Al-Khwarizmi Weekly #21: Crypto & Blockchain Weekly News Summary
Salaam and welcome to the 21st edition of Al-Khwarizmi Weekly, Kurdcoin’s premier crypto and blockchain newsletter. Delivering the freshest news and insights from the crypto world in under 5 minutes, we are proud to be Iraq’s first crypto and finance newsletter, available in both English and Kurdish at the moment, and soon in Arabic as well. Join our growing community of 1,200 LinkedIn subscribers and stay ahead in the fast-paced world of cryptocurrency with us. Let’s dive into this week’s latest updates!
Market Snapshot
In a week marked by Binance’s settlement and U.S. exit, crypto markets held steady with an optimistic outlook. Bitcoin exhibited modest fluctuations, stabilizing above $37,000. Dogecoin and Solana recorded gains of 10% and 5%, respectively, while other major coins maintained consistent opening and closing prices for the week.
Gaining attention, TerraClassicUSD surged 300%, defying its prior ‘dead’ status, while Terra Classic and IOTA increased 59% and 31%. The Fear and Greed Index, indicating investor sentiment, stays in ‘Greed,’ reflecting continued trader confidence, possibly spurred by expectations of Bitcoin spot ETF approvals and the approaching Bitcoin halving in April 2024.
Binance Headlines
Binance Discontinues Support for its own BUSD Stablecoin
Binance will end support for the BUSD stablecoin on December 15, with withdrawals ceasing on December 31. After this date, any remaining BUSD will be converted to FDUSD, issued by FD121 Ltd. The move follows regulatory pressures, including a directive to Paxos to stop issuing BUSD and a lawsuit by the CFTC against Binance for regulatory violations.
Binance Settles U.S. Legal Issues, Commits to Exit Market
Binance is set to fully withdraw from the U.S. market, following a settlement with U.S. regulatory bodies. This follows a $4.3 billion settlement with the Department of Justice for sanction law violations and lapses in anti-money laundering measures. CEO Changpeng Zhao will step down, and a five-year monitorship will oversee Binance’s compliance.
Ronaldo Faces Lawsuit for Binance NFT Promotion
Cristiano Ronaldo is facing a class-action lawsuit for promoting Binance’s NFTs, with allegations of assisting in selling unregistered securities. The plaintiffs, citing Ronaldo’s massive social media influence, claim his endorsement significantly increased Binance’s user activity for such securities. The lawsuit coincides with Binance’s own legal troubles, including a multi-billion dollar settlement with U.S. authorities for regulatory infractions.
Other Headlines
MicroStrategy Buys $593M Worth of Bitcoin
Business intelligence firm MicroStrategy has announced yet another substantial purchase of Bitcoin, amounting to $593 million. This move aligns with the company’s ongoing strategy of incorporating digital assets into their treasury reserves. MicroStrategy’s commitment to Bitcoin has been a notable part of their financial strategy, reflecting a strong belief in the long-term value of the cryptocurrency despite the market’s volatility.
Standard Chartered Predicts $100K Bitcoin by 2024
Standard Chartered Bank maintains its prediction that Bitcoin will reach the $100,000 mark by the end of 2024. Anticipated bitcoin ETF approvals and the upcoming Bitcoin halving event, expected in late April 2024, are seen as a potential boost to the cryptocurrency’s price. The bank notes Bitcoin’s dominance has increased, and there’s a possibility the $100,000 level could be achieved even before the end of 2024, especially if the spot ETFs are introduced sooner.
AntPool Commits to Refund Excessive $3M Bitcoin Fee
AntPool, a Bitcoin mining operation, is set to refund an abnormally high $3 million fee from a Bitcoin transfer due to a suspected user error. The unprecedented fee resulted from a user mistakenly setting the transaction fee to 83 BTC. AntPool’s risk management system flagged and froze the fee for review. Although miners typically retain transaction fees, AntPool has chosen to return the excessive amount once the sender’s identity is verified through a signed on-chain message.
Middle East
Fasset Secures Full VASP License in Dubai
Fasset, a digital asset platform, has received a Virtual Asset Service Provider (VASP) license to operate in Dubai. This enables the firm to cater to a broad investor base, including institutional, qualified, and retail investors. Fasset is now authorized to offer broker-dealer services and eventually tokenized securities in coordination with the Virtual Asset Regulatory Authority (VARA). Previously active in the European Union and Indonesia, Fasset’s new license in Dubai adds to its global regulatory compliance efforts.
