The cryptocurrency market is currently navigating an intriguing phase. Several altcoins are gaining momentum, gradually diminishing the dominance exhibited by Bitcoin (BTC), which is stabilizing around the $97,000 mark. The total market capitalization stands at approximately $3.56 trillion.

Volatility Continues
Bitcoin has experienced notable volatility over the past week, with the price dipping to near $90,000 before staging a strong V-shaped recovery. Yesterday, bullish momentum attempted to push the price toward $99,000, but the effort fell short. Currently, Bitcoin is trading around $96,700, where it has been consolidating in recent hours.
The question now is whether buyers will drive the price toward the coveted $100,000 level or if we will witness another correction. Over the past week, the dominance of BTC has dropped by more than 3%, currently standing at around 53%. This suggests that altcoins have been outperforming Bitcoin in recent times.
To that end, Ripple (XRP) has emerged as the standout performer, surging 15% in the past 24 hours, making it the top-performing large-cap cryptocurrency in the top 20. The broader market heatmap over the last 24 hours is predominantly green, indicating a positive sentiment across the market. Finally, among the top 100 cryptocurrencies, some of the most notable performers include, Hyperliquid (HYPE), up 76%, Core (CORE), up 40%, and Ethereum Name Service (ENS), up 30%.

Other Markets

In 2022, opposition to the United States Dollar (USD) grew, especially after the U.S. imposed sanctions on Russia. Former President Trump is now urging BRICS nations to commit to using the dollar for trade. Meanwhile, concerns about a stock market bubble are rising, as new plans by the Trump administration could inflate the bullish market.

Meanwhile, Black Friday sales saw significant growth, with online shopping leading the charge. In South Korea, electricity shortages are leading officials to suggest increasing U.S. energy imports while the French bond market faces turbulence. Adani shares dropped following a U.S. indictment and scrapped bond sale, though the company denies bribery charges.

On the financial front, critics are pointing to flaws in budget planning, while Northvolt AB is closing its battery plant in Poland. The central bank has raised alarms about the housing boom and its potential risks to banks, while CPI Property plans to open its Czech portfolio to retail investors. Finally, the Quant Olympics, a global competition by Millennium, is searching for the next wave of finance talent.

According to Odaily, market sources have revealed that Elon Musk has announced that the U.S. Government Efficiency Department (DOGE) will carry out an audit of the Internal Revenue Service (IRS). This news has quickly captured attention and sparked widespread discussions about the potential implications for the IRS and its role in managing the U.S. tax system.

The news has sparked heightened interest among stakeholders, including tax professionals, lawmakers, and the public, who are eager to understand what steps the Government Efficiency Department might recommend.

A Vested Interest

The announcement by the Tesla CEO is especially significant given the crucial function the IRS serves in collecting taxes, enforcing tax laws, and overseeing various government revenue processes. The idea of an audit by the Government Efficiency Department has raised a number of questions about the objectives and scope of such an examination.

In addition, observers are particularly interested in understanding how this audit will impact the massive global operations that the IRS conducts on a daily basis, particularly when it comes to areas such as efficiency and potential areas for reform.

Far-Reaching Consequences

Although detailed information regarding the audit is still limited, the involvement of the Government Efficiency Department indicates that the focus will likely be on evaluating the operational effectiveness of the IRS. This suggests that the audit could uncover inefficiencies, redundancies, or areas of potential improvement within the agency.

The outcome of this audit could lead to significant recommendations aimed at streamlining the IRS and its numerous operations, enhancing its overall performance, and potentially reshaping how it interacts with taxpayers and manages resources.

This audit could have far-reaching consequences, including policy changes or shifts in how the IRS operates moving forward. As the situation unfolds, all eyes are on how the audit progresses and what kind of impact it will have on the broader tax system and governmental efficiency.

Dubai, UAE, November 28, 2024 The upcoming Crypto Fight Night on December 6th in Dubai is set to feature a high-stakes showdown between two prominent Web3 influencers, Ansem and BitBoy. This bout has garnered significant attention due to the contrasting backgrounds and high-profile backers surrounding both participants.

Ansem, often referred to as The Solana Guy, has earned much of his fortune as a Web3 KOL and investor, and has faced increasingly divided opinions among the crypto community. BitBoy, whose real name is Ben Armstrong, on the other hand, embodies the controversial and often sensational side of crypto influence, with a history of bold claims and contentious promotions. He gained fame through his YouTube channel, BitBoy Crypto, which at its peak had over 1.4 million subscribers. However, his career has been marred by controversies. 

