Crypto News Roundup for December 5, 2023

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5 Dec 2023
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Welcome to the crypto news roundup for December 5, 2023, where we bring you the latest and most relevant stories from the world of cryptocurrencies. Whether you are a seasoned investor or a curious newcomer, we have something for you in this edition. Let’s dive in!



Binance Saw ‘Significant’ Outflows Since CZ Announcement

One of the biggest news of the week was the announcement by Binance CEO Changpeng Zhao (CZ) that he will step down from his role in the next 6 to 9 months and hand over the reins to a new leader with more regulatory experience. CZ said he made this decision to help Binance navigate the complex and evolving regulatory landscape and to ensure the long-term success of the company.
The announcement came as a surprise to many in the crypto community, who have seen CZ as the face and voice of Binance since its inception in 2017. Binance is the largest crypto exchange by trading volume and has been expanding its services and products across the globe. However, it has also faced increasing scrutiny and pressure from regulators in various jurisdictions, who have accused it of operating without proper licenses, facilitating money laundering, and offering risky products to retail investors.

The market reaction to CZ’s announcement was mixed, but data from CryptoQuant, a blockchain analytics firm, showed that there was a ‘significant’ amount of outflows from Binance in the days following the news. This suggests that some users and investors may have lost confidence in the exchange or decided to move their funds to other platforms. However, CryptoQuant also noted that the outflows were not as large as those seen in May 2022, when Binance faced a major hack that resulted in the loss of 7,000 bitcoins.

Binance has not yet revealed who will be the next CEO, but CZ said he will remain involved in the company as a board member and a shareholder. He also said he will focus on promoting the adoption and innovation of cryptocurrencies and blockchain technology. CZ expressed his gratitude to the Binance community and assured them that the transition will be smooth and beneficial for everyone.



KuCoin Launches KuCard, a Crypto Debit Card

Another major crypto exchange that made headlines this week was KuCoin, which launched KuCard, a crypto debit card that allows users to spend their cryptocurrencies at over 60 million merchants worldwide. KuCoin partnered with Visa, the global payment network, to issue the card, which supports Bitcoin, Ethereum, USDT, and KCS, the native token of KuCoin.
KuCoin said that KuCard is the first crypto debit card that offers a cashback program, which rewards users with up to 3% of their spending in KCS. Users can also enjoy other benefits, such as low fees, instant transactions, and security features. KuCoin said that KuCard is part of its vision to bridge the gap between crypto and traditional finance and to make crypto more accessible and convenient for everyday use.

KuCoin is not the only crypto exchange that offers a crypto debit card, as other platforms such as Coinbase, Binance, and Crypto.com have also launched similar products in the past. However, KuCoin claims that its card has some unique advantages, such as the ability to support multiple currencies, the integration with the KuCoin app, and the exclusive rewards for KCS holders.
KuCoin said that KuCard is currently available in Europe and that it plans to expand to other regions in the future. Users who want to apply for the card can do so through the KuCoin app or website.



10101.art Reveals Sale of Banksy’s Turf War

In the realm of crypto art and NFTs, one of the most intriguing stories of the week was the revelation by 10101.art, a new NFT platform, that it had sold a digital version of Banksy’s Turf War, a famous street art piece that depicts Winston Churchill with a mohawk. The NFT was sold for 275 ETH, or about $1.1 million, to an anonymous buyer.

10101.art said that it had acquired the original Turf War artwork from a private collector, who had bought it from Banksy in 2004. The platform said that it had digitized the artwork using a high-resolution scanner and a blockchain-based verification system, and that it had burned the physical piece after the NFT sale. The platform said that this was the first time that a physical artwork by Banksy had been converted into an NFT and destroyed.

The platform said that its mission is to ‘redefine the concept of art ownership’ and to ‘challenge the status quo of the art world’. It said that it believes that NFTs are the future of art and that they offer more benefits than physical artworks, such as immutability, transparency, and accessibility. It also said that it respects Banksy’s anti-establishment ethos and that it hopes to honor his legacy by bringing his art to the digital realm.

However, not everyone was impressed by 10101.art’s stunt, as some critics and fans accused the platform of vandalism, sacrilege, and greed. They argued that destroying a physical artwork by Banksy was a waste of cultural heritage and that it violated the artist’s intention and message. They also questioned the authenticity and legitimacy of the NFT and the platform, and whether the sale was a publicity stunt or a scam.

10101.art said that it understands the controversy and the backlash, but that it stands by its decision and its vision. It said that it plans to digitize and sell more physical artworks by Banksy and other artists in the future, and that it invites the crypto community and the art world to join its revolution.



5 Rising New Cryptocurrencies to Add to Your Watchlist for December 2023

If you are looking for some new and exciting cryptocurrencies to invest in or to explore, you may want to check out these five rising stars that have caught our attention this week. These are some of the most innovative and promising projects in the crypto space, based on their use cases, teams, and potential for mainstream adoption.

