Connect with us

Published

on

Top Stories This Week

Sam Altman ousted from OpenAI, CTO Mira Murati named interim CEO

ChatGPT developer OpenAI removed founder Sam Altman from his CEO position on Nov. 17. Chief technology officer Mira Murati is now serving as interim CEO. According to a blog post, the board of directors engaged in a “deliberative review process,” which resulted in the conclusion that Altman “was not consistently candid in his communications with the board, hindering its ability to exercise its responsibilities.” Shortly after, OpenAI co-founder and president Greg Brockman revealed his exit from the organization.

BlackRock files S-1 form for spot Ether ETF with SEC

The world’s largest asset manager, BlackRock, officially filed for a spot Ether exchange-traded fund (ETF) with the United States Securities and Exchange Commission (SEC) on Nov. 15. The ETF, dubbed the iShares Ethereum Trust, aims to “reflect generally the performance of the price of Ether,” according to the S-1 filed with the SEC. The iShares brand is associated with BlackRock’s ETF products. The move by BlackRock comes nearly a week after it registered the iShares Ethereum Trust with Delaware’s Division of Corporations and almost six months after it filed its spot Bitcoin ETF application. Following BlackRock’s filing, asset manager Fidelity also sought a green light for its own Ether ETF.

Australia to impose capital gains tax on wrapped cryptocurrency tokens

The Australian Taxation Office (ATO) has issued guidance on capital gains tax (CGT) treatment with regard to decentralized finance and wrapping crypto tokens for individuals, confirming that Australians are liable for capital gains taxes when wrapping and unwrapping tokens. The transfer of crypto assets to an address that the sender does not control or that already holds a balance will be regarded as a taxable CGT event, the ATO said in its statement. The CGT event will trigger depending on whether the individual recorded a capital gain or loss. A similar approach has been considered for taxing liquidity pool users, providers and DeFi interest and rewards. In addition, wrapping and unwrapping tokens will also be subject to triggering a CGT event.

FTX Foundation staffer fights for $275K bonus promised by SBF

An employee of FTX’s charity wing recruited by Sam Bankman-Fried is trying to get paid $275,000, the remainder of his claimed 2022 salary bonus. Ross Rheingans-Yoo’s lawyers argued in a court filing that only $375,000 of his $650,000 bonus was paid by FTX. They claim the remaining funds were owed when the crypto exchange filed for bankruptcy in November 2022. The fate of Rheingans-Yoo’s bonus will be determined by a Delaware bankruptcy judge who is overseeing FTX’s Chapter 11 bankruptcy.

WisdomTree amends S-1 form spot Bitcoin ETF filing as crypto awaits SEC decisions

WisdomTree filed an amended Form S-1 spot Bitcoin ETF prospectus with the U.S. SEC on Nov. 16. The update comes a few months after WisdomTree refiled its spot Bitcoin ETF application in June 2023, proposing a rule change to list and trade shares of the WisdomTree Bitcoin Trust. The amended prospectus mentions that the WisdomTree Bitcoin Trust ETF will trade under ticker symbol BTCW, with Coinbase Custody Trust serving as the custodian holding all of the trust’s Bitcoin on its behalf.

Winners and Losers

At the end of the week, Bitcoin (BTC) is at $36,419, Ether (ETH) at $1,946 and XRP at $0.61. The total market cap is at $1.38 trillion, according to CoinMarketCap.

Among the biggest 100 cryptocurrencies, the top three altcoin gainers of the week are Celestia (TIA) at 103.39%, yearn.finance (YFI) at 88.04% and THORChain (RUNE) at 54.38% . 

The top three altcoin losers of the week are Gas (GAS) at -64.85%, FTX Token (FTT) at -35.17% and Neo (NEO) at -20.27%.

For more info on crypto prices, make sure to read Cointelegraph’s market analysis.

Read also


Features

Crypto winter can take a toll on hodlers’ mental health


Features

Who takes gold in the crypto and blockchain Olympics?

