Maelstrom CIO Arthur Hayes Alerts Big Banks Will Eventually Cannibalize Tether’s Business Model

Arthur Hayes, CIO of Maelstrom and former CEO of Bitmex, discussed the eventual demise of Tether and other stablecoin companies. Hayes explained that Tether’s business model, which consists of taking dollars and investing in treasuries, will eventually be cannibalized by big banks like JPMorgan when they get allowed to issue fiat-backed stablecoins.

Arthur Hayes Warns About Banks Replacing Tether and Other Stablecoin Companies

Arthur Hayes, the former CEO of Bitmex and CIO of Malestrom, a crypto-focused early-stage investment fund, has stated that he expects big banks to take over the stablecoin business, now dominated by Tether, the company behind USDT.

At Laura Shin’s Unchained podcast, Hayes explained that while Tether has configured itself to be a great product in the crypto market, it has only achieved its status due to the refusal of the U.S. banking system to offer a similar product.

On Tether’s business model, Hayes declared:

The people who own Tether make something like $4 or $5 billion in free cash flow every year. It’s basically an interest rate: they basically take dollars, stuff it in a bank account, and then they go buy treasury bills and they earn the spread.

Nonetheless, Hayes remarked that centralized stablecoins cannot function as they are now without using banks to clear and custody their money. He stressed that bank managers were “f***ing morons” because they provide these services to Tether and other stablecoin companies, yet they fail to achieve the same performance offering stablecoins themselves.

Hayes said this situation will end when the U.S. Treasury permits traditional banks to issue stablecoins, whose legitimacy and backing will not be questioned.

Hayes predicts that banks like JPMorgan will replace Tether and other stablecoins companies, making the same interest play these do today. “At the end of the day, they don’t have any defensible business because they rely on the banks to custody their funds and allow them to trade dead instruments,” he concluded.

Tether closes 2023 with a market cap of $91.5 billion and $4 billion in excess reserves, having invested in several expansion initiatives, according to its CEO Paolo Ardoino.

What do you think about Arthur Hayes’ opinion on the future of Tether and centralized stablecoins? Tell us in the comments section below.

source https://news.bitcoin.com/maelstrom-cio-arthur-hayes-alerts-big-banks-will-eventually-cannibalize-tethers-business-model/

Unprecedented Downturn: Over 5,700 Crypto ATMs Decommissioned in 2023, Marking First Annual Decline

Crypto automated teller machines (ATMs) have experienced a decline this year, marking the first downturn since October 2013, with the total count dipping from 39,350 to the present 33,620. Approximately 5,730 cryptocurrency ATMs have been decommissioned, constituting a 14.56% decrease from the peak in December 2022.

Over 5,700 Crypto ATMs Vanish in Historic 2023 Downturn

This year marks an unprecedented shift in the landscape of crypto-centric ATMs, witnessing their first annual reduction since their inception. Data from coinatmradar.com shows that in December 2022, there existed 39,350 machines distributing crypto assets such as bitcoin (BTC) and ethereum (ETH). From that peak, the landscape has changed, with more than 14% of the original 39,000 units, totaling 5,730 machines, being subtracted, culminating in the current tally of roughly 33,620 crypto ATMs.

The year 2023 witnessed the removal of machines continuously over the first four months with no uptick. January saw the elimination of approximately 1,523 devices, February followed with 210 machines being discontinued, and a significant 3,555 ATMs were decommissioned in March. April continued the trend with an additional 340 machines taken out. However, May marked a turn with 1,711 machines being installed, followed by 857 more coming online in June.

July emerged as the most severe month of the year for withdrawals, with an estimated 4,218 machines being decommissioned, leading to the most substantial monthly decline ever recorded. Subsequent months experienced net additions, yet none sufficed to offset the earlier losses. Global figures reveal Bitcoin Depot as the leading crypto ATM operator, boasting 6,311 machines, followed by Coinflip with 3,880 devices.

As of Dec. 30, 2023, Bitstop operates 2,854 machines, Rockitcoin oversees 2,227 units, and rounding off the top five, Athena Bitcoin operates 1,891 crypto ATMs. Approximately 82.2% of the total crypto ATMs are situated in the U.S., with Canada hosting 8.4% of the machines. Europe accounts for 4.6% of the global count of crypto ATMs, and Australia is home to 2.3% of these devices. As the year draws to a close, the precise reasons behind the notable decline in crypto ATMs remain unclear.

