Welcome to today’s overview:
Ever since BTC dropped below $ 59,000 a week ago, failed to break that line despite numerous attempts. Since November 29, the BTC has tried three times to overcome resistance at this level, but so far without success.
The last attempt came on Wednesday, but the bears quickly caught the move and pushed BTC south again. This time, the cryptocurrency lost more than $ 3,000 in hours and fell below $ 56,000. A few hours later, bounced back and briefly exceeded $ 57,000, but at the time of writing, had returned to $ 56,500.
The second largest cryptocurrency approached less than 1% from its all-time high just two days ago. However, it failed to subdue $ 4,800, and a subsequent refusal knocked the ETH down to just $ 4,600, where it is currently located.
Shiba Inu loses 12% of its dominance among whale addresses
Unfortunately, the Shiba Inu loses much of its dominance among Ethereum’s 1,000 largest wallets. This trend worsened after SHIB lost 12% of its market value due to the local reversal.
While the GameFi industry is ahead of the bullish market trend, memecoins and tokens like Shiba Inu are entering a long-term range-bound phase, or even a bearish trend, leading to a loss of capitalization and market value.
Dominance between different assets can usually be considered a trend indicator. When the percentage of whale dominance decreases, they usually redistribute their funds to other assets. As the market now leans towards GameFi and Metaverse tokens, whales are moving their funds to these areas. [2a]
Another major upgrade of Ethereum could reduce Layer 2 gas fees
A recent proposal to improve Ethereum (EIP), presented by network co-founder Vitalik Buterin, aims to address transaction costs, one of the network’s biggest disadvantages. Last month, Buterin submitted EIP-4488, which aims to reduce transactional “calldata”. This could provide short-term relief from these gas charges.
The primary purpose of the proposal is to reduce gas charges in the expanding ecosystem of Ethereum Layer 2 scaling solutions. Ethereum’s developers responded positively to the EIP-4488, explaining on Twitter what was hidden under the hood. From a technical point of view, EIP-4488 reduces the cost of calldata from 16 to 3 gas per byte and at the same time adds a cap on calldata per block to mitigate security risks.
Banks, crypto exchanges, companies
Crypto-giant Coinbase launches full retail support for Biconomy
Coinbase, a leading US crypto exchange, is spreading support for the little-known Ethereum-based altcoin across its entire retail platform.
The Biconomy Token (BICO) is now available on Coinbase.com and in the Exchange’s mobile applications. Coinbase Pro launched this crypto asset earlier this week, sparking a massive rally.
BICO is a token for managing the Biconomy network, a multichain platform based on Ethereum, which aims to connect users’ wallets with decentralized applications. Node operators can use this crypto asset to pay transaction fees, and BICO holders can vote on decisions that affect the Biconomy protocol and network.
Digital dollar needs a broad consensus among the authorities, says the US Treasury Secretary
US Treasury Secretary Janet Yellen commented on the potential of the digital dollar, but is hesitant to draw any conclusions at this stage of the proceedings. Yellen said on Thursday that she had not formed an opinion on whether the Federal Reserve should create a digital version of the dollar, but that such a move would require a broad consensus between Congress, the US Federal Reserve and the White House.
This follows recent reports that the Federal Reserve is currently examining whether or not an electronic version of the greenback would be beneficial. Yellen said she saw both the pros and cons of the digital dollar. She believes that more research is needed before comes up with definitive answers.
Warren Buffett’s right hand praises China for banning cryptocurrencies
Charlie Munger, a US billionaire and investor who serves as vice chairman of Berkshire Hathaway, praised the Chinese government’s decision to ban cryptocurrencies during a speech at Sohn Hearts and Minds on December 3, writes The Sydney Morning Herald.
At the same time, Munger rebuked the United States and other English-speaking countries for not following the Chinese example. Securities Commission Chairman Gary Gensler and Federal Reserve Chairman Jerome Powell recently confirmed that the United States has no plans to follow China’s example and ban cryptocurrencies.
BadgerDAO – DeFi Exploit
The multimillion-dollar BadgerDAO exploit became the fourth largest attack on decentralized finance in history.
On December 2, the BTC DeFi BadgerDAO protocol was monumentally abused, resulting in a loss of $ 120 million. Rekt’s blog delved into the details and dissected what he called a “roadkill.”
The attacker exploited the front end of the decentralized application BadgerDAO. According to Rekt, the attacker entered additional approval to send user tokens to his own address. He then used this trust for the robbery.