Crypto News daily roundup December 28

The green crypto market is turning red during this holiday season. TheCoinRise is back again with another daily crypto news roundup with market sentiment, collaborations, regulatory comments, and disputes.

Three days before New Year’s Eve, the downward motion has occurred. The crypto market exploded yesterday, with massive influxes of up to $2.43 trillion thanks to soaring prices for all of our significant coins. There was hope in the market that the bullish run would lead to a happy new year with Bitcoin, Ethereum, along the whole market on hopeful pedestals, but that was not the case. The latest advances in the crypto market, according to CoinGecko, have failed us again.

Effluxes in the global crypto market cap is no laughing matter since they typically result in losses totaling billions of dollars. All crypto investors want the market to grow, but their patience is often put to the test. With regular shocks and volatility, the crypto industry isn’t looking very rosy in the new year.

Invest in Bitcoin, avoid fiat, says expert

Ricardo Salinas Pliego, the third-richest person in Mexico, said that the investors should avoid fiat currencies like the euro and dollar and invest their money in Bitcoin. He called fiat currencies “fake money made of lies.”

Pliego, the founder and chairman of Grupo Salinas, talked and wished Merry Christmas to his fans on Twitter by uploading a video. He also added that the central banks worldwide are printing more money than ever, leading to inflation.

Billionaire doubts Bitcoin capability to reach $1M

The world’s largest hedge fund Bridgewater Associates’ founder and billionaire Ray Dalio, said that the value of Bitcoin will not reach a level as high as $1 million anywhere in the future. He believes that there is a limit on its price in respect to other similar things and compared the king token to gold.

Coinmarketcap accused of decreasing Exchange ranking

The Chief Executive Officer of Crypto.com, Kris Marszalek, attacks crypto data aggregating site coinmarketcap.com by accusing it of arbitrarily reducing the exchange’s ranking. He said that the information related to exchange volume is being misrepresented, and the ranking has been shifted to 14th, whereas, in Coingecko, it stands at 2nd or 3rd position.

He hinted the followers to use Coingecko instead of Coinmarketcap by saying, “you guys know where to look for real and market unbiased statistics.”

El Salvador and Bitcoin relationship

The Bitcoin transactions in the country which has adopted it as its legal tender have decreased by 89% since its adoption, as per the outspoken Bitcoin critic and data digging Twitter account CryptoWhale. It said that El Salvador is heading towards ditching the largest cryptocurrency in the world.

El Salvador adopted Bitcoin as its legal tender in September this year, and president Nayib Bukele keeps the excitement high on its Twitter account, but analysts said that the citizens do not want to use BTC because of its network’s problem of high transaction fees and slow speed.

Not only this, the citizens of the country have been found reporting the loss of their funds on the country’s government-backed Chivo wallet recently. More than 50 Salvadorans have claimed that a total of $96,000 worth of funds ranging from $61 to thousands of dollars have disappeared from the famous Chivo wallet.

Bangkok arrests a crypto scammer

Another crypto scam is here. The wanted 50-year man accused of stealing millions of dollars of money from people has been arrested in Bangkok. He fooled many citizens within the country and many investors abroad with his fake scheme of quadrupling the investment funds in just 200 days.

The scammer named Mana Jumuang was hiding in a rented property in Bangkok after stealing around $15 million of funds. Jumuang along with his notorious Thai and Vietnamese partners plotted to defraud investors in 2018 and 2019.

Blockchain Ecosystem suffered over $9.8 billion this year

The security potential of blockchain technology is real, but not to the extent that it will cost the entire ecosystem over $9.8 billion in the calendar year 2021. According to statistics, the embryonic business is still vulnerable to a variety of security issues, including hacking and wallet attacks, and the loss trend has been increasing since 2018. There were 231 blockchain-related incidents this year, spanning practically every facet of the ecosystem.

As the market matures, various market analysts are underlining the significance of patience amid the extended Bitcoin bull run. Tomorrow, TheCoinRise will be back with a new daily roundup for you.