Crypto Headlines of the Week: Crypto Valuations Soar, Binance Challenges

KEY TAKEAWAYS

As the dust settles on the seismic shifts within Binance, some public crypto players continue to experience significant upward momentum. For instance, Coinbase has seen its stock price reach the highest point in the past 18 months while Microstrategy's shares have climbed to levels not seen since December 2021.

If you read last week’s crypto headlines, you may remember it as a week dominated by bad newsplenty of lawsuits and allegations leveled at major players.

That said, this week, shares in crypto companies have continued to surge higher. Specifically, Coinbase has seen its shares surge to an 18-month high, while Microstrategy’s stock has reached levels not seen since December 2021.

Still, there was drama this week, with Binance again in the headlines for the wrong reasons, as we’ll see below

Here are this week’s top crypto headlines:

Coinbase Shares Surge to 18-Month High

US-based cryptocurrency exchange Coinbase has seen its shares surge to an 18-month high as the platform positions itself as a Binance alternative.

On November 27, Coinbase’s share price closed at $119.77, the highest level in more than one and a half years. 

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Coinbase Stock Hits 18-Month High Alongside Bitcoin and Ethereum (Decrypt)

Microstrategy’s Stock Reaches Two-Year High

Staying with valuations, MicroStrategy, the enterprise business firm well-known for its optimistic stance on Bitcoin, has also witnessed a surge in its stock price amid soaring BTC prices.

The company’s shares have surpassed $500, marking levels not seen since December 2021. Boasting a market capitalization of $7.33 billion, MicroStrategy’s profitable approach of holding Bitcoin for the long term has yielded favorable results. 

MicroStrategy’s Bitcoin Holdings Drive Stock to Two-Year High – Here’s the Latest (Cryptonews.com)

Digital Asset Funds See Largest Inflows Since Late 2021

Digital asset funds saw the largest inflows since late 2021 last week as investors poured their money into crypto products for the ninth consecutive week amid anticipation of a spot Bitcoin ETF.

Those products, such as trusts and exchange-traded products, saw inflows of $346 million last week.

Volume 159: Digital Asset Fund Flows Weekly Report (CoinShares)

Genesis and DCG Propose to Settle Lawsuit

Bankrupt crypto lender Genesis and its parent company, Digital Currency Group (DCG), have struck a deal that could end an ongoing lawsuit to claw back $620 million in repayments from DCG.

As part of the agreement, DCG has agreed to pay its outstanding $324.5 million in loans by April 2024, with Genesis allowed to chase up any unpaid amounts.

Genesis strikes repayment deal with parent firm DCG to end $620M lawsuit (Cointelegraph)

Binance’s Zhao Ordered to Stay in the U.S.

A federal judge has ruled that former Binance chief Changpeng Zhao must stay in the U.S. for now.

Zhao will be required to stay in the United States until the Seattle court considers whether he should remain through his sentencing hearing in February or be allowed to return to the United Arab Emirates, where he is a citizen.

Former Binance CEO Changpeng Zhao must stay in the U.S. for the time being, judge says (Reuters)

Philippines Warns Citizens About Using Binance 

The Securities and Exchange Commission of the Philippines has reminded citizens that Binance cannot operate or offer its services in the country, even though it is trying to.

The agency added that Binance does not hold the required licenses to advertise and serve customers in the Philippines. 

Philippines issues warning to citizens about using Binance (Blockworks)

Wormhole Raises $225M at a $2.5B Valuation

Wormhole has raised $225 million at a $2.5 billion valuation, making it the most significant funding round for a crypto project in 2023.

The raise was technically its first, Saeed Badreg, CEO of Wormhole Labs, told Fortune. Wormhole is a decentralized message-passing protocol for blockchains that enables blockchain interoperability. 

Wormhole raises $225 million at a $2.5 billion valuation, finalizing split from Jump Crypto amid the firm’s recent pullback (Fortune)

Standard Chartered Target $100,000 Bitcoin by End of 2024

Standard Chartered Bank has restated its previous projection that the price of Bitcoin will hit $100,000 by the end of 2024.

The bank said that the approval of various spot Bitcoin ETFs in the United States will serve as the next driving force behind the cryptocurrency’s expansion, with these events expected to happen earlier than initially foreseen.

Bitcoin (BTC) Price Will Reach $100,000 in 2024 –Standard Chartered Bank (Nasdaq)

SoFi Shuts Crypto Service

SoFi Technologies (SOFI), an online bank and financial services company, will shut its crypto business by December 19.

The platform has told customers they can transfer their digital assets to Blockchain.com’s platform or liquidate them.

Digital Finance Firm SoFi Hands It’s Crypto Business to Blockchain.com (CoinDesk)

Microstrategy Buys More Bitcoin

MicroStrategy purchased 16,130 Bitcoin in November, raising its holdings to roughly $6.5 billion. It was the company’s biggest purchase since it bought 19,452 Bitcoin for just over $1 billion in February 2021.

MicroStrategy’s Saylor Makes Biggest Bitcoin Purchase In More Than 2 Years (Bloomberg)

The Bottom Line

As the dust settles on the seismic shifts within Binance, some public crypto players continue to experience significant upward momentum. For instance, Coinbase has seen its stock price reach the highest point in the past 18 months, while Microstrategy’s shares have climbed to levels not seen since December 2021.

However, amidst these positive developments, additional controversies have been involving Binance.

The Philippines has warned its citizens that Binance is not authorized to operate or provide its services within the country. Furthermore, U.S. prosecutors have ordered Changpeng Zhao to remain in the United States.

WANT TO READ MORE? Our Tech Headlines of the Week

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Ruholamin Haqshanas

Ruholamin is a crypto and financial journalist with over three years of experience. Apart from Techopedia, he has been featured in major news outlets, including Cryptonews, Investing.com, 24/7 Wall St, The Tokenist, Business2Community, and has also worked with some prominent crypto and DeFi projects.  He holds a Bachelor's degree in Mechatronics. Ruholamin enjoys reading about tech developments, writing, and nature-watching