Market
Bankruptcy
Kevin O’Leary says Binance put FTX out of business
Binance CEO previously criticized O’Leary penchant for defending Sam Bankman-Fried and FTX.
Analysis
Crypto stocks plunge to record lows, GBTC at 50% discount despite Bitcoin uptick
According to CryptoSlate data, BTC is up 2.2% in the last 24 hours while COIN hits all-time low, GBTC falls to 50% discount, mining stocks capitulate
Crypto
CryptoSlate Daily wMarket Update – Dec. 13: Bitcoin nears $18K following CPI data release
The wMarket Update condenses the most important price movements in the crypto markets over the reporting period, published 07:45 ET on weekdays.
Stablecoins
BUSD’s supply falls below $20B as USDC’s supply climbs above $45B
BUSD's supply is down after Binance faced unprecedented stablecoin withdrawals in a 24 hour time frame — the exchange remains unfazed.
Regulation
CFTC considers Bitcoin, Ethereum, Tether to be commodities
CFTC wrote that these digital assets are commodities because they meet the definition of the term as defined by the U.S. Constitution.
Research
Research: Institutional appetite for Bitcoin has evaporated as OTC trades approach YTD low
CryptoSlate of analysis of Glassnode data showed that the seven-day moving average for total transfers to OTC desk wallets is now close to 2018 lows. OTC trades peaked during covid 19 pandemic when BTC was trading at around $3000.
Stablecoins
Tether to reduce secured loans to zero by 2023
Tether said the "secured loans held in its reserves are overcollateralized and covered by extremely liquid assets."
Exchanges
Binance Ethereum-based token withdrawals top $2B in 24 hours
Andrew Thurman reported that market makers like Jump Trading and Wintermute were among the accounts that withdrew funds in the last 24 hours.
Regulation
Canada bars exchanges from margin, leverage trading; says stablecoins might be securities
Canada's fiancial regulator told crypto exchanges to hold their Canadian clients’ assets with a custodian and also segregate these assets from their business.
Exchanges
Binance clarifies USDC withdrawals were due to token swap, replenishing hot wallet
Binance said USDC withdrawals were temporarily paused because the exchange was conducting a token swap involving the Circle-backed stablecoin.
Featured
FTX CEO John Ray blames collapse on ‘inexperienced and unsophisticated individuals’ in testimony following SBF arrest
A Dec. 12 press statement by the Bahamas Attorney General revealed that the U.S. government had filed criminal charges against SBF and is likely to request extradition.
Analysis
XEN crypto accounts for 15% of all Ethereum gas fees
The sudden rise in XEN crypto mints is likely in commemoration of 60 days since its launch.