Here’s what happened in crypto today
Want to stay informed about the latest developments in the crypto world? Here's a roundup of today's top news, covering daily trends and events that impact Bitcoin's price, the blockchain, DeFi, NFTs, Web3, and crypto regulation.
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Wintermute's CEO has publicly accused the NEAR Protocol and Aurora of failing to honor an $11 million stablecoin swap deal. Meanwhile, Glassnode reports that Bitcoin's supply is being accumulated by long-term holders, and Kenyan lawmakers have turned to the local Blockchain Association for assistance in developing cryptocurrency regulations.
Wintermute alleges NEAR and Aurora reneged on $11 million stablecoin swap deal
Wintermute's CEO, Evgeny Gaevoy, has claimed that the NEAR Foundation and Aurora backed out of an agreement to convert $11 million worth of USN stablecoins for Tether (USDT) as part of a swap deal with FTX. According to Gaevoy's November 7 Twitter post, NEAR and Aurora refused to fulfill their commitment to exchange $11.2 million worth of USN for Tether that Wintermute was liquidating for FTX. When Wintermute submitted its redemption request, NEAR allegedly offered only 20% of the $11 million and has not delivered the USDT after two and a half months. Gaevoy stated that Wintermute would explore "all legal avenues" against NEAR and Aurora, with his post being a final and public attempt to prompt the NEAR Foundation to complete the redemption.
Bitcoin supply held by long-term hodlers continues to rise
Data from Glassnode reveals that the quantity of Bitcoin held by long-term holders has reached a new all-time high. A recent report from Glassnode suggests that Bitcoin holders are accumulating the asset due to their long-term bullish conviction. The report highlights that entities on the smaller end of the scale, such as Shrimps (<1 BTC), Crabs (1-10 BTC), and Fish (10-100 BTC), have significantly increased their holdings. The combined rate of balance increase for this subgroup is equivalent to 92% of newly mined supply and has remained elevated since May 2022. This accumulation trend among long-term Bitcoin holders has coincided with positive sentiment and speculation around the potential approval of a Bitcoin spot ETF by the U.S. Securities and Exchange Commission. As a result, Bitcoin's price traded above $35,400 on November 7.
Kenyan lawmakers ask local Blockchain Association to draft crypto bill
Kenyan lawmakers have tasked the Blockchain Association of Kenya (BAK) with preparing the first draft of a "virtual asset service provider's bill" that could shape cryptocurrency regulations in the country. The National Assembly's Departmental Committee on Finance and National Planning invited BAK representatives on October 31 to discuss the regulation of digital assets. BAK's legal and policy director, Allan Kakai, emphasized the importance of developing clear licensing and regulatory frameworks to maintain Kenya's position as a leader in digital asset volume in Africa and attract capital inflows. The committee has given BAK two months to draft the crypto bill and urged the association to conduct robust public education on cryptocurrency trading. This approach makes Kenya one of the first countries where industry representatives are actively involved in shaping crypto regulations.
