The following article is adapted from The Block’s newsletter, The Daily, which comes out on weekday afternoons.
Happy Thursday! Ethereum just can't catch a break, with stablecoins now eclipsing it in market cap and the ETHBTC ratio recently dropping to the lowest level since May 2020 amid record selling. But with ether reaching oversold levels reminiscent of the 2022 Terra collapse, the 2018 bear market and the 2016 DAO hack, could bulls finally be ready to step in?
In today's newsletter, Changpeng Zhao denies asking the president for a pardon amid reports the Trump family held talks about taking a stake in Binance. Also, Grok's unintentional token creation spree comes to an end, MoonPay acquires Iron in a deal worth at least $100 million and more.
Meanwhile, cooling U.S. inflation could give the Fed "wiggle room" to cut rates and potentially boost risk assets, analysts say. Plus, the SEC and Ripple case is reportedly nearing its conclusion as a comparison between XRP and ETH takes center stage.
Let's get started.
Binance founder and former CEO Changpeng Zhao denied a report from The Wall Street Journal, which cited people familiar with the matter, claiming he had sought a pardon from the Trump administration.
The developers of Bankrbot, an AI-powered memecoin issuance tool on X, have disabled interactions with Elon Musk's Grok after the xAI LLM triggered the creation of 17 tokens, including DRB, which peaked at a $40 million market cap.
Crypto payments firm MoonPay has acquired stablecoin infrastructure company Iron in a deal worth at least $100 million, a source with direct knowledge of the matter told The Block.
The U.S. Senate Banking Committee voted 18-6 to advance the GENIUS Act, a bipartisan bill establishing a regulatory framework for stablecoins.
A crypto trader appeared to swap $733,000 in USDC for just $19,000 in USDT via Uniswap V3 due to a suspected sandwich attack, according to onchain data.
Never miss a beat with The Block's daily digest of the most influential events happening across the digital asset ecosystem.
Disclaimer: This article was produced with the assistance of OpenAI’s ChatGPT 3.5/4 and reviewed and edited by our editorial team.
Disclaimer: The Block is an independent media outlet that delivers news, research, and data. As of November 2023, Foresight Ventures is a majority investor of The Block. Foresight Ventures invests in other companies in the crypto space. Crypto exchange Bitget is an anchor LP for Foresight Ventures. The Block continues to operate independently to deliver objective, impactful, and timely information about the crypto industry. Here are our current financial disclosures.
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