The crypto market moved lower on Dec. 1. Let’s explore what is happening in the industry today.
Sony aims to introduce a USD-backed stablecoin to support low-cost digital payments and lessen dependence on credit cards.
The company’s banking unit has applied for a US banking license and partnered with Bastion to help navigate regulatory obligations.
Still, several US banking associations have voiced concerns about regulatory gaps and potential risks to consumers.
More details are available here.
Bitcoin (BTC) tumbled from weekend highs at the Asian market open.
Gold surged as macroeconomic concerns and uncertainty around Fed policy drove some capital toward traditional safe havens. This pulled it away from crowded crypto positions.
Meanwhile, exchange balances and stablecoin reserves increased, signaling available buying power. Bitcoin is now trading below the cost basis of short-term holders, raising the risk of further downside.
At the current moment, its price is $86,637, which means that it is over 5% down within the last 24 hours.
Institutional interest in a Chainlink ETF is gaining momentum as major asset managers, including Grayscale and Bitwise, enter the race. Grayscale’s Chainlink Trust, launched in 2021 with $17.2 million in assets under management (AUM), is now set to convert into an ETF. Nate Geraci highlighted that the Chainlink ETF may launch as soon as this week.
If approved, it would be the first US spot LINK ETF, arriving alongside a wave of new crypto ETFs, including multiple XRP and Solana funds.
Ripple has achieved a significant regulatory milestone in Singapore. The Monetary Authority of Singapore has approved an expanded scope for the Major Payment Institution license held by Ripple’s Singaporean subsidiary, Ripple Markets APAC Pte. Ltd.
With this approval, Ripple is now authorized to broaden its payment operations in one of the world’s most innovative financial centers, positioning the firm for greater growth in the region.
Want to learn more? Follow the link.
US spot Bitcoin ETFs recorded $3.48 billion in net outflows during November.
Spot Ethereum ETFs also saw significant withdrawals, with $1.42 billion exiting the funds. This marked their largest monthly outflow on record.
BlackRock’s IBIT, the biggest Bitcoin ETF by net assets, experienced $2.34 billion in net outflows for the month. On Nov. 18, it posted its largest single-day withdrawal since launch, totaling $523 million.