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There were several noteworthy developments in the fast-paced world of cryptocurrencies last week. The overall sentiment was positive, with many crypto prices resuming their upward movement and more capital flowing into the industry.
Here’s are this week’s major crypto stories:
Former FTX Executives Launch New Exchange
Former FTX executives, including former general counsel, Can Sun, and former Alameda Research software developer Armani Ferrante, have teamed up to start Trek Labs, a Dubai-based company that recently obtained a license from the Virtual Assets Regulatory Authority.
Key Witness at Sam Bankman-Fried Trial to Launch New Crypto Exchange (The Wall Street Journal)
Hong Kong Includes Bitcoin in Investor Migration Program
Hong Kong’s Legislative Council has proposed including Bitcoin (BTC) purchased from licensed exchanges as part of the city’s reformed investor immigration program. The move underscores the region’s progressive stance on virtual currencies.
JUST IN: 🇭🇰 Hong Kong considers counting #Bitcoin assets under the Investment Immigration Program, while excluding real estate assets. pic.twitter.com/F5yeHTmFg8
— Bitcoin Archive (@BTC_Archive) November 13, 2023
Betting on Bitcoin: Hong Kong’s Immigration Investment Scheme Opens Doors for Crypto (BeInCrypto)
Digital Asset Funds See Inflows For Seven Consecutive Weeks
Investment funds focused on digital assets like bitcoin and ethereum (ETH) saw inflows for the seventh consecutive week, topping $1 billion year-to-date amid a crypto market rebound in 2023. Ethereum saw its largest inflow since August 2022 of $49 million. Solana also saw further inflows totaling $12 million.
Volume 157: Digital Asset Fund Flows Weekly Report (CoinShares)
Hodlnaut Ordered to Liquidate
The Singapore High Court has ordered the cryptocurrency lending platform Hodlnaut to undergo liquidation. Hodlnaut suffered substantial losses amounting to around $190 million due to its investments in the Terra ecosystem, which collapsed last year.
High Court Orders Liquidation of Hodlnaut Crypto Lending Platform – 17,000 Users Impacted (Cryptonews.com)
READ MORE: Top Tech Headlines of the Week
Blockchain.com Raises Funds at Fraction of Previous Valuation
Blockchain.com has closed a $110 million round of funding led by UK-based Kingsway Capital. The Series E strategic financing leaves the company valued at less than half of its $14 billion valuation in the spring of 2022, a person familiar with the matter told Bloomberg.
Crypto Exchange Blockchain.com Raises $110 Million at a Fraction of Prior Valuation (Bloomberg)
Bitcoin Millionaire Wallets Triple in 2023
The number of crypto wallet addresses holding more than $1 million in bitcoin has more than tripled this year. BitInfoCharts data shows the number of addresses with more than $1 million in BTC increased from 23,795 on January 1 to 81,925 currently, a 237% increase in the last 11 months.
This is probably based on only on-chain data. 🤷♂️
But please don't FOMO. 🙏
—
Over 60,000 Bitcoin millionaires emerge in 2023, 3x more since January https://t.co/Yfs6fr8mPR
— CZ 🔶 BNB (@cz_binance) November 13, 2023
Number of Bitcoin millionaire wallets triples in 2023 (Cointelegraph)
SEC Collected $5 Billion in Fines in 2023
The SEC filed 784 enforcement actions in the fiscal year that ran through September, garnering $4.95 billion in penalties and other financial remedies. The total financial remedies in fiscal 2023 were the second-highest in SEC history, following last year’s record of $6.4 billion, including both disgorgement and interest in addition to civil penalties.
US SEC enforcement collected nearly $5 bln in financial remedies last year (Reuters)
Judge Denies Bail for SafeMoon CEO
SafeMoon CEO Braden John Karony has been denied bail due to the arguments put forth by federal prosecutors that he is a potential flight risk and a possible “danger to the community”. The decision was made by New York District Judge LaShann DeArcy Hall, who intervened after prosecutors contested a Utah Magistrate judge’s decision to grant Karony a $500,000 bail.
New York Judge denies bail for SafeMoon CEO (Crypto.news)
Major German Bank Receives Crypto Custody Service
German bank Commerzbank is the first “full-service bank” to receive a crypto custody license. The license will let the Frankfurt-headquartered global bank offer a broad range of digital asset services, “with particular emphasis on crypto assets.”
Commerzbank scores crypto custody license in Germany (Blockworks)
Binance Partners With Gulf Energy to Launch Exchange in Thailand
Binance is partnering with Gulf Energy, one of Thailand’s largest private producers of energy, to launch an exchange in Thailand. The exchange will be operated through a joint venture between Binance and a unit of Gulf Energy Development, a major energy company founded by Thai billionaire Sarath Ratanavadi.
Binance is launching an exchange in Thailand with a Thai energy mogul who’s worth $10.6 billion (Fortune)
Crypto Market Shows Signs of Recovery
The crypto market and overall ecosystem may be showing signs of recovery after a prolonged bear market. The total crypto market capitalization is up about 31% to $1.41 trillion over the past month, with NFT sales increasing 64% during the same period.
Crypto market showing signs of recovery as prices, NFT sales rise on the month (TechCrunch)
The Bottom Line
From the launch of a new exchange by former FTX executives to Hong Kong’s embrace of bitcoin in its investor migration program, the crypto market continues to expand and gain recognition.
The inflows into digital asset funds, the increasing number of Bitcoin millionaire wallets, and rising NFT sales all point to a potential market recovery.
