Welcome to today’s overview:
In the last few days, the primary cryptocurrency has not been very successful. It fought the coveted $ 50,000 mark, and her last rejection on December 12 pushed her hard to the south.
Over the next 24 hours, BTC faced a loss in value of more than $ 5,000 and dropped to a ten-day low below $ 46,000. BTC rebounded relatively quickly, approaching $ 48,000, but the bears continued to damage the asset.
As a result, BTC dropped again to just over $ 46,000 a few hours later. Since then, however, the cryptocurrency has gone on the offensive and climbed to an intraday high of almost $ 49,000.
In accordance with the BTC, most altcoins also suffered. ETH fell below $ 4,000 for the second time since the beginning of the month. Although it has now increased by 2% per day, the second largest cryptocurrency is still well below this limit.
According to the EY report, Australia will face cryptoboom by 2030
According to a new report from EY (formerly Ernst and Young), the Australian cryptocurrency industry could swell up to 30 times by 2030. Since 2021, the sector currently generates $ 2.1 billion and employs approximately 11,600 people. However, the report predicts that with the right reform and growth, these figures could climb to AU $ 68.4 billion ($ 48.62 billion) and employ more than 20,000 people in the industry.
EY has been commissioned by Mawson Infrastructure Group, an Australian digital infrastructure company, to conduct the survey in connection with a recent report by a Senate committee chaired by Senator Andrew Bragg on the future of the digital asset industry in the country.
Shiba Inu and other coins rose briefly to quintillions of dollars on CoinMarketCap due to glitch
Cryptocurrency prices on CoinMarketCap shot into the stratosphere due to a glitch recorded by the world’s leading cryptocurrency site. BTC, ETH, Litecoin, Stellar and other top coins reached a value in the quintillillion dollars.
At the top of the list, the Shiba Inu meme briefly appeared, whose price rose sharply by an incredible 67 billion percent, according to CoinMarketCap. The token price climbed to $ 22,000.
The price of ETH has risen to $ 524 billion, which is actually more than the actual market capitalization of the cryptocurrency meme. An obvious bug has also affected some applications that use data from CoinMarketCap, and their users have experienced a momentary rush of excitement.
Banks, crypto exchanges, companies
Binance is working with an Indonesian telecommunications company to develop a new crypto exchange
The main crypto exchange Binance has partnered with MDI Ventures, a subsidiary of venture capital company PT Telkom Indonesia, to create a crypto exchange.
According to Wednesday’s joint announcement, the agreement will also seek to expand the acceptance of the blockchain throughout Indonesia, which is home to approximately 240 million people.
To help develop the new exchange platform, Binance will provide infrastructure and asset management technology. The agreement will also seek to increase the use of blockchain technology in Indonesia.
The Bank of England called BTC “worthless” because inflation in the UK had reached a ten-year high
The Bank of England said BTC could become “worthless” and that anyone who invested in this flagship cryptocurrency should be prepared to lose everything they invested.
On Tuesday, December 14, one of the bank’s employees wrote in a blog post on its website entitled “What is the value of BTC?” That BTC does not meet many of the requirements necessary for the currency and that it is inherently volatile.
Thomas Belsham, a bank stakeholder and media employee, wrote the following:
“Only 21 million BTCs will be created in history. And that could have some value. This shortcoming is why some people refer to BTC as ‘digital gold’. But it is the shortcoming on which BTC is based that can also be its downfall. Its rarity may even ultimately make BTC worthless. ”
SEBA Bank launches a regulated token that enables digital ownership of physical gold
SEBA Bank, a licensed Swiss banking platform for digital assets, launched a regulated digital token covered with physical gold and exchangeable for delivery on Wednesday. SEBA said that due to its regulatory nature and low gold price volatility, the gold token could eventually be used as a stablecoin for on-chain transactions.
In other words, the construction of a gold token bears a resemblance to gold standards, where fiat currencies are supported not only by the trust placed in the governments that issue them, but also by their convertibility into physical gold. In 1971, US President Richard Nixon removed the dollar from the gold standard, which stipulated that every $ 35 in dollars could be exchanged for one ounce of gold under the 1944 Bretton Woods system. [4a]
China’s Zhejiang Province has arrested dozens of state officials for cryptocurrency mining
An Internet office in East China’s Zhejiang Province identified 4,699 IP addresses in the province involved in cryptocurrency mining in July, including 183 addresses associated with 78 state entities, according to a Tuesday article published on the website of China’s Central Commission for Disciplinary Inspectorate (CCDI), the country’s anti-corruption office.
In September, Zhejiang authorities set up four joint inspection teams, which randomly raided 20 state-owned entities with 36 IP addresses and found that 14 of these entities were taking the initiative to mine cryptocurrencies.
In addition, inspections found that a total of 34 state-owned entities had taken the initiative to mine cryptocurrencies, while 32 entities had been forced to mine because their computers or Internet facilities were infected with Trojan horses, according to a CCDI article.