Traders have started unwrapping token bitcoins. The US Treasury Department will keep a watchful eye on digital innovations. And trading volumes on OKEx have plummeted.
The top shelf
Ripple Chief Technology Officer David Schwartz tweeted that the community could force the burning of billions of native XRP tokens the escrow-held protocol to prevent the price drop that would likely occur if those billions in tickets had ‘ u freeze never floods the market. On December 2 a Twitter user asked the CTO, “Should Goals, verifiers and the community at large come together and we agree that it is better for the community to burn Ripple’s 50 billion XRP in escrows, would that be possible? ”In response to the tweet, David Schwartz suggested that the majority rule would win in such a decision.
Innovation or risk?
The US Treasury Department wants state and federal regulators to keep a watchful eye on digital asset innovation, which could upset the balance of the current financial system. According to a report released Thursday by the Financial Stability Oversight Council, digital assets are a “particularly good example” of the potential benefits and risks associated with innovation. The report highlighted the ambitions of nations around the world in their experiments with central bank digital currency (CBDC) as a way to “improve the global status of their own currency and enable faster payments.”
Wrapped bitcoin, the bitcoin-backed ticket on Ethereum now worth over $ 2 billion, has seen an increase in (or “unwrap”) burns by some of its biggest users as the devolved finance sector is based on Ethereum continue to cool. BitGo clients including Three Arrows Capital and Alameda Research are swapping an increasing amount of their token bitcoins recorded earlier this year for real bitcoins as the bullish cryptocurrency market continues to focus on bitcoin and Ethereum’s decentralized funding takes a back seat for now. In the months following DeFi’s hot red summer when bitcoins wrapped faster than they were mined, the sector has cooled significantly.
A sharp fall in OKEx’s trading volume and fixedcoin reserves – particularly tedious – may reveal a continued exodus of its users after the popular crypto derivatives exchange unexpectedly halted all crypto withdrawal activities for about five weeks. Data from analytics service CryptoQuant shows that the amount of tether held in OKEx wallets fell to 6.69 million from 275.0 million between November 25 and December 1, down 97.6% in less than a week. At the same time, the total daily trading volume on OKEx has dropped significantly during the same time period – down around 67.7% as of November 25, according to data collected by CoinDesk. Tether volume traded at OKEx plummeted 70%.
The creators of Terra’s stablecoin platform announced the launch of the Mirror Protocol Thursday, a way to mimic crypto assets that mimic the value of shares in publicly traded companies like Apple or Tesla. The new protocol will also bring a new liquidity mining opportunity to Terra’s blockchain on Tendermint. Known as mAssets, these tokens will track the price of US equity in the real stock market, using an oracle system that can check prices every six minutes. “The retail investor is in the midst of this growing demand for US equities and global equity derivatives. The stock market is no longer the unique purity of Wall Street suits, be it in New York, London or Tokyo, ”Arrington XRP argues in his report.
- FINTECH BANKING: Stripe Partnering With Goldman, Citigroup, Others to Offer Verified Accounts, Services: Report (CoinDesk)
- BITCOIN TOP: This family bet everything on bitcoin when it was $ 900 – and buy more when it crashed in 2018 (CNBC)
- DEFINING DEFI: Lex Sokolin: How do you make valuations of open source software? Recent DeFi acquisitions may shed light. (CoinDesk Opinion)
- NOT CAPTCHA: Human Protocol, the backbone of the hCaptcha anti-bot system, announced Thursday that it will expand beyond Ethereum to future Polkadot parades, Moonbeam. (CoinDesk)
- OMG, RALLY! Genesis Block Ventures acquired OMG Network (an off-chain Ethereum solution) triggering a two-digit rally in the network’s OMG ticket. (CoinDesk)
- CBDC CENTRAL: Russia’s crypto community fears that a digital ruble could mean “going back to the USSR.” (CoinDesk)
- $ 41 BILLION: Devolved finance platforms accounted for 99% of Ethereum’s transaction volume last month. (Decrypt)
- $ 600 MILLION: A million ETH is now locked in Ethereum 2.0. (Decrypt)
I was reading that CNBC story on the Dutch family who bet it all on bitcoin. In 2017, a small business owner sold all his assets – a company, a house and accumulated detritus – and moved his family from five to a spot. “We got into bitcoin because we wanted to change our lives,” Didi Taihuttu told CNBC.
That’s wild! The media also quoted Taihuttu’s price prediction for $ 200,000 bitcoin by 2022. He is a man who acts on instinct and knows things in his gut. It seems to have worked out for him so far. CNBC went on to quote several price predictions from the well-respected and respected folk in crypto.
Mike Novogratz, CEO of trade bank Galaxy Digital, said bitcoin could reach $ 60,000 by next year. While a Citibank report aimed at institutional clients has argued that one BTC could change hands for $ 318,000 by December 2021. That’s really wild!
Unquoted was Bloomberg’s recent, and more modest, prediction that bitcoin could hit $ 50,000 sometime next year. That’s more than double bitcoin’s highest ever price! And includes a $ 1 trillion market cap!
A lot of good data is thrown into price predictions. There is technical analysis of candles and wedges, surveys of high net worth individuals and comparisons with similar movements in bitcoin historical charts as well as analog assets. (Want to understand bitcoin today? Study gold in the 1970s!)
But I wouldn’t put much storage in them. This time three years ago, computer whiz and self-declared insane John McAfee had such strong convictions that bitcoin would hit $ 500,000 within three years (this year, incidentally) that it would ingest its genitals.
After years of target prices that were well off their mark, it is reasonable to suggest that most claims on the future price of bitcoin are more intuitive than calculus, more risky than certain. Sometimes it pays off. But knowing that one BTC is always one BTC, you will never be wrong.