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Due to PUBLISH0X being down and travel, I am publishing orginially on Wubits.io. There will be no briefs Thursday, Friday, or Saturday in observance of Thanksgiving.
Guess what day it is Folks? HUMPDAY! Bitcoin is trading down at $36,539.01. As a result of the BINANCE drama, there was a lot of volatility in the market but Bitcoin appears to be trying to bounce back. Let's get to the news.
Yesterday, SEC files new lawsuit against Kraken for allegedly commingling customer funds and operating online trading platform without registering.(8) Today, Binance CEO CZ stepped down as CEO following US investigation and fine of $4.3B and Richard Teng takes over as CEO.(7) Teng’s tenure will focus on three aspects of the business as the CEO — reinstating investor confidence, collaborating with regulators and driving Web3 adoption, he said.
Crypto markets lost $60B following Binance DOJ settlement. However, Bitcoin is forming an ascending triangle and Crypto investor Brian Kelly says that Bitcoin’s (BTC) market cap could soar 10x if investors start preferring the king crypto over gold. Some analyst believe Bitcoin could end the year around $40K or slightly above that. One analyst believes it can reach $50K pre-halving. Of course everyone isn't bullish and Rekt Capital believes it could crash 40% after a pre-halving rally.
Mt. Gox to distribute $5.67 billion to rehabilitation creditors ‘shortly.’(3)
Binance cold wallet sent $3.9 billion worth of USDT days before guilty plea. Trading Crypto on Binance Becomes Challenging as Order Book Liquidity Tanks 25%. Now with Binance fiasco over, does this pave the way to a Spot Bitcoin ETF approval? Many believes the settlement is bullish.(2) Even Hester Peirce says there's no reason for the SEC to stand in the way of a Spot Bitcoin ETF. In Fact, the SEC recently met with Grayscale for spot bitcoin ETF listing, memo shows. Brian Armstrong took advantage of the opportunity to tout how regulated COINBASE is and the difference between them and Binance.
Third-largest Bitcoin mining pool ‘likely’ censored OFAC-sanctioned transactions. Genesis seeks to recover $689 million of 'avoidable transfers' from Gemini in ongoing legal battle. Celsius entity to focus only on mining under proposed reorganization plan. The Canadian arm of Consulting giant KPMG is partnering with blockchain analytics firm Chainalysis to help companies fight the ever-growing threat of fraud and criminal activities in the digital assets sector.
Podcast of the Day: The SEC Sues Kraken (Again?!) | The Breakdown