  • Solana (SOL): Solana is a high-performance blockchain that claims to be the fastest and most scalable in the world. It can process over 50,000 transactions per second with low fees and high security. Solana uses a novel consensus mechanism called Proof of History, which enables it to achieve high throughput and low latency. Solana also supports smart contracts, decentralized applications, and interoperability with other blockchains. Solana has attracted a lot of attention and investment from prominent crypto figures and institutions, such as Sam Bankman-Fried, the founder of FTX, and Alameda Research, a leading crypto trading firm. Solana has also launched several successful projects and initiatives on its platform, such as Serum, a decentralized exchange, Audius, a music streaming service, and Wormhole, a cross-chain bridge. Solana’s native token, SOL, has surged by over 2,000% since the beginning of the year, reaching an all-time high of $216 on November 24.
  • Avalanche (AVAX): Avalanche is another fast and scalable blockchain that aims to create an open and interoperable platform for decentralized finance (DeFi) and other applications. Avalanche uses a unique consensus protocol called Avalanche Consensus, which allows it to achieve high speed, low cost, and high security. Avalanche also supports multiple custom blockchains, called subnets, that can have their own rules and validators. Avalanche has been growing rapidly in terms of adoption and development, as it has launched several popular projects and partnerships on its platform, such as Pangolin, a decentralized exchange, Benqi, a lending protocol, and Chainlink, a decentralized oracle network. Avalanche’s native token, AVAX, has increased by over 1,000% since the beginning of the year, reaching an all-time high of $124 on November 21.
  • Terra (LUNA): Terra is a blockchain that focuses on creating a stable and user-friendly payment system powered by fiat-pegged stablecoins. Terra uses a two-token model, where LUNA is the governance and staking token that secures the network and stabilizes the price of the stablecoins, and TerraUSD (UST) is the main stablecoin that is pegged to the US dollar. Terra also supports other stablecoins that are pegged to different fiat currencies, such as TerraKRW, TerraEUR, and TerraSDR. Terra has achieved impressive adoption and growth, as it has integrated with several major payment platforms and merchants in Asia, such as Chai, a mobile payment app, and TMON, an e-commerce platform. Terra has also launched several innovative projects and protocols on its platform, such as Mirror, a synthetic asset platform, and Anchor, a savings protocol. Terra’s native token, LUNA, has risen by over 6,000% since the beginning of the year, reaching an all-time high of $54 on November 28.
  • Polygon (MATIC): Polygon is a blockchain that aims to solve the scalability and usability issues of Ethereum, the leading smart contract platform. Polygon is a layer-2 solution, which means that it runs on top of Ethereum and leverages its security and network effects, while offering faster and cheaper transactions. Polygon also supports multiple scaling approaches, such as plasma, zk-rollups, and optimistic rollups, which enable it to cater to different needs and preferences of developers and users. Polygon has become one of the most popular and widely used scaling solutions for Ethereum, as it has onboarded hundreds of projects and protocols on its platform, such as Aave, a lending protocol, SushiSwap, a decentralized exchange, and Decentraland, a virtual reality platform. Polygon’s native token, MATIC, has increased by over 7,000% since the beginning of the year, reaching an all-time high of $2.62 on May 18.
  • Cardano (ADA): Cardano is a blockchain that aims to create a more sustainable, scalable, and inclusive platform for smart contracts and decentralized applications. Cardano is based on a rigorous scientific and academic approach, and uses a novel proof-of-stake consensus mechanism called Ouroboros, which claims to be more secure and energy-efficient than proof-of-work. Cardano also has a layered architecture, which separates the settlement layer from the computation layer, and allows for more flexibility and interoperability. Cardano has been undergoing a series of major upgrades and milestones, such as the launch of smart contracts in September, the introduction of decentralized governance in November, and the integration of decentralized identity in December. Cardano’s native token, ADA, has risen by over 1,000% since the beginning of the year, reaching an all-time high of $2.97 on September 2.

These are some of the new cryptocurrencies that we think are worth watching for December 2023. Of course, there are many more projects and tokens that are equally interesting and promising, and we encourage you to do your own research and due diligence before investing or trading. Remember, the crypto market is volatile and unpredictable, and you should only invest what you can afford to lose.

I hope you enjoyed this edition of the crypto news roundup, and that you learned something new and useful. If you did, please share this article with your friends and family, and subscribe to me for more updates and insights. Thank you for reading, and happy crypto!



📌Sources


  1. Markets Daily Crypto Roundup - CoinDesk.
  2. December 2023 Crypto Market Forecast – Forbes Advisor.
  3. 5 rising new cryptocurrencies to add to your watchlist for December 2023. CoinTelegraph.
  4. 16 New Crypto Launches to Invest in December 2023. CryptoNews.
  5. Crypto News: Latest Cryptocurrency News, Bitcoin News, Ethereum News ... CryptoNews.



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