24 Crypto Update, 29 Nov: Crypto remain calm ahead of Powell's speech

Pando Asset files for a spot Bitcoin ETF with the SEC.

• Pando Asset AG has entered the competition for a Bitcoin ETF in the United States, joining the ranks of asset management firms.

• Grayscale amended its Bitcoin Trust agreement for the first time since 2018, signaling preparations for a Bitcoin ETF launch competition.

• OpenAI confirms Sam Altman's return as CEO, ending uncertainty. Additionally, Microsoft secures a non-voting board seat through finalized arrangements.

Major Events To Watch:

Crypto Fear and Greed:

Over the past 24 hours, the cryptocurrency markets exhibited optimism, resulting in a 2-point upswing on the "Greed and Fear Index," elevating the current reading to 74 on its 0 to 100 scale.

Latest Market Update: 

• Bitcoin, the world's oldest and most valuable cryptocurrency, surpassed the $38,000 mark on Thursday.

• Notable altcoins such as Ethereum, Solana, Ripple, Litecoin and Dogecoin all experienced positive price movements.

• The SEI token, which was the leading gainer on Wednesday, faced a significant setback with a 24-hour decline exceeding 15 percent.

• In contrast, IOTA emerged as the top performer, registering a remarkable 24-hour surge of nearly 43 percent.

• Total crypto market volume in the last 24 hours: $63.60B, down by 10.30%.

•  The DeFi sector constitutes $4.7 billion in total volume, equivalent to 9.15% of the entire 24-hour crypto market volume.

• Stablecoins contribute $46.7 billion, comprising 90.91% of the total 24-hour volume in the crypto market.

• Bitcoin's dominance has risen to 53.28%, marking a daily increase of 0.50%.

Major Worldwide News Update:

• Grayscale has amended the Grayscale Bitcoin Trust (GBTC) agreement for the first time since 2018, aiming to enhance its structure for a potential transition to a spot Bitcoin ETF. The changes include a shift in fee collection from monthly to daily and the adoption of an omnibus account format, streamlining share creation and redemption. Grayscale, with a 2% management fee for GBTC, seeks fair competition with spot Bitcoin ETF applicants, such as BlackRock. The proposed amendments, subject to shareholder approval, come amidst Grayscale's push for a Bitcoin ETF, with a 278% GBTC share price rally in 2023.

• Brazil's Senate approves new income tax rules, potentially imposing a 15% tax on Brazilians' cryptocurrency income from foreign exchanges starting January 1, 2024. The bill, backed by President Lula, aligns rates with domestic funds. The government aims for $4 billion revenue in 2024, facing criticism for creating taxes.

• Swiss firm Pando Asset AG enters the U.S. Bitcoin ETF race, filing with the SEC for a spot Bitcoin ETF on Cboe BZX Exchange. Partnering with Coinbase as custodian and using CME's CF Bitcoin Reference Rate, Pando joins others seeking SEC approval amid optimism for a 90% likelihood by January 10, 2024. Recent SEC meetings with applicants like Grayscale and BlackRock indicate active consideration.

• FTX, facing bankruptcy in 2022, aims to sell $873 million worth of Grayscale and Bitwise investment fund shares, seeking court approval. Partnering with Galaxy, FTX aims to reopen as FTX 2.0, possibly in Q1 2024. FTT token, FTX's native cryptocurrency, gains traction amid Binance's $4.3 billion settlement, with a 235% surge in the last month.

• OpenAI officially reinstates Sam Altman as CEO, resolving internal conflicts after his November 17 firing. Microsoft gains a non-voting board seat. Altman expresses enthusiasm for building beneficial AI and emphasizes the right choice in partnering with Microsoft. Worldcoin (WLD) shows signs of recovery post-announcement.

• Celsius, the cryptocurrency lending platform that filed for bankruptcy in July 2022, begins withdrawals for users enrolled in the Custody Program, allowing them to withdraw 72.5% of their crypto holdings by February 28. Legal challenges persist for CEO Alex Mashinsky amid ongoing bankruptcy proceedings and regulatory actions.

• Coinbase CEO Brian Armstrong praises Canada's streamlined crypto regulations, citing clear guidelines and investor protections. Coinbase's entry into the Canadian market in August aligns with regulatory compliance. Armstrong envisions a future where crypto transforms payments, aiming for transaction times under one second and predicting crypto wallet integration with internet browsers.

• BlackRock engages in another meeting with the SEC, presenting a revised in-kind redemption model for its spot Bitcoin ETF application. Concerns about the model's impact on balance sheets and risks to Market Makers prompt the revision. BlackRock aims to address regulatory concerns and gain approval for its ETF offering.

COIN GABBAR Views: Is BTC challenging the $38K mark, or are bears orchestrating a significant correction? Witness a robust bullish reversal in Bitcoin prices! Could a breakout be on the horizon for BTC? Sellers seem fatigued, with buyers strategically awaiting dips. What lies ahead for the BTC price as it hovers around $38,000? Is now an opportune moment to buy or sell? 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.

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