Avalanche, the fourth-generation proof-of-stake (PoS) blockchain, incurs significant costs to incentivize its validators. Token Terminal data on December 7 shows that in the past year, the smart contract platform paid over $275 million in AVAX to compensate its validators despite generating only $11.5 million in user fees. 

Avalanche Is Paying A Premium To Incentivize Validators

Although it appears that Avalanche is paying a premium for validators, this is critical in securing the network and ensuring all transactions are confirmed. Overall, and being a proof-of-stake network reliant on node operators for security and decentralization, Avalanche’s decision to pay validators a premium is, as its users demand, to maintain a robust network of nodes. 

According to CoinMarketCap data, the network has a market cap of over $9.8 billion. It is currently in the top 10 by liquidity, surpassing Polygon and Polkadot, competing low-fee alternatives. As it is, by incentivizing validators with generous rewards, Avalanche ensures that there is a strong pool of nodes available to maintain the network’s operation.

Through these validators, AVAX holders can stake and receive rewards. As of December 7, there are over 1,539 validators currently staking over 248 million AVAX and earning 7.84% APY. At the same time, statistics show that Avalanche has a staking ratio of 57.11%. Most AVAX in circulation are used to secure the network at this level.

While AVAX incentivization might draw more validators, Avalanche documentation also states that the network doesn’t require complex hardware to operate a node. At the same time, the blockchain, unlike Ethereum, states that staked AVAX is not at risk of being slashed–or penalized by the network–provided all network requirements are met. This feature could explain the steady rise in validator count over the past three years.

AVAX Is Up By 200%, Trading At 2023 High

While Avalanche grows its validator count, AVAX prices have also been expanding steadily, mirroring the general market. Thus far, AVAX is changing hands above $26, up over 200% in the last three months. At spot rates, AVAX is trading at new 2023 highs and in a bullish breakout formation, looking at price action in the daily chart.

Related Reading: Apollo Crypto Predicts Bitcoin Price Of $200,000 This Cycle, Here’s Why

Looking at how AVAX is, bulls might break above $30. If the accompanying surge is with expanding trading volume, it might be the base for another leg up that might lift the coin toward $90 or higher in the sessions ahead. When AVAX peaked in 2021, it rose to as high as $145.

The rise in the Shiba Inu burn rate has no doubt been one of the most notable developments in the community. At the start of the week, the burn rate rose over 7,000,000% after more than 8 billion tokens were burned in a 24-hour period. This trend has not slowed down either given that the burn figures have continued to rise daily.

Shiba Inu Burn Surge Continues

Earlier in the week when the Shiba Inu burn saw one of its highest daily spikes, the total number of tokens burned had come out to just over 8 billion. At the time, this was a significant figure given that the burn rate had been slowing down over the last year. However, there has been a steady rise in the number of SHIB tokens that are being burned lately, which raises the question of what is driving the burn.

After a dip in the burn rate following the 8 billion daily burn, the community is back at it again and their zeal has been rewarded once more. On Thursday, the burn tracker Shibburn reported that the 24-hour figure had crossed 10 million once again. This shows a steady recovery from Wednesday’s figures which had tanked significantly.

As Shibburn data shows, the 10.34 million SHIB that were burned in the last 24 hours amounts to an 803.4% increase in the burn rate compared to the previous day. The majority of the burns have, however, come from a single wallet address. The address sent a little over 10.2 million SHIB to the burn address.

This recent spike in the BURN rate has also added to the total amount burned on a weekly basis. The figure comes out to 8.497 billion, which is a 1,969.72% increase from the previous week’s figures.

What Is Driving The SHIB Burn?

The most significant burn for the week was the 8.2 billion burn, most of which came from a single address. This address was the ShibaSwap deployer wallet, which meant that the SHIB team was the one burning the tokens.

The spike in the burn rate coincides with the increased usage of the Shiba Inu layer 2 blockchain Shibarium, which marked multiple milestones this week. As the usage has risen and more fees were collected on the network, the amount of SHIB to be burned rose drastically.

Daily transactions on Shibarium have consistently come out above 7 million this week, bringing the total transactions on the network above 51 million. If this continues, then the burn rate could continue to rise as more usage of the L2 means more fees being burned.

Recently, Michael Saylor, the founder of MicroStrategy and a prominent Bitcoin (BTC) proponent, took to social media to gauge the Bitcoin community’s sentiment on the future price of the digital asset.

