YFI token saga, dYdX attack, Bitcoin fees and ETFs, and Javier Milei wins

The year Finance token plummeted 43% in 5 hours causing scam rumors but was it Actually an attack on an Exchange good morning you're listening To the rise and crypto podcast by coin Telegraph with me Robert bags steering You through the crypto Cosmos with daily Dispatches from the digital Frontier if You want to stay ahead of the curve in Crypto make sure you click that follow Button okay grab yourself a coffee let's Get into it Happy Monday everybody let's do a quick Rundown of what we're going to discuss Today black Rock's spot Bitcoin ETF is Looking likely to be approved but the Bitgo CEO has a warning for you year. Finance saw its yfi token plummet 43% in 5 hours sparking exit scam rumors The Dydx Exchange claims that the yfi token Movement was actually part of a targeted Attack against them bitcoin's daily fees Have consistently flipped ethereum for The first time in years and Javier mle Wins the Argentinian presidential Election and he has a lot to say about Bitcoin okay first up is more ETF talk If you've had so much as a cursory Interest in crypto recently you'll have Heard the term Bitcoin ETF everywhere we Know that the deadlines for the sec's Ruling on Black Rock Spot Bitcoin ETF Filing is imminent and sentiment around It is mostly positive that is we're

Expecting the application to be approved As I mentioned on Friday alongside the Announcement of black Rock's ethereum ETF filing some ETF experts such as Bloomberg analyst James saart have Predicted the probability of a spot Bitcoin ETF approval to be as high as 90% by the 10th of January 2024 however Among all of the buzz the CEO of the Cryptocurrency exchange bitgo Mike belch Has cautioned that we may not be in for A smooth ride even if the application is Ultimately successful Kieran Lions Yesterday wrote about bel's interview With Bloomberg where Bel said that he Thinks it is quite likely we have Another round of ETF rejections before We get the positive news he also Suggested that the damage s bankman Freed has done could well factor into The sec's decision-making process belch Said 15 months ago we had s bankman Freed marching all over Washington DC Advocating his seven key points of Regulations he basically said let me Take on all of these functions it is Going to be great it is going to be Efficient I think we are all going to be Keeping a close eye on these ETF filing Results Okay so the second story is a bit of a Two-parter and this Saga unfolded this Weekend the decentralized finance Protocol .f Finance has had some wild

Price swings in the past 30 days for its Governance token but a sudden drop this Weekend raised some blood pressures with Rumors of an exit scam circulating y. Finance was created by Andre croner an Ethereum developer and entrepreneur and He launched it in July 2020 the protocol Provides automated trading solutions for Def markets and it has its own Governance token yfi and it's this token That has been the cause of some Fierce Fud the past month saw Yi coasting on a Slightly upward trend from the 20th of October until around the 8th of November Then it began a strong Ascent moving From around $6,000 on the 8th of November to $115,000 Last Friday the 17th of November then on Saturday the Token decided to ruin some weekends with A 43% price drop in just 5 hours Bringing it back down to 9,000 Whenever a price moves that quickly Downward in crypto rumors of exit scams And rug pools burst from the woodwork The rumors were mostly based in familiar Accusations one Twitter sorry ex user Claimed that 50% of the token Supply was Held in just 10 wallets which were Controlled by the developers a Catastrophic error that has happened in The space before more than once however These claims were refuted with ether Scan showing that some of these holders May merely be exchange wallets another

Positive indicator for yfi is that after The severe drop the price did level out And the price is still up over 80% Compared to 30 days ago truly wifi's Price has been all over the map so you Might need some context here before the Nose dive this weekend WiFi was up 170% In a little over a month on the 20th of October this year Wi-Fi was sub $5,000 So even after a roughly 40% plummet the Price is more than healthy so is this Just the result of a big sell-off that Panicked skittish holders maybe Antonio Giuliano the founder of the crypto Exchange dydx doesn't think so in fact He thinks it was part of a targeted Attack on his Exchange okay so part two then of this WiFi Saga that played out yesterday Sunday the 19th of November a day after The sharp decline of the token's price This is when Juliano took to X to claim That the yfi token Spike was the result Of a targeted attack he wrote that the Dydx exchange has triggered its Insurance Fund that they will be paying Bounties to those most helpful in aiding In the investigation into the attack and They will be involving the FBI as a Consequence of this dydx increased Margin requirements on less liquid Markets which affected many tokens Including familiar names such as EOS Algorand internet computer tasos Sushi

