Results of the week: bitcoin did not overcome $38,000, and miners earned a record $44 million per day

19.11.2023 19:11

The first cryptocurrency failed to overcome the $38,000 level, the complexity of mining has updated the maximum, inflation in the US has slowed down, investors have stood up for the dismissed CEO of OpenAI and other events of the outgoing week.

Bitcoin did not hold near $38,000

On November 14, the US Federal Bureau of Labor Statistics reported a decrease in annual inflation to 3.2% by the end of September. Experts considered this positive news for risky assets like bitcoin, since the Fed may stop raising rates.

Initially, the first cryptocurrency practically did not react to the publication of data, but by the evening the market moved to correction. Digital gold fell to $34,800, then recovered to ~$35,400.

The micro rally in the following days raised the rate close to $38,000 — on Binance, the maximum was $37,980.

On the night of November 16-17, a new collapse below $36,000 followed.

The BTC/USDT hourly chart of the Binance exchange. Data: TradingView.

By the end of the week, the bitcoin price recovered to levels around $36,500.

Almost all digital assets from the top 10 by capitalization ended the period in the "red zone". The exception was the SOL token with an increase of 2.1%. One of the drivers of the positive dynamics of the coin was a complimentary interview for Solana by the head of ARK Invest Katie Wood.

Data: CoinGecko.

The total capitalization of the cryptocurrency market has decreased to $1.44 trillion. Digital gold dominance index — up to 46.7%.

The complexity of bitcoin mining has updated the maximum

As a result of the next recalculation, the complexity of mining the first cryptocurrency increased by 3.55%. The indicator updated the maximum at 64.68 T.

Data: .

The average hashrate for the period since the previous value change was 479 EH/s. The range between blocks is just over 9.5 minutes.

Miners earned a record $44 million per day in 2023

On November 12, the daily income of bitcoin miners amounted to about $44 million - a record figure in 2023, according to .

This amount included block mining rewards (6.25 BTC) and network commissions. 

From April 2022 to October 2023, the cryptocurrency mining sector experienced negative revenue dynamics caused by the bear market. However, by November, the indicator went up.
Russians switched from Binance to Bybit, HTX and Deribit

In October, users from Russia took the first place in the number of visits to the cryptocurrency exchanges Bybit, HTX and Deribit.

On Bybit and HTX, the share of visitors from the Russian Federation was 17% of the total, on Deribit — 16%. 

Binance's Russian customers accounted for 5% of the traffic.

Data: Wu Blockchain.

The largest share of visitors from the USA was recorded on Coinbase (57%) and (25%).

In general, according to the publication, in October, the attendance of crypto exchanges increased by 15.6% compared to the previous month.

Against this background, Binance announced the removal of trading pairs of the Russian ruble with the largest cryptocurrencies from the platform.

PrivatBank commented on the "blocking of cards due to transactions with cryptocurrencies"

Ukrainian users complained about the blocking of PrivatBank and monobank cards after buying and selling cryptocurrencies.

In one of the complaints, a client of PrivatBank reported that he had made "a lot of exchange P2P transactions on the Bybit exchange," after which the institution refused him further service and offered to return the funds.

Representatives of the bank explained this by the requirements of the law on combating money laundering. However, according to the financial institution, "no new rules of financial monitoring are applied to clients."

Similar problems were encountered by monobank users who had "large receipts over the past seven days." The bank's support service told reporters that the reasons for blocking cards may be different, while "withdrawal of funds from cryptocurrencies" is not prohibited.

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Ukraine has proposed an alternative tax on bitcoin transactions

On November 17, the Ministry of Finance of Ukraine registered an alternative bill on taxation of cryptocurrency transactions. 

According to the agency's proposal, the tax for individuals in the first three years after the entry into force of the law should be 5%, the next 5 years — 9%, after 8 years — 18%.

Legal entities are exempt from VAT with the exception of transactions with tokenized assets.

Residents of Dia.The city can choose between an 18% income tax or a 9% tax on withdrawn capital.

Sam Altman was fired from his position as CEO of OpenAI. He was supported by startup investors

OpenAI has announced that Sam Altman has resigned as CEO and has left the board of directors. The position of interim CEO was taken by Technical Director Mira Murati.

The Board made a decision based on the results of an internal audit.

"Altman was not always frank with the board of directors, which prevented the latter from fulfilling his duties. The board is no longer confident in his ability to continue leading OpenAI," the company said in a statement.

However, the largest investors of the AI startup demanded Altman's reinstatement, Bloomberg learned from its own sources. The campaign for the return of the ex-CEO was attended by the largest sponsor OpenAI with a share of $ 10 billion Microsoft, as well as Thrive Capital and Tiger Global Management.

According to the publication, Altman does not mind returning, but demands a change of the current board of directors. Investors support his demands. 

Shortly before his dismissal, Altman spoke about plans to create a general artificial intelligence, revealed details of GPT-5 and the partnership between OpenAI and Microsoft.

Dogecoin wallet will be sent to the Moon

The Dogecoin community is planning to send a physical wallet with DOGE to the moon. The project will be implemented as part of the Peregrine Mission One mission of the Astrobotic space company.

The device will be placed in a special "Lunar capsule" with various souvenirs from around the world, including photographs, novels and even a stone from Mount Everest.

Also on ForkLog:

The lawyer explained the legality of the search for the debtor's bitcoin wallets in the Russian Federation.
Russian-speaking Bitget customers complained about the freezing of funds. The exchange called it "disinformation."The OSCE has taught Ukraine to track criminal bitcoin transactions.
Meta has introduced AI models for photo and video processing.
BlackRock and Fidelity have filed applications with the SEC to launch spot Ethereum-ETFs

BlackRock has sent an application to the SEC for registration of a spot ETF based on the second largest cryptocurrency by capitalization — iShares Ethereum Trust.

Coinbase Custody Trust Company will act as custodian for the investment product.

Following the competitor, Fidelity Investments made a similar step.

It is assumed that the shares of Fidelity Ethereum Fund will be traded on the Cboe BZX exchange. The Fidelity Digital Assets Services division will provide storage of the fund's assets.

However, on the same days, the regulator postponed to the beginning of 2024 the decision on proposals to launch a spot Ethereum-ETF from Hashdex and Grayscale.

Marking of illegal Bitcoin transactions will be unified for the EAEU countries

Kazakhstan will create an International Association of Cryptocompliance (WACC), which will implement unified AML/CFT standards in the market.

The new public organization will be formed by leading industry representatives from the EAEU. The head of the WACC will be elected at the first congress.

Among the goals of the association:

certification and training of AML specialists, bank employees and software development;
cooperation with similar associations in the EAEU countries and beyond;
br>standardization of AML procedures and markup among local providers;
verification of compliance with VASP.
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