Weekly Crypto Highlights: MicroStrategy Adds 16,130 Bitcoins, Binance Ends BUSD Support, Ronaldo Faces Lawsuit, FTX’s $873M Asset Sale, and More…

What Happened This Week🤔❓

Hello, Crypto Champions! 😎

Ready to dive into the electrifying realm of cryptocurrency and uncover the hottest events of the week? Buckle up for an exhilarating journey as we unveil the latest and greatest updates! 👇

Weekly Highlights:

MicroStrategy Expands Bitcoin Holdings

• MicroStrategy invested $513 million in the purchase of 16,130 Bitcoins on November 30th.
• The company’s total Bitcoin holdings now stand at 174,530 BTC, valued at approximately $5.28 billion.
• This move reaffirms MicroStrategy’s commitment to Bitcoin as a key component of its treasury, showcasing confidence in its long-term value.

Robert F. Kennedy Jr. Advocates for Independent Currency

• On November 26th, Robert F. Kennedy emphasized the need for a currency free from government influence.
• Kennedy proposed backing treasury bonds with hard assets like Bitcoin, gold, platinum, and silver.
• Expressing opposition to central bank digital currencies, Kennedy secured 20% support in the latest opinion poll, highlighting growing interest in alternative financial systems.

Binance’s Strategic Shift and Regulatory Challenges

Discontinuation of BUSD Support

• Binance announced the end of support for BUSD products by December 15, 2023, following Paxos’s discontinuation of new BUSD token minting.
• Users were advised to withdraw or convert BUSD holdings to other supported assets before the specified date.
• The move follows regulatory challenges, including New York authorities halting minting in February and SEC’s classification as a security in June.

Changpeng Zhao Steps Down from Binance US Board

• Binance US revealed Changpeng Zhao’s decision to step down as Chairman, opting for a more passive role through proxy arrangements.
• CZ’s move signifies a shift in leadership dynamics within Binance, emphasizing economic interests over active governance.
• This change reflects a strategic adjustment in the leadership structure of the company.

Cristiano Ronaldo Faces Legal Action Over Binance NFT Promotion

• Football icon Cristiano Ronaldo is part of a class-action lawsuit filed on November 29th for his involvement in promoting Binance.
• Plaintiffs claim Ronaldo played a role in the issuance and sale of unregistered cryptocurrency securities, causing financial losses.
• The lawsuit points to Ronaldo’s collaboration with Binance on the Cristiano Ronaldo NFT series as a contributing factor.

Passing of Charlie Munger at 99

• On November 28th, Charlie Munger, Vice Chairman of Berkshire Hathaway and a vocal critic of cryptocurrencies, passed away.
• Munger’s strong opposition to digital assets included previous calls for a complete ban in the United States.
• His demise marks the end of an era and raises questions about the impact on the cryptocurrency discourse.

Coinbase CEO Reveals Regulatory Frustrations

• Coinbase CEO Brian Armstrong disclosed 30 unsuccessful meetings with the SEC over 18 months.
• Armstrong expressed frustration at the lack of clear feedback on what the SEC considers as securities, except for Bitcoin.
• The revelation highlights challenges in navigating regulatory uncertainties in the United States, prompting Coinbase to explore international expansion.

FTX’s Asset Sale Approval for Creditors Repayment

• FTX received approval from the New York Bankruptcy Court to sell $873 million worth of Grayscale and Bitwise investment fund shares.
• The assets, including Grayscale Bitcoin Trust (GBTC) and Bitwise Crypto Index Fund, will be sold to repay creditors.
• The court’s decision reflects FTX’s commitment to addressing financial obligations through strategic asset sales.

Nayib Bukele Steps Down as President of El Salvador

• President Nayib Bukele resigns on December 1, 2023, approved by the Legislative Assembly, focusing on 2024 re-election.
• Acting President Claudia Rodríguez de Guevara assumes office, making history as El Salvador’s first female head.
• Bukele’s presidency noted for crime reduction, Bitcoin legalization; faces criticism for human rights issues and policy shifts.

Thank you for joining us in this week’s cryptocurrency highlights! Wishing you a fantastic weekend! 😊