| Hey Cryptonews, here's our curated daily bundle of crypto news. | | Ethereum validators withdraw staked ETH amid altcoin surge |  | Since October, an average of 1018 validators exited the PoS network daily The majority of exits in the past eight weeks were voluntary, indicating that validators capitalized on the opportunity to capture gains from their previously staked ETH
Glassnode's recent report revealed that Ethereum's staking pool underwent a shift since the beginning of October. According to the on-chain data provider, an increasing number of validators chose to withdraw their staked ETH during this period. On average, 1018 validators exited the proof-of-stake (PoS) network daily.
The prevailing trend aligned with the recent upswing in the altcoin's price over the last month, indicating that validators capitalized on the opportunity to capture gains from their previously staked ETH.
For context, to become a validator on the Ethereum network, a minimum of 32 ETH must be staked. Since the October rally began, there was a steady decline in the number of unique addresses holding this amount of ETH.
Glassnode's findings further indicated that the majority of exits in the past eight weeks were voluntary. Validators are considered to have exited voluntarily when they independently choose to leave the ETH 2.0 staking pool. This is different from slashing events, which involve validators being removed from the network due to violations of protocol rules. | | Learn more | | Sponsored | Claim a ETH position worth $15 USDT! |  | CoinCall is a leading crypto derivatives exchange that specializes in crypto options and futures.
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| | Claim now | | DOGE achieves record 5 million holders as market confidence soars |  | DOGE's market capitalization has increased to over $11 billion However, the meme coin faces strong resistance at the $0.081 mark, a crucial hurdle in its upward trajectory
Over the past few weeks, Dogecoin (DOGE) has witnessed a notable upward trend, leading to an increase in its market capitalization. According to CoinMarketCap, the value of this leading meme coin has risen by over 8% in the last seven days, with a notable 4.5% surge in the last 24 hours.
At the time of writing, DOGE was trading at $0.08107, boasting a market capitalization exceeding $11 billion. IntoTheBlock's data indicated a significant increase in market confidence for DOGE, as evidenced by a record-breaking milestone - the total number of Dogecoin holders surpassing 5 million.
However, a look at DOGE's weekly chart revealed a key resistance level, a crucial hurdle for the meme coin in its upward trajectory. As per AMBCrypto's analysis, DOGE faced strong resistance at the $0.081 mark. In the previous week, the meme coin made two attempts to breach this level but fell short of surpassing it on both occasions.
Popular crypto analyst Ali also emphasized this hurdle in a recent X post, noting the convergence of the 0.786 Fibonacci level and the 100-week and 200-week EMAs. Surpassing this level could substantially increase the likelihood of DOGE doubling in price, as per Ali's analysis. | | Learn more | | Whale, investor activity bring LINK closer to top 10 crypto rank |  | Crypto analyst Ali highlighted that Chainlink observed its highest spike in whale transactions for the year 2023 CryptoQuant reported a low exchange reserve for LINK, indicating active token purchases by investors
In recent weeks, Chainlink [LINK] has seen a significant rally, bringing it closer to the top 10 cryptocurrencies by market capitalization. Alongside its price increase, the coin's appeal to large investors, or whales, grew notably. On 29 November, crypto analyst Ali highlighted that Chainlink observed its highest spike in whale transactions for the year 2023.
Santiment also provided a noteworthy update, highlighting a substantial transfer of older coins between wallets. Historically, such movements have been followed by substantial price shifts, meaning that investors might witness another bullish trend for LINK in the days ahead.
Additionally, a number of positive metrics pointed towards an increased likelihood of an uptrend. CryptoQuant reported a low exchange reserve for LINK, indicating active token purchases by investors. This high buying pressure was reinforced by additional metrics, with AMBCrypto reporting a recent decrease in LINK's Supply on Exchanges and a simultaneous increase in its Supply outside of Exchanges. Considering these trends, there's a possibility that the token might soon secure a spot in the top 10 list.
| | Learn more | | Binance ends BUSD support following Paxos' mint discontinuation decision |  | Starting 15 December, cryptocurrency exchange Binance will no longer provide support for any Binance USD (BUSD) products, following Paxos' decision to halt the creation of new coins.
