The Block
Next week will bring two crucial indicators of the market’s health going into next year: the Fed’s latest decision on interest rates and the release of the United States’ November inflation numbers.Speculation around the two events is fueling rising volatility in the stock market as traders attempt to gauge the sentiment of the market going into 2024, according to Bloomberg.
Quick Take Tether announced yesterday that it would be blocking wallets sanctioned by the United States from using its stablecoin USDT. Its new sanctions affected 161 Ethereum wallets, 150 of which hold no USDT at all. Of the remaining 11, one wallet holds 97% of the 3.5 million USDT. Another moved hundreds of thousands of tokens the day before the freeze.
Quick Take Decrypt and Rug Radio, two Web3-focused news organizations, have signed a letter of intent to merge their operations next year, according to Axios.
Quick Take Pudgy Penguins announced its Web3 gaming venture at Art Basel Miami: Pudgy World, an “immersive, digital environment” powered by zkSync Era. The game, which will launch in alpha next year, is open to all, though NFT holders and those who purchase Pudgy Penguin toys will gain special perks.
Quick Take A vote by Compound DAO to reward a blockchain developer who reported and fixed a vulnerability that would’ve allowed a hacker to unprofitably steal funds failed, falling 15,000 votes short of a necessary 400,000 supporting vote quorum. Over 70% of votes cast were in favor of the proposal, which would have rewarded the developer with a payout of $125,000 for his work.
As Bitcoin’s price continued to rise this week, the continued rally has affected some crypto-related stocks better than others.Mining companies Bitfarms, Core Scientific, and Argo Blockchain were among the biggest-gaining crypto-related stocks of the past week on Wall Street, though bigger player Riot’s stock underperformed Bitcoin’s price.
Quick Take Tether has frozen its coins held in crypto wallets sanctioned by the U.S. Office of Foreign Asset Controls, the company announced today.
Fidelity held a meeting with the Securities and Exchange Commission on Dec. 7 about its proposed spot bitcoin ETF.
Investment manager VanEck said it expects Immutable’s IMX token “to become a top 25 coin by market cap” thanks to the expected release of new big-budget video games like Illuvium.
Bitcoin has posted an uptick on Friday, rising with Wall Street after the release of U.S. jobs data.
