Crypto News Daily roundup for December 6

December started with a lot of blood as Bitcoin is already down by 14% in the last six days. The day has not been that great for many investors while many kept on buying the dip. Most of the altcoins in the top 20 list dropped by double digits; however, many recovered soon after.

TheCoinRise, with all the regulatory and crypto market updates, is back again with another spicy daily crypto roundup for December 6.

The data shows that the king coin, at the time of publication, is fighting back to cross the $50,000 level, whereas Ethereum has also surged its price by over 2% in the last 24 hours.

Vulnerability in Solana Protocol Library

Security researchers found out that a bug in the reference document for Solana projects, Solana Protocol Library (SPL), could have led to a hack of rate $27 million per hour. 

Projects like lending protocols Larix and Solend and yield aggregator Tulip Protocol were in a vulnerable situation. However, Solana has now fixed the issue in the document.

Binance to become a registered U.K. firm

Despite the country’s regulator Financial Conduct Authority (FCA), stopping Binance from offering to trade in the United Kingdom, the crypto exchange giant Binance is aiming to expand itself in the United Kingdom within the next 18 months.

Similar to Binance.US, Binance plans to set up a specific subsidiary company for operating in the United Kingdom under the money laundering and terrorist, terrorist financing controls.

Virtual land is the hero of $300 Million NFT Sales

Virtual land has grown in popularity which is visible by its highest contribution in last week’s NFT sales worth $300 million.

The data shows that over 300 million worth of NFT was sold last week. The purchase of virtual land in this sandbox metaverse contributes roughly 25% of the total sales. The top 10 list in the past week constitutes all the entries from in-game virtual land.

Ark Invest founder says the metaverse could be worth trillions

Last month has been the biggest contributor to the success of metaverse tokens marking new highs amid the bearish fear in the market. Cathie Wood, the founder, and CEO of Ark Invest says that the metaverse is still in its early development days and has the potential to influence the economy all over the globe.

She believes that the metaverse can become a multi-trillion market in the coming days and is currently gearing up to grow to that level.

Updates on BitMart $196M hack, stolen keys were the cause, SHIB and Huobi helps the exchange

The CEO of the Crypto exchange platform BitMart recently updated the users about the recent devastating $196 million hack, draining multiple crypto tokens. He said that the company is planning to compensate the affected users and will resume its withdrawal and deposit service by December 7. The primary reason which caused the vulnerable situation was the leaking of private keys. The attack was hosted on Ethereum blockchain and Binance Smart Chain with a loss of $100 million and $96 million, respectively.

Crypto exchange Huobi and Shiba Inu community has come forward to rescue BitMart from the hack by offering solid security and the tracking of attacked assets’ inflows. 

Stacked raises $35 Million via Series A funding round

Stacked, the renowned crypto trading app has finished a 35 million funding round co-led by the crypto trading firm Alameda Research and venture partner of the Bybit, Mirana Ventures.

WazirX to open an account in Kotak

The biggest crypto exchange in India, WazirX, is now allowed to open an account with the banking giant Kotak Bank for facilitating both debit and credit for traders on the platform after the clean air around the crypto ban in the country.

Kotak has also planned to be more active in the crypto world if the government of India gives permission to do so under the most awaited crypto law. The bank is already talking with several local crypto exchanges like CoinDCX and Zebpay.

Binance sets up a $200M fund with Animoca Brands

Binance revealed that it has set up a $200 million funding round with Animoca Brands to accelerate blockchain gaming startups on the Binance Smart Chain (BSC). The investors are expected to put around $100 million each, similar to Solana Ventures and others who floated a $100 million gaming fund recently.

BIS Calls For Systemic Regulation

The Bank for International Settlements (BIS) has warned that the crypto industry poses a severe threat to financial stability and stressed the strong need for a systemic regulatory framework.

The BIS outlines how risks have shown themselves in the recent market falls, although limited to the crypto ecosystem for the time being.

The investors are sitting finger-crossed with the current market situation as many are saying that the bull cycle is extended, and we can expect the control of the bear for some time in the market. TheCoinRise will be back with another daily roundup.