- Following Thanksgiving yesterday, traditional markets closed at 1:00 pm EST today. In the shortened session, traditional indices were mixed with the S&P 500 roughly flat on the day while the Nasdaq 100 ended down 0.70%. Crypto markets are more in line with the Nasdaq, as $BTC and $ETH are down 0.55% and 1.05%, respectively. $DOGE is among the top performers today, rising over 8% along with $HT, the native token of Huobi Exchange. $HT is the top performer over the last 24 hours (+14.1%) as rumors have been circulating about Huobi and Poloniex potentially merging. Huobi and Poloniex make up the 4th and 6th largest crypto exchanges by volume. A merger would further consolidate the industry and lead to a new name in the top 3 exchanges.
- In the wake of the FTX collapse, Binance founder Changpeng Zhao (CZ) claimed he would be starting an Industry Recovery Initiative (IRI) to purchase distressed crypto assets across the crypto industry and “help projects that are otherwise strong but in a liquidity crisis.” CZ’s initial target was to raise $1 billion, but he claimed that more money could be allocated to the initiative if needed. Last night, CZ announced that Binance would allocate an additional $1 billion to the fund, raising the total amount to $2 billion. In addition to Binance’s commitments, other prominent crypto firms such as Jump Crypto, Aptos Labs, GSR, and Polygon Ventures contributed smaller sums totaling $50 million. The initiative is expected to last about six months, and any funds not allocated at the end of the initiative will be returned to the contributing counterparty. All funds will be distributed to public wallet addresses to ensure transparency. The IRI has already received over 150 applications from projects looking for relief. IRI contributors will have the opportunity to review all applications and decide if they’d like to move forward with an application.
- In a revised privacy policy release, ConsenSys, the company behind the popular crypto wallet MetaMask, stated that they would begin collecting users’ IP addresses and Ethereum wallet addresses for on-chain transactions. The data collection will only apply to users using Infura, MetasMask’s default remote procedural call (RPC). Therefore, users using their own Ethereum node or 3rd party RPC will not have their data collected. The data will be shared with affiliates in potential deals or to comply with KYC or AML regulations. The updated policy has received a lot of backlash as it goes directly against the decentralization ideology a lot of the crypto community embraces. After the backlash, ConsenSys released a statement clarifying that MetaMask will not be exploiting or selling the data and that the policy change was more of a language update and not so much a policy update. The increased scrutiny comes after many crypto users lost access to their funds in the FTX fiasco, highlighting the importance of self-custody of assets. ConsenSys said they are currently looking into technical ways to minimize the amount of data collection and ways for users to transact anonymously.
Crypto Daily Report – November 25
Nov 25, 2022
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