The marvelous green crypto market is all here as the holiday season starts. TheCoinRise is back again with another daily crypto news roundup with all the market sentiment, collaborations, regulatory comments, and disputes.
The cryptocurrencies are trying hard to close as high as possible as the year ends, resulting in a new Santa rally today. The oldest cryptocurrency, Bitcoin, has maintained its strong position above $51,000, up by more than 2% in the last 24 hours. This is for the first time in the last two weeks that the coin surged and maintained its spot above the $51,000 mark.
Apart from that, altcoin king, Ethereum, is also trading above $4,100 and has given a solid chance to the other tokens to surge. Polygon (MATIC), Terra (LUNA), and Crypto.com Coin (CRO) have proven to be the top gainers for the day, some even touching all-time highs recently.
Bakkt president Adam White resigns
Bitcoin futures trading platform Bakkt’s president and funding executive Adam White has announced its departure from the platform after serving for three years.
White announced the departure earlier this Thursday by adding that he will be leaving Bakkt in the upcoming week. He has served as the Chief Operating Officer and the president of Bakkt and has already worked as vice president and general manager at Coinbase in the past. White did not inform anything regarding his future plans and involvement in the crypto industry.
The Sandbox partners with PwC Hong Kong
Animoca Brands-owned metaverse company The Sandbox has announced this Thursday about the arrival of consulting company PwC Hong Kong. The latter has purchased some LAND, virtual real estate in the form of NFT. PwC has refused to disclose any details regarding the amount used to purchase the piece.
As per the data, LAND costs roughly $10,000 per pop in recent purchases.
Marathon Digital buys a record number of Bitcoin miners
As per the Nasdaq-listed MARA, Marathon Digital, the famous Bitcoin mining firm, is purchasing a huge amount of Bitmain Antminer S19 XP Bitcoin miners. This is the largest single purchase of Antminer S19 XP BTC miners from manufacturing giant Bitmain in terms of exahashes per second (EX/s) the fresh machines will produce.
The company is aiming to have 199,000 active Bitcoin miners producing 23.3 EH/s by early 2023, a surge of more than 600% from the current levels.
The company currently operates with 31,000 miners as of December 1, generating 3.2 EX/s. Marathon’s stock has surged by more than 12% recently after the announcement made its way to the public.
Bitcoin mining: Speculated 2021 vs. 2022
Peter Wall, The CEO of Argo, expressed his views over the mining performance in the upcoming year. He said that the factors that affected Bitcoin’s price this year will also influence its performance in 2022. He further examined the market’s movement over the time period with regulatory involvement and capital markets.
He went on to explain that the mining ecosystem has been maturing over time and commented that the regulators are taking the industry more seriously.
He believes that this is the most profitable end for miners, and 2022 might be less profitable than 2021.
Dogecoin foundation to create “community staking”
Meme token Dogecoin (DOGE) Foundation announced its steps over switching from Proof-of-Work (PoW) to Proof-of-Stake (PoS). DOGE has now revealed that they are partnering with Ethereum founder Vitalik Buterin to build a unique community proposed based on PoS.
The goal behind the shift is to enable everyone, not just the big names, to engage in a way that rewards their contributions along with giving some back to the community via charitable causes.
There are majorly these goals involved in the PoS movement:
- A new liberated version of the meme token
- A new PoS wallet called Gigawalle
- A new currency called LibDogecoin
Thailand delays its CBDC Pilot to Late 2022
Apex Bank of Thailand, The Bank of Thailand (BOT) has hinted at a delay in the proposed CBDC or Central Bank Digital Currency pilot testing phase, which was previously scheduled for the second quarter of the upcoming year.
Reuters reported that the testing is planned to start in late 2022, which will give the bank a significant amount of time to correct its processes related to digital legal tender.
The deputy central bank director of the bank Kasidit Tansanguan said that the CBDC trial aims to evaluate the use of digital Baht in daily transactions on a lower scale.
Bitdeer founder Jihan Wu recounts his crypto journey
Jihan Wu, the co-founder of Bitdeer Technologies, expressed optimism in the potential of the crypto industry and recanted his journey in the ecosystem. During an interview with Forbes, he talked about his early days as a crypto beginner and entrepreneur, the Bitmain Technologies emergence, the issues and struggles the company faced, and the forecast for the upcoming growth.
The co-founder pulled the funds from his own investments and partnership with Micree Ketuan Zhan to establish the high-performance Bitcoin mining rigs manufacturer giant Bitmain Technologies.
Today’s huge gains, along with the upcoming holiday season, are putting smiles on faces. Various market analysts are emphasizing the importance of patience as the market matures, leading to an extension of the Bitcoin bull run. TheCoinRise will return tomorrow with a new daily roundup for you.