Warning Cookies are used on this site to provide the best user experience. If you continue, we assume that you agree to receive cookies from this site. OK

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.

Структура страницы
Stay Connected
Подпишитесь на нашу рассылку и получайте информацию о выходе новых статей, информацию об эксклюзивных скидках и другое
Или же подпишитесь на наш Telegram, чтоб всегда быть в курсе наших новостей.

Recent posts


Crypto Scam Based on TV Show The Boy’s Word Sweeping Russia, Warns Central Bank

Russia's Central Bank has issued a warning to citizens about a cryptocurrency scam project that is based on the popular TV show The Boy's Word: Blood on the Asphalt. The project, which also goes by the name "The Boy's Word," is described by the Central Bank as a pyramid scheme that has no official affiliation with the show. The project asks investors to pay $10 in exchange for tokens that supposedly represent the project's own cryptocurrency. The scammers promise high returns of up to 25% per day. Advertisements for the project are circulating on social media platforms, featuring music and images from the TV show, as well as stolen pictures from legitimate cryptocurrency providers' websites. The Central Bank warns that the scammers will eventually disappear with the investors' money, as the project is not licensed to operate in the financial market. Only financial organizations with permits from the Central Bank can request public investment. The project has been added to the Central Bank's list of probable financial pyramid schemes. The TV show has gained significant popularity in Russia and other Russian-speaking countries, surpassing searches related to the war in Ukraine and special military operations.

New Bitcoin ETFs See Record Daily Flows As Total BTC Holdings Rise to $3 Billion

Newly launched Bitcoin exchange-traded funds (ETFs) experienced their highest daily inflows on the fourth day of trading, with $913.6 million invested on Wednesday. This influx of capital brings the total assets under management for all recently launched ETFs to $2.9 billion. These figures, provided by Bloomberg ETF analyst Eric Balchunas, do not include flows related to the Grayscale Bitcoin Trust (GBTC), which is the largest and most actively traded Bitcoin ETF. The GBTC recently converted into an ETF on January 11 after accumulating over 600,000 BTC prior to conversion. Since the conversion, the fund has experienced consistent outflows as investors sell their long-held BTC or move to newer and cheaper Bitcoin ETFs offered by companies like BlackRock and Fidelity. On Wednesday, the Grayscale Bitcoin Trust saw $450.6 million in outflows, bringing its total net outflows since the ETF conversion to $1.6 billion. Overall, all Bitcoin ETFs have seen net flows of $1.2 billion. The first day of the ETF launch remains the day with the highest Bitcoin ETF inflows when including GBTC, though this includes seed capital such as Bitwise's initial $200 million contribution. Other Bitcoin funds and investment products have also suffered following the ETF launch, including the ProShares Bitcoin Strategy ETF (BITO) and MicroStrategy, which has seen a 25% drop in value since last Thursday. Bitcoin itself has fallen approximately 11% to $41,250 since last week, and newly launched ETFs like the iShares Bitcoin Trust (IBIT) have yet to experience a positive trading day. Coinbase, the custodian for most ETF providers, has also seen a 19% decline in value year to date.

Ethereum Staking Platform Kiln Raises $17 Million in Funding Round Led by 1kx

Paris-based Ethereum staking platform Kiln has raised $17 million in a funding round led by 1kx. The funding will be used to expand internationally and support decentralized finance (DeFi) reward models. Other investors in the round include Crypto.com, IOSG, Wintermute Ventures, KXVC, and LBank. Kiln plans to use the capital to expand its global presence, particularly in the Asia-Pacific region, and further develop its product offerings in the DeFi space. The platform has seen significant growth, with staked assets under management reaching $4.2 billion in 2023. Kiln aims to democratize value creation in the digital assets ecosystem and is the largest operator of Ethereum validator nodes, representing about 4% of the Ethereum network. The funding will also support the integration of additional reward mechanisms in the DeFi space and the development of a DeFi product for integrator customers.

Crypto Trader Makes $1 Million in 10 Days Following Elon Musk’s Bio Update

A crypto trader has made $1 million in just 10 days by investing in TROLL tokens following Elon Musk's bio update. The trader initially invested $10,000 and purchased TROLL tokens before their value skyrocketed due to Musk's bio change. The trader turned $300 into $1.03 million by selling some of the TROLL tokens. Despite a slight decrease in TROLL's value, the trader still maintains a significant gain. Other traders have also profited from the price rally of TROLL tokens, with one trader making a $2.7 million profit from a $30,000 investment. Elon Musk's influence on the crypto market is evident, as his tweets and actions can shape the direction of certain assets. For example, his tweets about Dogecoin caused its value to increase by over 50%.