 

Adding to the drama, BitBoy has found an unexpected ally in Andrew Tate, the infamous social media figure and kickboxing champion. Tate, who has stirred controversies of his own, has vocally supported BitBoy on X (formerly Twitter), sharing training clips and issuing inflammatory challenges to Ansem. 

The preparation of BitBoy has also been elevated with the involvement of Tyron Woodley, a 5-time UFC World Champion, known for training elite fighters. He has been providing rigorous coaching tips and tricks to BitBoy and has praised his commitment to this fight, while the public backing of Tate amplifies the spectacle. Their combined presence has created a frenzy online, with fans and critics dissecting every move and post by both camps.

The fiery exchanges on social media, particularly with reference to explosive tweets by Tate tagging Ansem as soft and predicting a victory for BitBoy, have further fueled the anticipation. Meanwhile, Ansem and his fans have countered by rallying behind their champion, sharing his methodical analysis of crypto trends and labeling what BitBoy does as distractions.

As the fight approaches, the crypto community is abuzz with speculation and debate. Many wonder if Ansem and his calculated strategies as well as market acumen translate into success in the ring, or will BitBoy showcase his resilience and pick up the win thanks in no small part to his high-profile. The outcome remains uncertain, but one thing is clear, which is this clash is set to be a defining moment in the intersection of cryptocurrency culture and mainstream entertainment.

About Crypto Fight Night

Crypto Fight Night (CFN) is an avant-garde platform designed to bring together the dynamic energy of combat sports to the futuristic audience of crypto investors, entrepreneurs, and influencers. Founded by Rahul Suri of Ghaf Capital, along with Jai Vora and RookieXBT, the first edition was held in 2021. Organized under the banner of Savy Promotions, CFN has garnered critical acclaim by both the boxing and crypto communities, experiencing continuous growth annually with millions of live streams, through a series of successful championships.

The pioneering collaboration between CFN and the World Boxing Council represents a historic milestone in both the professional boxing and crypto domains, establishing the former as a distinctive and influential Crossover Boxing IP. Off-chain is the international event series of CFN, uniting regional fans across the globe. 

For more details: https://cfn.wtf/ 

Follow: X | Instagram

Tickets to CFN5: The Biggest Crypto Showdown in Dubai! - Platinumlist.net

Event Overview:

• Date: December 6, 2024
• Location: Zabeel Hall 4, Dubai World Trade Centre
• Main Event: Ansem vs. BitBoy, battling for the King of Solana Title
• Live Attendance & Broadcast: Expected to reach millions via streaming on leading platforms

For media inquiries or to request a media pass for the event, please contact yasmine.s@lunapr.io
 

Contact to sponsor

Email: chet@cfn.wtf | Telegram: @chetp86

Media Contact

Yasmine Safouane

 yasmine.s@lunapr.io

Luna PR

Google is asking a U.S. appeals court to overturn a lower court ruling in an antitrust case concerning Epic Games that would force the company to allow third-party app stores and alternative payment solutions in its Play Store. The decision would allow developers to bypass Google and its payment system, including enabling support for cryptocurrencies.

This ruling came after a jury found in December 2023 that Google violated antitrust laws by preventing rival app stores. Although the ruling is currently on hold, the appeals court could either uphold the decision or pause its implementation while the appeal by Google is pending. Oral arguments are scheduled for February 3rd, 2025, in San Francisco.

An Unfair Ruling

In a 110-page filing to the Ninth Circuit Appeals Court on November 27th, Google argued that the ruling would harm its ability to compete with Apple and the iPhone. The company claimed that the judge did not recognize the competition between Google and Apple in the smartphone market and should have followed the outcome of the lawsuit Epic made against Apple, which found that Apple did not violate antitrust laws.

Google also argued that the decision should have been made by Judge James Donato alone rather than through a jury trial, as in the Apple case, and that the ruling unfairly forces it to compete with other app stores, something Apple does not have to do.

Why Sue?

Epic Games sued both Apple and Google in August 2020, accusing them of unfairly restricting apps by requiring the use of their own payment systems, which charge a 30% fee, and preventing external payment methods. Epic introduced its own payment system in an effort to avoid these fees, leading both companies to remove its flagship game, Fortnite, in their app stores. This led to Epic filing lawsuits against both tech giants.

