Crypto Scoop: Bitcoin And Solana Lead Crypto Price Rally

Bitcoin Scales to $36,000 Amid Positive Market Sentiments

This week started with celebrations as Bitcoin's white paper marked its 15th anniversary. The white paper is a document that laid the foundation for the cryptocurrency revolution.

The crypto market saw its largest weekly influx in 15 months, with $326 million flowing into crypto-focused investment funds. According to Coinshares, this was primarily driven by growing optimism regarding the potential approval of the first spot Bitcoin exchange-traded fund (ETF) by the U.S. Securities and Exchange Commission (SEC). Bitcoin and Solana were the top cryptocurrencies leading the price rally. 

Bitcoin hit an 18-month peak at $36,000 after BlackRock's proposed ETF briefly appeared on the DTCC's website, prompting speculation about its potential approval. MicroStrategy, one of the largest corporate bitcoin holders, announced it added 6,067 Bitcoins to its holdings, bringing their total to 158,400 Bitcoins at an average cost of $29,586 per coin.

Solana (SOL) surged to a 14-month high, hitting $46, its highest since August 2022. Solana's scaling solution, Firedancer, went live on the testnet. The Firedancer aims to increase the speed, reliability and validator diversity of its network. Its slated mainnet launch is in the first half of 2024. Additionally, Solana Labs announced the beta launch of GameShift on Tuesday, a new platform aimed at making it easier for game developers to build blockchain-powered experiences on the Solana network. 

Ripple also celebrated a milestone as its price surged to $0.60 as the number of large investors holding the cryptocurrency increased. The total number of large investors (sharks and whales) holding at least 10,000 coins has surpassed 277,500

Ethereum’s Dencun Upgrade Is Postponed To 2024

Ethereum's eagerly anticipated Dencun upgrade, initially slated for 2023, faces a delay. The Ethereum core developers have postponed its release until at least 2024, citing the necessity for additional testing revealed during a recent All Core Developers meeting. The upgrade aims to enhance Ethereum's performance in scalability, security, and user-friendliness. Notably, it introduces "data blobs," a novel transaction type designed to optimise data storage and accessibility for layer two (L2) rollups built on Ethereum.

Meanwhile, Ethereum co-founder Vitalik Buterin explores the diverse approaches to scaling within Ethereum's layer-2 ecosystem. In his analysis, he highlights various layer-2 protocols with distinct strategies to enhance scaling capacity, reduce costs, and bolster security.

ProShares has announced the launch of the Short Ether Strategy ETF (SETH), which will soon trade on the NYSE Arca. This ETF allows investors to profit from Ether's price volatility, addressing the challenge of acquiring short exposure to ETH, traditionally deemed “onerous and expensive.” ProShares CEO Michael Sapir sees SETH as a solution to the challenges of acquiring short exposure to ETH, which can be onerous and expensive.

Crypto Adoption and Innovation Unfold Globally

Brazil has witnessed a remarkable surge in the adoption of USDT, accounting for a staggering 80% of all cryptocurrency transactions in the country throughout 2023. As of mid-October, USDT transactions in Brazil amounted to $271 billion Brazilian reais ($55 billion), nearly double the volume of Bitcoin transactions, which stood at $151 billion reais ($30 billion). This adoption trend reflects the growing prominence of stablecoins in the Brazilian crypto market.

Singapore's Monetary Authority (MAS) has unveiled plans for joint cryptocurrency pilots in collaboration with Japan's Financial Services Agency (FSA), Switzerland's Financial Market Supervisory Authority (FINMA), and the United Kingdom's Financial Conduct Authority (FCA). These pilots will focus on fixed-income, foreign exchange, and asset management products. The project aims to foster policy and accounting discussions, identify risks and legal gaps in digital assets, establish common standards for digital asset networks, and explore best practices across jurisdictions. Additionally, the initiative delves into aspects like interoperability, regulatory sandboxes, and digital currency industry education.

Ripple is set to play a pivotal role in Georgia's central bank digital currency (CBDC) project, known as the Digital Lari. The National Bank of Georgia has chosen Ripple Labs Inc. as its technology partner to develop the Digital Lari. Ripple will implement and deploy the Digital Lari pilot through its CBDC Platform, enabling the National Bank of Georgia to evaluate the CBDC's potential benefits for government, businesses, and retail users. This partnership underscores the increasing role of blockchain and digital currency technology in shaping the future of central bank digital currencies.

Sam Bankman-Fried found guilty on all 7 charges in FTX fraud trial

Former FTX CEO Sam Bankman-Fried has been found guilty on all seven charges in his fraud trial in New York. U.S. Attorney Damian Williams labelled Bankman-Fried's crimes as "a multibillion-dollar scheme designed to make him the king of crypto," making it one of the most significant financial fraud cases in American history. The charges include wire fraud, wire fraud conspiracy, securities fraud, commodities fraud conspiracy, and money laundering conspiracy. Bankman-Fried is set to be sentenced on March 28, 2024, with each crime carrying a maximum sentence of 5 to 20 years in prison. His attorney, Mark Cohen, expressed disappointment with the verdict and maintained Bankman-Fried's innocence.

Meanwhile, the SEC is pursuing summary judgment in the case of Do Kwon and Terraform Labs. The SEC alleges Kwon's involvement in misleading crypto investors by promoting Terra and its Terra (LUNA) tokens as securities, leading to the Terra ecosystem's collapse. The SEC's court filing emphasises Kwon's liability for violations, challenging the jury's leniency.

In a separate development, payment giant PayPal has received a subpoena from the SEC concerning its U.S. dollar-pegged stablecoin, PYUSD. The subpoena, issued in response to PayPal's launch of PYUSD in early August, requests the production of certain documents. PayPal has stated its cooperation with the SEC in this matter.

Bulgaria’s oldest football club adopts Bitcoin and Lightning

In a dynamic fusion of sports and finance, Bulgaria's oldest football club, Botev Plovdiv FC, has scored a major adoption goal by embracing Bitcoin and the Lightning Network for payments. With immediate effect, fans can use Bitcoin for payments at Botev Plovdiv FC's fan shops and during matches in the top-flight Bulgarian Parva Liga. The club's forward-thinking plans include extending Bitcoin payments for ticket purchases and their online store.

Anton Zingarevich, the president of this 111-year-old football club, voiced his excitement about the move, emphasising the transformative potential of the Lightning Network. In a press release, he stated, "We foresee Bitcoin payments becoming as ubiquitous as the internet in our daily lives. This integration not only aligns with our vision but also offers our fans and stakeholders unparalleled convenience."