Information Weekly | WeChat's bold move to purchase cryptocurrency, regulatory changes in full swing

CN
1 year ago

Summary of Important Events (11.25-12.1)

I. Top Event of the Week

MicroStrategy spends $593.3 million to purchase 16,130 BTC

  • On November 30, MicroStrategy continued its large-scale Bitcoin purchases, bringing its total holdings to 174,530 BTC, with a floating profit of $1.3 billion. Related Reading

II. Cryptocurrency and Exchanges

  • On November 27, OKX officially launched its virtual currency exchange and Web3 wallet in Brazil, supporting the Brazilian real.
  • On November 30, FTX was approved to start selling $744 million of Grayscale assets.
  • On November 26, cryptocurrency exchange Zipmex suspended its trading activities in Thailand.
  • On November 26, Bitcoin mining difficulty increased by 5.07% to 67.96 T.
  • On November 27, ORDI experienced inconsistent trading indexes on exchanges, posing a vulnerability risk.

III. Regulatory Updates

  • On November 26, the U.S. Department of Justice responded to CZ's travel restrictions appeal, with prosecutors seeking the statutory maximum sentence of ten years.
  • On November 27, the U.S. Securities and Exchange Commission is discussing the approval of a Bitcoin ETF.
  • On November 28, a U.S. district court ordered Zhao Changpeng to remain in the U.S. temporarily.
  • On November 29, the U.S. Securities and Exchange Commission (SEC) postponed Franklin Templeton's application for a spot Bitcoin ETF.
  • On November 29, the Financial Supervisory Service of South Korea established the "Virtual Asset Supervision Bureau" and "Virtual Asset Investigation Bureau."
  • On November 29, the Philippine SEC stated that Binance is not registered as a company in the Philippines and is operating without necessary permits or authorization.
  • On November 29, the U.S. Treasury Department sought to expand its sanctioning powers in the digital asset field from Congress.
  • On November 30, the Philippines will block access to Binance in the country.
  • On December 1, Brazil will impose a 15% tax on offshore exchanges' cryptocurrency gains.

IV. Cryptocurrency Market Updates

  • On November 26, the U.S. SEC published two memoranda related to the listing of Bitcoin ETFs with BlackRock and Grayscale.
  • On November 27, Hong Kong VAEXC Limited submitted a virtual asset trading platform license application to the Hong Kong Securities and Futures Commission.
  • On November 29, former Binance CEO Zhao Changpeng resigned as chairman of Binance US exchange.
  • On November 29, Chaos Labs and dYdX launched a $20 million liquidity incentive program.
  • On November 30, Swiss fund management company Pando Asset just submitted an application for a spot Bitcoin ETF to the SEC.
  • On November 30, Grayscale updated the GBTC agreement for the first time since 2018, proposing adjustments to the fee structure and asset custody method.
  • On November 30, the U.S. SEC issued a delay order for Hashdex's Bitcoin spot ETF application.
  • On November 30, the U.S. SEC confirmed Cboe's filing for a Fidelity Ethereum spot ETF.

V. Statements from Individuals/Institutions

  • On November 27, Binance responded: Binance adopts the Unisat indexer, and there is no need to worry about the security of related assets.
  • On November 27, Coinbase CEO: U.S. government's enforcement actions against Binance mark a "new chapter" for the crypto industry.
  • On November 28, Zhao Changpeng: Considering how to use cryptocurrency to raise R&D funds for the biotechnology field.
  • On November 28, Bitrace: Illegal trading activities on Tron and Ethereum in the past year involved funds exceeding 17.7 billion USDT.
  • On November 29, Standard Chartered Bank: Bitcoin is still expected to reach $100,000 by the end of 2024.
  • On November 29, OECD: It is expected that the Federal Reserve will not cut interest rates before the second half of 2024.
  • On November 30, Coinbase CEO: Met with the SEC 30 times in the past 18 months, but did not receive clear feedback.
  • On November 30, JPMorgan: SEC approval of a Bitcoin spot ETF "may bring significant downward pressure on BTC prices."

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