Most Memorable Quotations

“Education and utility-based projects where there is real utility for usage is how we can get regulators onboard.”

Navin Gupta, managing director of South Asia, Middle East and North Africa at Ripple

“We believe derivatives will foster additional liquidity and hedging opportunities in crypto and represent the next critical step in this market’s continued growth.”

John Palmer, president of Cboe Digital

“I am very bullish about a whole bunch of different things going on in crypto. […] It will be a multichain world.”

Brad Garlinghouse, CEO of Ripple

“Phone and the internet aren’t to be blamed for terror financing and crypto shouldn’t either.”

French Hill, United States Representative

“I believe that code is a form of speech and is protected by the First Amendment.”

Vivek Ramaswamy, entrepreneur and U.S. presidential candidate

“The digital euro would also mean that each and every one of us could be totally monitored. […] Anyone who is against surveillance and for freedom does not need a digital euro!”

Joana Cotar, member of the German Bundestag

Prediction of the week

Bitcoin traders’ BTC price dip targets now include $30.9K bottom

Bitcoin circled $36,000 on Nov. 16 as analysis hoped for a deeper price comedown. Having failed to establish a breakout beyond 18-month highs during the week, Bitcoin was uninspiring for market participants, some of whom hoped to see a fresh correction to retest lower levels.

“Would be happy to see this latest rally complete the round trip back to $35k. Would be even happier to see a retest of $33k,” monitoring resource Material Indicators wrote in part of the day’s commentary on X (formerly Twitter).

A snapshot of BTC/USDT order book liquidity showed support building at $35,000. Material Indicators co-founder Keith Alan added that Bitcoin’s rising 21-day simple moving average had been functioning as support in recent days.

“BTC continues to fight for the range above $36.5k,” he commented.

Popular pseudonymous trader Daan Crypto Trades likewise flagged $35,700 and $38,000 as the main downside and upside levels to watch, respectively. Fellow pseudonymous trader Gaah, a contributor to on-chain analytics platform CryptoQuant, meanwhile warned that a steeper correction could take the market closer to $30,000.

FUD of the Week

Cybersecurity team claims up to $2.1B in crypto stored in old wallets is at risk

Cybersecurity company Unciphered disclosed a vulnerability dubbed “Randstorm,” which it said affects millions of crypto wallets that were generated using web browsers from 2011 to 2015. According to the firm, while working to retrieve a Bitcoin wallet, it discovered a potential issue for wallets generated by BitcoinJS and derivative projects. The issue could affect millions of wallets and around $2.1 billion in crypto assets, according to the cybersecurity company.

Swan Bitcoin to terminate customer accounts that use crypto-mixing services

Bitcoin services platform Swan Bitcoin warned its customers that it would be forced to terminate accounts found interacting with crypto-mixing due to the regulatory obligations of its partner banks. Customers learned about the new policy in a letter suggesting the changes are due to the United States Financial Crimes Enforcement Network’s proposed rule establishing new responsibilities on firms processing transactions from mixing services.

ENS developers urge Unstoppable Domains to drop patents or face lawsuit

The founder and lead developer of Ethereum Name Service (ENS), Nick Johnson, is urging blockchain domains company Unstoppable Domains to drop a recently awarded patent or face a lawsuit, according to an open letter shared on X (formerly Twitter). According to Johnson, Unstoppable’s recently awarded patent is “based entirely on innovations that ENS developed and contains no novel innovations of its own.” Unstoppable Domains’ founder Matthew Gould responded in the thread, claiming that there are “multiple naming systems.”

Read also


Features

When worlds collide: Joining Web3 and crypto from Web2


Features

Airdrops: Building communities or building problems?

Top Magazine Pieces of the Week

I spent a week working in VR. It was mostly terrible, however…

Cointelegraph Magazine journalist Felix Ng spent a week working in virtual reality. It was mostly terrible… but does have some potential.

