Bitcoin Drops as Oil Shock Hits Markets, but Holds Up Better Than Equities

Assets related to the Libra meme coin scandal have been frozen by an Argentine judge due to potential indirect payments to public officials involving Kelsier Ventures CEO Hayden Davis. The freeze includes assets of Davis and two suspected intermediaries, lasting until the case is resolved.

Greenidge's stock surged over 35% after securing a five-year environmental permit renewal in a deal with New York state officials. The company committed to reducing greenhouse gas emissions by 44% by 2030, aligning with the state's climate goals set in 2019.

An online poll revealed that over 80% of respondents do not consider Lightning as real bitcoin (BTC), sparking a debate among supporters and critics. Despite its low transaction fees, Lightning's network health has stagnated over the past few years, with a significant drop in payment channels since 2022.

Rumble, a YouTube competitor, is acquiring Northern Data with Tether's support to enhance its AI capabilities and expand its cloud business. The deal, valued at nearly $800 million, involves exchanging Rumble shares for Northern Data shares.

Block, led by Jack Dorsey, has enabled Bitcoin payments for 4 million merchants globally through its Square Bitcoin feature, allowing for instant settlement via the Lightning Network with no fees until 2027. This initiative aims to make Bitcoin a part of everyday payments and commerce.

Strategy issued $50 million in preferred stock to fund its latest Bitcoin purchase, maintaining common shareholders' stake as its market cap neared a crucial level. The company's premium against its Bitcoin stockpile was at its smallest in 20 months, signaling a shift in its funding strategy.

BitMine Immersion Technologies disclosed adding 110,301 ETH, worth $389 million, to its treasury last week. With a total of 3.5 million ETH, 192 Bitcoin, and $398 million in cash, the company aims to acquire 5% of ETH's total supply.

Bybit, the second-largest crypto exchange, is reportedly in discussions to acquire Korbit, one of South Korea's oldest exchanges. Regulatory softening in South Korea is enabling foreign firms like Binance to acquire local exchanges, as seen with the recent Gopax acquisition.

Bitcoin and Ethereum funds experienced over $1.17 billion in outflows last week, with BlackRock's iShares Bitcoin and Ethereum funds leading the withdrawals. The negative sentiment in the market was fueled by recent market fluctuations and uncertainty surrounding a potential rate cut by the Federal Open Markets Committee in December.

Coinbase is launching a new platform for token offerings, starting with Monad's sale on November 17. Investors will use USDC stablecoin to request tokens over a week, with allocations based on loyalty. The platform aims for broad distribution and rewards true supporters.