Daily Web3 Industry News Update

Bruce

Good evening, and welcome to our daily news update on the Web3 industry. I'm Bruce, and tonight we will cover significant developments in the cryptocurrency market, including the latest price trends, emerging projects, and ongoing challenges in the sector.

Bruce

As of November 28th, the total cryptocurrency market capitalization stands at 3.48 trillion dollars, which reflects a decline of 1.93% from yesterday, with a total trading volume of 210.34 billion dollars, down 20.8%. Bitcoin's price has slightly dipped to 95,656 dollars, representing a 0.216% drop. Meanwhile, Ethereum is trading at 3,579.3 dollars, down 2.02%. Collectively, Bitcoin and Ethereum dominate the market, accounting for 66.8% of the total capitalization.

Cassie

Diving deeper into sector performance, we see that 9 out of 16 sectors reported increases today. Notably, the AI sector surged by 8.65%, driven predominantly by CLANKER, which skyrocketed by 853%. PayFi and GameFi sectors also saw impressive growth, each contributing to a positive shift in the market landscape.

Bruce

In notable news, former Ethereum co-founder Jeffrey Wilcke transferred 20,000 ETH to Kraken today, an amount valued at approximately 72.5 million dollars. Despite this transaction, Wilcke still retains 106,000 ETH, valued at around 384 million dollars. This withdrawal raises questions about market movements as high-profile figures adjust their holdings.

Cassie

Moongate also made headlines by launching its native token, MGT. This initiative aims to enhance brand-consumer interaction, especially through innovative 'earn-to-participate' mechanisms. Since its inception in 2022, Moongate has attracted over 1.7 million users and 3,800 brands. The MGT token has already begun trading on various exchanges.

Bruce

In a troubling trend, Marc Andreessen of a16z revealed that over 30 tech founders have faced bank account closures due to their involvement in digital currencies. This includes Jeremy Kauffman of LBRY and Tyler Winklevoss of Gemini, who reported similar experiences, suggesting a systemic move towards 'de-banking' tech entrepreneurs.

Cassie

In cybersecurity, a report from Microsoft's security team has revealed that North Korean hackers have successfully infiltrated multiple companies worldwide, stealing over 10 million dollars in cryptocurrency. Using fake job postings to spread malware, these hackers are a growing concern in the crypto space.

Bruce

Following the reported victory of Donald Trump, demand for Ethereum ETFs has surged by 160%, according to K33 Research. The VolatilityShares 2x Ethereum Leveraged ETF has significantly increased its Ethereum holdings, suggesting a bullish sentiment as ETH prices approach potential milestones.

Cassie

Furthermore, Ethereum core developers have reached a preliminary consensus to increase the blob target from 3/6 to 6/9, suggesting ongoing enhancements in the network’s capabilities as further tests and developments progress.

Bruce

In investment news, Binance Labs has announced its investment in Astherus, a decentralized finance platform aimed at enhancing asset liquidity and profitability opportunities. This move highlights the continuing trend of institutional interest in DeFi solutions.

Bruce

That concludes our update on the Web3 industry for today. Thank you for joining us as we explore these critical developments shaping the future of the cryptocurrency market. For more information, visit our website at mlion.ai. Good night!