November 30

Bitcoin (BTC) hodlers have capitulated more than at almost any point in Bitcoin’s history this month. The results have been mixed, Glassnode reveals, with a major loss of confidence, on one hand, triggering loss-making divestment of funds, while “strong accumulation” has also occurred.

One consistent event which motivates the transition from a bear back towards a bull market is the dramatic realization of losses, as investors give up and capitulate at scale. November has seen the fourth largest capitulation event on record, recording a 7-day realized loss of -$10.16B. This is 4.0x larger than the peak in Dec 2018, and 2.2x larger than March 2020.

Glassnode [also] referenced Bitcoin’s adjusted market-value-to-realized-value (MVRV) ratio, which shows that coins moving on-chain are returning loss-making levels rarely seen before in what it calls “peak under-performance.” Despite the previous losses, hodlers have been accumulating BTC aggressively since — and the trend is encompassing everyone, from the smallest “shrimps” to the largest whales.

In other words, if we discount profit held across the presumably lost supply, the current market is the most underwater it has been since the near pico-bottom set in Dec 2018 and Jan 2015. From a comparative point of view, the recent strong accumulation score following the recent sell-off resembles that of late 2018.”

See Also: FTX Fiasco boosts Bitcoin ownership to new highs
See Also: Bitcoin Generational Bottom (Video)

Despite the decline in deal-making and a troubled year for crypto, Web3 and DeFi projects were still the largest areas for investment in emerging tech, beating out fintech and biotech.

In the third quarter, investment in the sector was $879 million, the lowest recorded amount since the second quarter of last year. But $6.5 billion has still been poured into the space over the past 12 months, far-outstripping the second most-backed space of fintech, which has raised $2.7 billion.

While the strength of investment in this category suggests sustained interest from ETI investors, the recent failure of cryptocurrency trading platform FTX and the subsequent contagion across the industry is likely to have a negative impact on future investment levels.

But they also flagged areas that are “less exposed to trading activity” that should be less affected, such as companies working on blockchain protocols.”

“FTSE Russell, the company behind the London Stock Exchange’s benchmark FTSE 100 equity index, has rolled out a set of measures for the digital asset market. The FTSE Global Digital Asset Index Series comprises eight gauges ranging from large and mid-cap assets down to micro cap. The indexes will monitor data from hundreds of exchanges to “define the investable universe.”

Growth of interest in the crypto industry in recent years has spurred the development of instruments to measure the performance of digital assets, including Bloomberg Galaxy Crypto Indices, S&P Cryptocurrency Indices and CoinDesk’s own family of market indexes.”

Among the more unprecedented elements of the FTX saga has been the fact that Bankman-Fried, who was raised by two lawyers, can’t seem to keep his mouth shut despite mounting legal threats. After cryptic tweet threads and a viral DM exchange with a Vox reporter in which he said “f**k regulators” and admitted that his philanthropic identity was largely manufactured for PR reasons, Bankman-Fried’s actual voice is being heard for the first time post-FTX collapse.

Bankman-Fried rehashed many of the same defenses and rationalizations for his behavior that he had shared previously in other places to explain what went wrong. In general, Bankman-Fried’s defense was (and continues to be) that he greatly mistook how leveraged he was. This explanation is wholly unsatisfying given that it fails to address precisely how FTX and Alameda misappropriated billions of dollars in FTX user deposits.

As for whether Bankman-Fried created a “back door” to discreetly move user funds to Alameda without attracting attention, as reported by Reuters, Bankman-Fried suggested that ‘I certainly didn’t build the back door in there and I don’t know exactly what they’re referring to.’ Bankman-Fried said that he couldn’t have built a back door because ‘I don’t even know how to code,’ though this defense doesn’t really address Reuters’ core claim – which is that he used a back door, not that he built one.”

See Also: Sam Bankman-Fried Says FTX Hacker May Be a Former Employee

“Sasha Hodder, founder of Hodder Law, a firm that specializes in crypto law, said ‘the regulator is in line, in front of retail creditors.’

The customers are really at the bottom of the list here. It is far-fetched that they will get their money back.

What the SEC is trying to say is that all of this lending activity should be considered a debt security. And if it was a security, then it would have to be held on a platform that met certain regulatory standards.”

See Also: Bankrupt Crypto Lender BlockFi Sues Bankman-Fried for Robinhood Shares, FT Reports
See Also: BlockFi Has $355M in Crypto Frozen on FTX, Attorney Confirms

“The company took note of “low usage” as its reason for no longer supporting those tokens.”

See Also: Solana’s Top Crypto Wallet Looks to Ethereum, Polygon Next
See Also: Serum exchange rendered ‘defunct’ following the collapse of Alameda and FTX

Dominica’s government will partner with Huobi to issue Dominica Coin (DMC) and digital identity documents (DID) with DMC holders set to be granted digital citizenship in the country. DMC and DID will run on the TRON network and be issued on Huobi Prime and will serve as credentials for a future Dominica-based metaverse platform.

Not to be confused with the nearby, larger Dominican Republic, Dominica is home to some 72,000 people and is situated in the middle of the Lesser Antilles archipelago. The government is looking to explore metaverse and Web3 technology to drive its development and attract talent from the cryptocurrency and blockchain ecosystem.

The island nation is one of the first Caribbean countries to adopt a citizenship-by-investment program. Dominica also adopted the Eastern Caribbean Central Bank (ECCB) CBDC program in December 2021.”

“France and Luxembourg have used an experimental central bank digital currency (CBDC) to settle a bond worth 100 million euros (US$104 million), the latest in a series of trials in tokenized financial markets.

The Venus Initiative shows how digital assets can be issued, distributed and settled within the eurozone, in a single day and confirms that a well-designed CBDC can play a critical role in the development of a safe tokenised financial asset space in Europe.”

See Also: India to Test Digital Rupee in 4 Cities With 4 Banks

“LBRY alleges that it was asked to censor anything related to COVID-19, especially vaccines and potential human origins of the virus, or face having its apps removed from the Apple store.

Apple may make good products, but they have been opposed to free speech for some time.”