Key Takeaways
- Jupiter community votes on burning 130 million JUP tokens.
- SEGG Media plans to launch a $300 million digital asset program.
- Hedera and Solana ETFs see significant inflows.
- Coinbase increases its Bitcoin and Ethereum holdings.
- Unichain adds support for non-EVM assets like Dogecoin, XRP, and Zcash.
Latest Crypto Market News
Jupiter DAO Votes on Token Burn
The Jupiter community is currently voting on whether to burn 130 million JUP tokens that were previously repurchased. This move comes as the team focuses on making JUP the core of the ecosystem and restoring long-term confidence. Currently, 50% of Jupiter’s on-chain revenue goes to a 'litterbox trust' that repurchases JUP from the open market. These acquired tokens account for approximately 4% of the circulating supply. The tokens were originally slated for DAO use after three years, but token holders believe they create uncertainty. A separate vote will be held in the coming weeks on how to handle the ongoing income flowing into the trust.
China's Commerce Ministry Boosts Blockchain Tech Integration
The Ministry of Commerce of China and five other departments have issued the “Action Plan for Improving the Quality of Urban Commerce,” which emphasizes enhancing the empowerment of emerging technologies, including AI and blockchain, in the urban commercial system.
SEGG Media Plans $300 Million Digital Asset Program
Nasdaq-listed SEGG Media plans to launch a $300 million digital asset program, allocating 80% of the funds to a multi-asset cryptocurrency reserve. Bitcoin will be the initial focus of this reserve, with other assets like ETH, SOL, and ZIG being added later.
US Spot ETF Flows: Hedera & Solana Lead
The Canary HBAR spot ETF (HBR) saw a single-day net inflow of $29.9 million, a new high. Solana spot ETFs saw a total net inflow of $37.33 million. In contrast, the Canary Litecoin spot ETF (LTCC) experienced no inflows or outflows.
Coinbase Increases BTC and ETH Holdings
Coinbase increased its Bitcoin holdings by 2,772 BTC and Ethereum holdings by 11,933 ETH in Q3. Previously, Coinbase reported a net income of $433 million and total revenue of $1.9 billion for Q3.
Unichain Adds Support for Non-EVM Assets
The Ethereum Layer 2 network Unichain, powered by Uniswap Labs, will add support for non-EVM assets including Dogecoin, XRP, and Zcash. This will be achieved through a universal protocol that creates “uAssets” which can be transferred cross-chain through minting and burning tokens.
MicroStrategy Increases Preferred Stock Yields to Boost Demand
MicroStrategy, which reported a net profit of $28 billion in Q3, announced it will increase the yield on its Series A perpetual extendable preferred stock by 25 basis points to 10.5%. At the same time, demand for preferred stock is weak.
Bitmine Appears to be Buying Large Amounts of ETH
Two newly created wallets received 44,036 ETH worth $166.76 million from Kraken and BitGo, which are believed to be associated with Bitmine.
Coinbase Q3 2024: Strong Revenue & Increased BTC Holdings
Coinbase reported a net revenue of $433 million and total revenue of $1.9 billion in Q3. It increased its Bitcoin holdings by $299 million. The company plans to host a product showcase on December 17 to reveal details about tokenized stocks and prediction markets.
Fusaka Ethereum Upgrade Slated for December 3
The Fusaka Ethereum upgrade is officially set to launch on December 3. This backward-compatible upgrade will implement over a dozen Ethereum Improvement Proposals aimed at improving sustainability, security, and scalability.
Jump Crypto Moves SOL to Galaxy Digital for BTC
Jump Crypto moved 1.1 million SOL (worth $205 million) to Galaxy Digital and received 2,455 BTC (worth $265 million) in return.
dYdX Plans US Market Expansion and Fee Reduction
dYdX is preparing to enter the US market by the end of the year and plans to cut transaction fees by as much as half.
UFC Fight.ID Raises $183 Million in Public Sale
The public sale of the FIGHT token, launched by UFC official partner Fight.ID, raised $183 million, surpassing the initial target of $1.5 million by over 100 times.
Nordea Allows Trading of Bitcoin-Linked ETPs
Nordea Bank, one of the largest banks in the Nordic region, is allowing clients to trade synthetic exchange-traded products (ETPs) linked to Bitcoin.
BTC Outflows from ETFs, ETH Inflows to ETFs
Bitcoin ETFs saw a net outflow of 3,693 BTC, while Ethereum ETFs saw a net inflow of 5,135 ETH.
Core Scientific Terminates Merger Agreement
Core Scientific has terminated its merger agreement with CoreWeave Inc. and will continue to operate as an independent public company.
MegaETH: Public Sale Oversubscribed
The public sale for MegaETH concluded, raising $1.39 billion with an oversubscription of 27.8x.
Metalpha Receives Strategic Investment
Metalpha received a $12 million strategic investment from Gortune and Avenir Group.
More Market News
- Meta faces market downturn after weaker-than-expected earnings.
- JPMorgan completes tokenization of private equity fund on blockchain.
- US Treasury Secretary Yellen comments on the next Federal Reserve Chair selection.
- Australian police crack crypto wallets and recover millions in assets.
- Binance announces details of the MMT Prime Sale.
- Indonesian central bank governor confirms launch of national stablecoin backed by government bonds.
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