“Bitcoin is looking to regain its footing, having reached five-week lows early Friday in a move market participants said was driven by derivatives. The early drop was predominantly driven by traders taking short positions in the perpetual futures market.
We did not see big sellers at all; the move was derivatives driven. Fears of selling pressure appear to be more of a justification than a reason for the market correction, which has the characteristics of a normal breather to a bull run and a healthy reduction of leverage.
Data tracked by Glassnode shows no signs of panic selling by long-term investors. Meanwhile, data shared by IntoTheBlock shows more than 20,000 coins have left centralized exchanges in the past seven days.
The bullish divergence of the hourly chart relative strength index points to downtrend exhaustion and scope for an extended recovery. Resistance is seen at $58,400 followed by $60,000.”
“Binance has completed the integration of Arbitrum One mainnet, a scaling solution for the Ethereum network. Users can now deposit ether to their Binance accounts via Arbitrum One.
This is fairly big news because it will enable more people to use Arbitrum without having to touch Ethereum.”
“Blockchain offers distinct value propositions: ‘displacing trust with truth; real-time bilateral settlements; real-time servicing; enhanced security; automation; the ability to operate 24/7/365,’ according to the note that looks at themes that will define the future.
The bank sees asset-backed securities (ABS) markets, including mortgage-backed securities (MBS), as having a high potential for disruption from blockchain.
While blockchain is not new, the bank observes, the technology until recently had not developed to a level that was appropriate for banking and financial markets in ‘terms of scale, speed, flexibility and autonomy.‘
The technology itself appears to have evolved enough since the Ethereum launch in 2015 to meet the critical demands of at least certain segments in the banking and financial markets.”
“Hillary Clinton slammed cryptocurrencies on Friday, calling on nation-states to keep a tab on their rise.
One more area that I hope nation-states start paying greater attention to is the rise of cryptocurrency because what looks like a very interesting and somewhat exotic effort to literally mine new coins in order to trade with them has the potential for undermining currencies, for undermining the role of the dollar as the reserve currency, for destabilizing nations, perhaps starting with small ones but going much larger.
Earlier this week, India’s Prime Minister Narendra Modi called for a joint effort by democratic nations to ensure cryptocurrencies do not ‘end up in the wrong hands, which can spoil our youth.'”
“Fraud cases involving China’s central bank digital currency have been making headlines. Just this week, police arrested a woman for defrauding RMB 300,000 ($40,000) using the CBDC. Earlier in November, another 11 people were arrested in Henan province for using the digital yuan to launder money for Cambodian gangs.
The use of CBDC to commit fraud undercuts the narrative that digital currencies issued by nation states will be a better, less-prone-to-fraud alternative to crypto.”
“Bidding ended at $43.2 million. According to a Wall Street Journal report on Friday, billionaire hedge fund manager [Citadel CEO] Ken Griffin was able to outmatch the group.
Nonetheless, multiple observers hailed the attempt as a remarkable display of DAOs as coordination tools – the entire project was conceived and executed in under a week in a process that insiders referred to as a company in “hyper-growth.”
Despite the grand ambitions, however, the group fell short and a host of questions remain: Who gets the money raised? What happens to the thwarted governance tokens for the DAO? And, perhaps most importantly, what’s next for what could be the start of a crowdfunding movement?
The ETH donors will be able to claim their funds pro rata (minus gas fees); it’s unclear if the conversion rate at the time of the auction and the time of the return could impact how much of a refund donors receive. Some observers have suggested using a layer 2, or companion, system to ensure smaller donors get a larger cut of their funds back, but details have yet to be released.”
“Two paintings from contemporary artist Banksy sold for over $12 million in the first Sotheby’s sale denominated in ETH.
Accepting bids in crypto is part of a larger cryptocurrency-focused push from the auctioneers. In October, Sotheby’s launched “Sotheby’s Metaverse,” a virtual gallery for the live auction event.”
“The tbDEX protocol facilitates decentralized networks of exchange between assets by providing a framework for establishing social trust, utilizing decentralized identity (DID) and verifiable credentials (VCs) to establish the provenance of identity in the real world.
The tbDEX protocol aims to create ubiquitous and accessible on-ramps and off-ramps that allow the average individual to benefit from crypto innovation. You can think about this as a decentralize[d] exchange for fiat.”