The biggest news in the crypto world on November 30th included Kraken laying off 1,100 employees, crypto winter getting tougher, and Binance acquiring Sakura Exchange BitCoin (SEBC) to expand into Japan. and Brazil approved a bill to accept Bitcoin as a payment method. , and Animoca Brands, he launched a $2 billion fund to invest in the Metaverse.
CryptoSlate Top Stories
Kraken furloughs 1,100 people to adapt to current market conditions
Due to the worsening crypto market recession, the Kraken lay off Approximately 1,100 staff, representing 30% of the workforce.
Kraken CEO Jesse Powell said the layoffs were necessary for the exchange to cut costs and adapt to current market conditions.
Affected staff will receive up to 16 weeks of severance pay and assistance in finding new job opportunities.
Ethereum Accumulation Trend Hits New Highs After FTX Implosion
Santiment on-chain data shows that just before the Ethereum merge, wallets holding between 100 and 100,000 ETH hit a 20-month high. Whale and shark accumulation patterns also increased following the FTX fallout.
As of November 28, the number of active addresses on Ethereum reached its highest level in over six weeks of 500,000 active addresses, pushing the price up 11% over the past seven days.
Brazil approves cryptocurrency bill accepting Bitcoin as a payment method.
Brazilian lawmakers have moved to pass a cryptocurrency bill that would allow Bitcoin as a method of payment in the Latin American country.
Following approval by lawmakers, the bill was sent to the president’s office for final approval and implementation.
Insights into Sam Bankman-Fried’s ‘Dark’ Republican Political Donations
Nov 29, Crypto Journalist Tiffany Fong We published an interview with former FTX CEO Sam Bankman-Fried (SBF), commenting on donations to US politicians.
The SBF confirmed that he donated to the Democrats and Republicans.
Binance re-enters Japan, controlling over 75% of the exchange’s monthly trading volume.
Binance has completed its acquisition of Japan’s Sakura Exchange Bitcoin (SEBC). A 100% stake in SEBC will enable the major cryptocurrency exchange to fully operate a regulated cryptocurrency exchange in the East Asian region.
This acquisition will help Binance strengthen its position as the most important exchange by trading volume. Data from Block shows that Binance accounts for 75% of total trading volume, while other exchanges such as Coinbase, KuCoin and Kraken manage less than 10% of trading volume. .
Animoca Launches $2 Billion Investment Fund for Metaverse
Venture capital firm Animoca Brands announced plans to launch an Animoca Capital fund to raise up to $2 billion to invest in the Metaverse business.
Animoca CEO Yat Siu added that the fund will prioritize “everything about digital property rights” and will be open to early-stage startups looking to build the Web3 ecosystem.
CEO Pavel Durov says Telegram is about building a non-custodial wallet and decentralized exchange.
Telegram founder Pavel Durov has revealed plans to build a decentralized exchange (DEX) and non-custodial wallet in the coming months.
Durov added that he is considering bootstrapping the decentralized auction platform Fragment. The crypto username marketplace has sold about $50 million worth of usernames in the last five weeks.
“This kind of volatility is nothing new to us,” says SilverGate CEO as the crypto market continues to struggle.
SilverGate CEO Alan Lane told CNBC that the current financial recession is having a severe impact on financial markets, including Bitcoin. But volatility is nothing new for his company, which is built to thrive through bull and bear markets.
As of September 30, Silvergate reportedly holds around $13 billion in reserves. It is used to serve customers through market downturns.
Bitcoin’s 1.7% inflation rate is better than the Fed’s target of 2%.
Bitcoin inflation is currently at 1.7%, well below the Fed’s inflation target of 2%. However, the Fed is considering rate hikes to push inflation to around 4%.
As a result, Bitcoin is considered superior to the Federal Reserve’s financial instruments because its inflation rate is predictable and cannot be adjusted.
News around Cryptoverse
Uniswap Offers NFT Trading
Uniswap users can now buy, sell, exchange Using NFT directly on the decentralized exchange platform. Lists the first set of NFTs from OpenSea, X2Y2, Sudoswap, and LookRare.
Uniswap added that it will airdrop $5 million and provide gas rebates to the first 22,000 NFT buyers.
LedgerX transfers $175 million to FTX
FTX’s subsidiary, LedgerX, plans to transfer approximately $175 million to help FTX through the bankruptcy process. bloomberg report.
The funds will be drawn from the $250 million fund that LedgerX planned to enroll in US derivatives offerings before the FTX empire collapsed.
Coinbase thwarted a $450,000 extortion attempt.
A malicious actor tried to extort approximately $450,000 from Coinbase. Furthermore, he claimed that he had obtained sensitive data of 306 million Coinbase users and threatened to release it through Coindesk.
However, Coinbase’s security team said the claim was false as the hackers were unable to access Coinbase’s database.
Over the last 24 hours, Bitcoin (BTC) rose +3.44% to trade at $17,054 while Ethereum (ETH) rose +5.65% to trade at $1,290.