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Tornado Cash nosedives 55% after Binance announces TORN delisting

  • Tornado Cash (TORN) price fell sharply on Monday afternoon, nosediving 55% from near $4.00 to lows of $1.64.
  • The decline followed Binance’s announcement that it would list TORN, WTC, PERL and BTS.
  • Binance agreed a $4.3 billion settlement with US authorities last week, with ex-CEO Changpeng Zhao stepping down.

Tornado Cash (TORN) shed 55% of its price on Monday as the market reacted to Binance news around the latest token delistings. At the time of writing, the price of TORN was $1.70, down from near $4.00 earlier in the day.

According to data from CoinGecko, the Tornado Cash token traded to lows of $1.64 across major crypto exchanges.

Binance to delist TORN

On Monday, Binance announced the exchange would be delisting Tornado Cash (TORN) BitShares (BTS), PERL.eco (PERL) and Waltonchain (WTC). The crypto platform has planned to delist trading pairs for BTS/USDT, PERL/USDT, TORN/BUSD, WTC/BTC, WTC/USDT.

The swift reaction of the market saw prices of the above tokens plummet sharply. Binance’s announcement stated:

“At Binance, we periodically review each digital asset we list to ensure that it continues to meet the high level of standard we expect. When a coin or token no longer meets this standard, or the industry changes, we conduct a more in-depth review and potentially delist it. We believe this best protects all our users.”

It noted that based on their latest review, they had “decided to delist and cease trading on all trading pairs” for listed tokens. The delisting will occur on December 7, 2023 at 3:00 (UTC). The exchange 

As well as Tornado, the prices of Waltonchain, PERL.eco and BitShares dropped 56% to $0.075; 54% to $0.0077; and 47% to $0.0057 respectively.

The US Department of the Treasury’s Office of Foreign Assets Control (OFAC) sanctioned the crypto mixing service. 

Meanwhile, Binance agreed to a $4.3 billion settlement with the US authorities for various sanctions violations. Former Binance CEO Changpeng Zhao also stepped down.

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Inflows into crypto investment products hit 9-week high of $346M

  • Crypto investment products hit 9-week high of inflows.
  • Total inflows for week up to November 24 was $346 million, with $312 million in Bitcoin-related ETP products.
  • Ethereum saw $34 million of inflows amid a turnaround in sentiment.

Crypto investment products recorded $346 million in inflows for the week ending November 24, according to a weekly report by digital assets management firm CoinShares.

The report highlights last week’s inflows into crypto exchange-traded products as the “highest total observed in the past 9 weeks of inflows,” CoinShares head of research James Butterfill noted. 

According to the analysis, crypto products are on a run of inflows that’s now the biggest since the last bull market. Positive net inflows are likely to continue given the sentiment around the potential approval of a spot-based ETF in the US.

Bitcoin ETPs record $312 million in inflows

As total crypto ETPs inflows hit $346 million, the largest chunk of that went into Bitcoin (BTC) products, with a total of $312 million in weekly inflows. The figure pushed the inflows count for the flagship cryptocurrency $1.5 billion year-to-date. Meanwhile, short bitcoin products saw outflows of $0.9 million.

Elsewhere, altcoins continued to experience a resurgence in inflows. Ethereum (ETH) registered a total of $34 million in inflows for the week, while Solana (SOL), Polkadot (DOT) and Chainlink (LINK) saw $3.5 million, $0.8 million and $0.6 million respectively.

Ethereum is on a 4-week run totalling $103 million, CoinShares noted, a scenario that sees the world’s second largest cryptocurrency by market cap nearly flip the run of outflows see in 2023. The CoinShares team attributes this to a “decisive turn-around in sentiment”, probably informed by recent events including the filing of a spot Ethereum ETF by BlackRock.

Last week’s inflows have pushed total assets under management in crypto funds to $45.4 billion. It’s the the highest level since May last year. 

Total crypto ETP inflows surpassed the $1 billion mark year-to-date earlier this month.

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The Sandbox partners with Nuqtah to boost Web3 adoption in Saudi Arabia

  • The Sandbox, Nuqtah and Sandsoft have partnered to promote Web3 and metaverse adoption in Saudi Arabia and MENA region.
  • Nuqtah will list SAND land and avatars on its NFT marketplace.

Web3 adoption in Saudi Arabia is set for a significant boost after metaverse firm The Sandbox and its partner, mobile-first game developer Sandsoft, inked a partnership with MENA-based Web3 platform Nuqtah.

The recently announced partnership is aimed at supporting the Web3 gaming ecosystem in Saudi Arabia, the companies said. 

Specifically, the collaboration will focus on creating gaming and Web3 experiences that align with tastes and preferences of Saudi gamers.

“We’re pursuing our journey of innovation and growth in the Saudi region following our recent partnership announcement with Sandsoft,” Sebastien Borget, the COO and co-founder of The Sandbox, said in a statement.

“Together with pioneers such as Nuqtah, we’ll collaborate to attract more local creators from Saudi Arabia into our user-generated content platform and enable them to monetize their digital assets creations on Nuqtah’s platform,” Borget added.

Nuqtah to list land and avatars

The initiative will kick off with a contest for local creators early next year. Nuqtah will leverage The Sndbox’s 3D editor VoxEdit to launch a Design Contest, with winning creations set to feature on the Web3 infrastructure provider’s NFT marketplace.

As part of the collaboration, the three platforms commit to working towards enabling Saudi Arabian creators tap into the The Sandbox metaverse for projects tailored for the local market. To support the ecosystem, Nuqtah is expected to list The Sandbox land and avatars on its NFT marketplace.

The Sandbox views this strategic partnership as the beginning of further collaboration as it looks to expand across Saudi Arabia and the Middle East and North Africa (MENA) region.

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