amplify these vulnerabilities.

Based on current evidence, the FSB noted that the threat to wider financial stability and the economy is limited at present. Nevertheless, it provided high-level recommendations on supervising cryptocurrency activities to prevent the potential threats they could pose in the future.

Following its observations, the international body noted that it is left for regulators to assess its recommendations to know whether they would prevent risks from crypto being amplified across the wider financial system.

• Crypto trader Martin Folb believes the CFTC seeks information on subscriber behavior from Coinbase to “prove something” about the Bybit exchange.
• The crypto trader believes CFTC is going through Coinbase to gather Bybit users’ data.
• Folb noted that what the CFTC is doing through Coinbase is unconstitutional.

Crypto trader Martin Folb, commonly known as MartyParty, shared that the Commodity Futures Trading Commission (CFTC) seeks information on subscriber behavior to “prove something” about the Bybit crypto exchange. He claimed that the regulator is going through Coinbase to gather users’ data that could support its case against Bybit, a non-U.S.-based crypto exchange.

Folb explained via a recent post on X (formerly Twitter) that the CFTC is adopting an indirect process to pursue its objective. According to him, the regulatory agency is going through Coinbase, the top U.S. crypto exchange, to email Bybit users, informing them of a recently served subpoena.

A part of the email that MartyParty shared reads:

No action is required from you, but Coinbase may respond to the subpoena unless served before November 30, 2023, with a motion to quash or other objection to the subpoena that has been filed with the Court – including by sending information concerning your Coinbase account to the Commodity Futures Trading Commission.

The crypto trader considers the CFTC move “illegal” and asked his community members not to do anything about the email. He said, “Giving your information might be used against you.” Folb noted that users’ information is private property, and it would amount to a travesty if Brian Armstrong, the Coinbase CEO, agreed to this exercise by the CFTC.

Furthermore, Folb noted that what the CFTC is doing through Coinbase is unconstitutional. He believes the CFTC has no jurisdiction to embark on such a move and that it is out of their congressional authority. The crypto trader called the attention of experts like Senator Cynthia Lummis, Rep. Matt Gaetz, and Patrick McHenry, a congressman from North Carolina, over the issue.

• The top 7 biggest token unlock events for the next seven days would involve DYDX, IMX, OP, SUI, 1INCH, AXL, and HBAR.
• Crypto traders can make more cautious and better trading decisions by monitoring vested tokens and future unlock events.
• AXL lost 11% of its value after its token unlock event on November 27, 2023.

According to Top 7 ICO, a crypto analytics platform, some of the biggest crypto tokens unlock events expected to happen in the next seven days involve DYDX, IMX, OP, SUI, 1INCH, AXL, and HBAR. The analytics platform noted that cryptocurrency traders can “make more cautious and, in the end, better trading decisions” by monitoring vested tokens and future unlock events.

Here are the details of the token unlock schedules, as indicated by Top 7 ICO in a recent post.

dYdX (DYDX)

DYDX token is the L1 protocol token for the dYdX Chain. Its holders can use their tokens to run a Vvalidator or stake their tokens to a Validator to participate in securing and governing the dYdX Chain network. According to the post by Top 7 ICO, dYdX will unlock 15% of its total supply on December 1. The value of the tokens is estimated to be equivalent to $482.5 million.

Immutable (IMX)

Top 7 ICO showed that 1.87% of IMX’s total supply would be unlocked on December 1. The value of the tokens is estimated at $50.3 million. IMX is the native token for Immutable, the first L2 scaling solution for NFTs on Ethereum.

Optimism (OP)

Optimism’s next token unlock is scheduled for November 30, according to Top 7 ICO. It would inject 0.56% of OP’s total supply, equivalent to $41.5 million, into the crypto market. Optimism is an L2 blockchain on top of Ethereum that helps to scale the ecosystem by using Optimistic Rollups.

Sui (SUI)

Sui (SUI) was designed as a blockchain solution for making digital asset ownership fast, private, secure, and accessible to everyone. According to Top 7 ICO, 0.69% of SUI’s total supply, equivalent to $40.9 million, would be unlocked on December 3.

