Are you curious about the latest in the crypto world? Here’s a rundown of today’s key trends and events affecting Bitcoin prices, blockchain technology, DeFi, NFTs, Web3, and crypto regulations.
Crypto.com sponsors golf tournament with prize of $10M in CRO token
Players from competing golf tours are set to compete in December for a prize reportedly valued at $10 million, paid in cryptocurrency. The event's title sponsor, Crypto.com, will award golf’s first-ever cryptocurrency prize using its native token, Cronos (CRO).
A Landmark Event for Golf and Cryptocurrency
The Crypto.com Showdown will feature a head-to-head match between Scottie Scheffler and Rory McIlroy from the PGA Tour and Brooks Koepka and Bryson DeChambeau from LIV Golf. The 18-hole mini-tournament will take place at the Shadow Creek Golf Course in Las Vegas, Nevada.
Billed as a "Ryder Cup-style event," the competition will include match-play rounds in formats such as four-ball, singles, and alternate shot.
The prize, paid in Cronos tokens, is remarkable even by golf’s high standards. For comparison, the 2018 match between Tiger Woods and Phil Mickelson offered a $9 million purse. This event is particularly notable as it brings together golfers from the historic PGA Tour, established in the early 1900s, and LIV Golf, a new entrant backed by Saudi Arabia, founded in 2021.
Partior Series B funding reaches $80M on Deutsche Bank investment
The German banking giant Deutsche Bank has joined the second Series B funding round of the blockchain firm Partior, bringing the total funds raised in the round to $80 million.
A Milestone in Blockchain Funding
Established in 2021, Partior initiated its Series B fundraising in June 2024, following a successful Series A round in 2022, which secured $31 million. Combined, the firm has now raised over $111 million through both rounds.
The Series A funding was reportedly led by Standard Chartered Bank, with support from founding shareholders JPMorgan Chase, DBS Bank, and Temasek. Peak XV Partners have spearheaded the Series B round.
Bridging Fiat and Blockchain
Partior’s CEO, Humphrey Valenbreder, highlighted the company’s mission to enable “secure and instant cross-border transactions for financial institutions worldwide.” In a blog post, Valenbreder stated, “Deutsche Bank’s investment and collaboration are a powerful validation of our vision to transform global financial infrastructure.”
To date, Partior has processed transactions exceeding $1 billion.
At the core of its offerings is the “global unified ledger,” a blockchain-based platform designed to facilitate real-time, cross-border, multicurrency clearing and settlement for financial institutions. This innovative solution aims to bridge the gap between traditional fiat systems and blockchain technology.
Trump win fuels bitcoin derivatives boom as futures open interest surges over $60 billion
Since Donald Trump’s U.S. presidential election victory on November 5, bitcoin futures open interest has experienced a significant surge, indicating heightened trading activity and market speculation. Despite this increase, analysts at Bitfinex assert that leveraged trades are not currently at risk of triggering an imminent market correction.
Sharp Increase in Bitcoin Futures Open Interest
Data from Coinglass shows that bitcoin futures open interest has climbed from $39 billion on November 5 to $60.9 billion as of now. This reflects a notable rise in the value of bitcoin derivative positions, many of which involve leveraged trades.
Bitfinex analysts explained to The Block that the growth in open interest appears to be driven by organic market dynamics fueled by expectations of future price appreciation. They stated, “Leverage build-up is a common tool for traders, including institutions, to position for anticipated price movements.”
Market Stability Amid Adjustments
The analysts also observed a slight reduction in open interest as of November 22, particularly near the $94,000 level, where significant orders were fulfilled. They emphasized, “We don’t view the recent leverage buildup as unusual. The price retesting the $93,000 region represents a typical market pullback.”
This perspective suggests that, despite the surge in trading activity, the market remains stable and is responding predictably to changes in price levels.
Standard Chartered and Zodia Markets forecast stablecoin usage could reach 10% of U.S. M2 and FX transactions
Analysts from Standard Chartered and Zodia Markets forecast significant growth in the adoption of stablecoins, projecting that they could eventually account for 10% of U.S. M2 money supply transactions.
Stablecoins Poised for Expansion
"Currently, stablecoins represent only 1% of U.S. M2 transactions and 1% of foreign exchange (FX) transactions. However, as the sector becomes more legitimized, reaching 10% in both categories is a realistic possibility," stated Geoff Kendrick, Global Head of Digital Assets Research at Standard Chartered, and Nick Philpott, co-founder of Zodia Markets, in a report released on Thursday.
The M2 money supply is a critical measure of an economy's total money supply, encompassing both cash in circulation and assets easily convertible to cash.
Regulation as a Catalyst
The analysts identified regulatory advancements in the United States as the primary catalyst for stablecoin growth. During the Biden administration, three major bills were proposed to create frameworks for banks to issue stable coins. However, little progress was made.
Kendrick and Philpott expressed optimism that the incoming Trump administration could drive meaningful progress in stablecoin regulation, potentially accelerating the sector’s development and adoption.
Publicly traded mining companies spend $3.6B on PP&E so far in 2024
Publicly traded mining companies have collectively invested $3.6 billion year-to-date in plant, property, and equipment (PP&E) upgrades, including new mining hardware.
Record Spending on Hardware
According to TheMinerMag, 16 mining companies have raised over $5 billion in 2024, with Q3 marking the highest level of PP&E spending since Q1 2022. A significant portion of this expenditure has been directed toward upgrading mining hardware. Since 2023, public mining firms have spent a total of $2 billion on hardware improvements.
Shift Toward Debt Financing
The report also highlights a growing trend among mining companies to move from equity financing to debt financing. Marathon Digital (MARA), formerly known as Marathon Digital Holdings, recently adopted this approach through a 0% convertible note offering. The proceeds from this offering were used to acquire 6,474 Bitcoin (BTC) for the company’s corporate treasury.
This shift reflects evolving financial strategies within the mining sector as companies optimize their funding mechanisms to support growth and expansion.
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