Crypto News Daily roundup for December 3


December started with stagnancy as Bitcoin is still stuck in the $57,000-$58,000 zone. TheCoinRise, with all the regulatory updates, collaborations, and controversies, is back again with another spicy daily crypto roundup for December 3.

Bitcoin is down by around 3%, with a market price of $54,900 after two huge red candles in a 4-hour chart. It, on one side, is ready for bullish divergence on the daily chart but is showing bearish signs on the weekly chart, which might be alarming for many. The major fight between bulls and bears has made investors confused, which is visible through the low trading volume of the coin.

Ethereum, in a very obvious way, is following Bitcoin and is also down by around 3%. Cosmos (ATOM) has been the star of the show with a clear sign of the bullish divergence.

Is Ethereum a ‘superior’ store of value to Bitcoin?

The superiority fight between the top two cryptocurrencies is not new. Research by an Australian university states that Ethereum is a superior store of value than Bitcoin. It further adds that the ETH is on the way to becoming the first deflationary currency in the world.

The study explored August’s EIP-1559 upgrade and its importance in making ETH a better store of value. The Ethereum network burned a portion of the transaction fees to burn more than a million ETH from the 118,583,580 ETH supply. Transaction fees burn over half of the 12,000 newly created ETH per day.

OKcoin hires Randi Zuckerberg to target female users

OKCoin has announced the introduction of Randi Zuckerberg, the sister of Facebook’s now-Meta CEO Mark Zuckerberg, with the goal of increasing the number of female users in the crypto realm.

OKcoin, along with hiring Zuckerberg, will invest $1 million in an attempt to gain a 50% female customer base in four years.

Zuckerberg worked at Facebook as a spokeswoman and director of market development until 2011, when she left to start her own social media company to educate business executives, entrepreneurs, and learners.

Cabinet documents in India hint at private wallet ban

The exclusive cabinet documents in India aim for crypto regulation, not crypto ban, says the local news channel. 

The sudden FUD, which resulted in the WazirX app crash due to heavy sell-off in the country, came to an end when finance minister Nirmala Sitharaman cleared the crypto ban speculations. Now we have an official written document saying the same. The authorities are planning to give some time to the investors to declare their crypto holdings to the exchanges regulated by SEBI.

However, the thing that is worrying many Indian investors is a possible ban on private crypto wallets and foreign crypto exchanges.

Star Trek creator’s signature becomes living Eco-NFT

Roddenberry Entertainment, a production, and distribution firm, confirmed that they had made a historic development in the world of cinema and the NFT industry as well. As per the press release by the firm, Gene Roddenberry’s signature from May 18, 1965, on the first Star Trek contract between the sci-fi legend and Lucille Ball’s Desilu Productions will be transformed into the first-ever Living Eco-NFT. This NFT signifies the formation of the entire Star Trek series.

TeraWulf raises $200M, aims to become biggest of them all

Bitcoin mining firm TeraWulf has raised $200 million through debt and equity financing after the major participation of individual and institutional investors. The company is aiming to use the funding to achieve a mining power of 6 exahash per second within a year.

The environment-conscious company said that its energy infrastructure capabilities would help it in quickly deploying capital as it builds a mining operation bigger than any other current Bitcoin mining company.

China, while cracking down on Bitcoin miners, recently also cited massive energy consumption as one of the biggest reasons for the ban.

Charlie Munger finds crypto insane

Charlie Munger, the famed businessman and investment icon supports China’s crypto crackdown and feels that the current market atmosphere is more concerning than the dot-com era of the 2000s. He also described the cryptocurrency frenzy as a “crazy situation.”

Berkshire Hathaway’s 97-year-old chairman noted that the present investment environment is more complex than what he has seen in his career.

Munger was disdainful of the crypto industry while speaking with Mark Nelson of hedge fund Caledonia, claiming that he’ll never engage in the “insane” crypto bubble. He added that he wished they hadn’t been invented at all.

Coinbase wishes to be the “AWS of Crypto”

Surojit Chatterjee, the Executive and Chief Product Officer at Coinbase revealed the Nasdaq-listed trading platform’s extensive ambitions to transition into the incredibly quick crypto ecosystem’s Amazon Web Service (AWS). Chatterjee stressed the importance of diversifying the company’s limited revenue stream to mitigate the effects of economic slowdowns.

Chatterjee said that the company is establishing this whole Coinbase Cloud suite of products, which you can think of as cryptocurrency computing services, to enable developers to build their apps faster.”

United States on CBDC

Amidst different regulators all around the world rubbing their noses to release their Central Bank Digital Currency (CBDC) as soon as possible, the United States Treasury Secretary says that a potential attempt to develop a Digital Dollar will require broad-based support among key government entities, including the White House, Congress, and the Federal Reserve, among others.

While a number of top Federal Reserve executives, including Governor Lael Brainard Lael, agree that they can’t imagine the US not having a CBDC when other large economies, such as China, are working on one.

The investors are sitting finger-crossed with the current market situation when one chart is at a bullish divergence scenario and the other shows the bearish divergence. We expect good gear as the month starts. TheCoinRise will be back with another daily roundup.

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