1inch Network (1INCH)

The 1inch Network will unlock 6.58% of its total token supply, equivalent to $33.7 million, on December 1, according to Top 7 ICO’s post. This would significantly increase the circulating supply of the native token of the blockchain designed for uniting decentralized protocols.

Axelar (AXL)

Axelar, the blockchain solution that claims to deliver secure cross-chain communication for Web3, implemented a token unlock yesterday, November 27. The project injected 2.31% of its total supply, equivalent to $18.7 million, into the crypto market. Following the token unlock, AXL lost 11% of its value, dropping the price from $0.7853 to $0.6861, according to data from TradingView.

Hedera (HBAR)

Hedera will release fresh HBAR tokens amounting to 0.36% of its total supply, equivalent to $11.1 million, in the crypto market on December 1, according to Top 7 ICO. The blockchain solution is recognized as the enterprise-grade public network for the decentralized economy that allows individuals and businesses to create powerful decentralized applications (DApps). 

• According to a renowned crypto analyst, a new trend is forming in the altcoin market.
• The analyst spotted a developing Golden Cross on the AltcoinMarketCap monthly chart.
• Golden Cross has happened only twice in the history of the altcoin market.

A renowned cryptocurrency analyst with the handle @el_crypto_prof on X (formerly Twitter) has alerted users to a forming trend in the altcoin market. According to the analyst, this event has only happened twice in the history of the cryptocurrency market, delivering similar outcomes on both occasions. 

According to @el_crypto_prof, an imminent ‘golden cross’ is developing on the monthly AltcoinMarketCap chart. The analyst shared a screenshot of the chart, noting that the notable signal is about to form within a few days before the month ends.

By description, a golden cross occurs when a short-term moving average crosses over a long-term moving average. Traders use this formation to identify the beginning of a bullish trend. Also, forming on a higher time frame, like the monthly chart, gives more credence to the reliability of the indicator.

The crypto analyst noted the previous times the Golden Cross occurred on the AltcoinMarketCap chart were in 2016 and 2020. In both situations, the indicator triggered significant rallies in the altcoin market. Hence @el_crypto_prof’s suggestion that there could be a repeat of a similar development in the altcoin market.

Multiple excited responses followed @el_crypto_prof’s post from other traders who seemed to agree with his prediction. However, one of the respondents noted that considering the Fed’s interest rate hiking cycle and liquidity cycle, he intends to be bullish for the beginning and middle of 2024 and bearish on altcoins after that.

As of the time of writing, the value of the AltcoinMarketCap, representing the total market capitalization of all cryptocurrencies excluding Bitcoin, was $657 billion. The metric has risen in the past two months, rising from $529.8 billion since the beginning of October. The AltcoinMarketCap reached an all-time high during the 2021 bull run, when its value rallied to $1.707 trillion, according to data from TradingView.

• According to Aaron McDonald, all rXRP tokens on the Root Network are backed 1:1 by XRP.
• McDonald explained that the project is consolidating accounts to make it easier to track.
• The Futureverse CEO promised to release a more formal report on the topic.

According to Aaron McDonald, the founder and CEO of Futureverse,  developer of The Root Network, all rXRP tokens on the Root Network are backed 1:1 by XRP tokens on the XRP Ledger (XRPL). He noted this in a post on X (formerly Twitter) while responding to a user who sought clarification over the recent airdrop by The Root Network.

The user, Thomas Silkjaer, asked how the network distributed 360,000 tokens when the XRPL bridge account had only ever received about 48,000 XRP. Silkjaer also asked how The Root Network could have a total XRP balance of 680,000.

In his response, McDonald explained that the project has had several iterations of bridging processes and accounts during the development of the network, especially during the pre-public launch phase. According to him, all rXRP tokens are backed 1:1 by XRPL XRP in the project’s vault accounts. 

McDonald explained that the project is an ongoing consolidation of accounts that would make it easier to track and more transparent, noting that it is one of the reasons the VORTEX can’t be unwound right now. He promised to release a more formal report on the topic and assured users that all funds are protected using the “Secure Asset Fund for Users (SAFU)” model.

