Insights and analysisEditorial office

A Weekly Expedition into the Digital Frontier

Andrew Zhoao

News editor

Nov 22, 2023 at 05:46

As we ponder both the recent and upcoming weeks, let’s explore noteworthy cryptocurrency events, upcoming token releases, and intriguing updates on giveaways.

  • Stay updated on key occurrences from the last week, including news about FTX, ARKM funding, Bittrex, CZ, and more.
  • DOGE to the moon. Now it’s a sure thing
  • Technical analysis: MEME’s bullish signal
  • The third week of Linea Voyage quests
Current token price
Current token price
Fear and Greed Index/Bitcoin Dominance
Fear and Greed Index/Bitcoin Dominance

Now, let’s unpack the highlights from the past week, where notable events took center stage. There’s plenty to cover, so let’s dive right in.

FTX Veterans Launch New Crypto Exchange

Former FTX leaders, Can Sun and Armani Ferrante, plan to launch a new crypto exchange addressing past issues. Trek Labs, Sun’s company, recently licensed in the UAE, will lead the venture. The exchange aims for a November beta release, valuing the company at $100M.

Sun and Ferrante emphasized that the exchange will utilize Backpack’s technology, allowing users to store funds in private crypto wallets inaccessible to the exchange unilaterally. 

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This move signifies an innovative approach to crypto security and control. So far, everything sounds rosy. 

ARKM Token Receives Funding Boost from Binance Labs

Binance Labs, a venture organization, has announced investments in the ARKM token. In a statement, the organization revealed that it has provided funding to support extensive research within the network.

ARKM is a blockchain data analysis and processing platform powered by artificial intelligence, offering detailed information and tools for comprehensive analysis.

Against the backdrop of the news, the value of the ARKM token increased by almost 30% to $0.5617, but the upsurge did not last long and the asset is already trading at $0.3945.

Argentina Elects Pro-Crypto President

Crypto advocate Javier Milei has emerged victorious in Argentina’s presidential elections.

Milei’s endorsement of cryptocurrencies, including Bitcoin, as a means to reclaim financial control from what he deems a fraudulent central bank has garnered attention. His victory, initially seen as improbable, highlights a departure from more experienced candidates.

For the world of cryptocurrencies, Milei’s presidency introduces a notable advocate into a country grappling with economic turmoil. While the direct impact on the U.S. crypto market remains uncertain, Milei’s pro-crypto stance may contribute to global discussions on cryptocurrency adoption and regulation.

Javier’s victory in Argentina’s presidential election brought the value of BTC in pesos closer to ATH (all-time high). So, looking forward to the same heights of Bitcoin, but also with USD.

Farewell to Bittrex Global

After its U.S. division faced financial difficulties and sought bankruptcy protection earlier this year, Bittrex Global has announced its decision to close down. In a statement, the company expressed regret for the inconvenience to its users, encouraging them to withdraw their funds promptly. 

The closure follows a decline in Bittrex’s U.S. market share to less than 1% in 2021, leading to the U.S. unit filing for bankruptcy in May due to regulatory issues with the Securities and Exchange Commission (SEC).

Trading on the platform will stop starting Dec 4. After this date, customers will only be able to withdraw assets as part of the wind-down process.

CZ’s Exit

Changpeng “CZ” Zhao has stepped down as the CEO of Binance following a $4B settlement between the cryptocurrency exchange and U.S. regulatory agencies. The settlement addresses long-standing investigations into anti-money laundering and sanctions violations by the Department of Justice and other agencies. 

Zhao admitted guilt to these violations in federal court and will remain the majority shareholder of Binance, providing consultation on historical aspects of the business. The settlement, one of the largest in U.S. corporate history, involves a $3.4B penalty to FinCEN, $968M to OFAC, and compliance monitoring for five years.

Richard Teng will be the new CEO of the company.

On the back of the news, the value of Binance’s native token fell by almost 10% overnight and continues to fall.

🔑 Key crypto market highlights (November 22 — November 29)

The upcoming week is filled with exciting events you won’t want to miss. Check out our curated list of highlights.

💲 Ideas 

Dogecoin is Literally Going to the Moon: What Will Happen to the Price?

Get ready for an intriguing move from the Dogecoin community: on December 23rd, they’re launching a physical wallet loaded with DOGE to the moon using the Vulcan Centaur Rocket by ULA.

Over the past 24 hours, the token fell by 3.5%, but after the news about the actual flight to the moon, the asset rose sharply by almost 20% to $0.08647.  The next rise of DOGE will likely come on the launch day, at least the Dogecoin community will do everything to promote their favorite digital cryptocurrency in the trend. 

This includes we can expect more speeches from Elon Musk, who is also looking for any excuse to make a mention of DOGE. And given that he is the owner of SpaceX, the high probability that he will not bypass the “doggone” space topic increases. Which can also affect the value of the asset.

MEME Token’s Potential Bull Run

Trader MyCryptoParadise_Simon has identified that the MEME token may soon initiate a bullish trend. According to his technical analysis, the asset is currently in a demand zone and gradually moving along an upward trajectory.

It is anticipated that the token will head towards a resistance level and then quickly pull back, aligning with the trader’s expectations. However, following this, there is a significant probability of a bullish trend starting from a support level at $0.0235, after which the asset may stabilize at $0.4.

Nevertheless, the expert advises exercising caution, as there’s a possibility the coin won’t consolidate at the support level and could drop to $0.0208. It’s emphasized that a decline to this point will introduce uncertainty about MEME’s next move. Therefore, it’s crucial to first identify the most advantageous entry points during the upward trend.

MEME to USD chart
MEME to USD chart

*Any technical analysis in the long run cannot accurately predict the movement because now is a very tough market and the news can swing currencies in all directions

The third week of Linea Voyage quests

The third week of Token Swaps has started, during which participants will need to engage with DEX by completing one main task and five additional assignments.

 

First Task (Main)

— Swap $25 or more on any exchange from the provided list (150 XP).

Second Task

— Swap $25 or more on an aggregator (40 XP).

Third Task

— Complete 20 swaps with a minimum amount of $5 each (60 XP). Easy skip; the swap network’s fee is around $1. To complete this task and claim 60 XP, you need to spend a minimum of ~$15, which is not cost-effective.

Fourth Task

— Accumulate a total swap volume of $1K or more (60 XP).

Fifth Task

— Swap $25 or more on wstETH, USD+, USDT+, STON, or wUSK (40 XP).

Sixth Task

— Leave a review on Dapp Sheriff  (20 XP).

Deadline: November 28.

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