Bitcoin ETF race has a new player, Binance ends support for BUSD, and more: Hodler’s Digest: Nov. 26 – Dec. 2

Published

2 years ago

December 3, 2023

admin

Bitcoin ETF race gets 13th entrant, BlackRock revises ETF model

Asset manager Pando Asset has become an unexpected late entrant into the spot Bitcoin ETF race in the United States. On Nov. 29, Pando submitted a Form S-1 — used to register securities with the agency — to the U.S. Securities and Exchange Commission for the Pando Asset Spot Bitcoin Trust. Like other ETF bids, the trust aims to track Bitcoin’s price with the custody arm of the crypto exchange Coinbase to hold Bitcoin on behalf of the trust. Pando is the 13th applicant for an approved spot Bitcoin ETF in the U.S. and joins the race with a dozen others, including BlackRock, ARK Invest and Grayscale.

Binance will end support for BUSD stablecoin in December

Crypto exchange Binance is winding down the services for its native stablecoin, Binance USD (BUSD). According to an announcement, the exchange will cease support for all BUSD products following Paxos halting the minting of new coins. Binance said users should withdraw or convert their existing BUSD into other assets before Dec. 15, prior to it beginning the process of disabling withdrawals for BUSD on Dec. 31. At that point, existing balances will automatically be converted into First Digital USD for certain users.

CME Bitcoin futures show investors betting on $40K BTC price

The demand of institutional investors for Bitcoin (BTC) became evident on Nov. 10 as the Chicago Mercantile Exchange (CME) Bitcoin futures flipped Binance’s BTC futures markets in terms of size. According to BTC derivatives metrics, those investors are showing strong confidence in Bitcoin’s potential to break above the $40,000 mark in the short term. CME’s current Bitcoin futures open interest stands at $4.35 billion, the highest since November 2021, when Bitcoin hit its all-time high of $69,000 — a clear indication of heightened interest. The impressive 125% surge in CME’s BTC futures open interest from $1.93 billion in mid-October is undoubtedly tied to the anticipation of the approval of a spot Bitcoin exchange-traded fund.

ChatGPT’s first year marked by existential fear, lawsuits and boardroom drama

With ChatGPT, OpenAI has developed the most popular artificial intelligence tool in the world. It was launched a year ago, on Nov. 30, 2022, and catapulted to 100 million monthly users within its first three months. In just 12 months, ChatGPT’s existence has contributed to narratives surrounding the extinction of humankind, accusations that OpenAI built it by allegedly committing mass-scale copyright infringement, and a tumultuous CEO firing and rehiring that pundits are still trying to understand.

FTX and Alameda Research cash out $10.8M to Binance, Coinbase, Wintermut

Wallets linked to defunct crypto trading firms FTX and Alameda Research moved $10.8 million to accounts in Binance, Coinbase and Wintermute using eight cryptocurrencies. Blockchain analysis firm Spot On Chain spotted the movement, estimating that the defunct entities have transferred $551 million since Oct. 24 using 59 different cryptocurrency tokens. The funds’ movement dates back to March, when FTX and Alameda began the process of recovering assets for investors.

Winners and Losers

At the end of the week, Bitcoin (BTC) is at $38,673, Ether (ETH) at $2,084 and XRP at $0.61. The total market cap is at $1.45 trillion, according to CoinMarketCap.

Among the biggest 100 cryptocurrencies, the top three altcoin gainers of the week are TerraClassicUSD (USTC) at 294.40%, Terra Classic (LUNC) at 85.78% and IOTA (IOTA) at 31.53%.

The top three altcoin losers of the week are Blur (BLUR) at 21.87%, dYdX (ethDYDX) at 13.90% and Gas (GAS) at 10.06%.

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

Most Memorable Quotations

“I think [Binance’s settlement with the SEC is] a net positive for their company. I think it’s a net positive for our industry.”

Mike Novogratz, CEO of Galaxy Digital

“Obviously, the treatment of CZ and Binance is absurd and only highlights the arbitrary nature of punishment at the hands of the state.”

Arthur Hayes, entrepreneur and former CEO of BitMEX

“Let us not forget that ‘innovation versus regulation’ is a false dichotomy that has for years been peddled by tech companies to evade meaningful accountability and binding regulation.”

Agnes Callamard, secretary-general of Amnesty International

“AI is […] a new type of mind that is rapidly gaining in intelligence, and it stands a serious chance of overtaking humans’ mental faculties and becoming the new apex species on the planet.”