While the dramatic downturn in numbers might suggest a dwindling interest in these machines, it’s equally plausible that the tumultuous ‘crypto winter’ of 2022 adversely impacted the businesses operating them. As both crypto ATM operators and consumers adapt to this evolving environment, the destiny of crypto ATMs themselves, akin to the market itself, continues to be an area of watchful anticipation.

What do you think about the loss in crypto ATMs in 2023? Share your thoughts and opinions about this subject in the comments section below.

source https://news.bitcoin.com/unprecedented-downturn-over-5700-crypto-atms-decommissioned-in-2023-marking-first-annual-decline/

Ethereum’s Path Forward: Vitalik Buterin Unveils Roadmap Enhancements

In a recent update, Ethereum co-founder Vitalik Buterin released an updated 2023 roadmap for the blockchain platform, detailing notable improvements and steadfast progress. Despite similarities to the previous year’s roadmap, the updated version underscores Ethereum’s evolving technical journey with goals aimed at improving scaling, security, and decentralization.

Ethereum Co-Founder Drops Updated Roadmap on Social Media

Following his recent blog post, Vitalik Buterin, the prominent co-founder of Ethereum, released a sequence of X posts concerning the network’s strategic direction. One of the critical updates highlighted by Buterin is the advancement towards single slot finality (SSF) in the Ethereum proof-of-stake (PoS) design.

Currently, the consensus protocol can take up to 95 slots to finalize blocks, leaving the network susceptible to reorganizations and negatively impacting honest protocol adherence. Buterin notes, “It’s becoming clear that SSF is the easiest path to resolving a lot of the Ethereum PoS design’s current weaknesses,” emphasizing the move towards a more robust and efficient finality mechanism that ensures quicker and more secure block finalizations.

Buterin expressed significant progress in Ethereum’s ‘Surge’ phase, particularly with rollup scaling advancements and Ethereum Improvement Proposal (EIP-4844). The emphasis on cross-rollup standards and interoperability also points to a future where diverse Ethereum-based applications can seamlessly interact, further broadening the network’s capabilities.

The roadmap introduces a redesigned ‘Scourge’ phase aimed at combating economic centralization in PoS, particularly focusing on Maximum Extractable Value (MEV) and stake pooling challenges. This revision reflects a broader strategy to fortify Ethereum against centralizing forces and maintain its decentralized ethos. Concurrently, ‘Verge’ developments are nearing completion, with Verkle trees soon to be integrated, marking a significant step towards optimizing state storage and retrieval.

Buterin’s update further indicates a strategic shift in priorities, with state expiry and verifiable delay functions (VDFs) taking a backseat due to their current lower urgency and emerging cryptographic concerns, respectively. Meanwhile, Ethereum’s research community is fervently exploring deep cryptography and delay-encrypted mempools, signifying a broader horizon for security and privacy enhancements on the network.

The latest update follows Buterin expressing concern over Web3’s trajectory, pointing to high transaction fees fostering a shift toward centralization and “degen” gambling dominance. He said this trend deviates from the original decentralized vision, marginalizing casual users and altering the crypto community’s culture. Buterin emphasized the need for scalable, inclusive solutions to rekindle the founding ideals of crypto networks and Web3.

Buterin’s roadmap X post, however, was criticized and also received some flak from BTC advocates. “The roadmap released by Vitalik Buterin today proves that ETH will never scale,” Justin Bons the founder of Cyber Capital wrote on X. “There is, in fact, zero L1 scaling on the roadmap. Everything is focused on L2s instead of empowering people to use the blockchain directly. That is not cypherpunk at all,” he added.

“I know the arguments/infighting over bitcoin can be exhausting, but it’s much better than one dude dropping a diagram telling everyone how things are going to work,” the X account dubbed BTC Sessions quipped.

What do you think about Vitalik Buterin publishing the updated Ethereum roadmap on X? Share your thoughts and opinions about this subject in the comments section below.

source https://news.bitcoin.com/ethereums-path-forward-vitalik-buterin-unveils-roadmap-enhancements/

December 2023 Sees Record Bitcoin Mining Revenue: $1.51 Billion Amassed With Soaring Onchain Fees

In December, bitcoin miners garnered the highest monthly revenue of the year, amassing $1.51 billion. Additionally, this month marked a record in fee collection, with miners securing $324.83 million in onchain transaction fees.

