As we enter the penultimate month of the year, the crypto-verse is alive with excitement, brimming with notable events that define the landscape. Let's briefly explore the highlights of the crypto chronicles for November:
MicroStrategy's BTC Odyssey Continues
MicroStrategy, the torchbearer for institutional Bitcoin adoption, added another chapter to its crypto journey. In November, the software giant acquired an additional 16,130 BTC for ~$593.3 million, elevating its total Bitcoin holdings to a whopping 174,530 BTC. This strategic move reinforces MicroStrategy's confidence in Bitcoin as a long-term treasury asset, sending ripples through the crypto space.
Binance Hit by U.S. Regulatory Storm
In a regulatory tempest, Binance, one of the crypto giants, faced a $4.3 billion penalty—the largest ever against a corporate defendant. This hefty settlement stems from a resolution with the U.S. Department of Justice, accusing Binance of various offences, including AML program failure and violations of sanctions laws. Founder Changpeng Zhao (CZ) stepped down, paving the way for a new CEO, Richard Teng, while Binance plans a complete U.S. exit in the next five years.
Kraken Hit by U.S. Regulatory Storm
Adding to the regulatory drama, Kraken, a major crypto exchange, navigated turbulent waters as the U.S. Securities and Exchange Commission (SEC) filed charges. The SEC alleges that Kraken operated as an unregistered securities exchange, raising concerns about customer asset commingling. Kraken's response and the unfolding legal saga will undoubtedly shape its future in the crypto seas.
South Africa Adopts Crypto-Asset Reporting Framework
South Africa embraced the Crypto-Asset Reporting Framework (CARF) in a significant stride toward crypto tax transparency. This move positions South Africa among over 40 countries adopting this global tax transparency standard. The South African Revenue Service (SARS) cites the need to keep pace with the crypto market's rapid growth, highlighting the nation's commitment to combating offshore tax avoidance.
Tether's USDT Surges by $20 Billion in 2023
Tether's USDT, the reigning stablecoin, witnessed a staggering surge of at least $20 billion in market capitalisation in 2023. With 22.75 billion USDT minted this year, Tether outpaced its rivals. This surge, attributed to excitement around a potential spot Bitcoin ETF approval and growing demand in emerging markets, cements Tether's position in the digital dollar landscape.
Cryptocurrency Market Experiences a $50 Billion Surge
November witnessed a jaw-dropping $50 billion surge in the cryptocurrency market. Bitcoin stole the spotlight, soaring to an 18-month high of $37,000. Ethereum joined the rally with an unexpected 8% surge, breaking the $2,000 barrier. Ripple's XRP added to the enthusiasm, securing its position as the fourth-largest crypto by market capitalisation. Crypto funds experienced a remarkable six-week inflow, showcasing sustained investor confidence. The crypto market remains a captivating arena of green charts and bullish celebrations!
Sam Bankman-Fried Found Guilty in FTX Fraud Trial
In a courtroom saga, former FTX CEO Sam Bankman-Fried faced a significant verdict, being found guilty on all seven charges in his fraud trial. U.S. Attorney Damian Williams labelled the crimes as a "multibillion-dollar scheme designed to make him the king of crypto." The charges include wire fraud, securities fraud, and money laundering conspiracy. The verdict sets the stage for a crucial chapter in financial fraud history. The crypto courtroom drama continues to unfold.
Bulgaria’s Oldest Football Club Adopts Bitcoin and Lightning
In a groundbreaking move, Bulgaria's Botev Plovdiv FC, the oldest football club, embraced Bitcoin and the Lightning Network for payments. Fans can now use Bitcoin for peer-to-peer transactions at fan shops and during matches. The club's president, Anton Zingarevich, envisions Bitcoin payments becoming as ubiquitous as the internet, scoring a significant goal for crypto adoption in sports.
Cristiano Ronaldo Faces $1 Billion Lawsuit Over Binance Ads
Football superstar Cristiano Ronaldo is entangled in a $1 billion lawsuit over his association with crypto exchange Binance. Allegations claim Ronaldo's influence led to a surge in Binance searches post-NFT sales, driving users to invest in what plaintiffs label as unregistered securities. Ronaldo's legal battle adds a new layer to the complex relationship between sports icons and the crypto industry.
As the crypto world continues its captivating journey, stay tuned for more updates in the upcoming month. The crypto saga unfolds with each twist and turns, promising more excitement and groundbreaking events!