Saylor, who has transitioned from CEO to head of Bitcoin strategy at MicroStrategy, posed a significant question to the Bitcoin community on X. Saylor’s inquiry was straightforward yet profound: “How high will BTC need to rise before you would consider selling a small portion of your Bitcoin?”

This question, aimed at understanding the threshold that might trigger selling decisions, garnered extensive attention, with roughly 122,839 individuals participating in the poll. The answers, revealing the mindset of the Bitcoin community, ranged from moderate to extremely bullish sentiments.

Surprising Results: Majority Eye $1 Million Bitcoin Threshold

The survey results painted a fascinating picture of the BTC community’s outlook. While a minority of respondents, 18.8% and 14.1%, selected $250,000 and $500,000 price points, a significant portion of the community leaned towards much higher figures.

Notably, 36.3% of voters indicated a price range from $1 million to never selling their Bitcoin holdings, highlighting a strong belief in BTCs long-term value. Additionally, 30.8% of participants marked $100,000 as their potential selling point.

Saylor’s survey revealed the community’s predominant inclination to hold BTC until it reaches or surpasses the $1 million mark. Some were willing to hold indefinitely, reflecting a deep-rooted confidence in Bitcoin’s future.

How high will $BTC need to rise before you would consider selling a small portion of your #Bitcoin?

— Michael Saylor (@saylor) December 6, 2023

Institutional Capital And Halving Events: Catalysts For A $1 Million BTC

As the crypto space closely watches these survey results, the $1 million price point for Bitcoin is increasingly viewed as a realistic possibility by many enthusiasts and experts alike. Samson Mow, the CEO of Jan3 and a vocal BTC advocate, recently supported this view.

Mow agreed with the general sentiment of Saylor’s survey, stating that while “Balaji wasn’t wrong about BTC going to $1M,” he was perhaps wrong about the timing and the driving factors.

Mow attributed the potential surge to a confluence of significant institutional investment and the impact of Bitcoin halving events. The halving, a scheduled reduction in BTC mining rewards, inherently limits the new supply of Bitcoin, thereby introducing a scarcity factor.

Coupled with a projected influx of institutional capital into the crypto market, these factors could collectively catalyze Bitcoin’s price to unprecedented heights. Mow’s analysis aligns with the optimism reflected in Saylor’s survey, underlining a solid belief in Bitcoin’s capacity for substantial value growth.

Balaji wasn’t wrong about #Bitcoin going to $1M, but he was wrong on the timing and the catalyst.

My $1M call is based on a massive rapid influx of institutional capital while Bitcoin available for sale is at historical lows, compounded by the halving.

His $1M prediction was…

— Samson Mow (@Excellion) December 6, 2023

It is worth noting that this optimism within the Bitcoin community, coupled with expert insights, suggests a future where Bitcoin’s valuation might reach, or even exceed, the coveted $1 million mark.

Featured image from Unsplash, Chart from TradingView

Data shows that the Bitcoin whales that may have been helping drive the latest rally have switched to profit-taking instead.

Bitcoin Whales On BitMEX Have Changed Their Tune Recently

An analyst in a CryptoQuant Quicktake post explained that the BitMEX whales were likely the ones helping fuel the latest rally. The relevant indicator here is the “Open Interest,” which keeps track of the total amount of Bitcoin derivative positions open on a centralized exchange.

When this metric’s value increases, investors are opening up new contracts on the platform. On the other hand, a decline suggests the holders are either getting liquidated or closing up their positions of their own volition.

Now, here is a chart that shows the trend in the Bitcoin Open Interest for two exchanges, BitMEX and Binance, over the past few weeks:

The graph shows that the Bitcoin Open Interest on BitMEX had observed a sharp rise at the start of the month when the cryptocurrency’s price was still trading around the $38,000 level.

This open interest increase followed a sharp rally for BTC towards the $44,000 mark. As is visible in the chart, the indicator’s value for Binance also registered an increase as the rally occurred, but BitMEX’s rise stands out as it was huge and pretty much happened in one go before the rally.

Since BTC has hit its local top above the $44,000 level, though, the BitMEX Open Interest has plummeted, implying a large-scale closure of positions on the platform has taken place. On the other hand, the metric’s value for Binance has continued to stay high.

