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Kraken Plans Layer 2 Launch
Coinbase phases out Bitcoin SV, Binance's market share declines, The Proof Group targeting FTX's comeback.
Welcome to Coinfeeds Daily Digest! In today’s edition, we touch on Kraken's announcement to launch its own Layer 2 network, hot on the heels of Coinbase’s success. Meanwhile, Binance’s spot trading market share takes a hit as the industry landscape becomes increasingly competitive. And in a twist of corporate revival, The Proof Group is making headlines with its intent to resurrect the defunct FTX exchange. Coinbase makes a decisive move, ending support for Bitcoin SV, signaling a shift in their strategic focus and adherence to evolving market demands. Meanwhile, SEC is in a unique predicament, struggling to recruit crypto experts against the backdrop of rapid industry growth.
Kraken to Establish Layer 2 Network, Following Coinbase's Success
Kraken, is reportedly planning to establish its own Layer 2 network, following the successful implementation of a similar network by its rival, Coinbase. The move is seen as part of a broader trend within the crypto industry, with companies seeking to expand their roles from mere platforms for trading to becoming active contributors in the development of blockchain technology. | Read More
Institutional Investors Flock to Bitcoin, Ethereum, and Solana
Institutional investors are increasingly showing interest in cryptocurrencies, particularly Bitcoin, Ethereum, and Solana. Over the past six weeks, these digital assets have seen a total of $262 million in capital flows. This marks the sixth consecutive week of institutional inflows into the crypto asset class, surpassing the total inflows of 2022. | Read More
Coinbase Ends Support for Bitcoin SV, Urges Users to Withdraw Funds
In a recent development, Coinbase announced it is ending support for Bitcoin SV (BSV). The platform is urging its users to withdraw their BSV funds by January 9, or they risk liquidation. This move has resulted in a 1.74% drop in BSV's price. | Read More
Binance's Market Share Drops as Competitors Rise in Cryptocurrency Trading
According to a recent report by blockchain analytics firm 0xScope, Binance has seen a significant decrease in its spot trading market share. The report indicates that Binance's market share in spot trading has dropped to 40% in late 2023, a significant decrease from 62% a year ago. | Read More
Silicon Valley Investment Firm, The Proof Group, Contends to Relaunch Bankrupt Crypto Exchange FTX
The Proof Group, a Silicon Valley investment firm and part of the Fahrenheit consortium, is a top contender in the race to relaunch the bankrupt cryptocurrency exchange, FTX. This comes after the consortium's successful bid for the bankrupt cryptocurrency lender, Celsius. FTX, one of the largest crypto exchanges, collapsed almost a year ago and has since received multiple bids for a potential restart. | Read More
SEC Struggles to Recruit Crypto Experts Amidst Rapid Industry Growth
The U.S. Securities and Exchange Commission (SEC) is facing a unique challenge in its recruitment efforts. The agency is struggling to hire experts in the field of cryptocurrency, a rapidly growing sector that the SEC has identified as an "evolutionary risk". However, many potential candidates are holders of cryptocurrency assets and are unwilling to divest these assets to comply with the SEC's employment regulations. | Read More
The Simpsons Cash In on NFT Craze with Gold-Plated Collectibles
The popular animated TV show, "The Simpsons", recently made headlines by both cashing in on and mocking the NFTs craze. The show released two NFTs featuring characters Bart and Homer, which were sold out for $60 each. These NFTs were part of the Disney+ Gold Moments collection and came with a 3-month subscription to Disney's streaming service, Disney+. | Read More
Hackers Steal $770,000 Worth of Bitcoin and Other Cryptocurrencies Through Fake App on Microsoft Store
In a recent series of events, hackers have managed to steal a significant amount of Bitcoin through a fraudulent application listed on the Microsoft Store. The fake app, named "Ledger Live Web3," was designed to mimic the legitimate Ledger Live interface used for offline cryptocurrency storage. The scam has resulted in the theft of approximately $590,000 worth of Bitcoin.