Breaking into Liberland: Dodging guards with inner-tubes, decoys and diplomats

“Bitcoin is really one of the most foundational parts of Liberland — 99% of our reserves are in BTC.”

No civil protection for crypto in China, $300K to list coins in Hong Kong? Asia Express

Hong Kong exchanges expand amidst continued investor interest, Philippines to issue $180M in tokenized bonds, China rules out civil protection for crypto, and more!

Editorial Staff

Cointelegraph Magazine writers and reporters contributed to this article.

Continue Reading

Politics

Phoenix FIRE investors allege exit scam; owner moves to dismiss case

Published

on

By

Phoenix FIRE investors allege exit scam; owner moves to dismiss case

Phoenix FIRE investors allege exit scam; owner moves to dismiss case

Daniel Ianello has asked a Tennessee court to dismiss a lawsuit accusing him of orchestrating an exit scam after taking over a crypto project.

Continue Reading

Politics

I’ve followed the PM wherever he goes in his first year in office – here’s what I’ve observed

Published

on

By

I've followed the PM wherever he goes in his first year in office - here's what I've observed

July 5 2024, 1pm: I remember the moment so clearly.

Keir Starmer stepped out of his sleek black car, grasped the hand of his wife Vic, dressed in Labour red, and walked towards a jubilant crowd of Labour staffers, activists and MPs waving union jacks and cheering a Labour prime minister into Downing Street for the first time in 14 years.

Starmer and his wife took an age to get to the big black door, as they embraced those who had helped them win this election – their children hidden in the crowd to watch their dad walk into Number 10.

Politics latest: Corbyn starts new party

Keir Starmer, not the easiest public speaker, came to the podium and told the millions watching this moment the “country has voted decisively for change, for national renewal”.

He spoke about the “weariness at the heart of the nation” and “the lack of trust” in our politicians as a “wound” that “can only be healed by actions not words”. He added: “This will take a while but the work of change begins immediately.”

A loveless landslide

That was a day in which this prime minister made history. His was a victory on a scale that comes around but one every few decades.

He won the largest majority in a quarter of a century and with it a massive opportunity to become one of the most consequential prime ministers of modern Britain – alongside the likes of Margaret Thatcher or Tony Blair.

But within the win was a real challenge too.

👉 Click here to listen to Electoral Dysfunction on your podcast app 👈

Starmer’s was a loveless landslide, won on a lower share of the vote than Blair in all of his three victories and 6 percentage points lower than the 40% Jeremy Corbyn secured in the 2017 general election.

It was the lowest vote share than any party forming a post-war majority government. Support for Labour was as shallow as it was wide.

In many ways then, it was a landslide built on shaky foundations: low public support, deep mistrust of politicians, unhappiness with the state of public services, squeezed living standards and public finances in a fragile state after the huge cost of the pandemic and persistent anaemic growth.

Put another way, the fundamentals of this Labour government, whatever Keir Starmer did, or didn’t do, were terrible. Blair came in on a new dawn. This Labour government, in many ways, inherited the scorched earth.

The one flash of anger I’ve seen

For the past year, I have followed Keir Starmer around wherever he goes. We have been to New York, Washington (twice), Germany (twice), Brazil, Samoa, Canada, Ukraine, the Netherlands and Brussels. I can’t even reel off the places we’ve been to around the UK – but suffice to say we’ve gone to all the nations and regions.

Please use Chrome browser for a more accessible video player

Starmer pushed on scale of “landslide” election win

What I have witnessed in the past year is a prime minister who works relentlessly hard. When we flew for 27 hours non-stop to Samoa last autumn to the Commonwealth Heads of Government Meeting (CHOGM) summit, every time I looked up at the plane, I saw a solitary PM, his headlight shining on his hair, working away as the rest of us slept or watched films.

He also seems almost entirely unflappable. He rarely expresses emotion. The only time I have seen a flash of anger was when I questioned him about accepting freebies in a conversation that ended up involving his family, and when Elon Musk attacked Jess Phillips.

