Pando Asset Manager Joins Race for Bitcoin ETF
Pando Asset has thrown its hat into the ring for the highly anticipated spot Bitcoin exchange-traded fund (ETF) in the United States. This unexpected move makes Pando the 13th entrant into the race, joining the likes of BlackRock, ARK Invest, and Grayscale. The asset manager submitted a Form S-1 to the U.S. Securities and Exchange Commission for the Pando Asset Spot Bitcoin Trust, which, like other ETF bids, aims to track Bitcoin’s price with the custody arm of the crypto exchange Coinbase holding Bitcoin on behalf of the trust.
Binance to Cease Support for BUSD Stablecoin
Crypto exchange Binance has announced that it will be ending support for its native stablecoin, Binance USD (BUSD). Users are encouraged to withdraw or convert their existing BUSD into other assets before Dec. 15, as the exchange will then begin the process of disabling withdrawals for BUSD on Dec. 31.
CME Bitcoin Futures Show Confidence in $40K BTC Price
The Chicago Mercantile Exchange (CME) Bitcoin futures market has seen a surge in open interest, indicating strong investor confidence in Bitcoin’s potential to break above the $40,000 mark in the short term. The current open interest of $4.35 billion is the highest since November 2021, signaling heightened interest in anticipation of the approval of a spot Bitcoin ETF.
ChatGPT’s Rollercoaster Year
OpenAI’s ChatGPT, the popular artificial intelligence tool, has experienced a rollercoaster first year, marked by existential fear, lawsuits, and boardroom drama. The tool, launched in 2022, quickly gained 100 million monthly users within its first three months, triggering widespread discussions about its impact on society.
FTX and Alameda Research Cash Out to Recover Assets
FTX and Alameda Research have made a move to recover assets for investors by cashing out $10.8 million to accounts in Binance, Coinbase, and Wintermute using eight different cryptocurrencies. The movement, identified by blockchain analysis firm Spot On Chain, is part of a larger process of recovering assets for investors tied to defunct crypto trading firms.
Week’s Market Trends and Quotations
At the end of the week, the prices of cryptocurrencies such as Bitcoin (BTC), Ether (ETH), and XRP have fluctuated. Top altcoin gainers and losers are highlighted, providing insights into the market’s performance. Additionally, notable quotations from industry leaders and influencers offer perspectives on recent developments. This includes predictions about the potential impact of Bitcoin ETF approval on the price of Bitcoin in the coming years.
FUD of the Week
Crypto thieves have made off with a staggering $363 million in November, making it the most damaging month for crypto-related thefts, scams, and exploits in 2023. Meanwhile, controversies surrounding cryptocurrency media firm Bankless and the associated decentralized autonomous organization, BanklessDAO, continue to unfold, with the founders proposing a separation between the two entities in response to community criticism.
Historic Background and Insights
The week’s news and trends in the cryptocurrency industry are presented in a comprehensive and informative manner, shedding light on key events and developments. The content also provides historical context and insights to help readers understand the significance of current happenings in the ever-evolving world of cryptocurrencies.
