Crypto Scoop: Bitcoin Scales Past $38,000 Amid Positive Market Sentiments

Amid price gains of top cryptocurrencies, stakeholders reveal bullish predictions. In this edition of the Crypto Scoop, we review the following:

• Price moves of top cryptocurrencies
• Circle refutes false allegations
• Cardano cofounder’s debate on US securities
• Christiano Ronaldo’s crypto lawsuit

Price Moves of Top Cryptocurrencies

In a dynamic week for the crypto market, Bitcoin surged above the $38,000 mark, fueled by revived hopes of a spot exchange-traded fund (ETF). Solana's SOL also made waves within the same time frame, jumping by 8%, while ETH traded at $2,100. 

Adding to the buzz, November 28 marked the 11th anniversary of Bitcoin's first halving, a milestone that witnessed the cryptocurrency's remarkable ascent from $12 to the current price of $38,000. Standard Chartered's bullish forecast further fueled optimism, suggesting a potential BTC price gain of 165% in 2024 to $100,000, driven by the anticipated approval of ETFs.

Glassnode's in-depth analysis shed light on the transformative impact a spot bitcoin ETF approval could have on the market, potentially unleashing a massive $70 billion capital influx. Meanwhile, Bitcoin whale activities caught the crypto community's attention, as a significant address climbed from the 492nd to the 72nd largest holder in just two weeks, accumulating over 10,000 BTC amidst ETF speculation.

Billionaire Michael Saylor added to the excitement, revealing that MicroStrategy acquired 16,130 Bitcoins at an average price of $36,785 per coin, pushing their total holdings beyond $6 billion.

As the industry buzzed excitedly, the U.S. Securities and Exchange Commission (SEC) began accepting comments on Fidelity's proposed spot Ethereum ETF, signalling potential advancements in Ethereum's integration into mainstream financial markets.

Circle Refutes False Claims On Illicit Financing

In a bold response to allegations, Circle, the issuer of the USDC stablecoin, has emphatically rejected claims of illicit financing and ties to Tron founder Justin Sun. The open letter, addressed to U.S. senators Elizabeth Warren and Sherrod Brown, directly counter accusations made by the Campaign for Accountability (CfA).

Dante Disparte, Circle's chief strategy officer, dismissed the allegations and asserted that Circle is committed to maintaining a robust and compliant financial ecosystem. Disparte explicitly stated, "Circle does not facilitate, directly or indirectly, or finance Hamas (or any other illicit actors)." Furthermore, he clarified that Circle terminated all accounts held by Justin Sun and his affiliated entities in February 2023, underlining the company's proactive approach to compliance.

The letter, updated on Nov. 30, stands as a testament to Circle's commitment to transparency and adherence to regulatory standards in the evolving landscape of digital finance.

Charles Hoskinson Stirs A Fiery Debate On Crypto Securities

Charles Hoskinson, the co-founder of Cardano, ignited a fiery debate by challenging U.S. regulators for scrutinising ADA and other cryptocurrencies as unregistered securities while giving Bitcoin a "complete pass." In a livestream, Hoskinson argued that Bitcoin could easily meet the legal criteria of an investment contract, questioning the "overly broad" nature of securities laws.

The discussion caught the attention of Blockstream founder Adam Back, who fired back by emphasising that Bitcoin, unlike Cardano and ETH, did not conduct an initial coin offering (ICO). Back contended that Bitcoin's decentralised nature, lack of ICO, and unique mining origin positioned it as a commodity.

Hoskinson countered, clarifying that Cardano didn't undergo an ICO but utilised an airdrop and ADA trading initiated by a diverse group. He highlighted a voucher sale outside the U.S., settled in Bitcoin, with no U.S. participants, emphasising it doesn't constitute an ADA ICO.

Cristiano Ronaldo faces $1bn lawsuit over Binance ads

Cristiano Ronaldo is in the hot seat with a $1 billion lawsuit over his involvement with crypto exchange Binance, which is currently facing legal troubles. With 850 million social media followers, Ronaldo's influence allegedly sparked a 500% surge in Binance searches post-NFT sales.

The legal case stems from a multiyear partnership forged in mid-2022, where Ronaldo endorsed his own series of nonfungible tokens (NFTs) in collaboration with Binance. Allegedly, users who engaged with Ronaldo's NFTs were subsequently more inclined to invest in what the plaintiffs label as unregistered securities, including Binance's BNB and its crypto yield programs.

However, Ronaldo and his team have not commented on the lawsuit claims.