The Blockchain Bulletin, Dec 4: Cambodia Blocks 16 Major Crypto Exchanges

Over the last 24 hours, the crypto community has been buzzing with activity. Changpeng Zhao, the former CEO of Binance, aroused the internet by posting a cryptic message on his X profile. Featuring the ‘alt’ key in a keyboard, Zhao stated that the key is available in Windows and Linux, but not so on Mac. The post, which went viral, speculated Zhao’s inclination to altcoin rally. Following this, Binance reached a new all-time high of over $770, witnessing a 15.90% surge over the last 24 hours.  

With the bull market in its early stages, an altcoin rally is expected shortly. Also, several altcoins like Moo Deng, MyLovelyCoin, Verge, and even XYO have experienced gains. With the recent performance of XRP and Bitcoin, the altcoins will evoke investor interest. Bitcoin, the primitive crypto coin, with its dominance at 95K, is giving analysts a tough time. The coin, which nearly reached 100K, dipped drastically and has regained its footing. However, market observers are skeptical of its next move. 

Despite mixed reactions, an analyst, Crypto Rover, stated that liquidity is being accumulated above $100K with short sellers in the vicinity. He added that with a slight push, it would potentially soar. Adding leverage to his statement, Polymarket, the blockchain prediction market, stated that Bitcoin has a 62% chance of hitting the $100K mark. Following Bitcoin growth, XRP and ADA increased by 17.9% and 17.1%, respectively, in the last 24 hours. The Fear and Greed Index is marked at 79, signaling investor greed in the market.  

MicroStrategy has increased its Bitcoin holdings by adding another 15,400 BTC. The total holdings of the firm are 402,100 BTC worth $38.47B. With this, the firm’s total Bitcoin investment is a 63.8% unrealized gain. The latest acquisition of $1.48B was received through the firm’s equity program by selling 3.7M shares of Class A common stock. 

Tether, the stablecoin pegged to the U.S. dollar, minted about $1 billion USDT to meet the rising DeFi and trading issues. Since November, it has minted about $16B USDT on Ethereum and Tron. The mint highlights the growing demand for stablecoins in the market. Compared to Ethereum, Tron holds 37.9% of the stablecoin market.

Vitalik Buterin stated that China played a pivotal role in the development of Ethereum. The co-founder of the exchange stated that a Chinese investment company, Wanxiang, supported Buterin in 2015 by providing $500K as an investment. With this, Buterin stated that Ethereum had a new lease of life and had become what it is today. 

The Bitget crypto exchange, based in Seychelles, launched a trading platform, BitEXC, targeting Vietnamese audience. One of the first countries to adopt crypto, over 21% of the population in Vietnam uses digital assets. With BitEXC, a comprehensive trading experience can be witnessed, featuring spot trading and futures. 

Coinbase, one of the major crypto exchanges, has integrated the Apple Pay payment system into its Onramp tool. This will enhance fund transfers for users and help them buy Bitcoin and Dogecoin efficiently. The payment system will convert fiat into crypto within seconds, bypassing lengthy know-you-customer (KYC) procedures. This integration could leverage Coinbase’s position in the market. 

However, the exchange is facing regulatory issues in Cambodia. The Securities and Exchange Regulator of Cambodia (SERC) banned nearly 16 major crypto exchanges, including Binance, Coinbase, and OKX, for operating without a proper license in the country. This rash move was undertaken to curb online scams linked to cryptocurrencies. Despite the ban, the apps of the platforms were operational. 

The U.S. government’s move to shift Bitcoins to Coinbase Prime has sparked controversy in the community. Over 19,800 Bitcoins worth $1.92 billion were moved to the wallet. The funds seized from the Silk Road Marketplace were initially moved to a new wallet and later transferred to the Coinbase Prime wallet. Due to the shift, the Bitcoin price experienced a slight dip, causing a stir among investors.