| Hey Cryptonews, here's our curated daily bundle of crypto news. | | Bitcoin's recent surge signals market shift with high volumes and decoupling from traditional markets |  | Bitcoin's price surpassed $35,000 in a significant rally, leading to elevated trading activity on centralized crypto exchanges Altcoin trading volumes exceeded $15 billion, outpacing Bitcoin, while speculative interest in Bitcoin grew amid positive funding rates
The recent Bitcoin surge, being referred to as a "dress rehearsal" by analysts, saw the cryptocurrency reach its highest level since May 2022, surpassing $35,000. This price hike triggered a significant shift in market sentiment, transitioning from low volatility to intense trading activity.
Centralized crypto exchanges experienced their highest daily volumes in the past two quarters, driven by developments related to Bitcoin and a ripple effect on other altcoins. Altcoin trading volumes exceeded $15 billion, surpassing Bitcoin's volume.
Bitcoin supply on exchanges increased as higher prices enticed holders to take profits, but exchange liquidity remained relatively stable, with a market depth of around $100 million.
Speculative interest in Bitcoin grew as funding rates for perpetual futures turned positive, indicating a bullish trend. However, Open Interest (OI) growth lagged behind the spot price increase, and the dominance of long positions waned as BTC consolidated around $34,000.
The rally injected much-needed volatility into the market, and implied volatility increased in the past 10 days. This suggested continued short-term volatility, even though significant triggers were not expected until January. | | | Learn More | | Cardano's Q3 metrics show sluggish growth, but NFT trading volume rises |  | Cardano's Q3 performance revealed a decrease in network activity, with a 29% drop in daily active addresses and a 12% decline in daily transactions Despite the decline in some metrics, Cardano's NFT trading volume increased by nearly 20%, reaching an average daily volume of $600,000 in Q3
Cardano's Proof-of-Stake Layer-1 network, ADA, went through a period of sluggish growth in the third quarter, as revealed in a recent report by Messari. The network's key metrics either declined or remained stable during this three-month period.
During Q3, Cardano saw a decrease in network activity. Daily active addresses on the blockchain averaged 41,137 between July and September, marking a 29% decline from the 58,000 recorded in the second quarter of the year.
The reduced user count on Cardano also led to a decline in transaction numbers. The network averaged 60,356 daily transactions in the quarter, representing a 12% drop from the 69,000 recorded between April and June.
Transaction fees on the network decreased as well, with a 21% drop in the average transaction fee denominated in US Dollars, falling from $0.13 to $0.10.
This decline in transaction fees resulted in a 30% reduction in Cardano's revenue in Q3.
On the decentralized finance front, Cardano's total value locked remained stable, showing relative growth compared to other ecosystems. | | Learn More | | Dogecoin and Shiba Inu see price gains amid negative sentiment and potential corrections |  | Recent crypto bull rally boosted Dogecoin and Shiba Inu, with DOGE rising 2.2% and SHIB surging 5.4% in the past week Negative sentiment emerged as Weighted Sentiment dipped, and TD Sequential indicator signaled a possible price correction
The recent crypto bull rally brought gains to notable meme coins Dogecoin and Shiba Inu. Both saw positive price increases over the past week. DOGE rose by more than 2.2%, reaching $0.06895, while SHIB surged over 5.4%, trading at $0.000007899, according to CoinMarketCap.
Despite the price upticks, a concerning signal emerged as the Weighted Sentiment for both meme coins dipped, indicating dominant negative sentiment. Popular crypto analyst Ali pointed out the TD Sequential indicator's sell signal on their daily charts, suggesting a possible price correction.
Taking a closer look at their metrics, Dogecoin's Relative Strength Index and On Balance Volume showed slight downticks, hinting at a potential price drop, although the Chaikin Money Flow favored bulls.
Shiba Inu also raised concerns as supply-related metrics flattened, indicating reduced trading activity. However, it remained the most traded token among the top 100 Ethereum whales in the last 24 hours. Market indicators for SHIB, such as RSI and MFI, were near the overbought zone, but CMF hinted at potential price increases in the coming days. Investors monitored these metrics for future trends. | | Learn More | | Invesco and Galaxy's BTCO Bitcoin ETF progresses amid ongoing regulatory process |  | The ticker for the Invesco and Galaxy's BTCO Bitcoin exchange-traded fund recently appeared on the DTCC's website, marking advancement in their application process The DTCC's listing as an "ETF Product" did not indicate approval but was part of routine preparation for a new ETF's market launch
The ticker for the Invesco and Galaxy spot Bitcoin exchange-traded fund, known as BTCO, surfaced on the Depository Trust and Clearing Corporation's (DTCC) website. This development represented progress in the application process for these two asset managers.
