From Bitcoin preparing for a parabolic rally to Circle partnering with SBI Holdings, here are some of the top stories in the crypto space.

Bitcoin News

Anonymous analyst Credible Crypto told his 353,900 followers on the X platform that Bitcoin is preparing for a parabolic rally similar to what happened in late 2020 to early 2021.

The analyst shared a chart showing that BTC appears to be mimicking a pattern last seen a few years ago when the asset rose from around $13,000 to $60,000 in just a few months. This pattern was also seen in 2019 when Bitcoin rose from $4,000 to $14,000.

Source: Credible Crypto

Looking at the analyst’s chart, he appears to be predicting that Bitcoin will surpass $42,500 by December 11.

In addition to market structure, Credible Crypto is also looking at other data sources that he believes support his bullish bias. According to the analyst, Bitcoin's open interest (OI), which tracks the total number of outstanding Bitcoin futures and options contracts, indicates that highly leveraged traders have been squeezed out.

He also said that Bitcoin spot traders appear to be accumulating.

“First, OI continues to be in a tight range, indicating that leverage is decreasing. This is a positive sign. Second, Coinbase has not initiated a sell-off, but instead has continued to buy. Third, we can see that despite the buying in this tight range (thanks to Binance spot sellers selling $50 million to the market compared to Coinbase’s $20 million buy), the price has remained flat, indicating that buyers are absorbing most of the selling. Finally, funding rates and fees in the perpetual market have also remained relatively stable. Overall, the recent correction may have been even shallower than initially anticipated due to the lack of OI to generate liquidations.”

Source: Credible Crypto

Ripple News

Emi Yoshikawa, Ripple's VP of Strategic Initiatives, invites all XRPL-focused developers to participate in the XRP Ledger DeFi hackathon.

The event is set to begin on November 26, 2023, in Shibuya, Tokyo. The official website says the organizers will accept applications until December 10, 2023.

Successful products will be showcased during the demo day on December 12, 2023. The XRPL DeFi hackathon team has outlined three main directions for smart contract and dApps developers.

In the upcoming hackathon, applications for XRP Ledger trading, including decentralized cryptocurrency exchanges with automated market making tools, token tools, etc. will be focused on.

Additionally, XRP Ledger enthusiasts can submit applications using Hooks modifications, cross-chain bridges, and other programmable developments on XRP Ledger.

The announcement said the total prize pool for the winners is capped at the equivalent of $10,000, while a separate $1,500 prize pool will be shared among projects using the Ethereum Virtual Machine (EVM) sidechain.

XRP Developer “Hints” About Mastercard Integration in Wallet Upgrade

In a major development for the XRP community, Wietse Wind, the influential figure behind XRPL Labs and lead developer of the widely used XRP wallet, Xumm, has hinted at a major upgrade.

The highlight of this reveal is the introduction of Tangem NFC hardware wallets integrated with Xumm. These hardware wallets can be pre-ordered with XRP, include an account reserve, and an additional $50 worth of XRP, all without verification.

Wind also revealed that the team is actively working on a groundbreaking feature, integrating with Debit Mastercard. This upcoming upgrade will give users the convenience of self-custody along with the flexibility of using a debit card, with customizable limits on the ledger via XRPL Hooks.

Zipmex News

In order to comply with the regulations of the Securities and Exchange Commission of Thailand, Zipmex has decided to temporarily suspend trading activities in the land of golden temples.

According to an announcement on November 25, Zipmex Thailand branch has suspended new deposits and transactions on the platform.

However, the exchange will still process withdrawal requests until January 31, 2024. After this period, users need to contact Zipmex customer service for withdrawal support.

Binance News

Binance has decided to delist and cease trading on the following tokens: BitShares (BTS), PERL.eco (PERL), Tornado Cash (TORN), Waltonchain (WTC) at 10:00 on December 7, 2023 (UTC).

The exact trading pairs removed are: BTS/USDT, PERL/USDT, TORN/BUSD, WTC/BTC, WTC/USDT.

All trading orders will be automatically deleted after trading stops in each respective trading pair.

Deposits of these tokens after 10:00 on 08/12/2023 will not be credited to the account. Binance will stop supporting withdrawals of the above tokens after 10:00 on 07/03/2024.

Circle News

Circle, the company that issues the USDC stablecoin, has partnered with Japanese banking and securities giant SBI Holdings to expand its presence in the land of cherry blossoms.

In a statement released on Monday, Circle said it signed a Memorandum of Understanding with SBI Holdings, in which “SBI Group and Circle will initially work towards the circulation of USDC, expanding the use of the stablecoin in Japan.”

SBI VC Trade is now seeking to register in the country as an electronic payment instrument service in an attempt to circulate the USDC stablecoin in Japan, the world's third-largest economy that is expected to fall to fourth place in the world this year according to estimates by the International Monetary Fund (IMF).

NFT News

On November 26, the official account of NFT exchange OpenSea with 2 million followers posted a promotion about FATZUKI, an NFT collection based on Azuki.

This would be fine if it was just a normal NFT collection. However, according to the investigation, FATZUKI's media channels have stopped updating since July this year. This has raised suspicions in the community, and at the same time, accused OpenSea of ​​deliberately using its influence to inflate the price of the collection, thereby creating liquidity for others to sell off the goods.

After OpenSea's post, FATZUKI selling occurred massively.

According to the data, the floor price of FATZUKI skyrocketed by 6 times, but the 24-hour trading volume only reached over $12,000.

PulseChain News

The trial of Richard Heart, the founder of the Hex and PulseChain projects, has been postponed until early next year.

Richard Schueler, also known as Richard Heart and founder of two crypto projects Hex and PulseChain, will be tried on January 30, 2024, instead of November 28 as originally scheduled.

The US Securities and Exchange Commission (SEC) asked the Finnish Ministry of Justice in August to serve Schueler with the lawsuit while he was residing in Helsinki, but has yet to receive official information.

Previously, on July 31, the SEC filed a lawsuit against Richard Heart for allegedly raising more than $1 billion in unauthorized securities offerings since late 2019. At the same time, the SEC charged Richard Schueler with defrauding investors, misappropriating at least $12 million in customer money for personal use instead of using it to develop protocols.

Inferno News

Earlier this year, the first mentions of the Inferno attack reported that nearly 5,000 people were targeted by the software (Drainer), resulting in nearly $6 million in damages.

The modus operandi of this service is usually to copy the websites of projects designated by a person on Telegram. Once the targets are targeted, Inferno's scam software will empty the wallet and pay 80% to the collaborator.

However, this is just the beginning. Currently, blockchain researchers say, the stolen funds are worth more than $71 million. On the other hand, the administrator of Drainer claims that the actual total stolen funds is more than $80 million.

If the malware vendors' figures are accurate, the group behind the wallet withdrawal tool has raked in around $16 million worth of illicit profits over the past half year.

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