In the news this week
Sam Altman ousted from OpenAI, CTO Mira Murati named interim CEO
ChatGPT developer OpenAI removed founder Sam Altman as CEO on November 17. Mira Murati, chief technology officer, now serves as interim CEO. According to a blog post, the board engaged in a “deliberative review process,” which resulted in the conclusion that Altman “has not been consistently forthright in his communications with the board of directors.” administration, which hindered its ability to carry out its responsibilities.” Shortly after, OpenAI co-founder and president Greg Brockman revealed his departure from the organization.
BlackRock Files Form S-1 for Spot Ether ETF with SEC
The world’s largest asset manager, BlackRock, officially filed for an Ether spot exchange-traded fund (ETF) with the United States Securities and Exchange Commission (SEC) on November 15. The ETF, dubbed the iShares Ethereum Trust, aims to “generally “reflect” the price performance of Ether,” according to the S-1 filed with the SEC. The iShares brand is associated with BlackRock’s ETF products. BlackRock’s move comes nearly a week after it registered the iShares Ethereum Trust with the Delaware Division of Corporations and nearly six months after it filed its one-time Bitcoin ETF application. Following BlackRock’s filing, asset manager Fidelity has also requested the green light for its own Ether ETF.
Australia to impose capital gains tax on wrapped cryptocurrency tokens
The Australian Taxation Office (ATO) has released guidance on the treatment of capital gains tax (CGT) in relation to decentralized finance and the packaging of crypto tokens for individuals, confirming that Australians are liable for capital gains tax when packing and unpacking tokens. Transferring crypto assets to an address that the sender does not control or that already holds a balance will be considered a CGT taxable event, the ATO said in its statement. The CGT event will be triggered depending on whether the individual has recorded a capital gain or loss. A similar approach was considered to tax liquidity pool users, providers, and DeFi interest and rewards. Additionally, the packing and unpacking of tokens will also be subject to the triggering of a CGT event.
FTX Foundation Staffer Fights for $275,000 Bonus Promised by SBF
An employee of FTX’s charitable wing recruited by Sam Bankman-Fried is trying to collect $275,000, the remainder of his salary bonus claimed for 2022. Ross Rheingans-Yoo’s lawyers argued in a court filing that only $375,000 $650,000 of his bonus had been paid by FTX. They claim the remaining funds were owed when the crypto exchange filed for bankruptcy in November 2022. The fate of Rheingans-Yoo’s bonus will be determined by a Delaware bankruptcy judge who is overseeing FTX’s Chapter 11 bankruptcy.
WisdomTree Modifies Form S-1 Bitcoin ETF Spot Filing as Crypto Awaits SEC Decisions
WisdomTree filed an amended Bitcoin spot ETF prospectus in Form S-1 with the US SEC on November 16. The update comes a few months after WisdomTree refiled its application for a spot Bitcoin ETF in June 2023, proposing a rule change for listing and trading shares of the WisdomTree Bitcoin Trust. The amended prospectus mentions that the WisdomTree Bitcoin Trust ETF will trade under the symbol BTCW, with Coinbase Custody Trust serving as a custodian holding all of the trust’s Bitcoins on its behalf.
Winners and losers
At the end of the week, Bitcoin (BTC) is at $36,419ether (ETH) has $1,946 And XRP has $0.61. The total market capitalization is $1.38 trillion, according to CoinMarketCap.
Among the top 100 cryptocurrencies, the top three altcoin gainers of the week are Celestia. (AIT) at 103.39%, yearn.finance (YFI) at 88.04% and THORChain (RUNE) at 54.38%.
The top three altcoin losers of the week are Gas (GAS) at -64.85%, FTX token (TTF) at -35.17% and Neo (NEO) at -20.27%.
For more information on cryptocurrency prices, be sure to read Cointelegraph’s market analysis.
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Most Memorable Quotes
“Education and utility-based projects where usage is actually useful are how we can engage regulators. »
Navin GuptaManaging Director of South Asia, Middle East and North Africa at Ripple
“We believe derivatives will drive additional liquidity and hedging opportunities in the crypto space and represent the next critical step in the continued growth of this market.”
