“Bitcoin fell below $60,000 during mid-European hours, extending early weakness. Analysts said a pullback was expected and has normalized the elevated funding rates or costs associated with holding long positions in the perpetual futures market. With the pullback, the average funding rate has reset to 0.01%.
The cryptocurrency printed lows under $59,000, bringing the 50-day moving average (MA) into play for the first time since Oct. 1. The sell-off began in Asia following the Twitter CFO’s comments that buying crypto “wouldn’t make sense” for the company.
It’s a combination of long liquidations and market makers getting rid of their risky (bullish) exposure.”
“Included in a Tuesday update, the native wallet deepens Brave’s foray into crypto self-custody after years of relegating that to third-party wallet extensions like MetaMask.
Brave Wallet allows for token purchases through Wyre, tracks portfolio performance, swaps a wide range of tokens and stores non-fungible tokens (NFT). It is self-custody, meaning wallet users hold their private keys. It supports all Ethereum Virtual Machine-compatible tokens.
Hosting a trade function opens new revenue streams for Brave. It plans to take 0.875% of all token swaps initiated through the wallet interface, matching MetaMask’s swap fee. Brave Wallet carries an open MPL license. Effectively, that means developers can view the wallet’s source code and iterate on it.”
“The card will feature annual rewards of up to 9% on all USDC holdings of $100 or more, payable monthly to cardholders. USDC holders will receive this percentage back annually in crypto (additional USDC) in their Voyager accounts. Additional features for its debit card will include no annual fees and lock-up of assets to earn rewards, while users can access their assets via ATMs.
Metropolitan Commercial Bank will be the issuing bank, while Usio will act as the program manager and processor for the card. Ehrlich said Voyager will eventually roll out a similar product in Europe.”
“The VanEck ETF’s shares ended the day around $59.73, with a trading volume of 44,698 shares, or about $4.8 million in dollar terms. By comparison, the ProShares ETF, with the stock ticker BITO, hit a trading volume of about $1 billion by the end of its first day.
Notably, the VanEck ETF advertises a net expense ratio of 0.65%, lower than the 0.95% charged by the ProShares Bitcoin Strategy ETF and the Valkyrie Bitcoin Strategy ETF. The VanEck fund is the third bitcoin futures ETF to start trading in the U.S., so it’s possible the frenzy for such investment vehicles may have subsided since last month’s much-hyped launches.
The low fee will help but not in near term. I do see it being successful, but it will take some time.”
“Polygon has launched a new Layer 2 ZK-Rollup solution called Miden. It’s hoped that scaling will help Ethereum support dApps focusing on use cases like gaming, NFTs, and social media.
ZK is the way ahead for Ethereum, and Miden VM is one of the most important elements in Polygon’s roadmap for Ethereum scalability.
Miden is the latest project developed under Polygon’s $1 billion fund allocated to ZK-based projects. In August, the Polygon team acquired the ZK-Rollup solution Hermez Network for $250 million. The following month, it launched Nightfall, a separate privacy-focused rollup built in collaboration with EY.
In the future, Polygon plans to aggregate all of its scaling solutions. Miden will have to compete with a number of other promising zero knowledge-based scaling solutions, including Matter Labs’ zkSync and StarkWare’s Cairo.”
“The New York Digital Investment Group will be paying the National Basketball Association’s Houston Rockets franchise in Bitcoin as part of a partnership aimed at promoting crypto education and adoption.
In October, Voyager Digital inked a deal with the Dallas Mavericks in an aim to make crypto more accessible through fan engagement. Coinbase also recently signed a multiyear sponsorship contract with the NBA to be its exclusive crypto platform partner.”
“Synonym Software Ltd., a company founded by stablecoin issuer Tether Holdings Limited, officially launched on Tuesday, setting in motion a highly ambitious project to bring Bitcoin (BTC) transactions mainstream through an independent financial platform that utilizes the Lightning Network. Synonym’s stated goal is to enable self-ownership and control of crypto assets by creating an open financial ecosystem that utilizes Bitcoin and the Lightning Network.
The first protocol to be launched by Synonym is called Slashtags, an interoperability framework for private networks that doesn’t rely on blockchain technology and can be used by any platform for coordination, privacy and consensus.”