From GBTC outperforming Nvidia to SBF not knowing his actions were illegal, here is a 3-minute breakdown of everything important that happened in crypto today.
Co-author: Davier M
Hello again Spotlight readers, CoinMarketCap here with your daily dose of crypto stories! From courtroom details to GBTC emerging as the king in markets, there's never a dull day in crypto.
Before starting this episode of our crypto telenovela, here's a quick rundown of today's top stories:
- Yuga Labs wins $1.5M in landmark legal victory against copycat Bored Ape NFTs.
- GBTC outperforms Nvidia, gaining 220%.
- Upbit dominates the Korean crypto exchange market, a new study finds.
- Solana Labs launches the Solana incubator program.
- Turkish government unveils plan to tax and regulate digital assets next year.
- Former FTX CEO Sam Bankman-Fried testifies in New York courtroom.
- USDC issuer Circle partners with FamilyMart and BitoGroup to introduce points-to-crypto service in Taiwan.
Let’s unpack all that!
Yuga Labs Wins $1.5M in Lawsuit
A US court sided with Yuga Labs in their trademark battle against some clowns selling knockoff Bored Ape NFTs. The court ordered the copycats to pay $1.5M for the ill-gotten profits from their fake digital monkey portraits. The defendants claimed it was all just parody and satire because nothing says comedy like intellectual property theft! But the court was not amused. Read the full story here!
GBTC Outperforms Nvidia
While the stock market whimpers, Grayscale's Bitcoin Trust has crushed the competition in 2023. GBTC has pumped 220%, trouncing the S&P 500 and even Bitcoin itself!
Investors are drooling over the prospects of finally getting an SEC-approved Bitcoin ETF. But GBTC's gains show there's still money to be made. Find the stats here!
Upbit Grabs South Korea's Crypto Crown
A new report shows Upbit now wears the Korean crypto trading crown, controlling a royal 80% of volumes. While the smaller exchanges fight for scraps. Upbit's share is 10% of global volumes, in comparison to Binance.
And turns out South Koreans have big appetites for risky altcoins, unlike the Bitcoin-loving masses. Find more details here!
Solana Incubator Launched
Solana Labs has announced the launch of its incubator program. Approved teams get help with dev, marketing and tapping into VC cash. Solana aims to connect teams with advisors to solve problems so founders can focus on ideas Though success isn't guaranteed, the program offers a supportive crypto community. Read the full story here!
Turkey Will Tax Crypto
Turkey's government wants a slice of those sweet, sweet crypto profits. Their 2024 plan reveals upcoming regulations to tax crypto and monitor exchanges. More details on the plan!
SBF Testifies in Court
Former FTX CEO Sam Bankman-Fried had his day in court, testifying about shady communications and questionable FTX operations. He claimed everything seemed legal to him at the time. Just an innocent 30-year-old billionaire with no concept of right and wrong!
SBF threw his own execs under the bus, but the jury isn't buying it. His testimony was definitely an entertaining one! Find more details here!
Loyalty Points Can Be Turned Into Crypto
Circle joined forces with Taiwanese retailer FamilyMart to convert loyalty points into USDC stablecoins. They say it "democratizes access to crypto." Trading expiring points for eternal digital dollars? It’s definitely a great idea for mass crypto adoption in the country. Read the full story here!
That's all for now! Tune in next time for your fix on the hottest stories in the crypto space. CoinMarketCap over and out!
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