John Palmerpresident of Cboe Digital
“I’m very optimistic about a whole bunch of different things happening in crypto. (…) It will be a multi-chain world.
Brad GarlinghouseCEO of Ripple
“The phone and internet are not to blame for terrorist financing and neither should crypto.”
French HillUnited States representative
“I believe the code is a form of speech and is protected by the First Amendment.”
Vivek Ramaswamyentrepreneur and American presidential candidate
“The digital euro would also mean that each of us could be fully monitored. (…) Anyone who is against surveillance and for freedom does not need a digital euro!
Joana Cotarmember of the German Bundestag
Prediction of the week
Bitcoin Traders’ BTC Price Downside Targets Now Include $30.9K Bottom
Bitcoin circled $36,000 on November 16 as analysis hoped for a deeper price decline. Failing to establish a breakout beyond 18-month highs during the week, Bitcoin was uninspiring for market participants, some of whom were hoping to witness a further correction to retest lower levels .
“I would be happy to see this last rally finish the round trip at $35,000. Would be even happier to see a new $33,000 test,” wrote monitoring resource Material Indicators in part of today’s commentary on X (formerly Twitter).
A look at the BTC/USDT order book liquidity showed support at $35,000. Keith Alan, co-founder of Material Indicators, added that Bitcoin’s rising 21-day simple moving average has served as support in recent days.
“BTC continues to fight for a range above $36.5k,” he commented.
Popular pseudonymous trader Daan Crypto Trades also flagged $35,700 and $38,000 as the main downside and upside levels to watch, respectively. Gaah, another pseudonymous trader and contributor to on-chain analytics platform CryptoQuant, meanwhile warned that a sharper correction could push the market closer to $30,000.
FUD of the week
Cybersecurity team says up to $2.1 billion worth of crypto stored in old wallets is at risk
Cybersecurity firm Unciphered has disclosed a vulnerability dubbed “Randstorm,” which it says affects millions of crypto wallets generated using web browsers from 2011 to 2015. According to the company, while working to recover a Bitcoin wallet, she discovered a potential problem for wallets. generated by BitcoinJS and derivative projects. The issue could affect millions of wallets and around $2.1 billion in crypto assets, according to the cybersecurity company.
Swan Bitcoin to terminate customer accounts that use cryptocurrency mixing services
Bitcoin services platform Swan Bitcoin has warned its customers that it will be forced to terminate accounts interacting with crypto-mixing due to regulatory obligations of its partner banks. Customers learned of the new policy in a letter suggesting the changes are due to the U.S. Financial Crimes Enforcement Network’s proposed rule establishing new responsibilities for companies processing transactions from mixed services.
ENS developers urge Unstoppable Domains to abandon their patents or face legal action
Ethereum Name Service (ENS) founder and lead developer Nick Johnson is urging blockchain domain company Unstoppable Domains to abandon a recently granted patent or face a lawsuit, according to an open letter shared on X (formerly Twitter) . According to Johnson, the patent recently awarded by Unstoppable is “based entirely on innovations developed by ENS and contains no innovations of its own.” Unstoppable Domains founder Matthew Gould responded in the thread, saying there are “multiple naming systems.”
When worlds collide: joining Web3 and crypto from Web2
Airdrops: building communities or creating problems?
Best magazine articles of the week
I spent a week working in VR. But above all it was terrible…
Felix Ng, a journalist at Cointelegraph Magazine, spent a week working in virtual reality. It was mostly terrible… but there is potential.
Infiltrate Liberland: Dodge guards with inner tubes, decoys and diplomats
“Bitcoin is truly one of the most fundamental elements of Liberland: 99% of our reserves are in BTC.”
No civil protection for crypto in China, $300,000 to list coins in Hong Kong? Asia Express
Hong Kong Stock Exchanges Grow Amid Continued Investor Interest, Philippines to Issue $180 Million in Token Bonds, China Rules Out Civil Protection for Crypto, and More!
The most engaging blockchain reads. Delivered once a week.
Cointelegraph Magazine editors and journalists contributed to this article.