The quant has also attached charts of another metric for the two exchanges: the “Funding Rates.” The funding rates keep track of the periodic fee the derivative traders on an exchange currently pay each other.

When this indicator has a positive value, the longs are paying a premium to the shorts to hold onto their positions right now. This suggests that the traders on the platform share a majority of bullish sentiment.

The BitMEX Funding Rates had been favorable for the duration that the Open Interest had been at high levels, implying that most positions had been extended. However, with the plunge in the indicator, the Funding Rates have returned to neutral values.

Based on this pattern, the analyst thinks the BitMEX whales, potentially driving the rally earlier, have already taken their profits, as they closed up a large chunk of their positions near the top.

The Open Interest hasn’t completely retraced itself yet, but the fact that most of these whales have decided to pull out may be a troubling sign for the rally’s continuation.

BTC Price

Bitcoin has seen some retrace during the past day as the coin’s price is now floating around $43,600.

A dormant Ethereum whale has resurfaced, moving their 39,260 ETH worth approximately $87.5 million. According to data from Lookonchain, this Ethereum whale with almost $90 million in ETH recently woke up and decided to move its mountain of digital assets to an exchange. 

Although it is unclear the motive behind this transfer, it appears to be to take profit on a 670% gain over the past five years. 

Ethereum Whale Moves 39,260 ETH To Crypto Exchange

The crypto market has had another flurry of price increases in the past few days, with Coinmarketcap’s Fear & Greed Index now pointing to an extreme greed of 81. Ethereum hasn’t been left out of the price gains, and the crypto is currently up by 11% in a 7-day timeframe. 

Amidst the price gain, a social media post by on-chain analysis tracker Lookonchain shows that a whale recently deposited 39,260 ETH worth $87.5 million to the crypto exchange Kraken. Further details from on-chain data show that the coins were acquired around June to August 2017. 

During this period, the whale address received 47,260 ETH acquired at an average price of $240 and worth $11.34 million in total at the time. However, the account has remained largely inactive since then, sitting on unrealized profit as Ethereum continued to grow in price. But now, the coins have made their way into Kraken.  

The massive transfer of funds from a whale’s wallet to an exchange typically signals them cashing out some or all of their holdings. In this particular case, the whale would make a profit of approximately $78 million if they decided to sell all their holdings on the exchange. 

An early $ETH whale appears to be selling ETH again after being dormant for 5 years.

The whale deposited all 39,260 $ETH($87.5M) to #Kraken 30 mins ago.

The whale received 47,260 $ETH($11.34M) at ~$240 from June to August 2017.

If sold the whale would make a profit of ~$78M. pic.twitter.com/v0PI4LNTKO

— Lookonchain (@lookonchain) December 5, 2023

Trend Of ETH Profit Taking Increasing?

A massive transfer of funds naturally leads to speculation within the crypto community, and there seems to be an increasing trend of large ETH holders taking profits. Other social media posts from Lookonchain over the past few days have shown similar cases of large wallets sending their ETH to exchanges. 

For instance, a recent post showed the movement of ETH in wallet addresses belonging to defunct exchanges FTX and Celsius. FTX deposited 3,143 ETH worth $7.2 million on Coinbase, while Celsius sent 7,500 ETH worth $17.2 million to address “0xc450.” 

Galaxy Digital followed suit, depositing 9,179 ETH worth $20.9 million to Binance. According to Whale Alerts, 16,944 ETH worth $38.14 million also made its way to Coinbase from a private wallet.

16,944 #ETH (38,148,363 USD) transferred from unknown wallet to #Coinbasehttps://t.co/XJYadmioyi

— Whale Alert (@whale_alert) December 6, 2023

Even though Ethereum briefly touched $2,300 yesterday, it would seem the recent transfer to exchanges has had an effect on the price of ETH, as the crypto is trading at $2,269 at the time of writing, down by 1.5%. 

The crypto market remains largely unpredictable, but it would be prudent to wait to see if the crypto approaches and rebounds at the $2,200 resistance level. At the same time, a strong blast above $2,300 could signal bulls are still in control.

Since October 2023, Solana (SOL), often called the Ethereum killer, has seen significant network and price action growth. 

However, everything points out that the most notable growth in recent months has been in SOL’s price, which has surged over 368% year-to-date, taking the token from a low of $7.95 in 2022 to a now staggering $64.20, with an annual high of $68.

