Crypto News Daily roundup for December 15

The market slipped down after having a good start earlier today, resulting in yet again a bleeding day. We at TheCoinRise are back with another daily crypto news roundup for December 15 with all the market sentiment, regulatory comments, collaborations, and disputes.

The market seemed green today morning when investors crossed their fingers to breach strong levels to enter the safe zone. Bitcoin, the world’s biggest cryptocurrency, represents the pioneering blockchain technology that has the power to revolutionize the social media sector as well. 

BTC has still not been able to break above the 53,000 USD price level, and it seems that it will continue to remain bearish for the time being. 

The daily candle for the token opened at $48,336 and reached a daily high of $48,550, unable to break above. As a result, the token dropped to $46,547, the day’s low.

Altcoins have also bled Wednesday, and it seems that as this holiday season, people are getting cryptocurrencies for a discount.

Elizabeth Warren finds DeFi dangerous

Senator Elizabeth Warren of Massachusetts, who is well-known for her criticism of digital assets, recently expressed her disapproval with decentralized finance (DeFi). She questioned the effects of a run on stablecoins on the average investor by expressing her worries.

Warren, commenting on stablecoins before the Senate Banking Committee on Tuesday, asserted that their value would “take a nosedive at the time when people need stability,” with the consequences impacting traditional finance. She adds that DeFi is the most dangerous sector in crypto due to zero regulations.

CleanSpark revenue rises by 400% this fiscal year

The sustainable Bitcoin mining firm CleanSpark, in its fiscal year 2021, reported a four times revenue increase. The company, however, also reported a loss of $21.8 million in the same period.

CleanSpark generated $49.4 million in revenue for the fiscal year that ended on September 30, an increase from nearly $10 million the previous year. The spike in the prices of Bitcoin during the fourth quarter resulted in more than $27 million contributions to the revenue bag.

The CEO of the company, Zach Bradford, believes that CleanSpark is highly undervalued and stresses the company’s expertise in the energy sector.

Block allows crypto gifts with Cash App

Jack Dorsey’s digital payment company Block, previously called Square, has brought a new deal for its users. The Cash App users can now gift both crypto and stock to their friends and family this holiday season.

The Cash App has roughly 40 million active users on a monthly basis who can send gifts in BTC or stock for as little as $1. The company is following the steps of other payment firms like PayPal and Coinbase.

Robinhood acquires Cove Markets

As per the recent post, no-fee trading company Robinhood has acquired Cove Markets, a cross-exchange trading platform that offers customers better management of their crypto accounts. The company has not revealed any information regarding the financial terms of the agreement.

The co-founder of Cove Markets, Scott Knudsen and Victoria Glava, will join Robinhood’s crypto team along with their team. Robinhood is aiming to obtain quality executions for crypto market customers.

Binance all set to open a new exchange in Indonesia

The exchange giant Binance has joined hands with Indonesia’s venture capital PT Telkom’s arm MDI Ventures, aiming to build a crypto exchange platform in the country.

Binance has already hinted at its plans on launching a crypto exchange platform in Indonesia previously. It will provide infrastructure and technology for asset management as a contribution to the new crypto exchange’s development. Another goal that the deal is focusing on is to broaden the scope of applications of blockchain technology in the country.

Nike acquires RTFKT, entry to metaverse

Nike, one of the biggest sportswear companies in the world, has acquired digital sneakers and collectibles brand RTFKT, marking its entry into the metaverse world. Following the acquisition, Nike has become the biggest athletic products manufacturer in the United States.

In early November, the company submitted a patent application for the Swoosh logo and slogan “Just do it” for using it on the internet and virtual worlds. It also posted a job opening for virtual material designers, further confirming the company’s interest in the metaverse and its potential.

Ramp Network raises $52.7M Funding

Raising $52.7 million in Series A funding, the crypto payment infrastructure service provider Ramp Network has outperformed the company’s initial funding projection of $30 million. The funding round, led by Balderton Capital, included the participation of existing investors NFX, Firstminute Capital, Galaxy Digital, and Seedcamp. It also included angel investors Taavet Hinrikus from Wise and Francesco Simoneschi from TrueLayer.

The funding comes as a result of the significant expansion the startup has experienced in the last year, seeing its transaction volume increase by 30 times while also increasing the size of its team.

The market’s supposedly extended bull run cycle seems to be a sale for many who are continuously buying the dip. TheCoinRise will be back tomorrow with another daily roundup.