Telegram-backed Cocoon goes live, now letting GPU owners earn crypto for AI compute

Canary Capital has announced that its XRP exchange-traded fund (ETF) has surpassed the combined performance of all other XRP ETFs, marking a significant milestone in the cryptocurrency market. This claim highlights the growing influence of Canary Capital in the sector and its potential to shape investment strategies moving forward.

Bitcoin's price has fallen below $89,000, resulting in over $200 million in long liquidations within the past hour, highlighting the extreme volatility of the cryptocurrency market. This decline follows a broader trend where Bitcoin has lost nearly 25% of its value in November, contributing to significant market instability.

Tether's CEO has dismissed claims of insolvency, highlighting the company's $30 billion equity buffer as a significant asset that critics overlook. This response comes amid ongoing scrutiny regarding Tether's reserves and financial practices, particularly following a recent downgrade by S&P Global Ratings of its stablecoin, USDT, to the lowest score due to concerns over reserve exposure and governance issues.

Telegram's founder Pavel Durov announced the launch of Cocoon, a decentralized AI network designed to enhance user privacy, built on The Open Network. Users can earn TON by renting out their computing power, marking a significant step in the integration of AI and blockchain technology.

Arthur Hayes has raised concerns regarding Tether's investment strategy, particularly its significant exposure to Bitcoin and gold, which he warns could lead to substantial financial instability and undermine market confidence in the USDT stablecoin. This warning comes amid a backdrop of declining Bitcoin prices and recent downgrades from S&P Global Ratings, which cited similar vulnerabilities in Tether's financial practices.

Ethereum ETFs experienced significant outflows totaling $1.4 billion in November, reflecting a retreat by investors amid increasing caution and volatility in the cryptocurrency markets. This trend indicates a growing wariness among investors regarding the stability of Ethereum as a viable investment option.

Arthur Hayes, co-founder of BitMEX, has stated that most Layer 1 (L1) cryptocurrencies outside of Ethereum and Solana are likely to decline significantly, potentially heading towards zero. This assertion highlights concerns about the sustainability and viability of numerous blockchain projects in the current market landscape.

BlackRock's Bitcoin ETF has recorded $114 million in net outflows amid ongoing market volatility, reflecting a cautious stance from investors as they navigate the uncertain cryptocurrency landscape. This trend follows a series of significant withdrawals from the fund, indicating a potential shift in institutional investment strategies.