24 Crypto Update, 26 Nov: BTC in a Standstill, Terra Classic Surges!

The winning streak for Bitcoin extends to six weeks.

• Circle and SBI Holdings have formed a collaboration to advance the adoption of USDC in the Japanese market.

• After reaching new 18-month highs recently, technical analysts see positive signs for the leading cryptocurrency to sustain its upward momentum.

• The SEC versus Coinbase case could pose a challenge for those opposing cryptocurrencies.

Major Events To Watch:

Crypto Fear and Greed:

In the last 24 hours, the cryptocurrency markets experienced a downturn, causing a 7-point decrease on the "Greed and Fear Index." Consequently, the index presently registers at 66 on its 0 to 100 scale.

Latest Market Update: 

• Bitcoin (BTC), the world's oldest and most valuable cryptocurrency, maintained its position above the $37,000 mark early on Monday.

• Several popular altcoins, including Ethereum (ETH), Solana (SOL), Ripple (XRP), Litecoin (LTC), and Dogecoin (DOGE), experienced minor declines across the market.

• Terra Classic (LUNC) emerged as the top performer, witnessing a significant 24-hour gain of over 25 percent.

• Conversely, Blur (BLUR) took the spotlight as the biggest loser, facing a 24-hour decline of over 10.50 percent.

Major Worldwide News Update:

• Bitcoin faces downward pressure, trading 1.17% lower at $37,300, with a market cap of $729 billion. Rising Open Interest (OI) in derivatives signals high leverage, increasing market risk. Analysts warn of a "danger zone," anticipating potential volatility, with scenarios including a major short squeeze or a continued decline below $37,500 levels.

• TerraClassicUSD (USTC) has experienced a significant uptrend, surging 137.20% in the past 24 hours to $0.03568. This comes after Terra Classic Labs acquired 25.6 million USTC, worth $500,000, at an average price of $0.021 per USTC. The move is part of Terra Classic's Treasury Reserve Policy to revive USTC's price and enhance its role as an investment asset post-depegging.

• SBI Holdings has partnered with Circle to circulate USDC stablecoins in Japan, following the government's June 2023 regulatory revisions. The Memorandum of Understanding includes expanding stablecoin use and complying with regulations. SBI awaits approval as an electronic payment service to circulate USDC. The revised Payment Services Act recognizes collateralized stablecoins. SBI's move aligns with its $100 million digital asset joint venture in the UAE and reflects Japan's growing crypto ecosystem.

• LooksRare NFT marketplace concludes its 24-month token emissions cycle, signaling a shift to a new operational framework. Users can migrate their LOOKS tokens to the new contract for continued rewards, starting on November 27th, 2024. The move has boosted LOOKS price by 5.2%, indicating potential for a new rally and enhanced market relevance.

• The DOJ seeks travel restrictions for Binance founder CZ until sentencing, arguing for a possible 10-year prison term. The government expresses surprise at a judge's decision allowing CZ to reside in the UAE, citing flight risk concerns and emphasizing Binance's significant penalties. CZ's sentencing is scheduled for February 23, 2024, with uncertainties surrounding Binance's future.

• Cardano founder Charles Hoskinson celebrates the nearing milestone of 200 research papers from Input Output Global, emphasizing Cardano's commitment to academic excellence. The platform's journey since 2015 has been shaped by a research-driven approach, with the influential "Ouroboros" paper and ongoing efforts to enhance technologies and pursue academic partnerships.

• Zipmex Thailand, a significant cryptocurrency exchange, halts trading activities to comply with Thailand's SEC regulations. New deposits are suspended, but withdrawals will continue until January 31, 2024. Regulatory concerns over conflicts of interest and financial setbacks have impacted Zipmex, reflecting broader challenges in the evolving cryptocurrency market.
  

• Inferno Drainer, a notorious crypto wallet-draining service, announces its closure after assisting phishing scammers in stealing nearly $70 million in crypto this year. The team thanks users, but files and infrastructure will stay active for a smooth transition to other services. Authorities warn of active alternatives like Pink and Angel Drainer.

• Indexed Finance triumphs over dual hijack attempts on its DAO treasury, preventing attackers from gaining control. The DAO, suspecting further attempts, passes a "poison pill" proposal. A second hijacker is negotiated with, accepting $10,000 DAI to cancel the proposal. Control is now handed over to founders through a ⅔ multi-sig system.

COIN GABBAR Views: In the ongoing struggle, can bulls overcome the $38 resistance, or will bears emerge victorious? Is the current Bull market at risk of coming to an end?Will the Crypto market reach $1.50 Trillion before the month concludes? Does the "buy the dip" strategy prove effective during this period? To get latest news Stay tuned us at www.coingabbar.com

Disclaimer: Crypto is not regulated and can offer considerable risks. There may be no regulatory remedies available in the event of any losses resulting from price analysis. As a result, before engaging in any transactions involving crypto products, each investor must perform in-depth examination or seek independent advice.