Key Developments in the Crypto World This Week



by FARUK IMAMOVIC

Key Developments in the Crypto World This Week
© Getty Images News/Jack Taylor

Asset manager Pando Asset has emerged as the latest contender in the race for a spot Bitcoin ETF in the United States. On November 29, the company filed a Form S-1 with the U.S. Securities and Exchange Commission for the Pando Asset Spot Bitcoin Trust.

This move positions Pando as the 13th applicant in a crowded field vying for an approved spot Bitcoin ETF, joining notable names such as BlackRock, ARK Invest, and Grayscale. The trust aims to mirror Bitcoin’s price, with Coinbase's custody arm designated to hold Bitcoin on behalf of the trust.

Binance Phases Out Its BUSD Stablecoin

In a significant development, cryptocurrency exchange Binance has announced it will cease support for its native stablecoin, Binance USD (BUSD). Following the decision by Paxos to stop minting new BUSD coins, Binance stated that users should withdraw or convert their existing BUSD holdings into other assets before December 15.

The exchange plans to disable withdrawals for BUSD on December 31, at which point existing balances will be automatically converted into First Digital USD for certain users.

CME Bitcoin Futures and ChatGPT's First Year

The Chicago Mercantile Exchange (CME) Bitcoin futures recently surpassed Binance’s BTC futures markets in size, reflecting strong institutional interest in Bitcoin.

As of November 10, CME’s Bitcoin futures open interest stood at $4.35 billion, marking the highest level since November 2021 when Bitcoin reached its all-time high of $69,000. This surge indicates growing confidence among investors in Bitcoin's potential to exceed $40,000 in the short term.

In the realm of artificial intelligence, ChatGPT, developed by OpenAI, has had a tumultuous first year since its launch on November 30, 2022. Gaining 100 million monthly users within its first three months, ChatGPT has been at the center of discussions about the existential threats of AI, copyright infringement accusations, and high-profile CEO changes.

FTX and Alameda Research Move Funds

Lastly, wallets linked to the now-defunct crypto trading firms FTX and Alameda Research have been active, moving $10.8 million to accounts in Binance, Coinbase, and Wintermute. This movement is part of a broader effort, which began in March, to recover assets for investors, with an estimated $551 million transferred using 59 different cryptocurrency tokens.

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