14 December

“Bitcoin fell by more than 7% on Monday, the biggest daily percentage drop since Dec. 4, as stocks in the U.S. also declined ahead of a Federal Reserve monetary policy decision later this week. The Fed is expected to release its decision on Wednesday on whether it will move faster to wind down its bond purchases and signal it will start raising interest rates next year.

While a low interest rate environment has sent both stock and crypto markets skyrocketing this year, a rate hike and ending easy-money policies more quickly could, however, turn the market in a bearish direction.

Immediate support is seen at the 200-day moving average (around $46,700), which is also the bottom of a weeklong price range. Bitcoin is at risk of breaking below support, which could damage the intermediate-term trend.”

See Also: Bitcoin TA (Video)

“The network of some 400 savings banks across Germany will vote on whether to proceed with the project early next year. If approved, the banks would be able to offer trading of digital currencies such as bitcoin and ether to their customers direct from their checking accounts.

The savings banks have about 50 million customers and manage about $1 trillion in assets. Even modest take-up could see sizable inflows of funds into the crypto market.”

See Also: BBVA Switzerland Adds Support For Ethereum
See Also: Payments Firm Nuvei Launches Crypto-Friendly Debit Cards With Visa

The two banking giants agreed to use a shared settlement ledger to process U.S. dollar, Canadian dollar, British pound and euro transactions, with plans to expand the process to other currencies in the future. The announcement comes as other major Wall Street banks, such as Goldman Sachs, are reportedly looking to integrate blockchain technology into their regular processes.

The banks’ blockchain-based settlement system uses HSBC proprietary technology built on Baton Systems “blockchain inspired” CORE distributed ledger technology.”

“Myanmar’s shadow government, the National Unity Government (NUG), made up of ousted leader Aung San Suu Kyi’s supporters has recognized stablecoin tether (USDT) as its official currency. NUG will now accept the dollar proxy, USDT, for ‘domestic use to make it easy and speed up the current trade, services and payment systems.’

Although NUG holds no official power, it declared war against Myanmar’s junta, a government led by military leaders, in September. The junta came to power earlier this year after a military coup. In May 2020, Myanmar’s central bank declared all digital currencies illegal. Hence, NUG’s adoption of tether appears to be an act of defiance.”

“Ninety percent of all bitcoins have been mined as of Monday morning. The feat means 18.89 million bitcoins – of a maximum of 21 million – are now on the open market.

Reaching the milestone took nearly 12 years since the first bitcoins were mined on Jan. 9, 2009. However, the remaining supply is not expected to be mined until February 2140. Miners currently receive 6.25 bitcoin for each block they mine, which would drop to 3.125 bitcoin after the next halving in 2024.

Meanwhile, crypto analytics firm Chainalysis estimates 3.7 million bitcoin have been “lost” based on analyzing address activity, from reasons ranging from losing one’s private keys to even death. A further 1 million bitcoin is still held by Bitcoin creator Satoshi Nakamoto.”

In a Monday joint statement, Peirce and SEC Commissioner Elad Roisman said Gensler’s uncertain stance on digital assets may create problems for firms looking to operate in the space.

Rather than taking on the difficult task of formulating rules to allow investors and regulated entities to interact with digital assets, including digital asset securities, the Agenda — through its silence on crypto — signals that the market can expect continued questions around the application of our securities laws to this area of increasing investor interest. Such silence emboldens fraudsters and hinders conscientious participants who want to comply with the law.”

“SK Square, the investment spinoff of SK Telecom, wants all its portfolio companies to have a metaverse presence. SK Telecom is owned by SK Group, one of South Korea’s largest companies.

Director Huh Seok-joon said in the future, customers will interact with companies through the metaverse rather than mobile phones, and crypto tokens will become native currencies for their platforms.”

“The acquisition appears to be a perfect fit. One of RTFKT’s flagship products is a hybrid NFT/physical shoe collectible inspired by the legendary CryptoPunks NFT collection. Nike, meanwhile, was exploring blockchain technology as early as 2019, going so far as to patent tokenized shoes.

This acquisition is another step that accelerates Nike’s digital transformation and allows us to serve athletes and creators at the intersection of sport, creativity, gaming and culture.

Metaverse fashion is also a rapidly expanding sector. A rival NFT streetwear project, Cryptokickers, signed a first-ever digital shoe deal with former National Basketball Association star Wilson Chandler in April.”

See Also: How ‘Intelligent’ NFTs Raise Some Red Flags (Recommended Read)

“Musk said he finds cryptocurrency interesting and can talk endlessly about the concept of money as ‘an information system for resource allocation.’ But he said he doubts that crypto will replace fiat currency.”