| Hey Cryptonews, here's our curated daily bundle of crypto news. | | Bitcoin displays minimal price activity amid low volatility phase |  | Despite Bitcoin's sideways price movement, AMBCrypto observed that its Open Interest remained notably high Investors continued to accumulate the cryptocurrency, as evidenced by a recent surge in BTC's Exchange Outflow
Bitcoin (BTC) has experienced a period of reduced volatility, with its price following a sideways path. As noted by AMBCrypto earlier, investors may need to prepare for more days of relatively slow market movement, a trend supported by the latest datasets.
IntoTheBlock noted in a recent tweet that Bitcoin's 30-day average intraday move has decreased compared to traditional markets, signaling a phase of low volatility for BTC. Additionally, despite Bitcoin's sideways price movement, AMBCrypto observed that its Open Interest remained notably high, suggesting a potential continuation of the existing price trend.
While Bitcoin (BTC) displayed minimal price activity, investors continued to accumulate the cryptocurrency, as evidenced by a recent surge in BTC's Exchange Outflow. Moreover, BTC's Supply on Exchanges remained lower than its Supply outside of Exchanges, indicating a higher buying pressure compared to selling pressure, reflecting the confidence of investors in the king coin. | | | Learn More | | Uniswap's monthly fees, trading volume skyrocket with a surge in user count |  | The DEX recorded its highest monthly fees since May, as per DefiLlama's data The total trading volume reached $41 billion, representing the highest figure recorded since March
In November, decentralized exchange (DEX) Uniswap [UNI], recorded its highest monthly fees since May, as per DefiLlama's data.
Data from the DefiLlama further indicated that in November, the DEX produced more than $55 million in protocol fees, surpassing May's total by 21%. Additionally, there was a significant month-over-month uptick, with November's fees representing a 41% rise compared to the $32 million recorded in October.
November witnessed a surge in trading activity on Uniswap, leading to multi-month highs in transaction fees. AMBCrypto reported that the decentralized exchange reached its highest number of active users since June, with a total of 1.3 million users during the 30-day period.
Notably, with a surge in user count, Uniswap also experienced growth in trading volume. In November, the total trading volume reached $41 billion, marking a significant 64% increase from October's $25 million and representing the highest figure recorded since March. | | Learn More | | 65% of Cardano holders remain unprofitable despite +30% price hike |  | According to IntoTheBlock's data, ADA coins totaling 7.19 billion, were purchased at the $0.38 price point The altcoin has continued to face resistance at the $0.37 level, implying potential losses for holders selling at the current price
While Cardano's (ADA) price has recently increased, data from IntoTheBlock reveals that only 35% of ADA holders are currently in a profitable position. In contrast, leading Layer 1 networks like Bitcoin (BTC) and Ethereum (ETH) have over 60% of their holders in profit.
ADA's value rose by 16% during October's market rally, closing at a level last seen in August. Furthermore, despite a general increase in profit-taking, ADA recorded a significant 33% price gain. According to CoinMarketCap data, the altcoin's price surged by over 30% in the last 30 days.
However, the recent market upswing didn't fully recover losses for those who acquired ADA at higher prices. According to IntoTheBlock's data, a considerable amount of ADA coins, totaling 7.19 billion, were purchased at the $0.38 price point.
Notably, the altcoin has continued to face resistance at the $0.37 level. A look at the crypto's MVRV ratio also signaled undervaluation, implying potential losses for holders selling at the current price.
| | Learn More | | MicroStrategy ramps up Bitcoin holdings with $600M purchase
|  | The business intelligence firm purchased 16,130 BTC in November As of 29 November, the company's reported BTC holdings stood at 174,530, valued at roughly $6.6 billion
Business intelligence firm MicroStrategy expanded its Bitcoin holdings by purchasing 16,130 BTC in November, pushing its total holdings to over $6 billion. On 30 November, MicroStrategy's co-founder, Michael Saylor, revealed that the company bought the BTC for approximately $593.3 million, equivalent to $36,785 per Bitcoin.
