The serious, potentially fatal flaw with a stablecoin like Tether is the potential for a “run on the bank.” Any stablecoin that invests in anything other than U.S. dollars in a bank account cannot assure its holders that they can redeem their stablecoin at any time, all at once, and receive 100% of the face value of the stablecoin. Source
The United States Securities and Exchange Commission has delayed its decision on whether to approve or disapprove a spot Ether (ETH) exchange-traded fund, or ETF, proposed by Invesco and Galaxy Digital. In a Dec. 13 notice, the SEC said it would designate a longer period on whether to approve or disapprove a proposed rule change that would allow the Cboe BZX Exchange to list and trade shares of the Invesco Galaxy Ethereum ETF. The proposed spot crypto investment vehicle is one of many being considered by the commission, which to…
“Unlike other businesses that have attempted to disintermediate the brokerage industry, our FCM offers wholesale digital asset-related services and support to our brokerage partners, institutions, and dealers,” he said. “Now that the licensing process is complete, we can shift our focus to expanding Bitnomial’s product offering and customer base.” Source
Bitcoin saw a rather rapid correction at the start of the week which brought it back to the $40,000 level. This correction understandably shook up some investors in the market, who rushed to panic sell in order to avoid more losses. Once the selling began to die down, the price of the cryptocurrency has been on a slow but steady recovery. Amid this, one crypto analyst has predicted that there could be further upside to come for Bitcoin. Bitcoin Price Could Retest $69,000 Currently, $69,000 is the holy grail when…
Hitachi Research & Development is teaming up with blockchain developer Concordium Foundation to create a “proof of technology” for a biometric crypto wallet, according to a December 12 announcement. The new wallet will allow users to generate a set of seed words using just their fingerprints or facial scan. It will not require users to store these seed words or remember them. Instead, users will be able to re-import the wallet’s accounts by undergoing the biometric scan a second time, Concordium representatives told Cointelegraph. The wallet is still in an…
The Bitcoin price experienced a notable downturn as selling pressure intensified, resulting in a decline of over 4% from its annual peak of $44,500. This downturn was further exacerbated by the loss of the crucial $42,000 support level. However, the largest cryptocurrency in the market received a substantial uplift from the US Financial Accounting Standards Board (FASB), which has spurred a rapid 1.8% surge in BTC’s value within the past two hours. As a result, Bitcoin has successfully recovered the $42,000 support level. FASB’s Fair Value Recognition Brings Clarity To…
In this week’s newsletter, read about how nonfungible token (NFT) trading volume neared $1 billion in November, and check out new NFT releases from former United States President Donald Trump, FIFA and heavy metal band Megadeth. In other news, find out why NFT platform Enjin transferred 200 million NFTs from Ethereum to its own blockchain. And don’t forget this week’s Nifty News featuring Funko and Disney’s NFTs. NFT trading volume nears $1 billion as markets turn bullish: Report NFTs might be making a comeback as their trading volume almost reached…
Buterin’s comments come as ether (ETH), the native cryptocurrency of the Ethereum blockchain, has lagged behind tokens from rival blockchains as digital-asset markets rallied this year. Ether has climbed by 84%, while Solana’s SOL has jumped more than eight-fold in price and Avalanche’s AVAX has tripled. Bitcoin, the biggest cryptocurrency, has gained 153%. Source
Loyal readers of The Protocol will recall our riff in last week’s issue, headlined “Bitcoin Censorship, or Just ‘Spam Filtering?‘” The gist of the story is that some Bitcoin purists are trying to keep the oldest and largest blockchain free from non-financial transactions – such as the text snippets and images that some people are “inscribing” onto the blockchain via the Ordinals protocol, launched late last year. The drama ratched up recently when Ocean, a new bitcoin mining pool backed by Jack Dorsey and co-led by a longtime Bitcoin developer,…
Per Bitwise Asset Management, 2024 predictions include Bitcoin reaching unprecedented heights with a new all-time high. The Dec. 13 post on X suggests that the spot Bitcoin ETF is anticipated to be the most successful ETF launch ever, launching the cryptocurrency to potentially $80,000. Coinbase is projected to experience a remarkable doubling of its revenue. Bitcoin’s new peak? Ryan Rasmussen, a senior crypto research analyst at Bitwise Asset Management, shares in the first of 10 predictions that Bitcoin would reach a new all-time high. The ascent is attributed to two…