The Blockchain Bulletin, Nov 28: Consent Token Surges in SOL

Hey there, welcome back! Here is a recap of all that happened in the last 24 hours in the crypto community. With The Blockchain Bulletin, get to know the latest updates on institutional firms, tokens, market volatility, and even regulatory facts. 

Bitcoin Gains Political Interest

Brazil’s Congress is discussing the possibility of bringing Bitcoin under its list of investments. It proposed to create a Sovereign Strategic Bitcoin Reserve (RESBit). This will protect its economy during price fluctuations and geopolitical risks. The reserve seeks to diversify about 5% of Brazil’s $355B holdings, managed by the central bank. This initiative would encourage broader adoption of digital assets. Further, the RESBit would support the Real Digital (Drex), an upcoming central bank digital currency. 

Developments in Blockchains and Meme Coins

Changpeng Zhao, the ex-CEO of Binance, pointed out that it is time to shift focus from meme coins to developing practical blockchain applications. His statement follows the misuse of meme coin platforms like Pump.fun and price swings in PNUT. Over the past 24 hours, Just a Chill Guy (CHILLGUY), based on Solana, surged by 20% after KuCoin and Bybit listings. Further, its price increased after a notable YouTuber, MrBeast, endorsed the coin, drawing attention from investors. 

Legal Regulatory Updates

After a U.S. court canceled sanctions by the OFAC on Tornado Cash (TORN), the price surged, delighting its investors. South Korea has also adopted CARF MCAA standards to enhance tax transparency on cryptocurrencies. About 48 countries would be sharing transaction data based on a framework set by the OECD and G20.

Fall of Bitcoin, Rise of Ethereum

Speculations are rife that Bitcoin’s steep decline from $98K to $92K is due to selling pressure, profit-taking, and macro factors like the Inverse Cramer effect. The correction occurred during the Black Friday days – a time when such changes in liquidity are quite common.  On the other hand, Ethereum will likely regain momentum for a possible breakout that will boost the altcoin market.

XRP vs SEC: Is this the final call?

In response to the ongoing lawsuit between XRP and the SEC, the former CFTC Chair, Christopher Giancarlo, suggested that the SEC might dismiss its XRP case if Trump comes back to power. Several crypto analysts state that Gensler’s resignation would bring in a pro-crypto SEC under Trump. 

Giving ‘consent’ to CONSENT

MetaMask’s co-founder Dan Finlay released the Consent token on the Base and Solana (SOL) blockchains to redefine DeFi. Both blockchains showed strong signs of traction. However, with an active user base and fewer bot activities, Solana outpaced Base. As governments, innovators, and market forces continue to influence the sector, the crypto community still continues to evolve amid uncertainties. 

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