Bitcoin failed to break the $38,000 level, mining difficulty reached a new high, US inflation cooled, investors backed the ousted OpenAI CEO, and other events of the week.
Bitcoin failed to hold near $38,000
On November 14, the US Bureau of Labor Statistics reported a drop in annual inflation to 3.2% for September. Analysts saw this as good news for risk assets like Bitcoin, as the Fed may pause rate hikes.
Initially, Bitcoin barely reacted to the data release, but by the evening the market shifted to a correction. Bitcoin fell to around $34,800, then recovered to about $35,400.
A micro rally in the following days pushed the price up toward $38,000 — Binance’s high reached $37,980.
In the night of 16–17 November, another plunge below $36,000 followed.
By week’s end, Bitcoin price had recovered to around $36,500.
Nearly all top-10 digital assets by market cap finished the period in the red. The exception was SOL, up 2.1%. One driver of the coin’s positive momentum was a flattering interview with ARK Invest’s Cathie Wood.
Total cryptocurrency market capitalization fell to $1.44 trillion. Bitcoin’s dominance index stood at 46.7%.
Bitcoin mining difficulty hits a new high
As a result of the latest adjustment mining difficulty for Bitcoin rose by 3.55%. The metric rose to a new high of 64.68 T.
Average hash rate over the period since the previous adjustment stood at 479 EH/s. The block interval was just over 9.5 minutes.
Miners earned a record $44 million in a day in 2023
On November 12, Bitcoin miners’ daily earnings stood at about $44 million — a 2023 record, according to Blockchain.com.
This sum included block rewards (6.25 BTC) and network fees.
From April 2022 to October 2023, the crypto mining sector saw negative revenue momentum driven by the bear market. However, by November the figure began to rise.
Russian users moved from Binance to Bybit, HTX and Deribit
In October, users from Russia took first place in visits to cryptocurrency exchanges Bybit, HTX and Deribit.
On Bybit and HTX, Russian visitors accounted for 17% of visits; on Deribit — 16%.
Binance accounted for 5% of traffic from Russian clients.
The largest share of US visitors was recorded on Coinbase (57%) and Crypto.com (25%).
Overall, according to the publication, October exchange visits rose 15.6% month over month.
In this context, Binance announced the removal of RUB trading pairs with major cryptocurrencies from the platform.
PrivatBank comments on ‘card blocks over cryptocurrency operations’
Ukrainian users complained about PrivatBank and monobank card blocks after buying and selling cryptocurrency.
In one complaint a PrivatBank client said he had performed “many P2P exchange operations on the Bybit exchange,” after which the institution refused further service and offered to return the funds.
Bank representatives explained this by anti-money-laundering regulations. However, according to the financial institution, “no new financial-monitoring rules apply to clients.”
Similarly, monobank users faced issues, with “large deposits in the last seven days.” The bank’s support told journalists that reasons for card blocks could vary, while “withdrawal of funds from cryptocurrencies” is not prohibited.
What to discuss with friends?
- An expert reported a $27 million crypto wallet hack.
- Swan Bitcoin introduced a ban on crypto mixers. The community plans a privacy battle.
- Remembering Plasma. Vitalik Buterin on a new look at old technology.
- In Abkhazia, miners were threatened with destruction of equipment.
Ukraine proposes an alternative tax on Bitcoin operations
On November 17, Ukraine’s Ministry of Digital Transformation registered an alternative bill on taxing cryptocurrency operations.
According to the proposal, individuals would pay 5% in the first three years after the law comes into effect, 9% for the next five years, and 18% after eight years.
Legal entities are exempt from VAT, except for operations with tokenized assets.
Residents of Diia.City can choose between an 18% corporate income tax or a 9% capital gains tax.
Sam Altman is fired as OpenAI CEO. Investors back the startup
OpenAI announced that Sam Altman left the post of chief executive and exited the board. The position of interim CEO was taken by chief technology officer Mira Murati.
The board decided following an internal review.
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«Altman was not always candid with the board, hindering it from fulfilling its duties. The board is no longer confident in his ability to continue leading OpenAI», — the company said in a statement.
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However, the largest investors in the AI startup urged Altman’s reinstatement, according to Bloomberg. Microsoft, Thrive Capital and Tiger Global Management — the former with a $10 billion stake — participated in the drive to bring him back.
According to the report, Altman does not oppose returning, but demands changes to the current board. Investors support his demands.
Shortly before his dismissal, Altman spoke about plans to build general artificial intelligence, disclosed GPT-5 details and the OpenAI-Microsoft partnership.
A Dogecoin wallet will be sent to the Moon
The Dogecoin community plans to send a physical DOGE wallet to the Moon. The project will be realised as part of Astrobotic’s Peregrine Mission One.
The device will be placed in a special “Moon capsule” containing souvenirs from around the world, including photographs, novels and even a rock from Mount Everest.
Also on ForkLog:
- A lawyer explained the legality of locating a debtor’s Bitcoin wallets in Russia.
- Russian-speaking Bitget clients complained about frozen funds. The exchange called it “misinformation.”
- OSCE taught Ukraine to track criminal Bitcoin transactions.
- Meta unveiled AI models for processing photos and videos.
BlackRock and Fidelity file with the SEC to launch spot Ethereum ETFs
BlackRock filed with the US Securities and Exchange Commission (SEC) for a spot ETF based on the second-largest cryptocurrency — iShares Ethereum Trust.
Coinbase Custody Trust Company will act as custodian for the product.
Fidelity Investments subsequently followed suit.
It is expected that Fidelity Ethereum Fund shares will trade on the Cboe BZX exchange. Asset custody will be provided by Fidelity Digital Assets Services.
However, on the same days the regulator delayed into early 2024 a decision on proposals to launch spot Ethereum ETFs from Hashdex and Grayscale.
For EAEU countries, they will standardize the labeling of illicit Bitcoin transactions
In Kazakhstan, they will create the International Association of Crypto-Compliance (WACC), which will implement unified AML/CFT standards in the market. AML/CFT-standards on the market.
The new public organisation will be formed by leading industry representatives from EAEU. The head of WACC will be elected at the inaugural congress.
Among the association’s aims:
- certification and training of AML professionals, bank staff and software development;
- cooperation with similar associations in the EAEU and beyond;
- standardisation of AML procedures and labeling among local providers;
- checks of compliance for VASP.
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