A key aspect of the case is the restriction on crypto payments within apps distributed through Google and Apple stores. Both platforms block crypto-based apps, including NFT marketplaces, including supporting payments in digital currencies, which limits the functionality of apps in the growing crypto space. This has been a major concern for developers and crypto enthusiasts, as it hinders the development of apps like NFT galleries that could benefit via blockchain-based payments.

Starting December 1st, 2024, Coinbase will stop offering rewards to users in the European Economic Area (EEA) for holding USDC on its platform, in response to the upcoming European Union Markets in Crypto-Assets (MiCA) regulations.

New Rules

The Coinbase USDC Earn program will officially end for EEA users on November 30th, with final payments expected to be distributed within the first ten business days of December. This change, first reported by Cryptoslate, is a result of new rules governing electronic money tokens, including stablecoins like USDC.

Currently, the program is available in over 100 jurisdictions, offering different annual percentage yields (APYs) based on where users are located as well as their individual daily USDC holdings. Recently, Coinbase Wallet enabled users to earn 4.7% APY on their USDC holdings, marking a significant expansion of its global rewards program. This new feature, announced in their latest press release, allows users to earn rewards on their USDC assets without the need for lock-up periods, offering flexibility and convenience.

Adapting Is Mandatory

As part of the MiCA regulations, which aim to create a unified regulatory framework for digital assets in the EU, crypto companies must adapt to comply. In October, Coinbase announced it would delist non-compliant stablecoins in MiCA-regulated regions. Other companies have followed suit, as Bitstamp, for example, removed the stablecoin EURT for failing to meet MiCA requirements.

Tether, the issuer of EURT, is also adjusting by discontinuing support for the stablecoin to focus on developing new MiCA-compliant tokens like EURQ and USDQ. The MiCA framework seeks to improve transparency and stability in the crypto market, requiring businesses to ensure their operations meet the new compliance standards. These changes represent a major shift for the cryptocurrency industry in Europe, with companies like Coinbase already taking steps to comply.

Ken Sim, who has served as the mayor of Vancouver since 2022, has proposed integrating Bitcoin (BTC) into the local balance sheet to diversify the overall investments of the city. During a city council meeting on November 26th, Sim announced his intent to introduce a motion through which he wants Vancouver to become a more crypto friendly city.

A Domino Effect

Bitcoin advocate and author Jeff Booth mentioned in a November 26th discussion on X Spaces that the motion aims to position Bitcoin as a reserve asset for Vancouver. However, Mayor Sim had not commented on the matter by the time of publication.

Furthermore, it remains uncertain whether the initiative was influenced by U.S. governments considering Bitcoin reserves. Following the 2024 elections, some lawmakers in Pennsylvania and the U.S. Senate have proposed holding Bitcoin as a reserve asset, especially since President Trump himself said he would consider making the flagship crypto a strategic reserve asset for the United States.

Big Promises

The campaign by Mayor Sim previously embraced cryptocurrency, with his political party, A Better City, accepting crypto donations to showcase its commitment to technology. Sim also expressed interest in incorporating cryptocurrency into city hall operations if elected.

Although Sim has made limited public comments on cryptocurrency adoption as mayor, a recent Global News interview revealed a copy of The Bitcoin Standard by Saifedean Ammous in his city hall office. This book, a key reference for Bitcoin proponents since its 2018 publication, often informs ideas supporting cryptocurrency adoption.

It is unclear if the aforementioned motion will garner sufficient support in the Vancouver City Council. However, the mayor stated that he has achieved over 70% of the total 94 pledges since taking office two years ago.

MetaMask users in the U.S. can now buy cryptocurrency directly using Venmo through the MetaMask app or browser extension. This integration simplifies crypto purchases by allowing users to link their Venmo accounts as a payment method.

Ease Of Access

MetaMask announced this feature via their X account, stating it is widely available across the U.S., with the exception of New York and Texas due to regulatory restrictions. A tutorial video accompanied the announcement, demonstrating how users can select Venmo as their payment option when purchasing cryptocurrency.

The integration with Venmo makes buying crypto easier and more accessible for its user base. Venmo, in collaboration with MoonPay, recently enabled crypto transactions within its app, allowing users to send, receive, and manage cryptocurrencies like Bitcoin (BTC), Ethereum (ETH), and PayPal USD (PYUSD).

Streamlining Crypto Purchases

As a leading Ethereum wallet for decentralized finance, MetaMask has often been seen as complex for newcomers. The integration with Venmo provides an intuitive option for users familiar with Venmo and their user-friendly interface, enabling seamless crypto purchases.