But are these numbers reflective of fundamental growth, or are there discrepancies between price action and network progress? 

Growth In Network And Price Action Fuel Optimism

According to Ally Zach, a research analyst at Messari, SOL has experienced significant growth since its December 2022 lows. The price of SOL has increased by over six times, while active addresses and Total Value Locked (TVL) have doubled. 

Initially positioned as a decentralized finance (DeFi) hub, Solana has diversified over time, introducing new infrastructure and tools, such as compressed non-fungible tokens (NFTs), which have led to the emergence of new consumer applications on the platform.

According to Zach’s latest report, throughout most of 2023, consumer apps served as the primary entry point for first-time users on Solana. However, early November’s “breakpoint event” reignited Solana’s DeFi sector. 

A series of airdrop announcements for major projects in the ecosystem, particularly the airdrop by JupiterExchange, propelled the DeFi sector to the forefront. These airdrops, coupled with new token launches, have boosted market caps and decentralized exchange (DEX) TVL, attracting users through the trading potential of these tokens.

Notably, Solana’s new DEX users exhibit different behavioral patterns compared to airdrop farmers on other networks. Instead of high-frequency, low-volume transactions involving stablecoins, these users actively trade small and mid-cap tokens and spend more per swap. 

This suggests a more sustained and engaged user base, moving away from transient farming practices. DEXs play a crucial role in the decentralized finance ecosystem, deriving strength from the diversity and robustness of the surrounding apps and tokens.

Ally Zach’s analysis suggests that Solana’s newest user base, including newcomers and veterans, is shifting away from typical airdrop farming behaviors. 

This shift indicates the potential for these users to become long-term contributors, strengthening the sustainability of the Solana ecosystem.

Potential Solana Rally To $90 On The Horizon

In addition to the potential long-term growth of the Solana network, the price of SOL is not far behind. Prominent crypto analyst Ali Martinez has identified an intriguing price pattern for SOL that indicates the potential for further gains soon. 

Martinez highlights an ascending triangle formation on the 12-hour chart of SOL, suggesting a continuation pattern that typically precedes upward price movements.

The ascending triangle formation implies that SOL’s price has been consolidating within a tightening range, with higher lows and a resistance level of around $68.2. If SOL manages to sustain a close above this critical level, it could trigger a bullish breakout, potentially propelling the price toward the $90 mark.

However, Martinez advises caution and emphasizes the importance of monitoring the $60 support level. Any signs of weakness or a breach of this level may trigger a spike in profit-taking by traders, potentially leading to a temporary price decline. In such a scenario, SOL could experience a dip, potentially reaching as low as $47.

Featured image from Shutterstock, chart from TradingView.com 

The price of Bitcoin slowed down its ascend following a week of smashing critical resistance levels. However, the rally is likely in its early stages, with BTC preparing to see further profits in the coming months.

As of this writing, the cryptocurrency trades at $43,300, reclaiming levels last seen in 2022 before the crash to its yearly lows. In the weekly chart, BTC records a 15% rally, with Ethereum following the trend while other altcoins lagged behind the two most prominent cryptocurrencies.

Spot Bitcoin Jumps 15% In December, Eyes On Potential SEC Approval

The crypto market has witnessed another remarkable surge in Bitcoin (BTC), with a 15% increase in just the first week of December. According to QCP Capital’s latest market update, this growth takes BTC’s year-to-date (YTD) gain to 260%.

This exponential rise is primarily attributed to the anticipation surrounding the approval of a spot Bitcoin Exchange-Traded Fund (ETF) by the U.S. Securities and Exchange Commission (SEC).

On December 1st, the SEC announced that January 5th, 2024, will be the final deadline for rebuttal comments. This timeline sets the stage for probable approval in the week following.

Although QCP Capital humorously notes that the significance of the 15th anniversary of Bitcoin’s Genesis block on January 3rd, 2024, might be lost on the SEC, the “market has certainly taken note.”

As Bitcoin nears the $45,000 mark leading up to the expected announcement, investors are weighing how much of this news has already been priced. The post-ETF approval period will be critical, as the real impact depends on the actual flows from the ETF in its initial trading weeks. A ‘sell-the-news’ event is possible next year if expectations don’t match reality.

Asian Buyers Re-Enter Market, When Altcoin Season?

