From SEC targetting Kraken to Bitcoin reclaiming its 'highest network fee' crown, here is a 2-minute breakdown of everything important that happened in crypto today.
The crypto sphere saw its share of legal drama yesterday - the SEC filed charges against Kraken while Apple faced fresh antitrust accusations over crypto restrictions. But the headlines don't end there. Today we dive into those ongoing lawsuits plus other top developments making waves.
On the menu today:
- SEC sues Kraken with charges of commingling billions in customer funds and operating without licenses. 👮♂️
- Apple hit with antitrust lawsuit alleging it forces payment apps to drop crypto capabilities for bigger commissions. ⚖️
- Pyth network surprises users with $79M airdrop into wallets causing price rollercoaster. 🎢
- Marathon Digital says Bitcoin mining has matured from just chasing cheap energy to collaborating with power producers. ⚡️
- Crypto exchange Bittrex Global announces shutdown starting Dec 4th urging customers to withdraw funds. 🚨
- Bitcoin reclaims top spot for the average transaction fee due to the Ordinals protocol activity explosion. 👑
Now let's explore the details of each of those stories!
SEC Sues Kraken 👮♂️
The SEC filed charges against Kraken this week alleging some big violations. We're talking allegations of commingling billions in customer funds and operating for years without proper licenses.
Kraken isn't taking this lying down, fiercely defending itself against what it calls "misguided" claims. Legal clashes grow ever-fiercer as the SEC tries flexing its muscle over crypto. But exchanges won't bow easily amid accusations they call false or overblown.
Read the full story!
Apple Paying for Crypto Restrictions? ⚖️
The tech giant found itself hit with another antitrust suit alleging it blocks crypto capabilities in iOS payment apps. The lawsuit claims Apple leaned on payment apps like Venmo, essentially forcing them to drop decentralized crypto functionality. The result? Apple rakes in bigger commissions, innovation suffers, and consumers pay inflated prices, according to the suit.
Whether the claims hold water remains to be seen, but the case cranks up the heat on Apple's market power plays in crypto and beyond.
But how did Apple pull this off [as the lawsuit claims]? Read more!
Pyth Network’s $79M Airdrop 🪂
A crypto oracle network just airdropped tokens into users' wallets. Of course, things got a little nuts for a minute. PYTH's price twisted like a rollercoaster just after the drop, rising and plunging over 40%. A classic case of too many sellers and not enough buyers! But hey - anyone who got those free tokens before isn't sweating the dips too much. As long as Pyth keeps growing, this promo airdrop will pay off big time down the road.
More token unlocks are scheduled over the next few years. For now, the move aims to reward early backers and decentralize the network. But focusing too much on prices risks overshadowing the tech mission. Crypto idealism often gets tested when money floods in.
Find out the selection and eligibility criteria for this airdrop!
And that brings us to our Word of the Day!
It’s ‘Oracle.’
So what is an oracle?
Put simply - oracles are like translators between blockchains and the real world. How does it work?
Well, blockchains can only see what's happening inside them. But smart contracts powering decentralized apps often need outside info to work properly - like sports scores, weather data, and stock prices.
Without real-world intel, the contract breaks down like an engine without gas! No bueno.
That's where oracles swoop in to save the day! Oracles hook up to websites, systems and sensors to gather fresh data. Then they feed the most up-to-date facts to smart contracts, ensuring apps function swiftly.
So next time someone mentions "oracles," no need to let your mind drift off counting sheep! Just picture oracles as pipelines pumping real-world oil into blockchain engines.
Wanna understand how it works in a technical sense?
Now back to our daily stories!
Bitcoin Mining Grows Up ⚡️
Bitcoin mining's all grown up now according to Marathon Digital execs. The old days of just snagging the cheapest energy deals are fading. Collaborating with power producers and pursuing renewables has become essential for economic and PR viability.
New specialized tech also helps boost efficiency as the next Bitcoin halving looms. Miners worry thinner margins require getting creative on costs. But in crisis lies opportunity for the most nimble operations.
More information on what it believes can be done to increase mining revenues!
Popular Exchange Shuts Down 🚨
Looks like it's the last call for crypto exchange Bittrex Global! This week Bittrex broke the sad news they're shutting down for good starting December 4. They already suspended US activities and now warn customers in other regions to withdraw funds urgently.
The sudden bombshell after previous legal run-ins raises uneasy questions. Did regulators force their hand? Or is it just bad business?
In any case, Bittrex says they aim to ease the transition for users getting their money out. But who knows how smooth that'll go if everyone rushes the exits at once! Plus they can't legally promise traders will get every last cent back. More transparency sure would help ease worries now.
More information on what went down that triggered this shutdown!
Bitcoin Back as King of Fees 👑
For the first time in ages, Bitcoin's average transaction fee surpassed Ethereum's. This recent shift traces back to the Ordinals protocol enabling NFT-style assets atop Bitcoin.
Activity in Ordinals assets absolutely exploded last month, driving millions in BTC fees. The hype went into overdrive after major BRC-20 token ORDI won a Binance listing too.
With Bitcoin still the OG crypto boss when it comes to name recognition and security, renewed interest lets it stay relevant against the young blood. The old warhorse found a new spark kicking Ethereum off its throne this month.
Here are some more details on the ORDI token that took the network fee to new levels!
And that wraps up today’s top stories! Tune in tomorrow as CoinMarketCap stimulates your dopamine receptors with the latest narratives driving the markets.
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