Crypto News weekly roundup December 26

This week has been full of spices, greenish candles, and regulatory actions in the crypto industry. We at TheCoinRise are here to summarise it for you.

Market this week

The biggest cryptocurrency, Bitcoin, has finally shown some positivity after weeks of waiting. The coin has been up by around 7% in the last seven days and has shown a consistent upward trend. However, BTC, which has been recently accused of giving power to rich people, has been found to be having 1% of top holders, which hold 27% of the total supply.

El Salvador has recently shopped another 21 BTC units to celebrate the 21st day of December of 2021. The president said that El Salvador will lead the Bitcoin revolution.

The largest altcoin Ethereum is also up by more than 4% in the past week and is currently trading around $4,000. Almost all major tokens, including Solana (SOL), Cardano (ADA), Polkadot (DOT), and Polygon (MATIC), have surged their values by 9%, 15%, 25%, and 26%, respectively.

The activeness of the crypto exchanges

The California-based crypto exchange platform Kraken has recently announced that it has acquired the Blockchain infrastructure company Staked. None of the two companies revealed any information regarding the amount involved in the process.

On the other side, the world’s biggest crypto exchange Binance has decided to shift the burning rate of its native token Binance Coin (BNB) and the Binance Smart Chain (BSC) from being quarterly to automatically through some formula revealed by the giant. The primary aim behind the step is to fulfill the community’s demand and to maintain transparency.

FTX, one of the largest crypto exchange platforms in the world, has decided to join hands with the company behind the four well-known sports teams in Washington, D.C., Monumental Sports and Entertainment, or MSE, to serve as its official NFT partner and crypto exchange.

Regulatory statements all around the world

NCUA or the United States National Credit Union Administration has recently issued a new set of rules for all the Federally Insured Credit Unions to join hands with the third-party crypto-related service providers to offer crypto services to the members.

Bank of Thailand (BOT), the central bank of the country with a positive attitude towards crypto Thailand, has signaled a delay in its upcoming CBDC, which was previously scheduled to release around the second quarter of 2022. 

Russia seems confused over its decision between fully banning cryptocurrencies and regulating crypto exchanges. Andrey Mikhaylishin, the CEO of Joys, a local crypto payment company from the nation, revealed that Russia is reportedly looking at potential ways to ban crypto.

Turkey’s president Recep Tayyip Erdoğan, this week has confirmed that the country has completed the crypto law drafting and will soon present the same to the Parliament for mainstream adoption in the country. The president is aiming to establish a fresh and strong economic structure to fight the Turkish lira depreciation.

Indian crypto bill had not made it to the remaining winter session plan of the Parliament after a few days of buzzing. Indian parliament winter session is finally over, which left Indians on a cliffhanger waiting for the Budget session in March 2021.

The United Arab Emirates has shown a positive attitude towards crypto, and recently the Dubai World Trade Centre or DWTC has been decided to be the comprehensive regulatory body for crypto, exchanges, products, and operators.

Notable events that caught the attention of crypto fanatics

Michael Saylor, the MicroStrategy CEO and a big name in the crypto industry, recently discussed some of the ways through which the company can earn additional amounts through its huge Bitcoin holdings. MicroStrategy is famous for its frequent BTC shoppings and has recently bought 7,002 BTC units making a total of 122,478 BTC. 

One of the most famous metaverse projects around the world, decentraland or MANA, has joined hands with NBA champion Stephen Curry amid the huge metaverse craze.

With the strict actions by regulators all around the world, the United States federal government is stuck with its views on digital assets and negative standard media narrative. To break that, eight Bitcoin supporters have joined hands to initiate a Kickstarter campaign to publish an instructive book on Blockchain and have collected $23,150, which is five times from what they expected.

Facebook, now a Meta-owned image and video sharing platform, Instagram has finally accepted its plans and exploration on the ways to integrate NFT on its platform.

RadioShack, the well-known hardware specializing company, has recently turned 100 years old, and to celebrate this milestone, it has announced the launch of a DeFi protocol and NFT collectibles to embrace digital currencies. There has not been any official announcement, but the company updates its Twitter bio and website about the same.

Adidas Originals has secured the second spot on the famous NFT marketplace OpenSea after jumping into the Metaverse world by launching its own NFT collection called “Into the Metaverse.”

The rival giant Nike is also not behind and has recently surged its virtual appearance by acquiring digital collectibles company RTFKT, marking its solid entry in the metaverse world.

TON or The Open Network has partnered with a Telegram verified payment bot Donate to accept its native token Toncoin. The primary goal behind the partnership is to enable users to pay for their subscriptions.

Multichain has grabbed $60 million worth of funding through a funding round led by Binance Labs, the venture capital arm of the exchange giant Binance. The company said that the secured funds would be mainly used in the expansion of its ecosystem along with focusing on research and development staff extension.

Bent Finance, the famous staking and farming company, has recently faced a digital attack, but the company has not disclosed any details regarding the lost amount. 

The entrepreneurs Labs of Ubisoft has collaborated with its own blockchain computing and storage firm aleph.im. The latter will provide a storage option for Quartz, Ubisoft’s NFT platform, which recently released its beta version.

Melania Trump, the former first lady of the United States, has marked her entry into the world of crypto by bringing her own NFT platform to release her exclusive artwork in the form of digital assets. The first among the upcoming many is named “Melania’s Vision.”

Arcade, the NFT lending platform, has secured $15 million of funds via a Series A funding round which included many big companies’ participation. Arcade said that it is thinking of launching a $3.3 million worth of a loan secured over a TSA of roughly $10 million.

Adam White, the president of Bakkt, the famous Bitcoin futures trading platform, recently announced his departure from the company after working for roughly three years. He said that he would be departing Bakkt in the upcoming week.

Animoca Brands’ metaverse firm The Sandbox this week announced that the consulting giant PwC Hong Kong had entered the metaverse world by purchasing an unknown amount of LAND. The company, however, has not disclosed any details related to the purchase amount.NFTs. The first one among upcoming many is named “Melania’s Vision.” Mining firm Marathon Digital has bought a massive amount of Bitmain Antminer S19 XP Bitcoin miners.

The CEO of Argo Peter Wall, believes that the upcoming year would be less profitable for crypto miners as compared to 2021. He also added that the factors that affected BTC’s value this year will also influence the performance in 2022.

Dogecoin Foundation and Ethereum founder Vitalik Buterin are working together to help the former switch from Proof-of-Work (PoW) to Proof-of-Stake (PoS) as per the community’s demands.

Web 3.0 criticism

Elon Musk, the man who is known for his Twitter trolling, has recently attacked Web 3.0 and its existence. Former Twitter CEO and Bitcoin supporter Jack Dorsey also joined the trolling, which led to huge headlines the next day.

Dorsey did not stop there and took it further ahead by criticizing and questioning the centralized nature of Web 3.0.

We at TheCoinRise wish you all luck and will be back with another weekly roundup next Sunday.