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Crypto privacy just scored a legal W

🏆 Crypto privacy just scored a legal W

Plus: Brazil eyes a federal Bitcoin reserve

Welcome

GM. It's the Daily Squeeze, where the crypto lemons of the day get turned into surprisingly tangy lemonade.

⚖️ A US appeals court ruled that Tornado Cash's immutable smart contracts can't be sanctioned by the Treasury.

🍊 News drops: Uniswap's record-breaking bug bounty, Binance is saying bye to five tokens in December + more

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🍍 Market flavor today

Fear and Greed Index
Find out more about the Fear & Greed Index here.
 Crypto Market Cap: $3.38T 3.68% (24H)
  Name   Price 24H 7D
Bitcoin Bitcoin BTC $95,648.25 2.79% -1.73%
Ethereum Ethereum ETH $3,600.96 5.15% 15.49%
Solana Solana SOL $238.63 3.24% 0.13%
BNB BNB BNB $655.01 5.91% 6.94%
Prices as of 15:00 EST. Click here to see live data.

Who needs reality TV when the markets are serving this much drama? 🤪 The Fear and Greed Index is chilling at 75 in the "Greed" zone, and Bitcoin took a dip below $91K yesterday - just to keep us all paying attention.

So, what's stirring the pot? This week, $558.1M left spot Bitcoin ETFs, adding some selling pressure to the mix.

The folks over at IntoTheBlock point out that the pullback can also be blamed on high funding rates. That can be a red flag because it means the market is crowded with leveraged positions, and even a small market shake can force sell-offs, causing prices to drop. The good news, tho'? Funding rates are finally settling back to normal levels, so that leverage flush might be behind us.

CryptoQuant's Ki Young Ju reminded us that these kinds of price corrections are nothing new - in 2021, when BTC was discovering its price from $17K to $64K, we saw this happen over and over.

Analyst PlanC is actually pleased to see BTC taking a breather - spending some time in the $90Ks could be the best-case scenario for extending this bull run. Sure, the up-only phases are exciting, but these sideways moves are where the real foundation is built.

BTC down today
Source: @TheCryptoLark

Looking ahead, macroeconomic factors are expected to impact BTC's price more. The Fed is confident that inflation is easing and the job market is strong, which opens the door for further interest rate cuts (even if they're planning to take it nice and slow).

Plus, the Consumer Confidence Index bumped up to 111.7 in November from 109.6 in October. Why does this matter? A confident consumer is more likely to invest in riskier markets like crypto.

All in all, it's a good time to stay calm, think long-term, and maybe even appreciate the mess - 'cause that's setting the stage for what's next 🚀

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🏆 W for privacy

Imagine that in some alternate universe there's a town with a community a bulletin board. It's got no owner, pretty much just exists there, could've been dropped straight from the heavens - who knows.

The townies used it for all the essentials: gossip updates, occasional love confessions, and event flyers. But also, some clowns would put up post-it notes with doodles of… uh, something that rhymes with bricks.

The mayor saw these doodles once, and he was absolutely fuming - so he decided to toss the entire board in the trash.

Image

And that, my friends, is basically the regulatory approach to decentralized platforms. The real question tho': is it fair to destroy a tool that serves a legit purpose just because a few jerks use it the wrong way? If this question keeps you up at night, you're gonna love today's update.

Remember Tornado Cash? Back in 2022, the US Treasury went after the crypto mixer, adding 44 of its smart contracts to the sanctions list. Why? Because some people, including North Korean hackers, used it for money laundering.

But six users, with a little help from Coinbase, said, “Not on our watch!”, and took this case to court.

Well 🥰 A HUGE update to that lawsuit dropped yesterday: the appeals court ruled that the Treasury overstepped its authority with their decision. The argument? Those smart contracts are open-source, immutable code that nobody owns. No ownership = not property. And since the Treasury can only sanction "property," this move wasn't following the law.

What that means:

- US citizens can use Tornado Cash again without fear of breaking laws;

- The US legal system is starting to recognize decentralized protocols as a new kind of infrastructure, which could ease up compliance pressures and encourage innovation in privacy-focused tech.

That said, Variant's chief legal officer Jake Chrevinsky noticed this one detail: the ruling doesn't say the Treasury shouldn't sanction crypto, just that they can't under existing law. Basically, Congress could still rewrite the rules to make it possible. But until they actually do, we're counting this as a solid W for privacy.

And speaking of Ws, privacy-focused cryptos went nuts after the news came out:

- Tornado Cash's native token, TORN, increased by 427.39%;

- Zcash (ZEC) went up by 23.50%;

- Beam (BEAM) climbed 21.24%;

- DASH rose by 18.99% (shoutout to the English language for all the synonyms btw).

Now, what about the Tornado Cash devs - Alexey Pertsev, Roman Storm, and Roman Semenov? Are they off the hook? Well… prolly not.

The accusations against them revolve around their alleged intent and actions - basically, the claim is they knew shady stuff was going down and still helped bad actors exploit the platform. That's a separate legal battle from the sanctions issue and remains unresolved.

Anyways, the board is back up. If you're in the town square, feel free to pin up something useful again - just keep it classy, okay?

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🍋 News drops

🦄 Uniswap v4 is almost here, and Uniswap Labs is makin' it rain for bug hunters. Spot a critical vulnerability? Up to $15.5M in your pocket. High severity bugs score up to $1M, medium ones grab $100K, and the smaller stuff gets handled case by case.

đź‘‹ Binance is kicking five tokens out by December, saying they're not up to industry standards. The unlucky ones? OAX, IRISnet, SelfKey, Gifto, and Ren. Unsurprisingly, their prices decreased by about 40% after the news.

đź’Š Another $22M in Solana moved from the Pump.fun fee account to Kraken, and people jumped to conclusions about a sell-off. Co-founder Alon hit 'em back with this sassy response: "Did you know that you can send assets to an exchange without intending to sell those assets?"

🏠 A US Treasury study shows that areas with high crypto activity are seeing a spike in mortgages from low-income households. Wen Lambo?.. nah. Wen house?

🇧🇷 Brazil's Congress is cooking up a plan for a federal Bitcoin Reserve. The idea is to use Bitcoin as a protection from currency swings and geopolitical drama, plus as collateral for their upcoming CBDC.

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🍌 Juicy memes

New trader
Source: @naiivememe
I should have sold
Source: @naiivememe
Turn ETH off and on
Source: @AltcoinGordon
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Gode S. Web3 Market Analyst
Gode is a Web3 Market Analyst who researches the most important industry events and interprets how they affect the wider Web3 space. Her formal education in media culture & digital rhetoric allows her to employ a methodical approach to evaluating critical Web3 news data, including large-scale events and the wider social sentiment within the ecosystem.
Gode is a mutilingual professional, having studied in multiple universities all across Europe. This allows her to have a one-of-a-kind opportunity to analyze Web3 social sentiments spanning different cultures and languages and, in turn, develop a much deeper understanding of how the Web3 space is growing within different communities. With the rest of her team, Gode works to identify crucial crypto news patterns and provide unbiased and data-driven information.
Gode’s passions include working and communicating with people, and when she’s not researching Web3 news, she spends her time traveling and watching true crime documentaries.

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