Bitcoin Miners Smash Records — Highest Monthly Haul of $1.51 Billion in December 2023

December 2023 has set a new benchmark for monthly revenue garnered by bitcoin (BTC) miners through block discovery and transaction verification. By Dec. 31, 2023, a total of $1.51 billion was amassed, including $324.83 million in onchain fees. This surpasses the former monthly revenue record set in May, where miners collected a total of $919.22 million, with $125.92 million from onchain fees.

In July, miners collected a total of $865 million, with $19.21 million from fees. December, however, marked a significant increase, standing 1.64 times greater than May’s record, representing a growth of 64.27% or an additional $590.78 million. At the moment, according to bitinfocharts.com, December’s onchain transaction rates are soaring, with the average fee at 231 satoshis per virtual byte (sats/vB) or $20.86 per transaction.

On Dec. 31, 2023, the median-sized fee is noted at $9.60 per transaction or 106.3 sats/vB. Moreover, on Dec. 17, 2023, fees spiked to as much as $40 per transfer, averaging around $37.43 per transaction — the year’s peak in on-chain fees, surpassing the previous high of $31 on May 8, 2023.

Also, on Dec. 17, the hash price of Bitcoin — the value of a single petahash per second (PH/s) produced daily — hit a 2023 zenith of $133.62 per PH/s, exceeding the earlier record of $125.64 per PH/s on May 8. Despite the high onchain fees, miners face a backlog of over 496,000 unconfirmed transactions and congestion of 430 blocks.

What do you think about the record-breaking haul bitcoin miners gathered in December 2023? Share your thoughts and opinions about this subject in the comments section below.

source https://news.bitcoin.com/december-2023-sees-record-bitcoin-mining-revenue-1-51-billion-amassed-with-soaring-onchain-fees/

DOJ’s Decision on SBF Case Outrages Crypto Industry — Coinbase Calls It ‘Miscarriage of Justice’

The decision by the U.S. Department of Justice (DOJ) not to pursue a second trial against disgraced FTX founder Sam Bankman-Fried (SBF) has outraged the crypto industry. Crypto exchange Coinbase calls the decision a “miscarriage of justice.” One lawyer opined, “Ask yourself why is this case being dropped in an election year,” noting that SBF gave the Biden administration $10 million and had personal meetings with U.S. Securities and Exchange Commission (SEC) Chairman Gary Gensler and SEC staff.

DOJ’s Decision on SBF Trial Outrages Crypto Industry

The U.S. Department of Justice (DOJ) has decided not to pursue a second trial against former FTX CEO Sam Bankman-Fried (SBF). The second trial, which had been slated to start in March, addresses an additional set of criminal counts against Bankman-Fried, including campaign finance charges.

Sharing his thoughts in a series of posts on social media platform X Friday regarding “the DOJ’s decision not to pursue campaign finance charges against SBF,” Coinbase’s chief legal officer, Paul Grewal, stressed: “I think it’s a mistake.” He emphasized:

I think this is a miscarriage of justice. The public interest in a public airing of charges almost always matters. Campaign finance charges are at the very top of this list. What politicians and others knew what and when are critical questions that deserve answers.

“Dropping this on a Friday night before a holiday only fuels public cynics about the politics of all this. Damn shame,” the Coinbase official noted.

Many people took to social media to slam the DOJ’s decision, calling it “outrageous,” “sickening,” and “disgusting.” Some accused the DOJ of absolute corruption. One X user wrote:

This is insane corruption.

“FTX snowplowed millions of dollars into Democrat campaign accounts. DOJ separated campaign finance charges from his fraud trial. Now after being convicted for fraud, they’re dropping the 2nd trial for campaign finance crimes. Would’ve implicated too many Dems and RINOs. I know our gov’t is corrupt but sometimes things like this surprise even me,” he added.

Lawyer John Deaton opined: “Ask yourself why is this case being dropped in an election year? During the fraud trial, Caroline Ellison testified that SBF gave the Biden administration $10 million and the reason he told her was to ‘buy access.’ He got two personal meetings with [U.S. Securities and Exchange Commission (SEC) Chairman] Gary Gensler and several others with SEC staff … What a joke the DOJ has become.”

