{"id":8925,"date":"2022-12-02T23:35:04","date_gmt":"2022-12-02T23:35:04","guid":{"rendered":"http:\/\/cryptoheretostay.com\/?p=8925"},"modified":"2022-12-02T23:35:06","modified_gmt":"2022-12-02T23:35:06","slug":"bitcoin-falls-1-4-after-us-payroll-data-ftx-japan-works-to-offer-liquidity","status":"publish","type":"post","link":"https:\/\/cryptoheretostay.com\/?p=8925","title":{"rendered":"Bitcoin falls 1.4% after US payroll data, FTX Japan works to offer liquidity"},"content":{"rendered":"<p> <script type=\"text\/javascript\">\r\namzn_assoc_placement = \"adunit0\";\r\namzn_assoc_tracking_id = \"totafreearti-20\";\r\namzn_assoc_ad_mode = \"search\";\r\namzn_assoc_ad_type = \"smart\";\r\namzn_assoc_marketplace = \"amazon\";\r\namzn_assoc_region = \"US\";\r\namzn_assoc_default_search_phrase = \"crypto\";\r\namzn_assoc_default_category = \"All\";\r\namzn_assoc_search_bar = \"false\";\r\namzn_assoc_title = \"\";\r\namzn_assoc_rows =\"1\";\r\n<\/script>\r\n<script src=\"\/\/z-na.amazon-adsystem.com\/widgets\/onejs?MarketPlace=US\"><\/script><br \/>\n   <\/p>\n<p><em>The biggest news in the crypto-verse for Dec. 2 includes Bitcoin\u2019s negative 1.4% reaction to the U.S. payroll data, FTX Japan\u2019s efforts to bring liquidity back, and Binance\u2019s $3 million freezing as a precaution after the Ankr protocol got exploited.<\/em><\/p>\n<h2>CryptoSlate Top Stories<\/h2>\n<p>Bitcoin drops 1.4% on better-than-expected U.S. payroll data<\/p>\n<p>The U.S. Bureau of Labor Statistics\u2019 recent payroll data revealed that 263,000 jobs were added during the month of November. Bitcoin (BTC) reacted to this news by falling 1.4% to be traded at $16.780.<\/p>\n<p>FTX Japan to Unfreeze Withdrawals of Client Funds<\/p>\n<p>FTX\u2019s Japanese subsidiary has been working on a financial plan to allow users to withdraw funds.<\/p>\n<p>On Dec. 2, the subsidiary announced that the related authorities approved its plans and that the users would be able to withdraw soon.<\/p>\n<p>Binance freezes $3M from Ankr exploit.<\/p>\n<p>An attacker exploited a bug in Ankr Protocol\u2019s (ANKR) code and minted six quadrillions of aBNBc tokens. The exploiter converted a part into a $5 million Coin (USDC).<\/p>\n<p lang=\"en\" dir=\"ltr\">Possible hacks on Ankr and Hay. Initial analysis is developer private key was hacked, and the hacker updated the smart contract to a more malicious one. Binance paused withdrawals a few hrs ago. Also froze about $3m that hackers move to our CEX.<\/p>\n<p>\u2014 CZ \ud83d\udd36 Binance (@cz_binance) December 2, 2022<\/p>\n<p>Binance\u2019s\u00a0CEO Changpeng Zhao said that the exchange froze around $3 million of its funds in response to the exploit.<\/p>\n<p>Over 8% of Bitcoin supply was bought between $15.5K and $17K<\/p>\n<p>According to the UTXO Realized Price Distribution (URDP) metric, 8% of the total Bitcoin supply was purchased when the price was between $15,000 and $17,000.<\/p>\n<p>While the 8% volume signals that further redistribution is likely, Bitcoin consolidation remains high, which suggests long-term holders are in control.<\/p>\n<p>OpenSea\u2019s Ethereum gas usage has declined to almost zero<\/p>\n<p>NFT marketplace OpenSea\u2019s\u00a0Ethereum (ETH) gas usage has been declining for the last five months.<\/p>\n<p>According to the data from Dune Analytics, gas fees in ERCC721 and ERC1155 token standards that took place in major NFT marketplaces spiked between Oct. 2021 and January 2022, and OpenSea accounted for around 20% of this volume.<\/p>\n<p>Gas usage by NFTs<\/p>\n<p>However, for the past five months, OpenSea\u2019s percentage shrunk, allowing Optimism and Arbitrum to grow.