Vitalik Buterin, co-founder of Ethereum

“Don’t be a loser. Get out of FAKE money system. Get into gold, silver, Bitcoin now…. Before it’s too late.”

Robert Kiyosaki, author and entrepreneur

“[Blast] crossed lines in both messaging and execution.”

Dan Robinson, head of research at Paradigm

Prediction of the week

Bitcoin ETF will drive 165% BTC price gain in 2024 — Standard Chartered

Bitcoin is in line to trade at six figures by the end of 2024, the latest forecast from Standard Chartered concludes. Thanks to the United States potentially approving Bitcoin spot price ETFs, BTC/USD has the ability to almost treble from its current $37,700 over the coming 12 months.

“We now expect more price upside to materialize before the halving than we previously did, specifically via the earlier-than-expected introduction of US spot ETFs,” Geoff Kendrick, Standard Chartered’s head of EM FX research, west and crypto research wrote. “This suggests a risk that the USD 100,000 level could be reached before end-2024.”

The figure continues the consumer banking giant’s already optimistic vision of how Bitcoin will grow in the coming years. In July, research eyed the declining availability of the BTC supply as a reason to believe that much higher prices were in store.

FUD of the Week

Crypto thieves steal $363M in Nov, the most ‘damaging’ month this year

The cryptocurrency industry has now seen its most “damaging” month for crypto thievery, scams and exploits in 2023, with crypto criminals walking away with $363 million in November, according to blockchain security firm CertiK. Around $316.4 million came from exploits alone, flash loans inflicted $45.5 million in damage, and $1.1 million was lost to various exit scams.

Bankless controversy forces founders to burn tokens and separate from DAO

Amid the ongoing controversy around cryptocurrency media firm Bankless and the associated decentralized autonomous organization, BanklessDAO, the founders of Bankless have suggested separating the brand from the DAO. Bankless co-founders David Hoffman and Ryan Sean Adams plan to submit a governance proposal to BanklessDAO to separate the two entities. Hoffman and Adams’ decision to separate Bankless from BanklessDAO came in response to community criticism of BanklessDAO’s application for a grant from Arbitrum.

KyberSwap hacker demands complete control over Kyber company

The hacker behind the $46-million KyberSwap exploit has finally released their conditions for the return of the stolen funds, which include “complete executive control” over the Kyber Network company. On Nov. 30, the KyberSwap hacker sent an on-chain message addressing all relevant and interested parties. The hacker laid out demands, including control over the company, temporary full authority and ownership of its governance mechanism, the KyberDAO, all documents related to the company, and all of the Kyber Network company’s assets.

Top Magazine Pieces of the Week

Outrage that ChatGPT won’t say slurs, Q* ‘breaks encryption’, 99% fake web: AI Eye

A blizzard of AI bullsh*t is taking over the web from the torrent of human outrage that currently lives there.

Real AI use cases in crypto, No. 3: Smart contract audits & cybersecurity

Experts believe AI will become an invaluable tool for smart contract auditing and cybersecurity — but it’s not there yet.

Pudgy Penguins CEO says praise he gets ‘is actually pretty sad’: NFT Creator

“You can’t really be an angry, miserable person and then go click buy on a Pudgy Penguin.”

Ana Paula Pereira

Politics

No 10 decline to say if Palestine will be recognised with Hamas in power

Published

6 hours ago

August 4, 2025

admin

No 10 decline to say if Palestine will be recognised with Hamas in power

The prime minister’s spokesman has refused eight times to confirm whether recognition of Palestine could go ahead if Hamas remain in power and the hostages are not released.

Keir Starmer’s spokesman was questioned by journalists for the first time since the announcement last week that the UK will formally recognise the state in September – unless Israel meets certain conditions including abiding by a ceasefire and increasing aid.

The policy has been criticised by the families of UK hostages, campaigners and some Labour MPs, who argue it would reward Hamas and say it should be conditional on the release of the remaining hostages.

A senior Hamas politician, Ghazi Hamad, speaking to Al Jazeera, said at the weekend that major nations’ decision to recognise a Palestinian state “is one of the fruits of 7 October”.

Gaza latest: Trump pressed to recognise Palestinian state

The PM’s spokesman said on Monday: “The PM is clear that on 7 October, Hamas committed the worst act of terror in Israel’s history. That horror has continued since then.

