blockbank Crypto News Desk #59
Bitcoin-friendly Javier Milei’s wins Argentina Presidential Race
In a landmark victory, Javier Milei, known for his favorable stance towards Bitcoin, has been elected as the President of Argentina. Securing over 55% of votes, Milei triumphed over Sergio Massa, the country’s economy minister, in the run-off election held on November 19. Milei’s win is especially significant given Argentina’s ongoing inflation crisis, with the peso experiencing a 140% increase in annual inflation in the past year.
Milei has been openly critical of Argentina’s central bank, denouncing it as a scam and a tool for politicians to impose inflationary taxes. He views Bitcoin as a means to return control of money to its original creators, the private sector, although he has not indicated plans to make Bitcoin legal tender in Argentina. In contrast, his opponent Massa had proposed launching a central bank digital currency to address the nation’s inflation issues.
Milei’s election could signal a significant shift in Argentina’s economic and monetary policies, potentially impacting both national and global financial landscapes.
Fidelity’s Move Towards a Spot Ethereum ETF
Fidelity Investments, a leading asset management firm, has taken a significant step in the cryptocurrency domain by filing for a spot Ethereum ETF (Exchange-Traded Fund). This move follows their earlier application for a spot Bitcoin ETF, demonstrating Fidelity’s increasing focus on digital assets.
The approval of this Spot ETH ETF is seen as a critical victory for the protection of U.S. investors in the crypto asset space. Fidelity’s filing emphasizes the need for such products, arguing that without them, investors are exposed to higher risks as they seek alternative ways to gain exposure to cryptocurrencies.
This initiative aligns with recent judicial developments, notably the Grayscale court ruling. The court had observed that the Securities and Exchange Commission (SEC) failed to present a coherent reason for rejecting spot crypto ETFs while allowing futures-based products. In June, Fidelity’s application for a spot Bitcoin ETF followed BlackRock’s entry into the cryptocurrency ETF arena, underscoring the growing interest and competition in this sector.
OpenAI’s Leadership Shakeup: Sam Altman’s Exit and Emmett Shear’s Arrival as CEO
The recent events at OpenAI, leading to the ousting of Sam Altman as CEO and the appointment of Twitch co-founder Emmett Shear as the new CEO, have unfolded rapidly and dramatically. On November 17, OpenAI announced the firing of CEO Sam Altman, a decision that shocked many. In the days that followed, the tech world reacted strongly, with colleagues and other figures in the industry rallying in support of Altman. Greg Brockman, then OpenAI president and co-founder, also resigned in response to Altman’s departure.
Several senior OpenAI executives, including the company’s head of preparedness and director of research, resigned following Brockman’s departure. The internal announcement of Altman’s firing was described as a surprise to the management, attributed to a breakdown in communication between Altman and the board, rather than any malfeasance or financial, business, safety, or security/privacy issues.
Microsoft, a major investor and partner in OpenAI, issued a statement attempting to reassure the market about the partnership’s stability following Altman’s ousting. Despite this, Microsoft CEO Satya Nadella was reported to be pushing for Altman’s reinstatement. The OpenAI board initially agreed in principle to consider bringing Altman back as CEO and Brockman as president.
However, amidst these turbulent developments, Altman was seen at OpenAI’s headquarters on November 19, the deadline for a decision on his reinstatement. Despite some insiders’ push for his return, the board decided not to reinstate Altman and instead appointed Emmett Shear as the new CEO.
dYdX Exchange Taps Into Insurance Fund Following $9M Liquidation Triggered by Targeted Attack
On November 17th, decentralized exchange dYdX faced a significant challenge when it had to utilize its insurance fund to cover $9 million in user liquidations. This financial necessity arose due to what dYdX founder Antonio Juliano described as a “targeted attack” against the exchange. The attack specifically targeted long positions in Yearn.finance (YFI) tokens, leading to the liquidation of positions worth nearly $38 million. Juliano attributes the trading losses and the sharp 43% decline in the YFI token’s value to market manipulation.
Despite these challenges, Juliano assured that the v3 insurance fund still held $13.5 million and that no user funds were impacted by the incident. In response to this event, dYdX plans to conduct a thorough review of its risk parameters and possibly make changes to both the v3 and the dYdX Chain software.
This incident has raised concerns within the crypto community, with some speculating about a potential insider job in the YFI market. These suspicions were fueled by the observation that 50% of the YFI token supply was held in just 10 wallets, though it’s noted that some of these holders might be crypto exchange wallets.
Fideum stands at the forefront of merging traditional finance with the digital asset ecosystem, offering a comprehensive and versatile digital banking and crypto exchange platform. While we cater to a broad user base, our specialized focus is on empowering institutions with sophisticated, tailor-made services.
Website | Web App | Twitter | LinkedIn | Telegram | Instagram | Facebook
Download Mobile App: Android or iOS
