Welcome to today’s overview:
Until a few days ago, the primary cryptocurrency seemed to be significantly bullish as it approached $ 50,000 after the US Fed’s inflation rate.
However, it was unable to overcome this level and gradually began to lose value. In the following days, it reportedly dropped below $ 46,000, but then quickly shot back to $ 48,000.
Nevertheless, the bears remained firmly in their hands and pushed the asset south again. BTC is currently trading around $ 46,000, and has sunk below this threshold several times.
Like BTC, most altcoins are in the red today. ETH has lost another 4.5% of its value and is now below $ 3,800. The second largest cryptocurrency has been below the coveted $ 4,000 for almost a week now.
Scaling solution of Shiba Inu is expected to be launched “soon”
One of the biggest successes of this year was the rocket rise of the Shiba Inu memecoin. This cryptocurrency, which increased by more than 44,622,335% in a year, was often referred to as a competitor of Dogecoin. Needless to say, in line with the theme of dog coins and shitcoins, many consider it unnecessary.
In fact, SHIB supporters are often plagued by the usual arguments, such as a clear lack of use cases, development activities and low public opinion.
In an effort to counter this negative perception and not become obsolete, the team behind Shiba Inu is constantly developing its ecosystem. In fact, ShibaSwap developer Eric M even recently provided the latest information on the progress of the Shibarium Layer 2 scaling solution at Discord and said it would be launched “soon”.
Billionaire Ray Dalio is “amazed” at how BTC has survived the last decade
Billionaire Ray Dalio expressed another positive opinion, saying that he was overwhelmed by cryptocurrencies, while calling cash “the worst investment”.
In an interview with Yahoo! Finance On December 17, founder Bridgewater Associates said he considered it “impressive” that the crypto had lasted the last ten years without being hacked.
“I think it’s impressive that this programming has survived over the last 10-11 years. It has not been hacked and has an acceptance rate. “
– Dalio said.
He also mentioned that he owned some BTC and ETH, but when asked how many he owned, Dalio replied that he didn’t hold much of them.
Banks, crypto exchanges, companies
Visa will continue to contribute to the cryptoecosystem
In a recent interview with New Delhi Television (NDTV), Visa Crypto Chief Cuy Sheffield said the global payment giant will continue to support the global ecosystem after launching the Global Crypto Advisory earlier this month.
Cuy Sheffield of Visa previously called cryptocurrencies a “cool” asset. He explained this to an NDTV reporter that digital currencies now attract more financial companies than before. About 40% of those who own cryptocurrencies are willing to leave mainstream banks and start using those that offer products based on digital currencies.
Sheffield also noted that the cryptosphere has expanded considerably over the past few years, from mere investment and payments to the discovery of new musical and art works. He believes that once cryptocurrency mobile applications are firmly integrated into consumers’ daily lives, they certainly have the potential to become “super applications.”
CEO Adam Mosseri: Instagram is “actively researching” the NFT
Instagram CEO Adam Mosseri said the social media giant was “actively researching” the NFT industry.
“We have nothing to announce yet, but we are definitely actively exploring the NFT and how to make it available to a wider audience.”
– said Mosseri through his own Instagram account.
“I think it’s an interesting place to play and also a way to help the creators,”
– added Mosser. Video is available here.
The CEO’s comments follow a year after the social media platform has already begun to dabble in the NFT area, as well as in the wider cryptospace.
India will postpone the adoption of the expected cryptocurrency law in parliament
Although all eyes are on the expected Indian cryptocurrency law, it is unlikely that it will be tabled during the current session of parliament, as the government has not yet finalized the legislation.
According to people close to the issue, Prime Minister Narendra Modi’s government wants to take further action on the issue before adopting digital currency management laws, but there is not enough time left until the end of the current session on December 23, Bloomberg said.
In addition, they asked not to be appointed because the administrative discussions are private, but revealed that the cabinet did not appear to approve the proposed legislation.
It is worth noting that the cryptocurrency bill has been removed from the list of matters scheduled for the last week of the parliamentary session, based on the timetable published on the parliament’s website. At a time when parliament is not sitting, the government can still pass laws by issuing regulations.
A U.S. Treasury official is calling for a new regulation of stablecoins
On December 17, the US Treasury Department made further indications of new laws for stablecoins. Nellie Liang, the country’s deputy finance minister, has sparked further speculation about stablecoin regulation by commenting on investors’ “potentially high risk” when using stablecoins.
Following the Financial Stability Supervisory Board’s November 2021 report on stablecoins, the chief financial officer at the U.S. Treasury Department said that “unless Congress passes legislation, regulators will try to use the powers they have.”
The Treasury has limited powers because broad-scale regulation of stablecoins is not possible without the support of a body approved by Congress.