<\/p>\n<p>Galaxy Digital wins bid for GK8 in Celsius bankruptcy asset auction<\/p>\n<p>Galaxy Digital announced acquiring GK8 without disclosing the sum. GK8 is a self-custody program and was acquired by Celsius in Nov. 2021, which went bankrupt after the Terra collapse.<\/p>\n<p>Galaxy\u2019s CEO said acquiring the self-custody platform is a \u201ccrucial cornerstone\u201d in establishing a full-service financial platform.<\/p>\n<p>U.S. lawmakers question private firms\u2019 role in the development of a CBDC<\/p>\n<p>In response to the allegations that private firms are being involved in designing the \u201chypothetical\u201d U.S. Central Bank Digital Currency (CBDC), the U.S. lawmakers composed a joint letter to send to the Federal Reserve Bank of Boston.<\/p>\n<p>The lawmakers claimed that some private firms involved in the CBDC project might be participating in leveraging the project as research and developing and scaling other CBDC products to sell to commercial banks in the future.<\/p>\n<p>CBDCs: India\u2019s digital Rupee falls flat as low volumes blight trial run<\/p>\n<p>Despite their negative attitude towards the crypto market, Indian lawmakers have always found CBDCs helpful.<\/p>\n<p>India\u2019s digital Rupee has been up and running as a pilot program since the beginning of November. It finally went live on Dec. 1, but the news outlets reported that it failed to catch on.<\/p>\n<h2 class=\"post-title\">Research Highlight<\/h2>\n<p>Research: Analysis of crypto transaction fees suggests exchanges prefer to move to Bitcoin.<\/p>\n<p>CryptoSlate analysts looked into the on-chain data on the crypto exchange\u2019s internal transactions to reveal that they prefer to use Bitcoin to transfer funds internally.<\/p>\n<p>The Exchange Fee Dominance metric is a percentage of total transaction fees paid concerning on-chain exchange activity. The type of transaction that costs a fee is divided into deposits, withdrawals, in-house, and inter-exchange.<\/p>\n<p>Bitcoin Exchange Fee Dominance<\/p>\n<p>The chart above shows Bitcoin transaction fees consisted of 36% of all exchange revenue sources related to Bitcoin. It also demonstrates that deposits and in-house transfers have grown exponentially over the past five years.<\/p>\n<h2>CryptoSlate Exclusive<\/h2>\n<p>Mythbusting Solana \u2013 downtime, competition, and technology with Matt Sorg of Solana Foundation \u2013 SlateCast #38<\/p>\n<p>Solana Labs\u2019 Product and Technology Leader, Matt Sorg, gave an exclusive interview to CryptoSlate and talked about Solana (SOL) and its future in the crypto sphere.<\/p>\n<p>Sorg said he was drawn to Solana because it was a \u201cdifferentiated technology\u201d in terms of scalability, speed, and future potential. He said:<\/p>\n<p>\u201cSolana is differentiated technology, there is a lot of noise in the space about how things l scale in the future but Solana is ready today and has a very clear path in scaling very arbitrarily in the future in a very user-friendly way.\u201d<\/p>\n<p>Sorg also mentioned that he expected the crypto space to evolve into a multi-chain future where \u201cdifferent chains and different protocols will take some learning from other protocols.\u201d He argued that Solana would be more configurable over time to fit into this multi-chain environment.<\/p>\n<h2>News from around the Cryptoverse<\/h2>\n<p>Alameda invested in Genesis before the collapse.<\/p>\n<p>According to <em>Bloomberg<\/em>, Alameda Research invested $1.15 billion in total in Genesis Digital before the market imploded and the mining industry started to suffer.