What do you think about the DOJ’s decision not to pursue a second trial against Sam Bankman-Fried? Let us know in the comments section below.

source https://news.bitcoin.com/dojs-decision-on-sbf-case-outrages-crypto-industry-coinbase-calls-it-miscarriage-of-justice/

Bit Mining Sells Btc.com’s Mining Operations for $5 Million

On Friday, Bit Mining Limited declared it had sold the mining pool operations of Btc.com to a Hong Kong limited liability company for $5 million. This transaction is anticipated to bolster the total equity of Bit Mining’s shareholders, contingent upon certain concluding conditions.

BTCM Offloads Btc.com Mining Pool for $5 Million

Bit Mining (NYSE: BTCM) has revealed that it divested its mining pool division related to Btc.com for a sum of $5 million. The sale was made to Esport-Win Limited, a firm based in Hong Kong. The company, listed on the NYSE and engaged in mining and blockchain infrastructure, reported that while the pool had generated $593.2 million in yearly revenue, it incurred a net operating loss of $2.6 million over the full year.

BTCM expressed anticipation that the divestiture would lead to heightened profitability and a more robust cash standing. Originally known as 500.com Ltd and operating as a sports lottery firm, BTCM shifted focus towards bitcoin mining in 2021, acquiring Btc.com from Bitmain. BTCM’s chief, Xianfeng Yang, is optimistic that the disposal will augment the firm’s prevailing operations.

“By selling the loss-making mining pool business, we will be more resilient with our core resources focused on advancing the research and development of our existing businesses,” Yang said. “Meanwhile, the cash proceeds from the transaction and our company’s enhanced profitability outlook will further strengthen our position to explore new areas with greater potential and room for future expansion.”

When initially acquired, Btc.com’s pool was a significant player in the bitcoin mining industry, commanding over 10% of the total hashrate at the time and ranking among the top five globally. However, as of Dec. 30, 2023, its hashrate share has dwindled to just 1% of the network’s hashrate, positioning it as the 15th largest mining pool. While BTCM sold the Btc.com pool venture, it did not sell the internet domain btc.com or blockchain explorer services.

What do you think about BTCM selling Btc.com’s mining operations? Share your thoughts and opinions about this subject in the comments section below.

source https://news.bitcoin.com/bit-mining-sells-btc-coms-mining-operations-for-5-million/

Meme Coin Rollercoaster Ride — BONK’s Value Plummets Amidst Market Turbulence and Rising Contenders

While the meme coin phenomenon bonk (BONK) captivated users on the Solana network, the cryptocurrency recently witnessed a 41% decline over the preceding fortnight, accompanied by a 20.8% descent in the past week. Following its mid-December peak to an all-time high (ATH), BONK has plummeted 57% from its ATH.

From Peak to Plunge in the Meme Coin Madness

BONK has witnessed a downturn over the past two weeks and on Dec. 30, 2023, it has an intraday trading range of $0.00001387 to $0.00001536, and at the time of writing, it is exchanging hands for $0.00001446, down 4.4% over the past day. While the crypto asset lost 41% over the two-week span and more than 20% this past week, BONK is still up by 272% over the last 30 days.

However, with prices at $0.00001446, the value of BONK is down 57% since the ATH of $0.00003416 per unit on Dec. 15, 2023. Despite the loss, BONK is still the third largest meme coin asset by market capitalization under DOGE and SHIB, and its overall valuation today is $887 million. BONK’s market cap is above the fourth largest meme coin CORGIAI’s $633 million valuation.

There are 56.02 trillion BONK in circulation as of Dec. 30, 2023, and 566,773 addresses hold BONK. The top ten wallets command 33.72% of the circulating supply and the top 20 holders command 40.49% of all the BONK. The top 100 BONK holders command 55.08% while the top address holds 11.68%.

The future trajectory of bonk (BONK) remains uncertain as the market’s whims could either further its decline or foster a resurgence. Amidst its current volatility, other meme coins are vying for the spotlight, each aspiring to replicate BONK’s earlier success. As these contenders inch closer, the landscape of meme cryptocurrencies continues to evolve, leaving BONK’s fate in the balance amidst this competitive fray.

What do you think about BONK’s decline over the last two weeks? Share your thoughts and opinions about this subject in the comments section below.

source https://news.bitcoin.com/meme-coin-rollercoaster-ride-bonks-value-plummets-amidst-market-turbulence-and-rising-contenders/

Spot Bitcoin ETF Applicants Flood SEC With Filing Updates Before Deadline

Major asset managers, including Blackrock, Fidelity, Bitwise, and Wisdomtree, submitted their revised spot bitcoin exchange-traded fund (ETF) filings shortly before the deadline set by the U.S. Securities and Exchange Commission (SEC) on Friday afternoon. The securities regulator reportedly wants authorized participants named in the filings.