Swap engine and of course. Finance the Dydx team also took to X to State and I Quote here highly profitable trading Strategies have now been banned on dydx We think this is a nod to Abraham Eisenberg and his alleged $116 million Exploit from the mango markets exchange Right so what happened with yfi from This perspective well a trade targeting Long positions on the yfi token caused The liquidation of positions worth just Shy of 38 million what is purported to Have happened is an individual bought a Decent amount of Wi-Fi very quickly and Increased the value the individual is Also said to have spiked the open Interest in Wi-Fi from $800,000 to 67 million in a matter of Days when the price Rose enough this Individual dumped a lot of the token and Caused the price to crash that's the 43% In 5 hours according to Juliano the Individual had already tried this Ploy a Few weeks ago with sushi swaps token Juliano wrote we did take action to Increase initial margin ratios for yfi Prior to the price crash but this was Ultimately not sufficient the actor was Able to withdraw a good amount of usdc From Dy DX right before the price crash So yeah a tiring weekend for those Holding WiFi and even more tiring for The dydx Folk okay so in a way we have another

Double header this time it's about Bitcoin first up there has been a Flippening no ethereum's price isn't Above Bitcoins it wasn't that big a Weekend but bitcoin's daily fees have Been higher than ethereums for the first Time in 3 years in fact on Saturday Bitcoin daily fees totaled 11 .6 million And ethereum's was only $5.6 million According to cryptofin fease are Generally not something we celebrate in Crypto particularly when they're as high As they've been over this weekend but There might be reason to on this Occasion Anna paa Pereira wrote a piece About these parabolic fees this weekend And she pointed out that according to Y Charts the average transaction fee on Saturday was $18.67 which is up nearly 750 when compared to this time last year So why are these fees good news in this Instance well they are primarily the Result of increased interest in Bitcoin Courtesy of yeah you guessed it the Black Rock Spot Bitcoin ETF application The positivity around the expected Outcome of the filing with the SEC has Truly had an enormous impact but as Anyone who has been around the space for A while knows nothing is remotely Guaranteed in crypto still in this case The fees appear to be an encouraging Indicator speaking of encouraging

Indicator we are staying with Bitcoin But we're heading over to Argentina to Discuss their recent election South America has traditionally been highly Receptive to crypto and many of the Countries have shown strong adoption of It in the past year Argentina has leaned On crypto more and more as a result of Devastating inflation of the Argentinian Peso and as Braden lindrea wrote in this Article it has recorded an 140% increase In annual inflation in the last 12 Months a report from chain analysis last Month shed some light on how many Argentinian citizens have been using Crypto Alonso Martel seard head of Compliance and AML at the Argentinian Crypto exchange lemon cash said we have Really high inflation and there are lots Of restrictions against buying foreign Currencies that makes crypto a valuable Option for saving He also mentioned the Popularity of stable coins adding you Can walk up to any Argentinian person And ask how many pesos to a dollar and They'll know as crypto adoption has Grown lots of people here will now get Their paycheck and immediately put it Into usdt or usdc this report which I'll Link in the show notes by the way has a Graph which shows the volume of crypto Purchased with the Argentinian peso Versus the value of the peso and those Lines are moving in drastically

Different directions so what's this got To do with the election the reason the Election is so important here is a Matter of who won Javier mle won the Country's presidential runoff election With 55% of the votes beating Sergio Massa mle has strong views on the Economic situation Argentina and as Braden wrote melee has referred to the Country's Central Bank as a scam and That it is and I'm quoting here a Mechanism by which politicians cheat the Good people with inflationary tax Millie's competitor Massa was in favor Of creating a digital cbdc a central Bank digital currency to solve the Inflation crisis and although we do not Know what melee's plan is he is pro Bitcoin in fact when discussing the Bitcoin movement he said it is the Return of money to its original Creator The private sector of course we have no Concrete evidence for what this might Mean for crypto in Argentina but melee's Election is a positive for crypto it Seems okay that's you caught up on the Heavy happenings of this weekend Consider yourself informed thank you for Listening to the rising crypto podcast By coin Telegraph if you're enjoying These daily updates please make sure you Let us know by following subscribing or Leaving a review it really does help us Have a great day let's do this again

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