The BTCO ticker was not listed on the DTCC's site as of 25 October, but it was added within the last six days, according to the Wayback Machine.
It's essential to note that being listed as an "ETF Product" on the DTCC's site didn't guarantee future approval for the product. The DTCC explained that they routinely added securities to the NSCC security eligibility file in preparation for a new ETF's market launch, and this listing didn't indicate the outcome of ongoing regulatory or approval processes.
The joint spot Bitcoin ETF application managed by Invesco and Galaxy Digital was reactivated on 21 June, following a surge of similar filings for spot Bitcoin ETF products, prompted by BlackRock's application for a spot Bitcoin ETF on 15 June. | | Circle discontinues individual accounts as part of strategic review |  | Circle, a stablecoin issuer, ceased individual accounts as part of their strategic review, affecting functionalities like wiring and minting Business and institutional "Mint" accounts were not impacted by this change, sparking speculation about the reasons behind the decision
Stablecoin issuer Circle discontinued individual accounts on 30 November, according to emails sent to Circle customers on 31 October. The closure of individual accounts was part of Circle's strategic review. In these emails, customers were informed that functionalities like wiring and minting would no longer be supported, with the accounts officially closing at the end of November.
However, business and institutional "Mint" accounts remained unaffected by this change, as confirmed by a Circle representative.
There were speculations within the crypto community regarding the reasons for this decision. Some believed it might have been related to the draining of Circle's reserves by individual accounts potentially involved in illicit activities, while others suggested it might have been a cost-cutting or restructuring measure.
Circle referred to the affected accounts as "legacy consumer accounts," indicating they might not have been as active as they once were. | | Web3 theft incidents see significant October decline, reports CertiK |  | CertiK confirmed a decline in Web3 theft incidents in October, with losses totaling $32.2 million across 38 incidents October's losses marked a significant improvement compared to the year's 10-month total, with only 38 incidents contributing to the decrease
In October, Web3 experienced a significant decline in theft incidents, according to CertiK. The blockchain security firm confirmed losses of $32.2 million across 38 incidents for the month, with no single incident causing losses exceeding $7 million.
In comparison to the year's 10-month total of $1.4 billion, October's losses were approximately one-quarter of the average monthly losses. January had the second-lowest losses at $33.7 million. These October statistics were primarily due to the absence of major incidents in that month, marking a quantitative low with only 38 incidents.
CertiK's third-quarter report showed a decrease in incidents from 79 in July to 66 in August and 39 in September. However, exit scams increased fourfold in October compared to September, reaching their highest point in May when Fintech users lost nearly $32 million.
Exploits peaked in September, primarily because Mixin Network suffered a $200-million loss when its cloud service provider was breached. In July, the second-highest damage occurred, primarily attributed to Multichain MPC bridge losses.
Notably, CertiK observed an emerging trend in crypto crime, with a rise in scams using social media. Approximately half of cryptocurrency scams in the last 18 months were linked to social media, offering various opportunities for wrongdoing, from pumping and dumping to fraudulent activities. | | Turkey aims to tackle FATF concerns with new crypto regulations |  | Turkey aimed to address FATF concerns by introducing crypto regulations to improve anti-money laundering and anti-terror financing measures The 2024 Presidential Annual Program outlined plans for cryptocurrency regulations, including defining crypto assets and providers
Turkey worked on new crypto regulations to satisfy the Financial Action Task Force (FATF) and get off their "grey list" of nations with insufficient anti-money laundering and anti-terror financing measures. The FATF had added Turkey to the grey list in 2021 due to non-compliance with one of its 40 standards.
Finance Minister Mehmet Simsek revealed during an 31 October parliamentary discussion that the outstanding issue was related to crypto assets. To rectify this, Turkey planned to introduce a crypto assets law, although the specifics remained unspecified.
The FATF, established by the G7 nations, had warned Turkey in 2019 about weaknesses in freezing assets linked to terrorism and weapons proliferation.
Turkey's 2024 Presidential Annual Program, released on 25 October, aimed to have cryptocurrency regulations in place by the end of 2024. It included provisions for defining crypto assets and providers, potentially leading to taxation. However, the exact regulatory framework details were yet to be determined. The Central Bank of Turkey had already conducted trials of its digital lira by December 2022 and planned to continue testing into 2024. | | Mixed fortunes greet Bitcoin & Co. |
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