The firm's announcement of purchasing Bitcoin came as the crypto's price rose by roughly 10% in November. As of 29 November, the company's reported BTC holdings stood at 174,530, valued at roughly $6.6 billion at the time of writing — based on a price of $37,726.
It is worth noting that the firm has been consistently acquiring significant amounts of Bitcoin since declaring it as its treasury reserve asset in August 2020. The firm reported a $900 million gain from its Bitcoin holdings in the third quarter of 2023, with CEO Phong Le suggesting that the company planned to sustain regular acquisitions.
| | Celsius initiates fund withdrawals for eligible crypto holders |  | Eligible participants can withdraw 72.5% of their cryptocurrency holdings before 28 February, 2024 Customers who objected to the reorganization plan have been excluded
Bankrupt cryptocurrency lending platform Celsius has initiated withdrawals for certain users. This development comes amidst financial instability and legal issues, impacting both the company and its clients.
As per a submission to the United States Bankruptcy Court, individuals in the custody program belonging to "Class 6A General Custody Claims" and "Class 6B Withdrawable Custody Claims" can now withdraw funds. The deadline for withdrawals is 28 February, 2024, and eligible participants can withdraw 72.5% of their cryptocurrency holdings, excluding transaction fees.
Meanwhile, customers who objected to the reorganization plan have been excluded, and their assets will be independently managed by a litigation administrator for a period of six months.
After filing for bankruptcy in July 2022, the platform encountered legal challenges, including lawsuits from the U.S. SEC, the FTC, and the CFTC. Moreover, despite reaching a $4.7 billion settlement with the FTC and implementing a settlement plan for holders in March, CEO Alex Mashinsky is set to undergo a criminal trial. | | Crypto crime peaks at $363M in November, marking 2023's most challenging month |  | The most significant exploits in November took place on Poloniex and HTX/Heco Bridge, resulting in a combined loss of $244.7 million As of November's end, 2023's collective losses from exploits, exit scams, and flash loan attacks total approximately $1.7 billion
A significant spike in crypto-related theft, scams, and exploits was seen in November, making it the most damaging month for the cryptocurrency industry in 2023. According to blockchain security firm CertiK, criminals managed to loot $363 million during this period.
Exploits accounted for $316.4 million, while flash loans caused $45.5 million in damages, and exit scams led to a loss of $1.1 million, as detailed in CertiK's 30 November post on X.
The most significant exploits in November took place on Poloniex and HTX/Heco Bridge, resulting in losses of $131.4 million and $113.3 million, respectively. The third-largest exploit involved a single victim who suffered a $27 million loss due to a phishing attack. Additionally, the KyberSwap attack, amounting to $45 million, represented nearly all the damage caused by flash loan attacks during the month.
As of the end of November, the collective losses from exploits, exit scams, and flash loan attacks in 2023 stand at around $1.7 billion. It's noteworthy that this represents just 54% of the overall crypto losses recorded in the entire year of 2022, which amounted to $3.7 billion, according to CertiK.
| | UN agency partners with Algorand Foundation to launch blockchain academy for global development |  | The academy will provide education to UNDP's 22,000 staff members in 170 countries The ultimate objective is to support countries in attaining sustainable development growth through blockchain technology
A United Nations agency focused on eliminating poverty around the world, is preparing to train its 22,000 staff members in blockchain technology. The ultimate objective is to support countries in attaining sustainable development growth through blockchain technology.
In line with this, the United Nations Development Programme (UNDP) has teamed up with the Algorand Foundation to launch a blockchain academy in 2024, as stated in its 30 November press release.
The academy is designed to benefit the UNDP's 22,000 staff members in 170 countries, providing education on distributed ledger technology and blockchain. This includes insights into their potential applications in financial inclusion, supply chain transparency, real-world asset tokenization, and digital identity.
In a statement, the Head of Education and Inclusion at the Algorand Foundation, Doro Unger-Lee, stressed the significance of education as a fundamental starting point to identify and implement tangible, on-the-ground use cases of blockchain. This, she noted, will play a crucial role in advancing the Sustainable Development Goals across multiple areas.
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