24 Crypto Update, 17 Nov: Crypto Prices Continue to Decline Today

OpenAI's CEO Sam Altman was fired for lack of transparency.

Bitcoin rebounded after falling below $36,000 late last night.

The recovery was sparked by discussions initiated by the U.S. Securities and Exchange Commission.

The talks focused on various spot BTC exchange-traded fund applications with cryptocurrency exchanges.

Cryptocurrency market trading volume rose by 3.11% in the last 24 hours, reaching $71.64 billion.

DeFi contributed $8.68 billion, comprising 12.12% of total market activity.

Stablecoins now constitute 88.56% of the 24-hour market volume, totaling $63.45 billion.

Bitcoin's dominance saw a slight increase of 0.44%, currently standing at 52.54%.

Major Events To Watch:

Crypto Fear and Greed:

Increased purchasing activity in the cryptocurrency market results in a 6-point uptick in the "Greed and Fear Index," bringing it to a level of 69 out of 100.

Latest Market Update: 

• BTC maintained stability above the $36,000 level on Saturday, with noteworthy gains seen in major altcoins including DOGE, RNDR, SHIB, and KAS.

• Leading the losses, ETHDYDX experienced a notable 12% dip in the last 24 hours.

• In contrast, TIA stood out as the top gainer, soaring impressively with a remarkable surge of over 15% within the same 24-hour period.

Major Worldwide News Update:

• OpenAI announced the removal of co-founder and CEO Sam Altman due to a lack of consistent candor with the board. The board cited a loss of confidence in his leadership. Mira Murati, OpenAI's CTO, will serve as interim CEO. Another co-founder, Greg Brockman, stepped down as chairman. Altman, known for his role in ChatGPT's success, expressed love for his time at OpenAI. The abrupt departure raises industry uncertainty. Altman's departure follows an FTC investigation into OpenAI's chatbot. Microsoft, OpenAI's key partner, stated the transition won't affect their relationship. Altman, a Silicon Valley figure, faces an uncertain future after impactful ventures in AI and other projects.

• Fidelity Investments has applied to the SEC for an Ethereum spot ETF, becoming the 7th asset manager pursuing such a product in the US. The Fidelity Ethereum Fund aims to track Ethereum's performance, emphasizing investor protection. Fidelity, confident in approval, cites the Grayscale-SEC legal case and aims to advance the crypto ETF revolution.

• Apple has suspended all advertising on X (formerly Twitter) in response to Elon Musk's controversial endorsement of an antisemitic post. IBM took a similar stance. X's CEO, Linda Yaccarino, emphasized the platform's commitment to combating antisemitism, but concerns persist over ads appearing alongside inappropriate content. Apple's move adds complexity to the corporate responsibility-social media governance discourse.

• Senior Bloomberg ETF analyst Eric Balchunas suggests the SEC is discussing spot Bitcoin ETFs with exchanges, advising on a preference for cash creates over in-kind. This development is seen as positive, easing restrictions for broker-dealers. The odds of spot Bitcoin ETF approval by January are now estimated at 90%, with many applicants making amendments based on SEC feedback.

• EigenLayer plans to launch the second phase of its Ethereum re-staking platform in H1 2024. Users can delegate staked Ethereum to EigenDA operators, facilitating rollups' integration. EigenDA aims to reduce transaction fees for rollups, benefiting decentralized applications, particularly in gaming and social media. Liquid Restaked Tokens (LRT) simplify staking, creating new opportunities and potential 25% APY on ETH.

• BitGo CEO Mike Belshe anticipates challenges for the approval of spot Bitcoin ETFs in the U.S., citing unresolved market structure issues. The SEC's intensified scrutiny, fueled by FTX's collapse and legal issues, raises concerns about custodial practices. Recent delays, like Hashdex's ETF application, underscore the regulator's commitment to robust investor protection measures.

• Bitcoin has unexpectedly surpassed Ethereum in daily transaction fees, reaching $11.63 million compared to Ethereum's $8.44 million. This reversal follows three years of Ethereum leading in fees, attributed to its diverse support for decentralized applications. Bitcoin's surge in fees, up nearly 1,000% since November 1, is seen as positive for miners, providing revenue amid reduced block rewards. The competition between Bitcoin and Ethereum in the evolving DeFi and NFT space remains dynamic.

• Social network platform Sleek has secured a notable $5 million in seed funding, elevating its valuation to $50 million. Backed by investors like Binance Labs and Shima Capital, Sleek shifted from a no-code metaverse platform to focus on web3 social networking. The platform's unique blend of physical cards and a Telegram bot has garnered over 20,000 verified users, emphasizing real-world utility and community building over token incentives.

COIN GABBAR Views: The current crypto market is marked by consolidation, prompting speculation on whether Bitcoin (BTC) will breach the $38,000 or $35,000 level first. The recent firing of Sam Altman raises questions about its impact on the market. The crucial query persists: Will BTC reach $40,000, or is a retreat to $35,000 imminent?To get latest news Stay tuned us at coingabbar

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.

For More News: Crypto Daily Roundup, 17 Nov: Crypto drops on unexpected jobless surge