01.12.[News of the day] • Chainlink has become the most traded token among whales and other articles

Welcome to today’s overview of crypto news:

MARKETS

Over the weekend, BTC fell below $ 54,000, but rose more than $ 4,000 on Monday. In the following hours, it continued upwards and even touched $ 59,000. After a brief retreat, BTC managed it again and exceeded $ 59,000 again yesterday.

However, he failed to continue the growth and the subsequent rejection drove him south by $ 2,000. After several more fluctuations, BTC has now stopped at around $ 57,000.

The second largest cryptocurrency sank below $ 4,000 less than a week ago. Since then, however, the environment around it has changed dramatically and the ETH is now above $ 4,700. In addition, a few hours ago, the ETH touched a value of $ 4,800, which means that it has approached less than $ 80 since the new all-time high was drawn.

BTC analysis – price tested support, but the reversal of the trend is still not confirmed

SOL analysis – the price faces strong resistance. Will be able to confirm the reverse pattern?

Cryptocurrencies

Chainlink has become the most traded token among whales

Chainlink swung through the UNI token in the trading volume between the 1000 largest Ethereum addresses. Currently, the token responds with a small 2.8% growth. While UNI remains the most held token among large addresses, Link has the largest trading volume, meaning that whales have either sold or bought the asset. However, according to the current price action, purchasing power exceeds selling pressure.

Whales currently hold Link tokens worth $ 360 million, which is only 1.85% of all funds pooled among Ethereum’s largest blockchain wallets, excluding exchanges and projects.

Although Link has topped the most traded tokens in the last 24 hours, it still loses to Shiba Inu, who remains in 5th place among the top 10 tokens, while Link remains in 6th place.

Billionaire and investor Mike Novogratz: Gold is “crushed” by BTC

US billionaire and investor Mike Novogratz claims BTC has “crushed” gold in terms of performance and acceptance.

Former hedge fund manager Novogratz is the founder and CEO of Galaxy Digital, a “diversified innovator in financial services and investment management in the digital assets, cryptocurrencies and blockchain technology sectors.”

Speaking of Galaxy Digital’s Q3 2021 results, Novogratz emphasized that gold performance was disappointing in the face of favorable monetary conditions around the world.

Banks, crypto exchanges, companies

Robinhood shares have fallen by 70% since August

Shares of Robinhood (HOOD) have fallen 70% in the last four months. The company suffered an impact on its reputation and a decline in revenue in the third quarter, which could be behind the decline in valuations.

Shares of Robinhood (HOOD) closed at a historic low of $ 25.94 on November 30, which is almost 70% less than in August 2021. Almost in early August, the shares were valued at just over $ 70. This decline is a huge blow to a business application that has had a difficult year.

The near future seems difficult for a company that is trying to repair its reputation. In the last month alone, Robinhood has been the subject of bearish challenges, suffered security breaches and declined cryptocurrency revenue, according to a financial report.

Banks from South Korea and South Africa have joined forces for stablecoin transfers

The South Korean lender Shinhan Bank has completed a trial implementation of a stablecoin project for international remittances in cooperation with the South African Standard Bank, which uses Hedera Hashgraph.

The aim of the project is to test the issuance and distribution of stablecoins for international transfers, which often frustrates senders and recipients due to high fees, long delays and a lack of tracking functions.

Shinhan Bank will mint stablecoins covered by Korean won, which users will be able to purchase before sending to Standard Bank users, who will exchange them for South African rand and vice versa.

CBDC, Regulation

Japanese CBDC plans to “accelerate” given that other countries have “advanced” with their plans

Competing Japanese politicians have called on the country’s financial officials to step up efforts to develop a digital currency. It is noteworthy that most countries have recently stepped up their efforts to develop their own digital fiat currencies. It is worth noting that Japan is an important country for cryptocurrencies. However, in the development of digital fiat, it does not want to lose ground compared to China.

According to reports, China’s activity in developing, testing and launching its CBDC has provoked many countries, including Japan. China’s activities are seen as a potential challenge to the global economic order. In an effort to beat the competition, the Japanese government has increased the number of its staff dealing with the legal and technical aspects of CBDC issuance.

SEC has no reason to reject BTC Spot ETF: Grayscale Investments

In a letter dated November 29, Grayscale Investments challenged the Securities and Exchange Commission’s (SEC) decision to block the BTC Spot ETF. The asset manager argued that the commission had “no basis” to allow investment in the derivatives market and not “in the asset itself”.

The SEC has recently made a number of negative decisions, including VanEck’s offer. While Grayscale considers it “discriminatory”, it is also awaiting approval of its request to convert the Grayscale BTC Fund (GBTC) into a prompt offer.

Citing reasons such as strong demand for physically covered products, Dave LaValle, global head of ETF at Grayscale Investments, has previously argued:

“At Grayscale, we believe that if regulators comply with ETFs that hold futures for that asset, they should also be satisfied with ETFs that offer exposure to the spot price of the same asset.”