Coindesk

Justin Sun walked into the room flanked by his usual entourage of bodyguards and advisers and made his way to the stage. Behind him, a banana was duct taped in position on a white wall. On either side, two blank-faced men in white shirts and black aprons stared into the sea of cameras and smartphones. I wondered what they were thinking.As for what I was thinking, it was something along the lines of how ridiculous this all was. To give some background, on Nov. 21 Tron founder Justin Sun paid a whopping $6.2 million — including $1 million in commission — at an auction at Sotheby’s in New York for an artwork called Comedian. The work, created by modern artist...

Nov. 30, is the last trading day of the month, so all eyes will be on bitcoin's (BTC) monthly candle. Bitcoin is less than 4% away from the psychological wall of $100,000. While the $9 billion worth of options expiry for bitcoin has just expired, which has sent the token slightly higher on the day to over $96,000.CoinGlass data shows that November has been one of the strongest months for bitcoin for several years, currently up over 36%, which would be the fourth best performing month since October 2021.November's rise has only been beaten thrice February 2024 (44%), January 2023 (40%) and October 2021 (40%). November's impressive performance is largely due to the fact that Donald Trump won the...

A streak of inflows into U.S.-listed spot ether (ETH) exchange-traded funds (ETFs), rising activity on the Ethereum blockchain and increased institutional trading interest could help the second-largest cryptocurrency by market cap surpass its three-year-old price record in the coming months.“ETH spot ETFs continue to record strong net inflows, totaling $90.1 million yesterday and marking a 4-day winning streak," QCP Capital said in a note referring to Wednesday trading. "Despite this week's retracement, these healthy inflows highlight the market's growing optimism. ETH was the main outperformer Wednesday as it rallied 11.65% to a high of 3,688. This is aligned with our thesis of capital rotation from BTC to ETH."The ether ETFs attracted over $220 million in the Nov. 22-27 period,...

Decentralized crypto exchange HyperLiquid distributed its native token, HYPE, spurring demand that saw the price jump to $4.18 from an initial $3.2 and lifting the fully diluted value (FDV) to $4.2 billionThere are 333 million of the planned 1 billion tokens in circulation after the airdrop, giving a market cap of around $1.4 billion. Trading volume topped $165 million during the first hour of trading.Of the total supply, 38.88% has been allocated to future emissions and community rewards and 23.8% is set aside for current and future core contributors.The token can be staked to secure HyperBFT, the proof-of-stake consensus algorithm that powers the platform. It can also be used to pay transaction fees and create decentralized finance (DeFi) applications.Users were...

Stablecoins could grow to 10% of the U.S. money supply and foreign exchange transactions once the sector becomes more legitimized, Standard Chartered (STAN) and Zodia Markets said in a report Thursday.Currently, the stablecoin market is equivalent to 1% of U.S. M2 and 1% of foreign exchange transactions, the report said."As the sector becomes legitimized, a move to 10% on each measure is feasible," wrote authors Geoff Kendrick and Nick Philpott.A stablecoin is a type of crypto that is designed to hold a steady value and is usually pegged to the U.S. dollar, though some other currencies such as gold are also used. M2 is a measure of U.S. money supply, and includes cash, savings and other short-term investments.The catalyst for...