Market update

Cointree Crypto Market Update - November 29th 2023

Market report for traders

🔮 BTC and altcoins

In this week's market movement, Bitcoin ends at AU$56,854, rising +2.63% at the time of writing. Meanwhile, Ethereum follows at AU$3,078, moving +2.52% week-on-week. In other altcoin movements, Solana bounces back +8.59%, Cardano moving +4.37%, and UNI +22.44%.

🗞 What’s happening in the news?

It's been an eventful week, with new guilty pleas, crypto anniversaries, and costly mistakes. Let's dive in and see what's been happening.

Big news from Binance: CEO Changpeng "CZ" Zhao is stepping down. This comes after a major $4.3 billion settlement with U.S. authorities, and a guilty plea to criminal charges under the Bank Secrecy Act. Now, Richard Teng is taking over. With Richard Teng taking the helm, the crypto community is watching closely to see how this will impact Binance and the broader industry. What does this mean for Binance and the wider crypto world? Only time will tell.

In other news, Bitcoin is celebrating its 11 year anniversary since its first-ever halving. Back then, Bitcoin was just $12. Now, it's floating around $37,000. The next halving is predicted to occur April 17 2024 - however this won’t be the last one. Bitcoin miner rewards are expected to be halved 34 times until they reach 0 BTC, after all 21 million Bitcoin have been mined.

Did you catch the record-breaking Bitcoin transaction this week?

Believe it or not, someone just paid a $3.1 million transaction fee, setting a new all-time high for a Bitcoin transaction fee. This record-breaking fee, mined by Antpool, makes it the largest in Bitcoin's 14-year history. The sender's wallet, created just moments before the transfer, ended up with just 55.78 BTC from their original 139.42 BTC. This incident serves as a stark reminder of the unpredictability and occasional errors within the crypto world.

📖 What we’ve been reading

‘Buy The Rumour, Sell the News’ — Bitcoin ETF May Spark TradFi Sell-Off “Bitcoin retail investors may end up with a hot potato if the spot ETF go-ahead plays out like gold 20 years ago, analysis considers.” Read more

Tornado Cash Token Falls 57% after Binance Announces Delisting “TORN fell from US$3.90 to US$1.66 after Binance announced it would no longer list the coin.” Read more

Why is Solana (SOL) price up this week? “Increased activity in Solana’s NFT markets and decentralised applications are pushing SOL price back toward year-to-date highs.” Read more

Disclaimer: The information provided is for educational purposes and does not constitute financial product advice. You should obtain independent advice from an Australian financial services licensee before making any financial decisions.

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