Crypto Scoop: Crypto Initiatives Propel Top Cryptocurrencies to Significant Price Surges

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November, 17 2023

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Crypto Scoop

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Major cryptocurrencies experience notable price surges driven by strategic developments and initiatives within the cryptocurrency space.

Amid price surges of top cryptocurrencies, we see exciting commendations, initiatives and partnerships. In this edition of the Crypto Scoop, we review the following:

  • Price moves of top cryptocurrencies
  • Vitalik Buterin’s advocacy for Plasma
  • Tether’s growth and bitcoin initiative
  • IMF Chief endorsement of CBDCs
  • Shiba Inu’s partnership with a boxing legend.

Top Cryptocurrencies See Price Surges Amid Crypto Initiatives

In a dynamic week for the cryptocurrency market, Bitcoin's value neared $38,000, and Ethereum (ETH) traded at $2,100. 

BlackRock, the world's largest asset manager, made headlines by officially filing for a spot Ether exchange-traded fund (ETF) named the iShares Ethereum Trust. Contrary to rumours, a representative from BlackRock clarified that the company is not pursuing an XRP exchange-traded fund, dispelling false claims made in a regulatory filing. The misleading filing coincided with a 12% surge in XRP prices.

Solana (SOL) emerged as a standout performer, gaining over 20% a day after ARK Invest CEO Cathie Wood praised its efficiency and cost-effectiveness in a CNBC interview. Wood highlighted Solana's superiority over Ethereum in terms of speed and cost, emphasising its importance as a major infrastructure player in the blockchain ecosystem.

The U.S. Securities and Exchange Commission (SEC) announced a delay in its decision on Hashdex's application to convert its Bitcoin futures ETF into a spot exchange-traded fund. The agency aims to make a final determination by January 1, 2024, citing the need for additional time to assess the proposed change thoroughly.

Asian traders, particularly in South Korea, were pivotal in driving the unexpected digital asset market volume surge. Market share for South Korean-based exchanges rose to 12.9% in November, a significant increase from 5.2% recorded in January, aligning with the general uptick in trading volume observed in the digital asset space during October and November.

Meanwhile, Ripple CEO Brad Garlinghouse raised concerns about the surge in deepfake videos impersonating him for fraudulent schemes and false giveaways. Garlinghouse urged the XRP community to exercise vigilance and verify information through official Ripple channels.

Vitalik Buterin Advocates for Revisiting Ethereum's Plasma as Valuable Scaling Solution

Ethereum co-founder Vitalik Buterin has praised Plasma, an early scaling solution for Ethereum, as an "underrated design space" that deserves reconsideration. While acknowledging the dominance of rollups as the "gold standard" for scaling, Buterin highlights Plasma's potential as a "significant security upgrade" for chains that would otherwise rely on validiums. 

He encourages teams working on zero-knowledge Ethereum Virtual Machines (EVMs) to explore Plasma's benefits, emphasising the current opportunity to enhance developer experiences and safeguard users' funds. The call to revisit Plasma comes amid advancements in ZK-EVMs and a broader evolution in Ethereum's scaling solutions.

Tether's USDT Surges by $20 Billion in 2023, Credits Growth to ETF Hype and Emerging Markets

Tether's USDT, the leading stablecoin, has seen a remarkable increase of at least $20 billion in market capitalisation in 2023, outpacing rivals like USDC. Data from Whale Alert reveals that 22.75 billion USDT has been minted this year, with 4 billion issued in the past four weeks. Starting the year with a market cap of approximately $66 billion, Tether has consistently gained momentum, reaching a market value exceeding $80 billion in April 2023. 

On November 14, the USDT market cap peaked at $87 billion, according to CoinGecko. Tether attributes this surge to two main factors: the ongoing excitement around the potential approval of a spot Bitcoin exchange-traded fund (ETF) and the rising demand in emerging markets, where USDT is becoming the preferred digital dollar.

In a strategic move, Tether reveals plans for an extensive foray into Bitcoin mining, as outlined by Paolo Ardoino, the Chief Technology Officer of Tether. The stablecoin firm intends to allocate around $500 million in the next six months for constructing mining facilities and investing in other mining ventures. The ambitious expansion aims to enhance Tether's computing power to constitute 1% of the Bitcoin mining network. The mining facilities are slated for development in Uruguay, Paraguay, and El Salvador, marking a substantial move in Tether's evolution within the cryptocurrency landscape.

IMF Chief Encourages CBDC Adoption for Cash Replacement and Financial Inclusion

During the Singapore FinTech Festival, International Monetary Fund (IMF) Managing Director Kristalina Georgieva emphasised the importance of central bank digital currencies (CBDCs) and urged governments to prepare for their deployment. 

Georgieva expressed optimism about global CBDC implementation, highlighting their potential to replace cash, enhance resilience in advanced economies, and boost financial inclusion in underbanked communities. While acknowledging that CBDC adoption is not imminent, she revealed that around 60% of countries are exploring CBDCs in various forms. 

Additionally, a pilot program for a live Singapore dollar-based CBDC was announced by the Monetary Authority of Singapore (MAS), aiming to facilitate instantaneous settlements across local banks and enhance the efficiency of payment systems.

Shiba Inu Partners With Boxing Legend Manny Pacquiao

Shiba Inu (SHIB) has made headlines with a groundbreaking collaboration, joining forces with boxing legend Manny Pacquiao. The announcement coincided with the launch of The Shib Magazine's second edition and the initiation of a generous 3,000 NFT giveaway.

Manny Pacquiao, renowned for his remarkable boxing achievements, including 62 wins in 72 professional matches and being the first to secure lineal championships in five weight divisions across four decades, brings a new dimension to the SHIB community.

SHIB's recent market performance has seen a notable 20% increase in the past month. This surge is attributed to key developments like introducing Shibarium and a successful token-burning initiative, marking significant milestones for the SHIB network.

The collaboration with Manny Pacquiao adds a unique and influential touch to Shiba Inu's journey, further elevating its presence in the crypto space.