The Race Is on for Spot Bitcoin ETFs

Spot bitcoin exchange-traded fund (ETF) applicants rushed to meet the U.S. Securities and Exchange Commission (SEC)’s deadline for registration statement (S-1) updates on Friday. The securities regulator reportedly told them to update their filings by Friday to be included in the first wave of spot bitcoin ETF decisions in early January.

Major asset managers, including Blackrock, Vaneck, Valkyrie, Bitwise, Invesco/Galaxy, Fidelity, Wisdomtree, and the Ark Investments and 21shares joint filing, submitted updated documents to the securities regulator Friday afternoon. According to reports, the SEC wants authorized participants (APs) — financial institutions that dynamically manage the creation and redemption of ETF shares in the primary market — named in amended spot bitcoin ETF filings.

Bloomberg ETF analyst Eric Balchunas wrote on social media platform X Friday:

Blackrock just dropped its updated S-1 and it DOES name the APs: Jane Street and JPMorgan … Looks we have our first horse that at the starting gate.

The analyst added: “Just to be clear: the AP names weren’t due in S-1s, so Blackrock adding them in there is a bit of a flex in that regard. So if we see other S-1s not naming AP doesn’t mean they don’t have one lined up. But this does make Blackrock the first horse officially ready imo.”

Valkyrie named two authorized participants, Jane Street and Cantor Fitzgerald, in its fresh filing with the SEC. “They join Blackrock as the two horses officially at [the] starting gate,” Balchunas described, noting that Bitwise did not name an AP in its amended filing.

The Bloomberg analyst continued, “Fidelity’s S-1 filing included its fee which will be 0.39%,” emphasizing that currently, this fee is “by far” the lowest. The financial services giant named Jane Street as its spot bitcoin ETF’s authorized participant.

Wisdomtree also named Jane Street as its spot bitcoin ETF’s AP. “Another horse makes it to [the] starting gate,” Balchunas noted, adding:

Invesco/Galaxy is in and here’s a whopper: it will be waiving fee for first six months AND for first $5b in assets, APs named as well, Virtu and JPMorgan … Another horse in.

The analyst clarified: “What makes this AP thing tricky — and could keep some from starting gate — is not only does SEC want the AP named in docs but it wants them to be the underwriter of the ETF too, which may make them nervous re lawsuits/risk given how brand new the asset class is.”

What do you think about the spot bitcoin ETF race? Do you think the SEC will approve all applications in early January? Let us know in the comments section below.

source https://news.bitcoin.com/spot-bitcoin-etf-applicants-flood-sec-with-filing-updates-before-deadline/

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Argentina’s President Javier Milei Sends Omnibus Bill to Congress, Seeking Legislative Powers

Argentina’s President Javier Milei has sent a massive new bill to Congress to adopt a scheme of regulations to advance his goal of modernizing the Argentine state. If approved, the bill would allow Milei to legislate by executive order on certain emergency areas and privatize state companies, among other aspects.

Javier Milei Proposes Omnibus Bill to Obtain Legislative Faculties

Argentina’s President Javier Milei has continued pressing on in his transformative goals for the country. The so-called libertarian has sent a massive omnibus bill to Congress, which touches on or modifies 20 laws. The bill, titled “Law of Bases and Starting Points for the Freedom of Argentines,” seeks to continue with the ostensibly libertarian reform of the Argentine state, touching on subjects like personal taxes, import laws, justice administration, education, and others.

Also, the bill calls for declaring a national emergency in several fields, including finance, economy, financial, fiscal, pensions, security, defense, tariffs, energy, health, administrative, and social, until December 2025, with the possibility of extending it for two more years. Approving it would allow Milei to legislate via executive orders during his whole mandate, sidestepping the Congress in which his party has a minority.

Experts agree that this part of the bill is difficult to approve, given that Congress would delegate its functions to the executive power. In its more than 600 articles, the bill also determines that state companies will be declared “susceptible to privatization,” preparing the 41 companies that Argentina owns to be sold.