In a 29 November notice, Binance advised users to withdraw or convert their current BUSD holdings on the platform to other assets before 15 December. Withdrawals for BUSD will be disabled from 31 December onward, with existing balances automatically converted to First Digital USD (FDUSD) for specific users.
This move is part of a phased withdrawal of services for its native stablecoin, after the exchange declared its intention to gradually end support for BUSD by February 2024. It comes after the U.S. SEC, in February, indicated that BUSD was an unregistered security in a Wells notice directed at Paxos, the stablecoin's issuer. Concurrently, the New York Department of Financial Services instructed Paxos to cease the issuance of BUSD.
Notably, until August, BUSD stood as one of the largest stablecoins, reaching a peak market capitalization of over $23.3 billion in November 2022. Its market cap now stands at around $1.7 billion, marking a decline of over 92% in the last 12 months. | | FTX gets approval to liquidate $873M in trust assets for creditor repayment |  | The assets totaling $873 million originate from FTX's holdings in Grayscale Investments, valued at $807 million And custody service provider Bitwise, valued at $66 million
Bankrupt cryptocurrency exchange FTX has received approval to liquidate approximately $873 million worth of trust assets. The funds obtained will be used to reimburse creditors affected by the exchange's 2022 collapse, as indicated in a filing on 29 November in a Delaware bankruptcy court.
The assets totaling $873 million will originate from FTX's holdings in diverse trusts from crypto asset manager Grayscale Investments, valued at $807 million, and custody service provider Bitwise, valued at $66 million.
Approval for the sale comes almost four weeks after FTX debtors filed a motion to Judge John Dorsey on November 3. This motion requested the sale of six cryptocurrency trusts, including the Grayscale Bitcoin Trust (GBTC), Grayscale Ethereum Trust (ETHE), and Bitwise 10 Crypto Index Fund.
FTX administrators, led by John J. Ray III, have been working to recover assets since the exchange's collapse last year. They have successfully recovered approximately $7 billion, with nearly half of that amount, $3.4 billion, coming from cryptocurrencies. In June, FTX's debtors had estimated that the total misappropriation of customer assets amounted to $8.7 billion.
| | Bitcoin ETF race gets 13th entrant, BlackRock revises ETF model |  | | Swiss asset manager Pando Asset has unexpectedly entered the race for a spot Bitcoin exchange-traded fund (ETF) in the United States. On 29 November, Pando submitted Form S-1 to the U.S. Securities and Exchange Commission (SEC) for the registration of the Pando Asset Spot Bitcoin Trust.
Much like other ETF proposals, the trust aims to mirror Bitcoin's price, relying on Coinbase's custody service to safeguard the trust's Bitcoin holdings. Pando now stands as the 13th applicant vying for approval in the competitive arena of spot Bitcoin ETFs in the U.S., alongside major players like BlackRock, ARK Invest, and Grayscale.
Meanwhile, BlackRock and Invesco executives also held discussions with the SEC on 28 November. During the meeting, BlackRock put forth a revised redemption model aimed at addressing the SEC's previous concerns, particularly those related to balance sheet impacts and potential risks for U.S. broker-dealers engaging with offshore crypto entities.
| | Brazil is set to introduce new tax rules for crypto earnings |  | | New income tax regulations, approved by the Federal Senate of Brazil on 29 November, could mandate Brazilians to pay up to a 15% tax on earnings from cryptocurrencies stored on international exchanges.
As per the bill, starting 1 January, 2024, any Brazilian earning more than 6,000 Brazilian reals ($1,200) on exchanges outside the country will be subject to a 15% tax, bringing it in line with the domestic tax rate. Funds earned prior to this date become taxable upon withdrawal, and earnings from funds accessed before 31 Decemberwill incur an 8% tax.
The legislation also impacts "exclusive funds," referring to investment funds with a sole shareholder, and foreign companies operating within the Brazilian financial market.
Having already cleared the Chamber of Deputies, the bill is anticipated to receive approval from President Luiz Inácio Lula da Silva, given that his administration instigated the income tax rule adjustments. Notably, the government aims to generate 20.3 billion Brazilian reals ($4 billion) through this tax in 2024.
| | Bitcoin & co. succumb to bearish pressure |
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