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📉Crypto Markets Pull Back After Multi-Month Rally
The Defiant Daily
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The crypto markets have produced a significant pullback following an impressive multi-month rally, with the combined crypto market cap slumping 7% since Sunday's local high. The bearish market action comes in spite of the SEC reporting a fresh round of meetings with prospective spot Bitcoin ETF issuers.
Plus, Starknet announced it will distribute $3.5M in accrued transaction fees to developers, and Coinbase is the latest DLT firm to launch operations in Abu Dhabi.
✍️ In today’s newsletter:
- Profit-taking drives digital asset downturn
- Crypto assets crash despite SEC meetings with ETF applicants
- Starknet to distribute trading fees to developers
- Coinbase's Project Diamond joins Abu Dhabi sandbox
🙏Sponsored
📈 Markets in last 24 hrs:
| Ticker | Value | 24h |
|---|---|---|
| BTC | $41,201 | ↙ -5.84% |
| ETH | $2,222 | ↙ -5.52% |
| S&P 500 | $4,644 | ↗ 0.46% |
| GOLD | $1,978 | ↙ -0.01% |
| Arch WEB3 | 1.21pts | ↗ +0.69% |
| ↳ FINANCE | 1.11pts | ↗ 0.41% |
| ↳ INFRA | 1.34pts | ↗ 0.37% |
| ↳ CONSUMER | 1.45pts | ↗ 2.24% |
Learn more about Arch Indices here.
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Markets
Crypto Sell-Off Deepens as Bitcoin and Ether Give Up Past Week’s Gains
TLDR The crypto markets are pulling back after a multi-month rally ignited by spot Bitcoin ETF anticipation. Crypto assets shed 7% from their combined market cap, with Glassnode data showing investors sending $2B worth of BTC to exchanges for profit-taking.
SO WHAT BTC and ETH sank to their lowest level in 10 days after losing 7% each amid the downturn. The retracement comes after the capitalization of digital assets grew 57% in eight weeks.
READ MORE: Crypto Sell-Off Deepens as Bitcoin and Ether Give Up Past Week’s Gains
ETFs
Crypto Markets Slump Despite SEC Meetings With Spot Bitcoin ETF Applicants
TLDR This week's crypto market downturn comes in spite of the SEC confirming a new round of meetings with prospective spot Bitcoin ETF issuers. The SEC met with Grayscale, Fidelity, and Franklin Templeton last week, plus had its third meeting with BlackRock in as many weeks on Monday.
SO WHAT BlackRock's spot Bitcoin ETF bid coupled with the SEC losing an appeal blocking Grayscale's spot BTC ETF application ignited bullish market momentum in recent months. However, the recent downturn was the first instance of the markets pulling back despite reported progress towards the firms ETF applications in recent memory.
Read More: Crypto Markets Slump Despite SEC Meetings With Spot Bitcoin ETF Applicants
SPONSORED SHOUTOUT
The Stellar Community Fund (SCF) has played a crucial role in the Stellar ecosystem since its inception in 2016. As we approach the groundbreaking Soroban Mainnet launch, which introduces smart contract functionality to the Stellar public network, SCF is set for its fifth iteration.
The recent expansion of SCF marks a significant stride in bootstrapping the ecosystem, on the Stellar native smart contract platform Soroban. This initiative has been crucial in fostering the development of innovative tools and applications within the Stellar network. With an impressive allocation of nearly $10M in XLM* to over 130 projects in 2023 alone, SCF demonstrates its commitment to scaling up support for blockchain innovation.
Read More: The Stellar Community Fund Evolves to Support New Projects built on the Stellar Network
Layer 2
Layer 2 Starknet Unveils Plan To Distribute $3.5M in Fees To Developers
TLDR Starknet, a leading Ethereum Layer 2 network, announced plans to distribute $3.5M worth of accumulated fees to developers. The sum totals 1,600 ETH or 8% of transactions "recollected" by the protocol.
SO WHAT The news comes after on-chain activity surged on Starknet amid anticipation the project could airdrop a token to early adopters. Starknet followed up with a Dec. 1 confirmation it will distribute the forthcoming STRK token to ecosystem participants next year.
Read More: Layer 2 Starknet Unveils Plan To Distribute $3.5M in Fees To Developers
Business
Coinbase Becomes Latest DLT Firm Embracing UAE With CeFi Smart Contract Platform
TLDR Coinbase announced it the launch of Project Diamond, a smart contract platform for CeFi institutions that will soon enter the regulatory sandbox of Abu Dhabi's Financial Services Regulatory Authority. Coinbase showcased the platform by issuing a debt instrument denominated in USDC last month.
SO WHAT The news comes as an increasing number of DLT firms are establishing operations in Abu Dhabi. The capital of the UAE recently introducing regulations to bolster its blockchain industry, attracting projects from across the web3 sector.
Read More: Coinbase Becomes Latest DLT Firm Embracing UAE With CeFi Smart Contract Platform
🔎 OUR REPORTERS ARE WATCHING
🌍 ELSEWHERE
- Binance pushes for clarity on ‘investment contract’ claims in attempt to dismiss SEC suit (The Block)
- U.S. Presidential Candidates Chat About Crypto, Target Federal Regulators (CoinDesk)
- SEC informs the court that Richard Heart has been served (CryptoSlate)
