| Hey Cryptonews, here's our curated daily bundle of crypto news. | | Bitcoin hovers at $35,000 amid sentiment fluctuation |  | Over 78% of Bitcoin holders were in a profitable position, signaling growing market optimism Positive technical indicators like increased greed among Bitcoin holders suggested a potential breakout
Bitcoin teetered near the $35,000 mark, reflecting a heated battle between bullish and bearish forces at this crucial level. According to on-chain analytics firm IntoTheBlock, this level was breached twice in the past week. While BTC traded slightly lower at the moment, certain bullish on-chain signals suggested the potential for a significant breakout.
IntoTheBlock reported that over 78% of BTC holders were in a profitable position with their holdings. This observation aligned with the popular NUPL indicator from Glassnode, which typically indicated a state of net profit when values were above zero, signaling growing market optimism.
The Spent Output Profit Ratio, which tracked on-chain movements of coins, also indicated rising profitability, potentially leading to increased liquid supply and attracting prospective BTC buyers.
Delving deeper into the $35,000 level's significance, IntoTheBlock highlighted that 1.94 million addresses had acquired BTC at this price point. If Bitcoin could maintain stability, it represented a substantial win for the bulls. | | | Learn More | | Head chief proposes new innovative tokenomics for SushiSwap |  | SushiSwap's head chief introduced a proposal for new SUSHI tokenomics, offering fresh utility, benefits for holders, and NFT rewards for long-term liquidity providers The proposed changes aimed to boost liquidity and potentially impact key metrics like Total Value Locked in the SushiSwap ecosystem
SushiSwap's head chief, Jared Gray, proposed new tokenomics for the SUSHI token, aiming to impact the network and token positively. The proposal introduced fresh utility for SUSHI, promised benefits for holders, and rewarded long-term liquidity providers with tradable Non-Fungible Tokens. Additionally, it adapted rewards to market conditions and considered a transition to a quadratic voting mechanism.
These changes had the potential to boost liquidity, potentially affecting key metrics like Total Value Locked. At press time, TVL stood at approximately $376 million across various SUSHI versions.
The fee chart didn't show significant recent fluctuations, hovering around $47,000. The full impact of the new tokenomics on these metrics became clearer upon proposal approval.
While SushiSwap experienced a significant 48% price increase recently, it since saw a minor price decline, trading at around $1 with a slight decrease. Nonetheless, with an RSI above 70, SushiSwap remained in a strong bullish trend despite recent price fluctuations. | | Learn More | | BNB Chain ecosystem tokens soar in value with blockchain week boost |  | BNB and PancakeSwap tokens experienced significant growth, with BNB's price rising over 10% and CAKE surging by 83% in the past week Binance Blockchain Week likely contributed to the positive sentiment and increased popularity of BNB Chain tokens
Tokens within the BNB Chain ecosystem, such as BNB and PancakeSwap, experienced notable growth recently. Lookonchain's tweet highlighted this upward trend, including tokens like Trust Wallet Token, Venus, and ApolloX.
One potential catalyst for this surge was the Binance Blockchain Week that took place in 8 November, which was expected to generate positive sentiment around BNB Chain tokens.
Taking a closer look at BNB, its price rose by over 10% in the past week, with a market capitalization of $38 billion. The bearish sentiment decreased by 3.8%, and BNB's AltRank improved, indicating its popularity in the derivatives market.
PancakeSwap's growth was remarkable, with CAKE's price surging by 83% in the last week, reaching a market capitalization of over $536 million. However, CAKE's trading volume dropped significantly in the past 24 hours, and its MVRV ratio declined last week, signaling a potential trend reversal and a shift towards bearish sentiment. | | Learn More | | Glassnode sells crypto-tax platform in million-dollar deal, shifting focus to institutional investors |  | Glassnode announced the sale of Accointing, its crypto-centric tax platform, to Blockpit, as it shifts its focus to serving institutional investors The move followed a recent infrastructure restructuring, positioning Glassnode to expand into DeFi data solutions
Glassnode, a cryptocurrency intelligence firm, revealed its shift away from crypto tax-related projects to concentrate on fresh solutions geared toward institutional investors and decentralized finance (DeFi). On 6 November, Glassnode announced the sale of its crypto-centric tax platform, Accointing, to the European crypto compliance provider Blockpit in a multimillion-dollar deal whose exact amount remained undisclosed.
