Daily Quotes (10:00 am, December 13, 2023)
ChainDD's market data on December 13 shows that the combined DD index and CoinMarketCap quotes are:
BTC was at $40,834.71, down about 2.45% in 24 hours;
ETH was at $2,165.08, down about 3.33% in 24 hours;
BNB reported $247.24, down about 2.32% in 24 hours;
DOT was at $6.80, down about 1.95% in 24 hours;
DOGE was trading at $0.9138, down about 5.75% in 24 hours.
Chain Circle Dynamics
Ethereum staking network SSV Network launches permissionless mainnet
Ethereum staking network SSV Network has launched its permissionless mainnet, achieving this milestone using “distributed validator technology” (DVT).
It is reported that DVT enables Ethereum validators to share responsibilities with multiple parties, prevent single points of failure and improve overall resilience. The project said that with the launch of the SSV Network permissionless mainnet, anyone can stake and contribute to the overall health of Ethereum.
EOS EVM 0.7.0 RC-1 is now available on the testnet
EOS Network Foundation announced on the X platform that EOS EVM 0.7.0 RC-1 has been launched on the testnet. This update introduced WebSocket support.
Celestia is integrating with Polygon CDK to support developers launching Layer 2 networks
DA (data availability) solution Celestia announced on Tuesday that it is “integrating” with Polygon’s Chain Development Kit (CDK), a set of software tools that can be used to launch new Layer 2 networks on top of Ethereum.
The integration means Celestia will plug into Polygon’s customizable software stack, which is powered by zero-knowledge technology, allowing developers to use the data availability solution when launching their own blockchains.
Coinbase's Project Diamond allows institutions to issue and trade digital debt instruments using Base
Developed by Coinbase Asset Management, Project Diamond will allow institutional investors to issue and trade digitally native debt instruments using Base.
The platform combines Coinbase Prime’s custody service, the exchange’s Web3 crypto wallet, USDC, and Layer 2 network Base to create a capital market; it has now received in-principle approval from the Financial Services Regulatory Activity (FSRA) of the Abu Dhabi Global Market (ADGM) and will enter the agency’s RegLab Sandbox, and has issued and distributed its first debt instrument (a short-term discount note denominated in USDC) on Base.
Cryptocurrency News
Montenegro High Court extends Do Kwon’s detention until February 15 at request of US and South Korean authorities
The Montenegrin High Court extended the detention of Terraform Labs co-founder Do Kwon at the request of U.S. and South Korean authorities, said Marija Rakovic, a spokeswoman for the court. Rakovic said the Podgorica court ruled that the detention period, which was due to expire on Friday, would be extended by two months to February 15.
Earlier news, according to people familiar with the matter, Montenegro’s top judicial official privately stated that he plans to send Do Kwon to the United States instead of facing criminal charges in South Korea. Do Kwon has been imprisoned in the Balkans since March. Both the United States and South Korea are seeking to extradite him. Prosecutors in both countries hope to try Kwon on charges of fraud and violations of securities laws.
A Montenegrin court approved Do Kwon's extradition last month, but it will be up to Justice Minister Andrej Milovic to decide whether to send him to the United States or South Korea. Milovic has not yet announced his decision, and he is unlikely to do so until the country's courts rule on a last-ditch appeal filed by Kwon against the court ruling.
Binance responds to SEC supplementary briefing: The settlement agreement with the US Department of Justice has no substantive connection with the SEC’s allegations
Binance filed documents with the U.S. District Court for the District of Columbia, stating that the settlement agreement previously reached between Binance and the U.S. Department of Justice (DOJ) and the Financial Crimes Enforcement Network (FinCEN), an agency under the Treasury Department, has no substantial connection with the SEC's allegations against Binance, and the SEC's supplementary brief did not present any new valid evidence in this case.
Earlier news, the U.S. SEC stated that Binance Holdings Ltd. recently reached a $4.3 billion settlement agreement with the Department of Justice and other U.S. authorities, supporting its lawsuit against the exchange.
Although the SEC was not involved in the agreement, it argued that the federal court hearing the case in Washington should weigh the admissions made by Binance and its former CEO CZ in the Nov. 21 settlement. The company and CZ have asked the court to dismiss the SEC’s lawsuit.
Binance’s settlement with the U.S. government ends a years-long investigation by the Department of Justice, multiple divisions of the Treasury Department, and the CFTC, though the deal does not include the SEC, which sued Binance and CZ in June.
Bloomberg analyst: Four issuers met with the SEC on spot Bitcoin ETFs in the past few days
Bloomberg analyst James Seyffart said on the X platform that in the past few days, four different issuers have met with the U.S. Securities and Exchange Commission (SEC) about their Bitcoin ETF applications. BlackRock met with them yesterday, the third time in recent weeks. Grayscale, Franklin Templeton and Fidelity each held meetings last week. The SEC's Trading and Markets Division and Corporate Finance Division both attended these meetings. These two departments will ultimately decide whether the 19b-4 and S-1 applications are approved or rejected.
C Capital, owned by Hong Kong real estate tycoon Adrian Cheng, has obtained Type 4 and Type 9 licenses issued by the Hong Kong Securities and Futures Commission
The Hong Kong Securities and Futures Commission has released the November updated information on new licensees and registered institutions, which shows that C Capital Investment Management Limited, owned by Hong Kong real estate tycoon Adrian Cheng, has obtained licenses No. 4 and No. 9 issued by the Hong Kong Securities and Futures Commission.
It is reported that the Hong Kong Securities and Futures Commission's License No. 4 is a license for providing advisory opinions on securities, and License No. 9 is an asset management license.
Earlier in September, Adrian Cheng's fund C Capital announced the successful completion of its third round of private equity fund fundraising. The total investment amount of its main fund and related co-investment tools exceeded US$250 million, equivalent to approximately RMB 1.8 billion, making it the company's largest private equity fund to date.
He Yi: The crypto cycle still exists, and the market will reach its peak next year or the year after
Today, Binance CEO Richard Teng and co-founder He Yi held their first joint Chinese AMA. In the AMA, He Yi said that the market will reach a high point next year and the year after.
She said that the crypto cycle still exists. The market will reach its peak next year or the year after. However, as the industry becomes larger, the growth rate will be lower than the previous cycle.
Analysis: BlackRock's spot Bitcoin ETF supports cash subscription and may help traditional institutions participate
According to BlackRock's recent revision of the redemption model of its Bitcoin spot ETF, authorized participants will be able to subscribe for new fund shares with cash, not just cryptocurrencies. Since strictly regulated US banks themselves cannot hold Bitcoin, this setup may allow financial giants such as JPMorgan Chase and Goldman Sachs to become authorized participants of BlackRock's ETF.
According to previous news, the memo showed that companies such as BlackRock and Fidelity met with the US SEC in the past few weeks to discuss the redemption process of Bitcoin spot ETFs. The issue discussed is three separate models (cash/physical/revised physical redemption model) to determine which entity must sell Bitcoin if investors want to redeem shares of the underlying assets. Fidelity seems to be inclined to stick to the model of physical redemption of Bitcoin spot ETFs, while the SEC may prefer the cash model.
Vivian Fang, a finance professor at Indiana University, said BlackRock's revised redemption model may be sufficient to meet the SEC's requirements. From an investor's perspective, there is no difference between the cash model and the revised physical model. Regardless of the model, investors can still get cash back when they redeem their shares. BlackRock's revised plan will not require asset management companies to immediately liquidate Bitcoin holdings on demand, will reduce the impact of large-scale collective redemptions on ETFs, and allow for more flexible management of portfolios without incurring capital gains taxes.
