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Cantor Fitzgerald analysts revised Strategy's stock price target to $229, down 59% from $560, citing a decrease in the value of the company's treasury operations. Despite concerns of a "crypto winter," analysts believe Strategy's Bitcoin-buying activity will continue.
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Bitcoin and Ethereum prices dropped significantly, with Bitcoin falling below $90,000 and Ethereum nearing $3,000. The crypto market saw liquidations totaling over $493 million, mostly from long positions.
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Legislation introduced in Indiana aims to expand access to digital assets for savers and prevent local governments from restricting cryptocurrency use. The bill requires public servants' retirement programs to offer cryptocurrency ETFs and limits local government rules on digital asset usage.
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The Department of Justice is seeking a 12-year prison sentence for Terra founder Do Kwon, who pleaded guilty to conspiracy to defraud and wire fraud. Prosecutors argue for the maximum sentence to avoid sentencing disparities with similar cases like FTX founder Sam Bankman-Fried.
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Minh Phuong Ngoc Vong, a Maryland man, was sentenced to 15 months in prison for helping North Korea infiltrate U.S. companies with IT workers. Vong used false credentials to secure jobs and earned over $970,000 from U.S. companies, including government agencies.
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Paribu, a major Turkish digital asset platform, has acquired CoinMENA, a top crypto exchange in the MENA region, for up to $240 million. This acquisition provides Paribu with regulatory access to key crypto hubs like Dubai.
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CoinShares reported that the digital asset treasury bubble has burst, with some firms trading below their market net-asset value. The next move depends on whether companies sell off or wait for a rebound, as per CoinShares Head of Research, James Butterfill.
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VTB Bank, Russia's second-largest lender, will introduce spot crypto trading for qualified investors next year, allowing direct trading of major cryptocurrencies like bitcoin and ether. The bank's move follows Russia's shift towards crypto amid Western sanctions on its oil trade.
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Beeple's interactive installation at Art Basel features robot quadrupeds capturing scenes and producing stylized prints that can be claimed as NFTs, linking physical art to blockchain tokens. The robots, with heads resembling figures like Elon Musk and Pablo Picasso, roam the fair floor, creating unique collectibles.
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Lindsay Fraser, previously with Uniswap, will now lead policy operations for the Blockchain Association, focusing on regulatory issues for digital assets markets. The association aims to influence the Senate's market structure bill, stablecoin law implementation, and U.S. crypto tax policy.