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Bitcoin Struggles for Direction in Run-Up to Christmas + More News

today 12/19/2023

Bitcoin Struggles to Find Direction Before Christmas

Disclaimer: Investing in cryptocurrency carries high risk. This article is for informational purposes only and should not be considered as investment advice. By using this website, you agree to our terms and conditions. We may include affiliate links in our content, for which we may receive commission.

Here are the key news stories in the crypto and blockchain world that you may have missed:

Bitcoin Struggles to Find Direction Before Christmas

After eight consecutive weeks of price appreciation, Bitcoin experienced a decrease in price last week. According to Matteo Greco, a Research Analyst at Fineqia International, this decrease was intentional to reduce market leverage. During the week, around $345 million worth of long and short positions were liquidated, with most of the liquidations affecting long positions. However, short positions worth about $110 million were also liquidated. Greco stated that high volatility is a normal outcome after significant price movements and that traders take advantage of these moments to adjust their positions and attract liquidity. Bitcoin's dominance also declined during this period, indicating increased investor engagement and a shift towards altcoins.

Hong Kong's AIA Carnival Now Accepts Cryptocurrency Payments

AIA Carnival, the largest outdoor event in Hong Kong, has partnered with hi, a Web3 financial app and ecosystem, to enable cryptocurrency payments. Attendees of the carnival can now use cryptocurrencies such as Bitcoin, Ethereum, SAND, and USDT to purchase food and beverages from selected vendors. The collaboration aims to pioneer the integration of cryptocurrency payments in live events.

EMTECH Successfully Conducts CBDC Hackathon for Bank of Ghana

EMTECH, a central banking infrastructure company, has completed a 12-week hackathon to pilot a central bank digital currency (CBDC) for the Bank of Ghana. The hackathon brought together developers, banks, fintech innovators, and the central bank to explore the potential use cases of EMTECH's tokenized CBDC solution. The partnership aims to achieve key objectives such as merchant payments, government payments, lending, crowdfunding, and transparent taxation.

Binance Completes SOC 2 Audit

Binance, a popular cryptocurrency exchange, has successfully completed the System and Organization Controls (SOC) 2 Type II compliance audit. This audit, conducted by A-LIGN, assessed Binance's controls and practices in systems protection and data security. Binance stated that the independent audit validated the effectiveness of their controls and is globally recognized.

KuCoin Partners with BRC20 Tool Aggregator Biis to Support BTC Ecosystem

KuCoin Labs, the venture capital arm of KuCoin exchange, has teamed up with Biis, a BRC20 tool aggregator, to strengthen the Bitcoin ecosystem. Biis offers various features such as batch distribution, collection, cross-chain tools, and enhanced digital asset management. The collaboration with KuCoin Labs will support the development of the Bitcoin ecosystem by providing improved security and convenience for developers and users.

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