With over 80 million active Venmo users, MetaMask now reaches a broader audience. Users can fund their MetaMask wallets through their Venmo balances or linked bank accounts. This development aims to encourage crypto adoption among everyday users who may have been hesitant to navigate traditional crypto exchanges.

Kraken recently revealed plans to shut down its NFT marketplace by February 27th, 2025. Starting November 27th, the exchange will suspend most services related to the marketplace, including bidding, listings, and NFT sales. However, users will still be able to withdraw their funds before the shutdown.

A Kraken spokesperson explained that this decision was made to reallocate resources toward developing new products and services. The platform assured customers that they were informed of the upcoming changes and that Kraken would assist in transferring assets to other wallets in addition to also not delisting USDT following updated MiCA regulations.

A Broad Strategy

In October, Kraken laid off around 15% of its workforce following the appointment of a new CFO and co-CEO. The NFT market, once a booming sector, has faced a challenging year. June saw a major slump, with NFT trading volumes across leading blockchains such as Bitcoin, Ethereum, and Solana dropping by over 50%, according to the crypto analytics platform Artemis.

Paul Thomas, CEO of Somnia, commented earlier this year that the initial excitement around NFTs had faded, with a growing focus on utility even for NFTs. He identified a key issue in the space, the lack of originality. Additionally, many prominent figures in the crypto industry, including billionaire Mark Cuban, began selling off their NFTs earlier this year.

Earlier on in the year, specifically in August, Deepak Thapiyal, CEO of Chain, sold a high-value CryptoPunk NFT, though some industry insiders speculated it sold for a significantly lower price than expected.

A Mixed Bag

Despite market uncertainties, a Techreport analysis on August 21st predicted that the NFT market could grow beyond $2.8 billion by 2028, with an increase in users to 14.67 million this year. In October, after months of decline, NFT sales surged by 18%, reaching $356 million. This figure was still far below the peak of $1.6 billion in March, with DMarket leading the way with over $33 million in trading volumes.

November has seen a slight rebound in activity, with Bitcoin and Ethereum seeing significant NFT sales. However, recent data by CryptoSlam indicates a 16% drop in sales volume, with Ethereum and Bitcoin experiencing declines of 29% and 35%, respectively. On the other hand, Polygon has seen a massive surge, with sales up by over 420%.

Bitwise Asset Management has submitted a proposal to the U.S. Securities and Exchange Commission (SEC) for a Bitcoin-Ethereum exchange-traded fund (ETF). If approved, the ETF will allow investors to gain exposure to Bitcoin (BTC) and Ethereum (ETH), the two largest cryptocurrencies, without needing to directly hold them.

The plan is for the ETF to be listed on NYSE Arca, although its ticker symbol has not yet been revealed. Previously, Bitwise made a notable update by revising its S-1 form and setting a fee of 0.20% for its Ethereum Spot ETF application. The move came shortly after the U.S. SEC approved Ethereum Spot ETF applications for both ProShares and Grayscale Investments.

Calculating The NAV

The fund will follow a straightforward strategy, simply holding Bitcoin and Ethereum and tracking their combined value, without engaging in active management or derivatives. To ensure accurate pricing, the Trust will rely on benchmarks developed by CF Benchmarks Ltd., which aggregate trading data from platforms like Coinbase, Kraken, and Gemini.

This will significantly help the overall value of the fund reflect the actual market conditions. The net asset value (NAV) of the Trust will therefore be calculated daily based on these benchmarks. Also, shares in the ETF will be issued or redeemed in blocks of 10,000 units, known as Baskets, which will contain specific amounts of Bitcoin and Ethereum, adjusted regularly to account for fees and market fluctuations.

Key Details

The Bank of New York Mellon (BNY Mellon) will serve as the administrator for the ETF, handling tax, accounting, and financial reporting, as well as acting as the cash custodian for the Trust. Foreside Fund Services will manage the marketing and ensure all promotional materials comply with SEC and FINRA regulations.

If the proposal is approved, the Trust might eventually allow shares to be created and redeemed in-kind with Bitcoin and Ethereum directly. For now, all transactions will be settled in cash. Bitwise Investment Manager, a subsidiary of Bitwise, will provide the initial capital to launch the ETF, purchasing Bitcoin and Ethereum ahead of its debut. Once the fund starts trading, shares will be accessible through traditional brokerage accounts.

Rumble, the video-sharing and cloud services platform, has unveiled plans to invest up to $20 million of its excess cash reserves into Bitcoin (BTC) as part of a new strategy aimed at diversifying its corporate treasury.

