Key Points
- MetaMask announces support for purchasing cryptocurrencies in Vietnam, Binance withdraws license application in the UAE and CZ’s Sentencing Delayed,…
- In macroeconomics, a positive non-farm report in the US indicates a round-bust job market and a favorable labor market.
- Recent trends include FUD surrounding Ordinal and BRC20. Besides, solana ecosystem buzz with airdrops and fundraising rounds.
Discover the latest updates in the crypto market, including CZ’s Sentencing Delayed, MetaMask’s support for purchasing cryptocurrencies in Vietnam, and the U.S. House Committee’s approval of a bill supporting blockchain technology.
Last week’s highlights big news (Dec 4 – Dec 10)
In recent news, MetaMask has announced its support for purchasing cryptocurrencies with MoMo and bank transfers in Vietnam. This move aims to make crypto more accessible to users in Vietnam and further drive the adoption of digital currencies in the country.
In another development, Binance has decided to withdraw its license application in the United Arab Emirates (UAE). While the reasons behind this decision have not been disclosed, it showcases the dynamic nature of the crypto market and the need for companies to adapt to changing regulatory environments.
On the legislative front, the U.S. House Committee on Energy and Commerce has unanimously passed a bill in support of blockchain technology. This bill empowers the U.S. Secretary of Commerce, Gina Raimondo, to promote the deployment, use, and development of blockchain technology and distributed ledger technologies.
The bill’s approval by the committee sets the stage for a vote in the full House and subsequently the Senate, highlighting the growing recognition of blockchain’s potential to enhance U.S. competitiveness.
In a recent legal development, Judge Richard Jones of the Seattle Court has ordered CZ, the CEO of Binance, to stay in the U.S. until his sentencing in February 2024. This decision underscores the importance of regulatory compliance and accountability within the cryptocurrency industry.
Furthermore, the U.S. has officially accepted the plea agreement reached by Binance, CZ, and the Department of Justice, marking a significant milestone in resolving legal issues and fostering transparency within the sector.
In the investment realm, the Fidelity Bitcoin Fund’s securities code, “FBTC,” has been listed on the Depository Trust & Clearing Corporation (DTCC). This move allows the fund to be traded alongside other major investment vehicles, demonstrating the increasing institutional acceptance of cryptocurrencies.
In a bid to expand access to digital assets, Circle has announced a partnership with Nubank to provide Brazilian citizens with the ability to buy and hold the stablecoin USDC. With over 85 million customers in Brazil, Nubank’s collaboration with Circle will bring the benefits of digital currencies to a wider audience.
Turning our attention to the latest developments in Bitcoin, Bloomberg has provided important dates for the Bitcoin Spot ETF. Of particular interest is January 10, which marks the deadline for ARK Invest’s approval or rejection decision.
Finally, the city of Lugano in Switzerland has taken a progressive step by officially accepting cryptocurrency payments for taxes and all other community fees. Bitcoin and Tether will serve as means of payment through the Swiss cryptocurrency platform, Bitcoin Suisse.
Macroeconomics (Dec 4 – Dec 10)
In the latest news, the non-farm report in the US has revealed positive results, surpassing the forecasted numbers. A total of 199,000 jobs were created, exceeding the expected 184,000. This indicates a robust job market and is a positive sign for the economy.
Furthermore, the unemployment rate stands at 3.7%, lower than the forecast, suggesting a decrease in unemployment and a favorable labor market. Additionally, the average hourly income has seen a 0.4% increase, surpassing the projected growth. This indicates potential improvements in wage growth and the overall economic well-being of workers.
Major Financial Events in the US this Week:
- Tuesday: Announcement of the Consumer Price Index (CPI)
- CPI: Last month: 3.2%; Expectation: 3.0%
- Core CPI: Last month: 4.0%; Expectation: 4.0%
- Wednesday: FED announces interest rates (98.4% expected to keep interest rates unchanged, according to CME)
Prediction Market Crypto (Dec 4 – Dec 10)
BTC.D, which represents BTC dominance, is currently in a new cycle. The resistance zone for BTC.D is at 57% and 60%. This suggests that BTC.D is likely to continue increasing until the beginning of January, followed by a potential correction for the altcoin pump.
Looking back at the recent cycle, BTC.D reached a peak of 72% before sharply decreasing, which allowed altcoins to flourish. This is an important time to consider holding altcoins instead of BTC.
If BTC.D increases to around 60–70%, it is considered the best zone for altcoins. It is even possible for BTC.D. to reach this level until the Halving event. After the Halving, we can expect a playground for altcoins to emerge.
Now let’s shift our focus to recent hot trends in the crypto market. Currently, there is strong FUD (fear, uncertainty, and doubt) surrounding #Ordinal and #BRC20 after the release of information in the 27th version of Bitcoin Core. It has been decided that Bitcoin Ordinals #BRC20 will be completely removed due to vulnerabilities and their negative impact on the Bitcoin core network through spam.
Amidst this FUD, the degen community is shifting towards another system, #Drc20, and the TVL (total value locked) of the #Dogechain system is rapidly increasing. While the #DRC20 system has yet to list any tokens on #Cex, one token will certainly be listed to boost the system, similar to the case of $ORDI in BRC20.
In terms of decentralized exchanges (Dex), some of the leading names include QuickSwap, DogeSwapOrg, KibbleSwap, and Frax Swap. The TVL of projects has started to increase again in the past week, ranging from 15 – 20%. This influx of money into the ecosystem has resulted in the emergence of “Gems,” small-cap tokens that have the potential to generate significant returns.
Let’s explore the recent buzz around the Solana ecosystem. Users are transferring money to hunt for airdrops, and major airdrops like $PYTH and $JTO have already taken place. Both tokens are listed on Binance, and lucky wallet holders have won thousands of dollars.
- Zeta Market raised $8.5M
- Mixmob raised $7M
- Primorden raised $6.5M
- Texture raised $5M
- Drif Protocol raised $3.8M
- Elusiv raised $3.5M
- Phoenix raised $3.3M
- Marginfi raised $3M
DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
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Source: https://coincu.com/235643-market-overview-czs-sentencing-delayed-and-more/