Coinbase Funds Crypto Basic Income Pilot in New York

A fire caused by an electrical failure at Greenidge's bitcoin mining facility in Dresden, New York, has halted operations, impacting the site that utilizes NYDIG hardware. The incident led to a temporary shutdown of both generation and data center activities, raising concerns about operational safety and continuity.

Bitcoin's Coinbase Premium has turned positive after several weeks of being in the red, indicating a shift in market dynamics as the price spread between Coinbase and the global market reflects renewed demand. This change suggests a recovery in U.S. capital flows toward Bitcoin, which has recently seen its price rise above $90,000 following a modest rally.

Bitmine has resumed its accumulation of Ethereum, purchasing 14,618 ETH as the cryptocurrency's price has recently reclaimed the $3,000 level after a period of significant selling pressure. This recovery, however, remains fragile as market sentiment continues to be dominated by fear and uncertainty among retail traders.

A pseudonymous analyst has claimed that Ethereum's upcoming Fusaka upgrade, scheduled for December 3, could be the most bullish event for ETH, primarily due to the introduction of EIP-7918, which is expected to turn Layer-2 networks into significant ETH burners. This upgrade aims to restructure Ethereum's fee economics, addressing the current subsidization of Layer-2 data availability by the base layer.

The Coinbase Bitcoin Premium has turned positive, indicating a resurgence in demand from US institutions as they are willing to pay above global prices for Bitcoin. This shift comes after a period of negative sentiment where institutional selling was prevalent, reflecting a potential change in market dynamics.

OpenSea's Chief Marketing Officer has publicly denied rumors regarding a $150 million SEA token sale on Coinbase, highlighting the ongoing challenges of misinformation in the cryptocurrency market. This incident underscores the volatility that often accompanies digital asset trading and the necessity for reliable communication channels.

Ark Invest has increased its investments in cryptocurrency-linked stocks, purchasing additional shares of Coinbase, Block, and Circle as the sector faces a significant downturn in valuations. This move comes amid a broader sell-off in the cryptocurrency market, reflecting a challenging environment for digital assets.