This move comes as the company seeks to explore alternative asset classes and secure its financial position in a rapidly evolving market. The allocation has been approved by the Rumble Board of Directors and is designed to position Bitcoin not only as a long-term strategic asset but also as a safeguard against inflation.

Still In Its Early Stages

Chris Pavlovski, Rumble Chairman and CEO, emphasized that the company believes Bitcoin adoption is still in its nascent stages, with its growth having been recently accelerated by the election of a U.S. presidential administration that is more supportive of cryptocurrencies and by a surge in institutional investment. Pavlovski expressed confidence in Bitcoin, recognizing its increasing role in the global financial system and its potential as a store of value.

As part of its broader vision, Rumble intends to integrate cryptocurrency more deeply into its platform. The company aims to become a leading video and cloud services provider for the crypto community, further expanding its user base and positioning itself at the forefront of the digital economy.

Developing Independent Infrastructure

This initiative aligns with the long-term mission that Rumble has adopted toward developing independent infrastructure and advocating for an open and decentralized internet. Management will therefore oversee the Bitcoin purchases, making decisions based on a variety of factors, including prevailing market conditions, price movements, and ongoing cash flow requirements.

This flexible approach allows Rumble to navigate the volatility of the cryptocurrency market while strategically increasing its exposure to Bitcoin over time.

In a significant move to strengthen its multi-chain ecosystem, Phantom Wallet has now integrated Base, a Layer 2 solution introduced by Coinbase and built on Ethereum (ETH). This new feature enhances the reach of the company across various blockchain networks, providing users with even greater flexibility and ease of use.

Accessibility And Safety

The integration, which has officially exited beta, allows Phantom users to transfer tokens between Base and other major blockchains like Ethereum, Solana (SOL), and Polygon (MATIC). Users can also purchase ETH and USDC directly on Base within the wallet, and exchange tokens across these chains effortlessly.

With Base support, users can now easily and safely interact with its ecosystem as easily as they do with Solana, Ethereum, Bitcoin, and even Polygon, Phantom explained in a recent post. Originally launched as a Solana wallet, Phantom evolved into a multi-chain platform in May 2023, adding support for Ethereum and Polygon.

Emphasizing Cross-Chain Interoperability

Brandon Millman, Phantom Co-Founder and CEO, emphasized his strong belief that the future of digital asset management lies in cross-chain interoperability, and that Phantom is completely dedicated to giving their users the tools they need to easily navigate and transact across a diverse range of blockchain networks.

Base, while ranking sixth in total value locked (TVL) among blockchain networks, remains the largest Layer 2 chain, with a TVL of around $3.4 billion, edging out Arbitrum and their amount of $3 billion, according to DeFiLlama. This continued growth highlights the prominence of Base in the Layer 2 space, further solidifying its place in the broader crypto ecosystem.

The Permanent Electoral Authority (ROAP) in Romania is utilizing blockchain technology to count and validate votes in the presidential election on November 24th. Ovidiu Damian, a blockchain developer based in Romania, shared the news on X earlier today.

Bolstering Resilience And Efficiency

People globally can track the transactions in real-time on a public ledger, accessible through a dashboard on the official ROAP website. At the time of writing, 83,859 blocks, each containing cryptographically verified votes, have been added to the blockchain. The voting dashboard for the 2024 Romania presidential election is displayed on the website as well.

In addition, the Special Telecommunication Service (STS) in Romania also collaborated on the website, with the system utilizing the European Blockchain Services Infrastructure (EBSI), a network comprising nodes across 27 European nations.

The system aims to bolster the resilience of the electoral process by ensuring traceability and enhancing trust in the integrity of the data. For the first time, the digital signatures of this data will be anchored within the EBSI blockchain network, offering an added layer of security and traceability.

MultiversX Gains Traction

Romania has made notable strides in blockchain development in recent years. In 2023, ICI Decentralized Services, a European government entity, launched an NFT trading platform in collaboration with the MultiversX Foundation, operating on the MultiversX (EGLD) blockchain. Furthermore, in 2024, the Romanian national news agency, Agerpres, published its first official news article as an NFT, permanently recorded on the MultiversX blockchain.

Blockchain enthusiast Andu Tabacu commented on the growing use of blockchain for projects in Romania like the presidential election. MultiversX (EGLD), also based in Romania, has gained international attention, with creators Beniamin Mincu, Lucian Mincu, and Lucian Todea promoting blockchain awareness worldwide. MultiversX is seen as a promising competitor to Ethereum (ETH), with experts recognizing its growth potential.