The document further introduces a new asset regulation proposal that allows Argentines to declare ownership of several assets, including “cryptocurrencies, crypto assets, and other similar goods, regardless of who has been their issuer, who is their owner or where they were deposited, guarded or stored,” paying up to 15% on the calculated excess of the first $100,000 regularized. This means the first $100,000 in regularized assets would not be subject to paying anything under the proposal.

The bill will be discussed in special congressional sessions, and each point will be treated individually. Some points can be approved, while others can be repealed. Nonetheless, the CGT, the largest workers’ group in the country, has already called for a general strike on January 24 to reject Milei’s bill.

Last week, Milei also issued a massive emergency executive order, which is facing several legal actions in national courts.

What do you think about Javier Milei’s omnibus bill? Tell us in the comments section below.

source https://news.bitcoin.com/argentinas-president-javier-milei-sends-omnibus-bill-to-congress-seeking-legislative-powers/

Vitalik Buterin Reflects on Web3’s Diminishing Vision Amidst Rising Transaction Fees

In a candid evaluation of the current state of Web3, Ethereum co-founder Vitalik Buterin laments the fading vision of a decentralized internet. Buterin emphasizes the stifling effect of rising crypto transaction fees on innovation and broad-based usage of cryptocurrency. He points out the shift towards centralized solutions and the dominance of high-stake players, expressing concern over the changing landscape and culture within the crypto community.

From Decentralization to ‘Degen’ Domination: Buterin Reflects on Web3’s Path

Vitalik Buterin, the influential co-founder of Ethereum, has recently voiced concerns over the evolving dynamics of the Web3 environment. According to Buterin, the dream of a decentralized internet is being overshadowed by the harsh reality of escalating transaction fees on blockchain networks. These fees are creating a barrier to entry, inhibiting innovations and the widespread adoption of crypto as a means of transaction and saving.

Buterin said:

The number one culprit that I would blame as the root cause of this shift is the rise in transaction fees.

Highlighting a significant shift in the crypto narrative, Buterin notes that “few talk about consumer crypto payments” anymore. The original vision of crypto assets as a democratizing financial force seems to be dwindling, with practical, everyday use cases becoming more theory than practice. Instead, a reliance on centralized platforms is growing, as they offer more stable and affordable avenues for users to engage with digital currencies.

Buterin specifically points out the ramifications of the increasing transaction costs, stating that they have effectively marginalized all but the most speculative and risk-tolerant users — the “degen gamblers.” These individuals are described as “the only audience that remains willing to pay” the high fees for transactions. This shift is not only changing who uses blockchain but how it is perceived, pushing away would-be adopters looking for practical and economical use cases.

The predominance of these high-stake players within the blockchain space is not without consequence. Buterin argues that this demographic shift “adjusts the public perception and the crypto space’s internal culture” in a way that might not be beneficial for the long-term health and perception of cryptocurrencies. The high-risk, high-reward mentality overshadows the inclusive, revolutionary ideals that many believe crypto stands for.

“Degen gamblers can be okay in moderate doses, and I have talked to plenty of people at events who were motivated to join crypto for the money but stayed for the ideals,” Buterin wrote.

Addressing the future, Buterin calls for reflection and action within the community. He underscores the need for scalable solutions that lower barriers and restore the original inclusive vision of Web3. The challenge is not just technical but cultural, requiring a shift back to the roots of what made the concept of decentralized digital currency so appealing to a broad audience initially.

What do you think about Buterin’s latest blog post? Share your thoughts and opinions about this subject in the comments section below.

source https://news.bitcoin.com/vitalik-buterin-reflects-on-web3s-diminishing-vision-amidst-rising-transaction-fees/

Okx to Cut Ties With Privacy Coins Amid Regulatory Heat, Triggering Market Dip

In light of the ongoing dialogue around Binance’s removal of privacy coins, the cryptocurrency exchange Okx has declared the removal of various spot trading pairs linked to privacy tokens such as monero, zcash, and dash. Okx attributes its decision to remove these offerings to “feedback from users” along with the exchange’s established guidelines for delisting.

Privacy Tokens Take a Hit: Okx Joins Binance in Major Delisting Wave

Once more, privacy coins face removals as regulatory and compliance requirements intensified significantly throughout 2023. Okx revealed the removal of 20 trading pairs, set to cease operation after Jan. 5, 2024. Two days prior on Dec. 27, Okx halted deposits for ZEN, XMR, CAPO, DASH, FSN, CVP, ZKS, and ZEC. The suspension of withdrawals for these coins is slated for March 5, 2024.