The Root Network is a decentralized blockchain incorporated with the XRP Ledger DEX. It runs a dual-token system by using ROOT for security and governance, and XRP for gas fees. The project recently awarded over 602,000 Vortex tokens, with the Vortex containing 362,000 XRP and 4.7 million ROOT to those securing The Root Network as part of its airdrop campaign. 

According to those behind the project, anyone can use ROOT tokens to participate in the staking process that helps to secure the network. By staking, users become eligible to receive Vortex tokens as reward for participation. 

• Binance announced it would delist BTS, PERL, TORN, and WTC on December 7.
• Binance regularly delists tokens that no longer meet required standards or are affected by industry changes.
• The trading pairs to be delisted include BTS/USDT, PERL/USDT, TORN/BUSD, WTC/BTC, and WTC/USDT.

Binance, the largest cryptocurrency exchange by trading volume, announced it would delist four digital assets, BTS, PERL, TORN, and WTC, from its platform on Thursday, December 7, 2023. In a blog post, the top crypto exchange noted that the delisting exercise is part of its regular review process to check that tokens listed on the platform continue to meet required standards.

According to Binance, when a coin or token no longer meets the required standard or the industry changes, it conducts an in-depth review which may result in delisting to protect users. Binance said that it considers several factors to determine if the listed digital assets would remain listed or be removed from its trading platform.

The announcement noted that the factors considered by Binance before delisting crypto assets include the commitment of a team towards its project, the level and quality of development activity around the coin or token, the digital asset’s trading volume, and liquidity, its stability and safety of the network from attacks, and the project’s network/smart contract stability.

Following Binance’s announcement, the affected tokens have experienced a significant selloff, amid panic among holders. BTS the native token of the BitShares financial services ecosystem nosedived. The value dropped from $0.01032 to $0.00597 in less than two hours, marking a remarkable drop of over 42%, according to data from TradingView.

PERL, the token that powers the retail carbon exchange PERL.eco, and is used for interconnecting real-world assets to blockchain,  also dropped significantly. From a price of $0.0177, it tanked to $0.00793, reflecting a 55% loss in value in under one hour.

Tornado Cash’s TORN lost 54.7% by dropping from $4.085 to $1.838 in less than one hour. The drop marked a significant setback for the crypto token used for voting and decision-making in the Tornado Cash ecosystem.

Finally, WTC, the native token of the public business ecochain Waltonchain, lost over 47% of its value, after dropping from $0.1662 to $0.0874 in less than one hour.

• Binance announced it would delist BTS, PERL, TORN, and WTC on December 7.
• Binance regularly delists tokens that no longer meet required standards or are affected by industry changes.
• The trading pairs to be delisted include BTS/USDT, PERL/USDT, TORN/BUSD, WTC/BTC, and WTC/USDT.

Binance, the largest cryptocurrency exchange by trading volume, announced it would delist four digital assets, BTS, PERL, TORN, and WTC, from its platform on Thursday, December 7, 2023. In a blog post, the top crypto exchange noted that the delisting exercise is part of its regular review process to check that tokens listed on the platform continue to meet required standards.

According to Binance, when a coin or token no longer meets the required standard or the industry changes, it conducts an in-depth review which may result in delisting to protect users. Binance said that it considers several factors to determine if the listed digital assets would remain listed or be removed from its trading platform.

The factors considered by Binance include the commitment of a team towards its project, the level and quality of development activity around the coin or token, the digital asset’s trading volume, and liquidity, its stability and safety of the network from attacks, and the project’s network/smart contract stability.

Binance added that it also considers a project’s level of public communication,  its responsiveness to its own periodic due diligence requests, evidence of unethical/fraudulent conduct or negligence, and the project’s contribution to a healthy and sustainable crypto ecosystem before deciding whether to delist it.

In the announcement, Binance noted it would delist and cease trading on all the trading pairs for BitShares (BTS), PERL.eco (PERL), Tornado Cash (TORN), and Waltonchain (WTC). It further clarified that the trading pairs it would remove are BTS/USDT, PERL/USDT, TORN/BUSD, WTC/BTC, and WTC/USDT.

According to Binance, it will automatically remove all trade orders in each trading pair after trading ceases on December 7. Hence, it advised users willing to view their assets after trading ceases to ensure they have not selected “Hide Small Balances” in all of their wallets.