By divesting its crypto tax venture, Glassnode redirected its efforts towards enhancing Digital Asset Intelligence Solutions for its institutional clients. A Glassnode spokesperson noted that they had restructured their infrastructure in recent months to facilitate their expansion into DeFi data solutions and other areas within the digital asset ecosystem.
Glassnode's move came just a year after it acquired Accointing to integrate tax-reporting compliance tools into its platform in October 2022. This acquisition aligned with Blockpit's strategy of merging with competitors, furthering its goal of creating a unified crypto tax platform for Europe.
The timing of the deal was particularly apt, as upcoming regulations like the Crypto-Asset Reporting Framework (CARF) and the Directive on Administrative Cooperation (DAC8) required increased reporting of cryptocurrency transaction data to tax authorities, significantly impacting tax enforcement efforts. | | Coinbase bolsters global advisory council to navigate regulatory uncertainty |  | Coinbase strengthend its Global Advisory Council with the addition of four national security experts to assess the impact of regulatory uncertainty These appointments supported Coinbase's commitment to addressing the consequences of regulatory uncertainty while maintaining a global perspective
Coinbase expanded its Global Advisory Council by adding four national security experts, enhancing its ability to assess the impact of regulatory uncertainty in the United States. The new members brought a strategic perspective to the Coinbase council. These experts included Mark Esper, former U.S. Secretary of Defense; Stephanie Murphy, a former congressperson and national security specialist; Frances Townsend, who served as homeland security adviser to former President George W. Bush.
These additions complemented the existing council members. Coinbase's Global Advisory Council, established in May, was the third advisory council in the company, alongside those focused on asset management and regulation, featuring bipartisan compositions.
The primary aim of these appointments was to analyze the consequences of regulatory uncertainty for crypto in the United States, aligning with Coinbase's international perspective, as outlined in its white paper, "Defending American Leadership: The National Security Case for Crypto and Blockchain." | | Circle contemplates IPO in early 2024 amid USDC challenges |  | Circle, issuer of USD Coin, reportedly mulled the possibility of an IPO in early 2024, following a failed merger attempt in 2021 Despite a 56% decline in USDC market capitalization, Circle's move to go public would be a significant step for the company
Circle, the issuer of USD Coin, reportedly considered the possibility of an initial public offering in early 2024, as per a recent Bloomberg report. This news, based on sources familiar with the matter, suggested that Circle was in discussions with its advisors about this potential move. However, it's important to note that there was no guarantee that these discussions would culminate in a public listing. Circle initially intended to go public through a $4.5 billion merger with Concord Acquisition in July 2021, but the deal fell through. A Circle representative confirmed that going public as a U.S.-listed company had long been part of their strategic plans. Despite this development, Circle chose to remain tight-lipped about specific details, stating that they did not comment on rumors. If the IPO proceeded, it would have marked the first time that privately-owned Circle offered shares to the public. In February 2022, Circle was valued at $9 billion, but the market capitalization of USDC had since experienced a 56% decline from its peak of $55.9 billion in June 2022, reaching $24.6 billion. Notably, Circle had received investments from financial services giants such as BlackRock, Fidelity Management, Goldman Sachs, General Catalyst Partners, and Marshall Wace. | | Kazakhstan blocks Coinbase website over alleged violation of digital assets law |  | The Ministry of Information in Kazakhstan confirmed the blocking of Coinbase's website due to alleged violations of the Law on Digital Assets Kazakhstan's strict regulatory stance on cryptocurrencies also extended to its significant mining sector, raising concerns about high energy prices
The Ministry of Culture and Information of the Republic of Kazakhstan officially confirmed the blocking of the Coinbase website within the country. This action, which began in September, involved restricting access to Coinbase for local IP addresses.
According to a report from the local news outlet Kursiv on 7 November, the Ministry of Culture and Information acted upon a request from the Ministry of Digital Development. The Ministry of Digital Development had accused Coinbase of violating the Law on Digital Assets, which was enacted in February 2023.
This law prohibited the issuance and trading of digital currencies and cryptocurrency exchange operations without a national license. The approval to operate was granted by the Astana International Financial Center (AIFC), a special economic zone in Kazakhstan.
Several exchanges, including Binance, Bybit, CaspianEx, Biteeu, ATAIX, Upbit, and Xignal&MT, had received approval from the Astana Financial Services Authority, which oversaw the AIFC. | | Top cryptos caught in mixed fortune |
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