<\/p>\n<p>Galaxy CEO expects Bitcoin to see $500K<\/p>\n<p>According to a <em>Bloomberg<\/em> article published on Dec.1, Galaxy Digital\u2019s CEO Michael Novogratz expects Bitcoin to increase to $500,000 based on the Federal Reserve\u2019s interest rate increases.<\/p>\n<p>House Committee on Financial Services thanks SBF for being candid<\/p>\n<p>The U.S. House Committee on Financial Services chair Maxine Waters Tweeted to thank FTX founder Sam Bankman-Fried for being candid about the FTX fallout and invited him to join their hearing on Dec. 13.<\/p>\n<p>Binance Labs to invest $4.5 million in Ambit Finance<\/p>\n<p>Binance Labs announced that it committed to investing up to $4.5 million in Ambit Finance to boost trustless DeFi development on BNB Chain.<\/p>\n<h2>Crypto Market<\/h2>\n<p>In the last 24 hours,\u00a0Bitcoin (BTC) increased by +0.33%\u00a0 to trade at $17,001, while Ethereum (ETH) increased by +1.11% to trade at $1,288.<\/p>\n<h3>Biggest Gainers (24h)<\/h3>\n<h3>Biggest Losers (24h)<\/h3>\n<h3>Read Our Latest Market Report<\/h3>\n<h2>Get an Edge on the Crypto Market \ud83d\udc47<\/h2>\n<p>Become a member of CryptoSlate Edge and access our exclusive Discord community, more exclusive content and analysis.<\/p>\n<p>  <strong>On-chain analysis<\/strong><\/p>\n<p>  <strong>Price snapshots<\/strong><\/p>\n<p>  <strong>More context<\/strong><\/p>\n<p> Join now for $19\/month Explore all benefits<br \/>\n<br \/><script type=\"text\/javascript\">\r\namzn_assoc_placement = \"adunit0\";\r\namzn_assoc_tracking_id = \"totafreearti-20\";\r\namzn_assoc_ad_mode = \"search\";\r\namzn_assoc_ad_type = \"smart\";\r\namzn_assoc_marketplace = \"amazon\";\r\namzn_assoc_region = \"US\";\r\namzn_assoc_default_search_phrase = \"bitcoin\";\r\namzn_assoc_default_category = \"All\";\r\namzn_assoc_search_bar = \"false\";\r\namzn_assoc_title = \"\";\r\namzn_assoc_rows =\"1\";\r\n<\/script>\r\n<script src=\"\/\/z-na.amazon-adsystem.com\/widgets\/onejs?MarketPlace=US\"><\/script><br \/>\n<br \/><a href=\"https:\/\/cryptoslate.com\/cryptoslate-wrapped-daily-bitcoin-falls-1-4-after-us-payroll-data-ftx-japan-works-to-offer-liquidity\/\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The biggest news in the crypto-verse for Dec. 2 includes Bitcoin\u2019s negative 1.4% reaction to the U.S. payroll data, FTX Japan\u2019s efforts to bring liquidity back, and Binance\u2019s $3 million freezing as a precaution after the Ankr protocol got exploited. CryptoSlate Top Stories Bitcoin drops 1.4% on better-than-expected U.S. payroll data The U.S. Bureau of [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":8926,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","_wp_rev_ctl_limit":""},"categories":[3],"tags":[],"class_list":["post-8925","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ethereum-news"],"_links":{"self":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/8925","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=8925"}],"version-history":[{"count":1,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/8925\/revisions"}],"predecessor-version":[{"id":8927,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/8925\/revisions\/8927"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/media\/8926"}],"wp:attachment":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=8925"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=8925"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=8925"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}