“As the foreign secretary said over the weekend, Hamas are rightly pariahs who can have no role in Gaza’s future, there is a diplomatic consensus on that. Hamas must immediately release all hostages and have no role in the governance of Gaza.”

But asked whether removing Hamas from power and releasing hostages were conditions for statehood, he said a decision on recognition would be made at the UN General Assembly meeting in September, based on “an assessment of how far the parties have met the steps we have set out. No one side will have veto on recognition through their actions or inactions.”

He added: “Our focus is on the immediate situation on the ground, getting more aid in to end the suffering in Gaza and supporting a ceasefire and a long-term peace for Israelis and Palestinians based a two-state solution.”

Starmer, who recalled his cabinet for an emergency meeting last week before setting out the new position, is following the lead of French president Emmanuel Macron, who first pledged to move toward recognising Palestinian statehood in April.

Canada has also backed recognition if conditions are met, including by the Palestinian Authority.

The prime minister had previously said he would recognise a state of Palestine as part of a contribution to a peace process.

In his announcement last Tuesday, he said: “We need to see at least 500 trucks entering Gaza every day. But ultimately, the only way to bring this humanitarian crisis to an end is through a long-term settlement.

“So we are supporting the US, Egyptian and Qatari efforts to secure a vital ceasefire. That ceasefire must be sustainable and it must lead to a wider peace plan, which we are developing with our international partners.

“I’ve always said we will recognise a Palestinian state as a contribution to a proper peace process, at the moment of maximum impact for the two-state solution. With that solution now under threat, this is the moment to act.”

Adam Rose, a lawyer acting for British families of hostages in Gaza, has said: “Why would Hamas agree to a ceasefire if it knew that to do so would make British recognition of Palestine less likely?”

Politics

Coinbase turns lobbying efforts to UK in scathing op-ed

Published

6 hours ago

August 4, 2025

admin

Coinbase turns lobbying efforts to UK in scathing op-ed

Former UK Chancellor and current Coinbase adviser George Osborne says the UK is falling behind in the cryptocurrency market, particularly when it comes to stablecoins.

Politics

Nigel Farage dared me to walk in London after 9pm: Here’s my response

Published

10 hours ago

August 4, 2025

admin

Nigel Farage dared me to walk in London after 9pm: Here's my response

At a press conference today in which Reform UK announced the Tory police and crime commissioner for Leicestershire was joining their ranks, as well as former prison governor Vanessa Frake, I asked Nigel Farage a simple question.

But his answer wasn’t what I expected.

I asked the Reform UK leader if the six-week campaign on law and order, with the tagline “Britain is Lawless”, was in fact project fear scaring people into voting for his party.

He utterly rejected that claim and responded to me saying: “No, they are afraid. They are afraid. I dare you, I dare you to walk through the West End of London after 9 o’clock of an evening wearing jewellery. You wouldn’t do it. You know that I’m right. You wouldn’t do it.”

I am not afraid to walk in the West End of London after 9pm wearing jewellery.

I have done it many times before and will continue to do so… but perhaps that is because I do not own a Rolex.

However, just because Farage is wrong on that point, doesn’t mean he isn’t tapping into other legitimate fears across the country.

Snatch theft does worry me, hence why I now have a phone case with a strap attached to it that I can put around my body.

And I worry about knife crime in my area and what the impact could be if I were to have children – on the weekend someone was stabbed to death a stone’s throw from my house.

However, if we look at the statistics, it is invariably a more nuanced picture than Farage or social media might have us believe.

According to police reports, thefts from a person in London are almost five times the national average, and they’ve been going up since the pandemic.

And the Office for National Statistics (ONS) also notes that thefts outside of the home, eg phone snatching, has increased.

However, possession of weapons has fallen in London by 29% over the last three years.

And according to the ONS, crime in England and Wales is 30% lower than in 2015, and 76% lower than 1995.

And it is a similar picture for violent crime.

In short, am I right to be more worried that snatch theft and knife crime in London is increasing? Yes, and no.

But Nigel Farage is tapping into voters’ emotions – their feelings that the country is broken. It’s a picture the Conservative Party helped to create and the Labour Party happily painted to great effect during the general election campaign of 2024.

And the more politicians of all colours tell voters that “the system is broken”, the more voters might start to believe them.

That is what Nigel Farage is banking on.