“The CPI report showed that the index for all items rose 6.8% in the 12 months through November, the highest level since May 1982, when it was 6.9%.
Bitcoin climbed past $50,000 after the 8:30 a.m. ET (13:40 UTC) report, but quickly ceded those gains to trade in the red as analysts leapt to the logical conclusion – that the high inflation rate might provide ample motivation for the Federal Reserve to decide to accelerate its withdrawal of monetary stimulus at its meeting next week – the last scheduled gathering of 2021 for the U.S. central bank’s monetary policy committee.
With bitcoin down for four straight weeks, crypto market analysts are starting to discount the likelihood of a powerful end-of-year rally similar to the 2020 moonshot.
We may not see heavy risk taking by institutional investors in the last weeks of December for tactical reasons. As a result, cryptocurrencies may be range-bound for the remainder of December in our view.”
“The IMF called for a “comprehensive, consistent and coordinated” approach in order to harness the benefits of crypto’s underlying technology while mitigating some of its risks. According to the IMF, regulating crypto at a global level should have three core elements:
Crypto-asset service providers that deliver critical functions should be licensed or authorized. These would include storage, transfer, settlement and custody of reserves and assets, among others, similar to existing rules for financial service providers.
Requirements should be tailored to the main use cases of crypto assets and stablecoins. For example, services and products for investments should have requirements similar to those of securities brokers and dealers, overseen by the securities regulator. Services and products for payments should have requirements similar to those of bank deposits.
Authorities should provide clear requirements on regulated financial institutions concerning their exposure to and engagement with crypto.”
“Veteran open source Bitcoin developer John Newbery announced on Friday he will take a step back from his work, continuing a series of departures surrounding Bitcoin Core, an implementation of Bitcoin’s software that keeps the global currency running. Newbery tweeted that he’s taking a break “for some time.”
On Thursday, Bitcoin Core maintainer Samuel Dobson announced he was stepping down to focus on the end of his Ph.D. program. Dobson’s departure followed the October exit of Bitcoin Core code maintainer Jonas Schnelli, who cited the stress of increasing legal risks for developers.
According to Bitcointalk.org, the maintainers with commit access to Bitcoin’s code currently numbers just three people: Wladimir J. van der Laan, Marco Falke and Michael Ford. There are also two people with commit access who are not maintainers–Pieter Wuille and Hennadii Stepanov. And while there are many Core developers and contributors working on Bitcoin’s code, only maintainers and those with commit access are able to merge new code with the existing Bitcoin Core code.”
“Florida Governor Ron DeSantis has officially proposed the state government to allow businesses to pay state fees with cryptocurrencies.
DeSantis additionally proposed allocating another $500,000 to explore the potential of blockchain technology to maintain motor vehicle records, authenticate Medicaid transactions and detect potential fraud.
Florida encourages cryptocurrency as a means of commerce and furthering Florida’s attractiveness to businesses and economic growth.”
“On a quiet Thursday morning in DeFi Land, an FM radio tower was erected amid a landscape of barns and cornfields. DeFi Land teaches gamers the concepts of decentralized finance through farming simulation.
The upgrade allows users to stream any of the millions of songs in the Audius library while playing the game, and comes just in time for DeFi Land’s public launch, which is expected to be announced in the coming weeks.”