Top stories of the week
Sam Altman ousted from OpenAI, CTO Mira Murati named interim CEO
ChatGPT developer OpenAI fired founder Sam Altman as CEO on November 17. Chief Technology Officer Mira Murati currently serves as interim CEO. According to a blog post, the board conducted a “careful review process” and concluded that Altman “has been consistently dishonest in his communications with the board, hindering its ability to discharge its responsibilities.” Soon after, OpenAI co-founder CEO and CEO Greg Brockman announced his departure from the organization.
BlackRock files Spot Ether ETF Form S-1 with SEC
BlackRock, the world’s largest asset management company, officially applied to the U.S. Securities and Exchange Commission (SEC) on November 15 to launch a spot Ethereum exchange-traded fund (ETF). The ETF, called the iShares Ethereum Trust, is designed to “reflect the performance of Ethereum prices generally,” according to an S-1 report 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 an application for a spot Bitcoin ETF. Following BlackRock’s filing, asset manager Fidelity is also seeking 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) on decentralized finance and personal crypto token packaging, confirming that Australians are responsible for paying capital gains tax when wrapping and unwrapping tokens. In a statement, the ATO said that transferring crypto assets to an address where the sender does not control or where the balance is already held will be treated as a taxable capital gains tax event. A CGT event will be triggered based on whether an individual has recorded a capital gain or loss. Similar approaches are also being considered for taxing liquidity pool users, providers, and DeFi interest and rewards. In addition, packing and unpacking tokens will also trigger CGT events.
FTX Foundation staff strives for the $275,000 bonus promised by SBF
An employee of FTX’s charity arm recruited by Sam Bankman-Fried is trying to get paid $275,000, the remainder of what he claimed was a 2022 salary bonus. Lawyers for Ross Rheingans-Yoo argued in a court filing that only $375,000 of his $650,000 bonus was paid by FTX. They claimed that the remaining funds were owed when the cryptocurrency exchange filed for bankruptcy in November 2022. The fate of Rheingans-Yoo’s winnings will be decided by the Delaware bankruptcy judge overseeing FTX’s Chapter 11 bankruptcy.
WisdomTree Modifies Form S-1 Spot Bitcoin ETF Filing, Encryption Awaiting SEC Decision
WisdomTree submitted a revised Form S-1 spot Bitcoin ETF prospectus to the U.S. SEC on November 16. The update comes months after WisdomTree resubmitted its spot Bitcoin ETF application in June 2023, proposing rule changes to list and trade Bitcoin shares in the WisdomTree Bitcoin Trust. The revised prospectus mentioned that the WisdomTree Bitcoin Trust ETF will trade under the ticker BTCW, with Coinbase Custody Trust acting as the custodian and holding all Bitcoins in the trust on its behalf.
winners and losers
This weekend, Bitcoin (Bitcoin) lie in $36,419Ether (Ethereum) exist $1,946 and Ripple exist $0.61.The total market capitalization is $1.38 mega, according to to CoinMarketCap.
Among the 100 largest cryptocurrencies, the top three gaining altcoins this week are Celestia (TIA) at 103.39%, Finance (for reference) 88.04% and THORChain (Rune) is 54.38%.
The three altcoins with the biggest declines this week are Gas (gas) -64.85%, FTX token (FTT) -35.17% and Neo (Near Earth Object) is -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 programs have real utility, and that’s how we engage regulators.”
Naveen GuptaManaging Director, South Asia, Middle East and North Africa, Ripple
“We believe derivatives will facilitate additional liquidity and hedging opportunities in the cryptocurrency space and represent the next critical step in the continued growth of this market.”
John PalmerDigital President of Chicago Board Options Exchange
“I’m very bullish on a bunch of different things happening in the cryptocurrency space. (…) It’s going to be a multi-chain world.”
Brad GarlinghouseCEO of Ripple
“Telephones and the internet should not be blamed for terrorist financing, and neither should cryptocurrencies.”
french mountainUnited States Representative
“I believe that code is a form of speech and is protected by the First Amendment.”
Vivek RamaswamyEntrepreneur and U.S. Presidential Candidate
“The digital euro also means that each of us can be completely surveilled. (…) Anyone who opposes surveillance and pursues freedom does not need a digital euro!”
Joanna CottardMember of the German Bundestag
This week’s forecast
Bitcoin Trader’s BTC Price Downside Targets Now Include a $30,900 Bottom
On November 16, the price of Bitcoin exceeded $36,000, and analysts expect the price to fall further. With Bitcoin failing to break above its 18-month high this week, it’s not encouraging for market participants, some of whom hope to see a fresh pullback to retest lower levels.
“It’s nice to see the recent rally complete its round trip back to $35,000. I’d be even happier if $33,000 was retested,” monitoring resource Material Indicators wrote in a comment of the day on X (formerly Twitter) .
A snapshot of BTC/USDT order book liquidity shows support at $35,000. Material Indicators co-founder Keith Alan added that Bitcoin’s rising 21-day simple moving average has been acting as a support in recent days.
“BTC continues to compete for the range above $36,500,” he commented.
Popular anonymous trader Daan Crypto Trades has similarly flagged $35,700 and $38,000 as major downside and upside levels to watch, respectively. Meanwhile, anonymous trader Gaah, a contributor to on-chain analytics platform CryptoQuant, warned that a larger correction could bring the market closer to $30,000.
Most talked about FUD this week
Cybersecurity team claims up to $2.1B of cryptocurrency stored in old wallets is at risk
Cybersecurity firm Unciphered revealed a vulnerability called “Randstorm” that affected millions of crypto wallets created using web browsers between 2011 and 2015. According to the company, while working to recover the Bitcoin wallet, it discovered potential issues with the wallet caused by BitcoinJS and its spin-off projects. According to the cybersecurity firm, the issue could affect millions of wallets and approximately $2.1 billion in crypto assets.
Swan Bitcoin will terminate customer accounts using cryptocurrency mixing services
Bitcoin service platform Swan Bitcoin has warned its customers that it will be forced to terminate accounts found to have interacted with cryptocurrency mixing due to the regulatory obligations of its partner banks. Customers were informed of the new policy in a letter that suggested the changes were due to proposed rules from the Financial Crimes Enforcement Network that would impose new responsibilities on firms that process transactions through hybrid services.
ENS developers urge Unstoppable Domains to give up patents or face lawsuits
According to an open letter shared on Johnson said Unstoppable’s recently granted patent is “based solely on innovations developed by ENS and contains no novel innovations of its own.” Matthew Gould, founder of Unstoppable Domains, responded in a post claiming that there are “multiple naming systems.”
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Popular magazine articles of the week
I spent a week working on VR. However, it’s mostly scary…
Cointelegraph magazine reporter Felix Ng spent a week working in virtual reality. It sucks… but it does have some potential.
Breaking into Liberland: Evading guards, decoys and diplomats in inner tubes
“Bitcoin is truly one of the most fundamental parts of Liberland – 99% of our reserves are in Bitcoin.”
There is no civil protection for cryptocurrencies in China, and it costs $300,000 to list a cryptocurrency in Hong Kong?Asia Express
Hong Kong exchange expands amid continued investor interest, Philippines issues $180 million tokenized bond, China rules out civil protections for cryptocurrencies, and more!
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Editorial Staff
Cointelegraph Magazine writers and reporters contributed to this article.
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