Weekly Roundup: Top Crypto News This Week

The cryptocurrency market has had a rollercoaster of a week as December kicks off with a bang. Bitcoin’s value soared, altcoins captured the spotlight, and the stage welcomed some intriguing new projects.

Let’s dive into the week’s highlights and unravel the drama in the cryptoverse that we know and love.

Binance and CZ in the Hot Seat

The SEC intensified its probe into Binance US, following the DOJ’s charges against Changpeng Zhao. Zhao’s admission of guilt adds a dramatic twist to the ongoing legal saga, raising questions about Binance’s future and its resemblance to the FTX case. Allegations of misused assets and parallels with the FTX situation have put Binance under intense scrutiny​​.

Binance Waves Goodbye to BUSD Stablecoin

Binance announced it would stop supporting its BUSD stablecoin, a response to regulatory pressures from the SEC and NYDFS. This move highlights the challenges facing crypto firms under the current regulatory landscape.

Terra’s $57 Million Lawsuit

Terraform Labs and its founder, Do Kwon, are embroiled in legal troubles as 375 individuals have filed a lawsuit against them, seeking compensation for a collective loss of $57 million.

FTX Asset Sell-Off

FTX received court approval to sell $873 million worth of assets, including stakes in Grayscale Bitcoin Trust, as part of its bankruptcy proceedings. This decision is a crucial step in addressing the fallout from FTX’s 2022 downfall and repaying creditors. FTX and Alameda Research moved $10.8 million in crypto assets to exchanges like Wintermute, Binance, and Coinbase, as part of their ongoing bankruptcy proceedings.

Grayscale Prepares for Spot Bitcoin ETF

Grayscale is making strategic changes to the Grayscale Bitcoin Trust (GBTC) to facilitate the transition to a spot Bitcoin ETF. The firm is implementing daily fee collection and consolidating assets into an extensive account. These steps are part of Grayscale’s efforts to adapt to the evolving crypto market and capitalize on the potential approval of a Bitcoin spot ETF.

MicroStrategy’s Bitcoin Buying Spree Continues

MicroStrategy, under CEO Michael Saylor’s direction, has made another substantial investment in Bitcoin, purchasing 16,130 BTC for approximately $593.3 million. This latest acquisition brings the company’s total Bitcoin holdings to 174,500 BTC, acquired for $3.85 billion and valued at about $6 billion at current prices. 

UK’s Crypto Tax Shake-Up

The UK introduced new tax guidelines for cryptocurrency users, asking them to voluntarily report unpaid taxes on crypto assets. This move aims to enhance transparency and compliance in the crypto taxation realm.

Genesis and DCG Reach an Agreement

Genesis reached a settlement in a $620 million lawsuit with Digital Currency Group, marking a significant development in the complex crypto financial landscape. The settlement is part of Genesis’s broader strategy to address its financial challenges.

CZ Exits Binance US Board

Changpeng Zhao stepped down from the Binance US board amidst the ongoing legal challenges and controversies surrounding Binance. This step marks a significant shift in the governance structure of Binance US.

Circle Fights Back Against Accusations

Circle refuted claims of illicit financing and cut off ties with Justin Sun, distancing itself from controversies and focusing on its expansion plans.

Security Breaches Hit Velodrome and Aerodrome:

Two decentralized exchanges, Velodrome and Aerodrome, suffered security breaches, highlighting ongoing security challenges in the DeFi sector.

Ripple and XRP’s Dance with CBDCs

The U.S. Federal Reserve is examining XRP’s potential role in central bank digital currencies (CBDCs), indicating the growing interest in blockchain technology and its applications in the financial sector.

The first week of December 2023 has brought a mix of ups and downs, showcasing the dynamic nature of the cryptocurrency market. As the market continues to evolve, there’s anticipation for what the future holds.