The December 1st announcement has also spurred renewed interest from Asian buyers, who had been less active in the preceding month. Notably, most of the recent spot gains have occurred during U.S. trading hours as investors in the country take positions in preparation for the SEC announcement.

As the market prepares for the launch of the spot ETF, investors won’t find themselves short of options. With 13 applications for spot ETFs and several others for leveraged and options-based ETFs in the pipeline, the traditional finance ecosystem surrounding BTC (and soon ETH) is poised for significant expansion.

QCP Capital anticipates that in a market characterized by low costs and tight spreads, structured products might emerge as a key asset class for generating alpha, similar to other markets like gold. The trading desk noted:

This means that should spot BTC top on launch day itself, it will not stop the Traditional Finance ecosystem boom around BTC, and soon ETH – the likes of which we have been writing about for years now.

A report from the Glassnode co-founders indicates that the altcoin sector is already trying to catch up with the current BTC price action. The current pullback could provide an opportunity for smaller coins waiting to benefit from the bullish momentum.

How much longer will altcoins trail behind before making their move?

The Bitcoin narrative continues to steer the ship, but a closer look reveals the total altcoin market cap playing catch-up.

With Ethereum and BTC leading the way, we are potentially on the brink of… pic.twitter.com/KC1QdWmnlE

— 𝗡𝗲𝗴𝗲𝗻𝘁𝗿𝗼𝗽𝗶𝗰 (@Negentropic_) December 7, 2023 

Cover image from Unsplash, chart from Tradingview

An analyst has explained how Cardano may be heading towards a rally to $0.75 soon if the historical pattern is anything to refer to.

Cardano Could See A Rally Of Over 70% In The Near Future

As explained by analyst Ali in a post on X, ADA currently appears to be mirroring the same pattern as that between 2018 and 2020. Below is the chart shared by the analyst, which points out this similarity.

From the graph, it’s visible that ADA had been in a phase of consolidation inside a channel back between 2018 and 2020, and it would appear that the asset has been ranging in a similar fashion recently as well.

There is one dissimilarity present between the two patterns, however, and that is the presence of the COVID-19 crash. This price plunge below the consolidation channel only happened because of the emergence of an anomaly in the form of the virus, though, so it might be safe to ignore it in the grand scheme of things.

Cardano has recently observed a rally towards the upper end of the channel and the cryptocurrency is now trying to break out of it. Back during the previous consolidation period, a similar break took place, and it ended up leading to a very significant uplift for the cryptocurrency.

“If this pattern holds, we could see ADA punching through the $0.45 resistance soon,” notes Ali. As for what trajectory the asset would follow after this break, the analyst thinks that a rally towards the $0.75 level could potentially happen by “late December.”

From the current spot price, such a surge would mean an increase of more than 70% for Cardano. If the previous instance of the trend is anything to refer to, though, the rally would perhaps not end at just these gains, as ADA in fact eventually ended up registering a total increase of almost 3000% in the bull run that followed then.

The on-chain analytics firm Santiment also discussed about ADA yesterday, revealing a possible instigator behind the latest price uptrend in the asset. The relevant metric here is the total number of ADA addresses carrying some amount of balance.

The below chart shows how this indicator’s value has changed over the last few months:

As displayed in the chart, the total number of Cardano wallets observed a sharp decrease last month and what occurred alongside it was a rally in the price. In recent days, another decline in the indicator has taken place, although the scale is much smaller this time around.

“Typically, declining wallets is a sign of small holders capitulating & selling to whales at a loss,” explains the analytics firm. ADA has observed an increase in the past few days, so it’s possible that this effect may be in action once more.

ADA Price

Cardano has again been rejected from the $0.45 resistance mark as its price has pulled back to $0.43 since the retest.

A crypto pundit and Bitcoin maximalist, Mark Harvey, has explained why he believes the foremost cryptocurrency Bitcoin, is far off from its true potential. According to him, the crypto token could be worth close to $17 million in the future. 

Why One Bitcoin Could Worth $17 Million

In a post shared on his X (formerly Twitter) platform, Harvey made a strong case for Bitcoin on why it could on why a price even greater than $17 million is likely. He referred to Bitcoin’s use case as a store of value and how it could further chop into the market share of other asset classes. He noted Bitcoin’s “tremendous upside” despite being a relative newcomer.