“In order to maintain a robust spot trading environment, we constantly monitor the performance of all listed trading pairs and review their listing qualifications on a regular basis,” the exchange details. “Based on feedback from users and the Okx Token Delisting / Hiding Guideline, we will be delisting several trading pairs that do not fulfill our listing criteria.”

Advocates of privacy are expressing discontent with the delisting moves by Okx and Binance. Conversely, some argue that they are indifferent and that certain privacy coins will continue to thrive regardless of support from exchanges.

Following the announcement, a significant dip occurred in the value of many privacy coins on Friday, with the entire privacy coin market declining over 6% against the U.S. dollar. XMR fell 3.6%, ZEC decreased by 11.3%, and DASH lost 9% in a 24-hour period.

What do you think about Okx delisting privacy coins? Share your thoughts and opinions about this subject in the comments section below.

source https://news.bitcoin.com/okx-to-cut-ties-with-privacy-coins-amid-regulatory-heat-triggering-market-dip/

CAKE Token Supply Cut — Pancakeswap Community’s Decisive Vote Spurs Market Surge

The Pancakeswap community has sanctioned a governance vote to eliminate 300 million CAKE tokens from the crypto asset’s total supply. Records indicate that a substantial 97.88% of community votes supported the reduction of 300 million CAKE, decreasing the total supply from 750 million to 450 million CAKE tokens.

Near-Unanimous Vote Cuts CAKE Supply

On Dec. 21, 2023, the Pancakeswap community received a governance proposal to deduct 300 million CAKE tokens from the total crypto asset supply. Voting commenced on Thursday and concluded on Friday, Dec. 29, 2023, culminating in the community’s endorsement of the supply cut.

A resounding 97.88% of the community voted in favor of the proposal, with a mere 2.12% opposing it. The action will reduce the supply from 750 million CAKE to 450 million. “With a current circulating supply of 388M CAKE, the Kitchen believes this new and lower cap will be sufficient to gain market share across all chains and sustain the VECAKE model,” stated the original proposal.

Following the governance vote, Pancakeswap’s CAKE surged 42.6% against the U.S. dollar over the previous week and achieved an over 62% increase for the month. Nonetheless, CAKE experienced a slight dip of about 2.4% against the greenback in the past day. Currently, CAKE boasts a market capitalization of $872 million, representing 0.05% of the total $1.75 trillion crypto economy.

Currently standing as the third-largest decentralized exchange (dex) globally by volume, Pancakeswap holds $1.66 billion in total value locked (TVL) within the protocol. The dex platform has seen a 16.81% increase over the past month. Despite a monthly surge of 62% in CAKE, the dex platform’s native crypto is still trading 91.80% below its all-time high of $43.96 per coin set on April 30, 2021. As of today, CAKE’s 24-hour intraday trading range has fluctuated between $3.49 and $3.83 per unit.

What do you think about CAKE’s supply reduction? Share your thoughts and opinions about this subject in the comments section below.

source https://news.bitcoin.com/cake-token-supply-cut-pancakeswap-communitys-decisive-vote-spurs-market-surge/

Lenders-brokers thrive, Alternative lending, BoC to raise again, More

How can lenders and brokers thrive in today's mortgage market? View web version | Forward to a colleague 29 December 2023 Top News How can lenders and brokers thrive in today's mortgage market? MCAN, Community Trust execs on serving the needs of Canadians in today's challenging times What is the outlook for alternative lending in Canada? There has been a huge spike in recent years - but what happens next MOST READ OF THE YEAR – SEPTEMBER TO DECEMBER 2023 Will the Bank of Canada raise rates again? CEO believes borrowers should prepare for the worst How mortgage brokers advise their clients on Bank of Canada decisions JCMortgages.ca owner on guiding borrowers through difficult decisions over the last 16 months What's the fall outlook for Canada's housing market? Could activity heat up again? 2023 Mortgage Global 100 The 2023 Mortgage Global 100 recognizes the leaders and innovators from around the globe who are lifting the industry to new heights Want to change how you receive these emails? You can manage preferences or unsubscribe © 2024 KM Business Information Canada Ltd, 317 Adelaide street west, Toronto, ON  Privacy | Conditions of Use | About Us | Contact Us