I have also witnessed him being buffeted by events in a way that he would not have foreseen. The arrival of Donald Trump into the White House has sucked the prime minister into a whirlwind of foreign crises that has distracted him from domestic events.

When he said over the weekend, as a way of explanation not an excuse, that he had been caught up in other matters and taken his eye off the ball when it came to the difficulties of welfare reform, much of Westminster scoffed, but I didn’t.

I had followed him around in the weeks leading up to that vote. We went from the G7 in Canada, to the Iran-Israel 12-day war, to the NATO summit in the Hague, as the prime minister dealt with, in turn, the grooming gangs inquiry decision, the US-UK trade deal, Donald Trump, de-escalation in the Middle East and a tricky G7 summit, the assisted dying vote, the Iran-Israel missile crisis.

Please use Chrome browser for a more accessible video player

In September 2024, the PM defended taking £20k GCSE donation

He was taking so many phone calls on Sunday morning from Chequers, that he couldn’t get back to London for COBRA [national emergency meeting] because he couldn’t afford to not have a secure phone line for the hour-long drive back to Downing Street.

He travelled to NATO, launched the National Security Review and agreed to the defence alliance’s commitment to spend 5% of GDP on defence by 2035. So when he came back from the Hague into a full-blown welfare rebellion, I did have some sympathy for him – he simply hadn’t had the bandwidth to deal with the rebellion as it began to really gather steam.

Dealing with rebellion

Where I have less sympathy with the prime minister and his wider team is how they let it get to that point in the first place.

Keir Starmer wasn’t able to manage the latter stages of the rebellion, but the decisions made months earlier set it up in all its glory, while Downing Street’s refusal to heed the concerns of MPs gave it momentum to spiral into a full-blown crisis.

The whips gave warning after 120 MPs signed a letter complaining about the measures, the Work and Pensions Secretary Liz Kendall had done the same, but Starmer and Reeves were, in the words of one minister, “absolutist”.

“They assumed people complaining about stuff do it because they are weak, rather than because they are strong,” said the minister, who added that following the climbdown, figures in Number 10 “just seemed completely without knowledge of the gravity of it”.

That he marks his first anniversary with the humiliation of having to abandon his flagship welfare reforms or face defeat in the Commons – something that should be unfathomable in the first year of power with a majority that size – is disappointing.

To have got it that wrong, that quickly with your parliamentary party, is a clear blow to his authority and is potentially more chronic. I am not sure yet how he recovers.

Please use Chrome browser for a more accessible video player

Welfare vote ‘a blow to the prime minister’

Keir Starmer said he wanted to rule country first, party second, but finds himself pinned by a party refusing to accept his centrist approach. Now, ministers tell MPs that there will be a financial consequence of the government’s decision to delay tightening the rules on claiming disability benefits beyond the end of 2026.

A shattered Rachel Reeves now has to find the £5bn she’d hoped to save another way. She will defend her fiscal rules, which leaves her the invidious choice of tax rises or spending cuts. Sit back and watch for the growing chorus of MPs that will argue Starmer needs to raise more taxes and pivot to the left.

That borrowing costs of UK debt spiked on Wednesday amid speculation that the chancellor might resign or be sacked, is a stark reminder that Rachel Reeves, who might be unpopular with MPs, is the markets’ last line of defence against spending-hungry Labour MPs. The party might not like her fiscal rules, but the markets do.

What’s on the horizon for year two?

The past week has set the tone now for the prime minister’s second year in office. Those around him admit that the parliamentary party is going to be harder to govern. For all talk of hard choices, they have forced the PM to back down from what were cast as essential welfare cuts and will probably calculate that they can move him again if they apply enough pressure.

There is also the financial fall-out, with recent days setting the scene for what is now shaping up to be another definitive budget for a chancellor who now has to fill a multi-billion black hole in the public finances.

