Crypto Headlines of The Week: Binance, Bitcoin, OpenAI, And Microsoft Induce A Frenzy

Coingapestaff
November 25, 2023
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The week ends with significant developments made within the crypto realm. According to reports, some of the top headlines that gained noteworthy attention from crypto market enthusiasts are listed below, encompassing Binance, Bitcoin, OpenAI, and Microsoft.

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The Binance Saga

Binance, one of the world’s top cryptocurrency exchanges, recently amassed attention throughout the crypto industry as its CEO, Changpeng Zhao, recently pleaded guilty to federal charges revolving around US anti-money laundering laws and agreed to pay a $4.3 million settlement to the US Department of Justice (DoJ).

Following this, Zhao stepped down as the CEO of the company, although the firm was allowed to operate. Subsequently, the crypto prices globally crashed amid rising concerns among crypto market enthusiasts. However, the market recovered soon following Binance’s $4.3 million settlement.

Meanwhile, Binance also saw a massive increase in outflows following the guilty plea. The firm noted approximately $1.2 billion in net outflows over the past week. Interestingly, prior to the guilty plea, the firm marked $2 billion in monthly inflows.

Moreover, following the money laundering chronicle, Binance CEO CZ was denied leaving US soil before his February sentencing.

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OpenAI and Microsoft’s Ventures

The realm of AI was taken by storm as OpenAI recently announced the firing of Sam Altman from its board of members. Although fired, Altman soon returned back to Open AI, just days after his ouster.

At the time of Sam Altman’s firing, one of the most significant tech giants, Microsoft, approached OpenAI’s ex-CEO with motives to hire him. The realm of AI witnessed quite the buzz once again as Microsoft officially announced that it had hired Sam Altman. Moreover, OpenAI ex-president Greg Brockman was also hired along with Altman.

However, Altman returned as the CEO of OpenAI on November 22, followed by Greg Brockman’s return as the president of the company. Interestingly, during Altman’s absence, OpenAI turned to ex-twitch CEO Emmett Shear, reportedly.

Also read: SHIB Burn Rate Plunges 40% Amid Shiba Inu Price Surge

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Bitcoin Crosses The $38000 Mark

Bitcoin, a leading cryptocurrency globally, reaffirmed its supremacy in the cryptocurrency universe, recently surpassing the $38,000 threshold for the first time this year.

Despite a subsequent dip in price, Bitcoin sparked considerable speculation among cryptocurrency enthusiasts, fueled by its remarkable surge over the preceding days.

The aforementioned price surge primarily appears to come forth as a result of two major contributors- Binance’s legal woes and speculations over the approval of a Bitcoin spot ETF.

Interestingly, recent talks about the possible approval of a Bitcoin spot ETF has ignited speculations among crypto investors and traders, coinciding with a notable surge in the Bitcoin price.

Also read: Binance CEO Richard Teng Unveils Vision For Web3 Dominance

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Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
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Why Trust CoinGape

CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.

About Author
About Author
CoinGape comprises an experienced team of native content writers and editors working round the clock to cover news globally and present news as a fact rather than an opinion. CoinGape writers and reporters contributed to this article.
Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.