4 crypto market news you need to read right now.
14 Years Dormant Bitcoin Wallet Moves 2,000 BTC
A Bitcoin (BTC) wallet that has been dormant for about 14 years has moved 2,000 BTC mined in 2010 out of Coinbase. Cryptocurrency developer @mononaut reports that a 14-year-old wallet that held a majority of the Bitcoin mined in 2010 has moved 2,000 BTC off of Coinbase, which is worth about $140 million in today's dollars. At the time of mining in 2010, 2,000 bitcoins were worth about $600.
BTC spot ETFs continue to see net inflows, nearing $200 billion in cumulative trading volume.
Bitcoin spot exchange-traded funds (ETFs) traded on U.S. asset markets have been experiencing net inflows since the 25th of this month, with trading volumes steadily increasing, and are on track to surpass $200 billion in cumulative trading volume. According to data published by crypto news outlet The Block, the cumulative trading volume of bitcoin spot ETFs reached $174.07 billion as of Nov. 26. At the current pace, it is expected to surpass the $200 billion mark within the next week.
Base Network Deposits Top $1.35 Trillion.
Coinbase's own blockchain, Base, has surpassed $1 billion ($1.35 trillion) in total network deposits (TVL), driven by lower fees from Ethereum's recent Denkun upgrade. On-chain analytics platform DeFiLama reported today that BASE surpassed $1 billion in TVL on July 27, driven by an influx of developers and the success of BASE-based decentralized exchanges (DEXs). Coinbase announced on Nov. 27 that it will deposit more stablecoin USDC reserves into BASE to help grow its network.
US CFTC "Ethereum is a commodity"...SEC and jurisdictional competition intensifies.
The U.S. Commodity Futures Trading Commission (CFTC) released an official statement on the 27th (local time) claiming that Ethereum (ETH) is a commodity, rebutting the claims of the U.S. Securities and Exchange Commission (SEC). In its indictment charging Coin with commodity law violations, the CFTC named Bitcoin, Ethereum, and Litecoin (LTC) as commodities. The CFTC's allegations contradict those of the SEC, which is currently conducting a formal investigation into whether Ethereum should be classified as a security, adding to the growing competition for jurisdiction over cryptocurrency markets in the United States.