But I would argue that the prime minister has misjudged the tone as he marks that first year. Faced with a clear crisis and blow to his leadership, instead of tackling that head on the prime minister sought to ignore it and try to plough on, embarking on his long-planned launch of the 10-year NHS plan to mark his year in office, as if the chancellor’s tears and massive Labour rebellions over the past 48 hours were mere trifles.

Please use Chrome browser for a more accessible video player

Why was the chancellor crying at PMQs?

It was inevitable that this NHS launch would be overshadowed by the self-inflicted shambles over welfare and the chancellor’s distress, given this was the first public appearance of both of them since it had all blown up.

But when I asked the prime minister to explain how it had gone so wrong on welfare and how he intended to rebuild your trust and authority in your party, he completely ignored my question. Instead, he launched into a long list of Labour’s achievements in his first year: 4 million extra NHS appointments; free school meals to half a million more children; more free childcare; the biggest upgrade in employment rights for a generation; and the US, EU and India free trade deals.

Please use Chrome browser for a more accessible video player

Starmer defends reaction to Reeves crying in PMQs

I can understand the point he was making and his frustration that his achievements are being lost in the maelstrom of the political drama. But equally, this is politics, and he is the prime minister. This is his story to tell, and blowing up your welfare reform on the anniversary week of your government is not the way to do it.

Is Starmer failing to articulate his mission?

For Starmer himself, he will do what I have seen him do before when he’s been on the ropes, dig in, learn from the errors and try to come back stronger. I have heard him in recent days talk about how he has always been underestimated and then proved he can do it – he is approaching this first term with the same grit.

If you ask his team, they will tell you that the prime minister and this government is still suffering from the unending pessimism that has pervaded our national consciousness; the sense politics doesn’t work for working people and the government is not on their side.

Read more from Sky News:
Analysis: PM’s authority damaged
Numbers behind housing pledge
Fiscal rules are silly but important

Starmer knows what he needs to do: restore the social contract, so if you work hard you should get on in life. The spending review and its massive capital investment, the industrial strategy and strategic defence review – three pieces of work dedicated to investment and job creation – are all geared to trying to rebuild the country and give people a brighter future.

But equally, government has been, admit insiders, harder than they thought as they grapple with multiple crises facing the country – be that public services, prisons, welfare.

It has also lacked direction. Sir Keir would do well to focus on following his Northern Star. I think he has one – to give working people a better life and ordinary people the chance to fulfil their potential.

But somehow, the prime minister is failing to articulate his mission, and he knows that. When I asked him at the G7 summit in Canada what his biggest mistake of the first year was, he told me: “We haven’t always told our story as well as we should.”

Please use Chrome browser for a more accessible video player

Beth Rigby asks the PM to reflect on a year in office

I go back to the Keir Starmer of July 5 2024. He came in on a landslide, he promised to change the country, he spoke of the lack of trust and the need to prove to the public that the government could make their lives better through actions not words.

In this second year, he is betting that the legislation he has passed and strategies he has launched will drive that process of change, and in doing so, build back belief.

But it is equally true that his task has become harder these past few weeks. He has spilled so much blood over welfare for so little gain, his first task is to reset the operation to better manage the party and rebuild support.

But bigger than that, he needs to find a way to not just tell his government’s story but sell his government’s story. He has four years left.

Continue Reading

Politics

Did Keir Starmer screw up his own anniversary?

Published

on

By

Did Keir Starmer screw up his own anniversary?

👉 Click here to listen to Electoral Dysfunction on your podcast app 👈

Sir Keir Starmer wanted to be talking about what he sees as Labour’s achievements after 12 months in government and his 10-year plan for the NHS.

But, after another dramatic policy U-turn and the sight of his own chancellor crying at PMQs, when he kept his support for her slightly vague, Beth Rigby, Harriet Harman and Ruth Davidson discuss if his start in office has been shattered by this week.

They also wonder if the solution to make relations with his own MPs a bit easier would be to make better use of Angela Rayner.

Remember, you can also watch us on YouTube.

Continue Reading

Trending