Bitcoin is said to have 0.1% of the $871 trillion which are invested in global assets. Other global assets that hold a substantial market share include gold and silver, bonds, equities, real estate, and fiat money. Harvey believes that Bitcoin’s price could rally significantly as the foremost cryptocurrency becomes the most preferred option for people to preserve their money.

Harvey stated that the monetary premium of those global assets highlights how much they are used as a store of value. The crypto pundit asserts that Bitcoin has the potential to capture the monetary premiums of other asset classes, which would see its price rise to $17 million with a market cap of $356.7 trillion. 

In his opinion, this is very likely because Bitcoin is a “superior form of property.” If it does happen, the crypto token could also end up capturing 41% of the $871 trillion in global assets. Harvey also provided a more probable scenario as to Bitcoin’s future price. He noted that the crypto token could still rise to as high as $415,000 per token if it captures 1% of global assets.

Is BTC Superior To Other Asset Classes?

Harvey labeled Bitcoin as a “superior form of property,” and there is evidence to back up this assertion. As highlighted by the Director of Global Macro at Fidelity Investments, Jurrien Timmer, Bitcoin stands out in comparison to other asset classes. 

Source: Fidelity Investments

According to data from Fidelity, the flagship cryptocurrency provided the best risk-reward with a 58% return from 2020 to this year. In terms of drawdowns and rallies, Bitcoin also stood out with an 84% gain from its 2-year low.

Meanwhile, a recent report by Glassnode noted that Bitcoin continues to lead as one of the best-performing global assets, with a gain of over 140% year to date (YTD). Specifically, Bitcoin has more than doubled in relation to Gold. 

Featured image from Coin Culture, chart from Tradingview.com

Richard Teng, the Chief Executive Officer (CEO) of the world’s largest crypto exchange Binance challenged JPMorgan Chase’s CEO Jamie Dimon’s stance on cryptocurrencies.

Binance CEO Disagrees With Jamie Dimon

The Binance CEO recently defended cryptocurrencies by opposing the anti-crypto narrative promoted by the JPMorgan CEO in a hearing held on Wednesday. Teng took to X (formerly Twitter) to share his displeasure with Dimon’s narrative against crypto.

The JPMorgan CEO’s critics were set on the legitimacy and regulation of cryptocurrencies. According to Dimon, he has “never supported cryptocurrencies” and believes the “only real use case for crypto is criminals.”  He further added that he would close down crypto if he had the power to do so. The CEO stated:

I’ve always been deeply opposed to crypto, the only true use case for it is criminals. If I were the government I’d close it down. 

Teng underscored the need to compare the scope of illegal activity in cryptocurrency to that of traditional fiat money. He further highlighted the data compiled by Dr. Andrzei Gwizdalki from sources like the UN and the World Economic Forum.

The data shows that illegal activities connected to fiat currencies are over 100 times bigger than crypto. According to the data, cryptocurrencies are linked to an estimated $20 billion in illegal activities. 

Meanwhile, fiat currencies such as the United States dollar are implicated in approximately $3.2 trillion in illegal activities yearly. However, due to the secret nature of money laundering, it is difficult to determine the total amount that has been lost. 

So far, Dr. Andrzei Gwizdalki believes the corruption and money laundering in connection with fiat “casts a dark shadow.” He also added that this is a reputation that the crypto space should not mirror.

Furthermore, Gwizdalki has urged policymakers to be well-informed and handle real issues within their traditional systems. He believes using crypto for illegal reasons is “stupid and dangerous” since every transaction is transparently recorded.

The Crypto Firm Faces Potential Collapse

Former United States Securities and Exchange Commission (SEC) official John Reed Stark has highlighted a potential collapse for Binance. Stark’s belief is due to the Binance plea agreement by the former CEO of the crypto exchange Changpeng CZ Zhao. Stark stated:

The Binance Plea Agreement is Already Blowing Up. More Evidence of the Possibility of a Binance Collapse (And a 10-Year Sentence for CZ).

He also highlighted Teng’s failure to provide answers to simple questions during an interview as another potential reason. In the interview, journalist Scott Chipolina asked Teng where Binance is headquartered, but the CEO refused to provide specific answers.

So far, Stark has voiced doubts about the exchange’s capacity to comply with the stringent DOJ/FinCEN monitoring and cooperation requirements. He believes that while investigations are still ongoing, the government will bring more accusations against Binance and Changpeng Zhao.