Crypto News Highlights of the Week: Here are some of the most important and interesting news stories from the crypto world in the past week:
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Coinbase stock surges: Coinbase, the largest cryptocurrency exchange in the U.S., saw its share price soar to $119.77 on November 27, the highest level since its debut in April. The surge was driven by strong quarterly earnings, positive analyst ratings, and increased institutional adoption of crypto assets.
MicroStrategy stock climbs: MicroStrategy, a business intelligence company that holds a massive amount of Bitcoin on its balance sheet, also witnessed its stock price rise to over $500, a level not seen since December 2021. The company has been one of the most vocal and influential advocates of Bitcoin and has continued to buy more of the cryptocurrency despite market fluctuations.
Crypto funds see inflows: According to a report by CoinShares, crypto products saw inflows of $346 million last week, the largest since late 2021. The inflows were mainly driven by Bitcoin and Ethereum, which accounted for $225 million and $105 million, respectively. The report also noted that investors are anticipating the approval of spot Bitcoin ETFs in the U.S., which could boost the demand and liquidity of crypto assets.
Genesis and DCG settle lawsuit: Genesis, a leading crypto lending and trading platform, and its parent company Digital Currency Group (DCG), have agreed to end a $620 million lawsuit over unpaid loans. The lawsuit was filed by a creditor of a bankrupt crypto mining company called Crypto Watt, which had borrowed money from Genesis and DCG. As part of the settlement, DCG will pay its outstanding $324.5 million by April 2024.
Binance CEO stays in U.S.: Changpeng Zhao, the former CEO of Binance, the world’s largest cryptocurrency exchange, must remain in the U.S. until the court decides whether he can return to the UAE, where he resides. Zhao faces criminal charges for violating U.S. sanctions by allegedly facilitating transactions with Iran and other sanctioned countries. Zhao has denied the allegations and said he is cooperating with the authorities.
Philippines warns about Binance: The Philippines’ Securities and Exchange Commission (SEC) has reminded its citizens that Binance is not authorized to operate or offer its services in the country. The SEC said that Binance does not have the required licenses to engage in securities, derivatives, or digital asset exchange activities, and warned the public of the risks of dealing with unregulated entities.
Wormhole raises $225 million: Wormhole, a decentralized protocol for blockchain interoperability, has raised $225 million at a $2.5 billion valuation. The funding round was led by Andreessen Horowitz and included other prominent investors such as Polychain Capital, Alameda Research, and Multicoin Capital. Wormhole aims to enable cross-chain communication and transfer of value between different blockchains, such as Ethereum, Solana, Terra, and Binance Smart Chain.
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