Crypto Flipsider News – Market Wrap; Brazil Approves Crypto; Coinbase Delists XRP; Animoca Metaverse Fund; Genesis Avoids Bankruptcy

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Read in the Digest:

• Market Wrap: Bitcoin hits $17k, ETH gains 7% ahead of Fed’s Powell speech

• Brazil lawmakers approve a bill to legalize crypto as a payment method

• Coinbase (NASDAQ:COIN) Wallet delists XRP, Bitcoin Cash (BCH), Ethereum Classic, & XLM

• Animoca Brands to launch $2 billion fund to invest in metaverse businesses

• Genesis creditors hire lawyers to explore ways to prevent bankruptcy filing

Market Wrap: Bitcoin Hits $17k, ETH Gains 7% Ahead of Fed’s Powell Speech

The global crypto market is on a rally, gaining more than 3% in the last 24 hours in anticipation of a speech from Federal Reserve Chair Jerome Powell. The Fed boss is expected to announce a smaller 0.5% point rate hike after four consecutive 0.75% hikes.

As the cryptos await what would be a positive development, Bitcoin, the market’s flagship asset rallied as much as 5% in the early hours of Wednesday, November 30th to trade as high as $17,021 for the first time since the FTX crash.

The 24-hour price chart for Bitcoin (BTC). Source: CoinMarketCap

Ethereum (ETH), the second biggest crypto, saw gains of up to 7% to trade as high as $1,276 for the first time since November 15th. ETH maintains gains of 5% over the last 24 hours and now trades at $1,267.

The 24-hour price chart of Ethereum (ETH). Source: CoinMarketCap

Fantom (FTM) continues its strong performance following the announcement of a strong cash reserve. FTM is today’s top gainer, rallying by 13% in the last 24 hours to set a new three-week high at $0.2451.

The 24-hour price chart for Fantom (FTM). Source: CoinMarketCap

Flipsider:

• Despite the smaller interest rate, the Fed boss is expected to announce that the fight against inflation will run into 2023.

Why You Should Care

A smaller interest rate hike would take pressure off the market and could see cryptos turn bullish.

Brazil Lawmakers Approve Bill to Legalize Crypto as a Payment Method

Brazil’s Chamber of Deputies has approved a complete regulatory framework for the trading and use of cryptocurrencies in the country, marking a new milestone for the country’s crypto industry.

The bill, which was approved on Tuesday, November 29th, refers to the sector as “virtual assets.” It now needs the president’s signature before it becomes law.

The bill also enables licensing of crypto exchanges and for custody and management of crypto by third parties. Exchanges will also need to make a clear distinction between company and user funds, to avoid another FTX incident.

When passed into law, the government’s executive branch must decide which office will be in charge of supervision. However, tokens considered securities will be regulated by the Brazilian Securities and Exchange Commission (CVM).

Flipsider:

• Although cryptos are now legal in Brazil, the passing of the bill does not make any cryptocurrencies legal tender within the country.

Why You Should Care

The bill marks significant progress for the crypto industry in Brazil, with a framework to avoid future debacles similar to FTX’s.

Coinbase Wallet Delists XRP, Bitcoin Cash (BCH), Ethereum Classic, & XLM

In a Tuesday announcement, America’s biggest crypto exchange, Coinbase, announced that it will end support for four leading cryptos, XRP, Bitcoin Cash (BCH), Ethereum Classic (ETC), and Stellar (XLM) on its self-custody wallet.

According to Coinbase, the delisting was “due to low usage” of the assets on the platform. As per the announcement, from Monday, December 5th, these four assets will no longer be available on the Coinbase Wallet.

They will be fully delisted from the self-custody wallet in January 2023. However, Coinbase has assured users that they will not lose their assets even after Coinbase Wallet ends support for them.

According to Coinbase, the assets will remain tied to their owners’ addresses after delisting and will be accessible through a “recovery phase.” However, they will need to use another non-custodial wallet provider that supports the network to recover the funds.

Flipsider:

• Black Swan author Nassim Nicholas Taleb has called Coinbase (COIN) worthless due to its negative cash flow, adding that it has a “grisly” future.

Why You Should Care

Concerns have been raised about the move, with some suggesting that it could be because of Ripple’s lawsuit to determine XRP’s status as a security.

Animoca Brands to Launch $2 Billion Fund to Invest in Metaverse Businesses

Animoca Brands, the Hong Kong-based blockchain gaming group popular for The Sandbox metaverse game, has unveiled plans to launch a fund of up to $2 billion to invest in the metaverse.

In an interview, Animoca’s co-founder and Executive Chairman Yat Siu announced that the fund, Animoca Capital, would focus majorly on digital property rights.

According to Siu, Animoca would look to raise between $1 and $2 billion for its metaverse fund. Animoca Capital will also aim to develop the metaverse ecosystem and provide opportunities to access Web3 companies.

Animoca Brands, which has a valuation of over $5 billion as of its latest fundraising, made 66 investments in the first half of the year. However, Yat Siu says the first investment in Animoca Capital will come next year.

Flipsider:

• Although the metaverse is set to improve in 2023, security firm Kaspersky has reported that its exploitation and abuse will increase in tandem.

Why You Should Care

The fund is a significant boost for the metaverse, as the company stated Animoca Capital will be used to advance the open metaverse.

Genesis Creditors Hire Lawyers to Explore Ways to Prevent Bankruptcy Filing

As the FTX contagion spreads, creditors of Genesis Global Trading have hired restructuring lawyers to prevent the firm from filing for bankruptcy. Creditors are reportedly in talks with law firms like Proskauer Rose and Kirkland & Ellis.

On November 16th, Genesis halted withdrawals citing ‘unprecedented market turmoil.’ The firm is now in talks with creditors to raise an emergency loan of up to $1 billion that would bring itself respite.

In his recent letter to clients, Genesis’ interim chief executive, A. Derar Islim, wrote that “we’ve begun discussions with potential investors and our largest creditors and borrowers, including Gemini and DCG.”

Flipsider:

• BlockFi, another crypto lender with significant exposure to FTX, on Monday, November 28th, filed for Chapter 11 bankruptcy.

Why You Should Care

Genesis looks to resolve the current financial situation in the lending business without going down the bankruptcy route like FTX.

See original on DailyCoin