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Happy Tuesday Observers!
It has been almost a year since Bitcoin spot BTFs were approved, but still, nothing excites the crypto community more than seeing the big sharks from traditional finance and international politics validate their industry.
The market surged on Thursday following World Liberty Financial’s crypto Christmas shopping spree. The centralized and non-transparent Trump-run family project purchased over $10 million in ether, $1 million in Aave, and about the same in Chainlink’s LINK token. Today, the news broke that WLFI’s crypto spree continues with the purchase of Ethena’s ENA token .
Trump’s World Liberty Financial Spends Big On AAVE, Chainlink & ETH
If the president of the United States is bullish on crypto, who dares to disagree? Microsoft shareholders, apparently: this week, they rejected a proposal to add Bitcoin to the company’s reserves.
Microsoft and Amazon Face Growing Calls to Invest in Bitcoin
Amazon shareholders are now contemplating a similar proposal as so are several other traditional companies in the United States and abroad.
The idea that Bitcoin is on the path to becoming a standard, widely accepted financial asset is making its price less prone to devaluation.
The recent sale of billions of BTC by a wallet associated with the defunct crypto exchange Mt.Gox would have led the price of the number one crypto to crash at other times, but now it has had a negligent negative impact on its price.
Similarly, the cascade of liquidations which pushed the price of Bitcoin down to $95,000 on Wednesday could have had devastating long-lasting effects on the market but was overcome in a matter of hours.
$3.4 Billion Mt.Gox Bitcoin Are on the Move; the Market Remains Strong
🔥 Highlights Of The Week
- Google reveals a new quantum computing chip, Willow; Is Bitcoin mining Apocalypse near?
- Ripple CEO confirms NYDFS approval for its RLUSD stablecoin.
- Pudgy Penguins surpasses Bored Ape Yacht Club as the second-largest NFT collection.
📈 Crypto Markets
🍭 Crypto Highs And Fun Times
- Raydium reached a $124.6 billion trading volume this November, topping Uniswap for the second month in a row. Solana’s decentralized exchange has been growing exponentially since undergoing an important upgrade in March, which prepared its UX to welcome all the meme coin traders that have flooded the ecosystem.
😈 Crypto Naught And Sloppy
- El Salvador’s president Nayib Bukele is on the verge of sealing a $1.3 loan deal with the IMF that will require a step back in the country’s Bitcoin adoption strategy. When it comes to large projects such as gold mine development, the current financial system is still irreplaceable. El Salvador is seeking funding from an international organization known to demand high repayment fees and tears from those at the bottom of society.
📚 Deep Dive: Solidity vs. Move
There is a new layer two in the Ethereum ecosystem, but instead of using Solidity as a programming language, it is using Move.
The language, developed by Meta, is supposedly safer and aims to address some shortcomings of Solidity that lead to runtime errors, unexpected behavior, and bugs.
Movement Labs Launches New Layer 2 to Tackle Smart Contract Hacks
Project Of The Week: Tangem’s Crypto Ring Wallet
One Ring to Store Them All: Do We Need the Twelve Words?
The hardware wallet company Tangem has introduced ring-shaped wallets, allowing users easy access to funds.
The device, as well as their more traditional physical cards, has an option of activating wallets without extracting the keys in the form of a seed phrase. The company suggests that seed phrases are prone to human mismanagement: “If you want to keep a secret, you must also hide it from yourself.”
How To Grow A Stablecoin: Leverage the “Binance Effect”
Circle’s strategic partnerships continue to pile up.
This week, the United States company announced an alliance with Binance to increase the circulation of USDC by offering more USDC trading pairs and special trading promotions with the stablecoin on the exchange’s platform.
Binance has a long record of promoting stablecoins and then demoting them, so will Circle’s USDC be any different?
As for Binance, with the Circle’s partnership, whose main focus is on compliance, the exchange will be able to smoothen its regulatory clearance in the European market.
🔫 Quote Of The Week
“I’m taking my talents to Solana.”announced Max Resnick on Monday. The now-former Ethereum developer was recruited by Solana due to his loud and vast criticism against the fragmentation that the scaling of his mother blockchain delivered.
Blockchain In Europe
In the United States, the conversation around crypto is mostly about financial losses and gains, while in the European Union, the focus is on how to use blockchain technology to improve processes related to law implementation, bureaucracy, and others.
Concordium Blockchain, Google, and the Danish transmission system operator Energinet have formed a partnership to refine the process of Renewable Energy Certificates (RECs), which are as much needed today as they were when they launched in 2001 but have become highly inefficient.
Concordium, Google, and Energinet Collaborate to Improve Green Energy Tracking
Another process that the EU is trying to improve is the electoral voting system.
Powered by the blockchain network of the European Blockchain Services Infrastructure (EBSI), Romania was the first country in the EU to use blockchain to aid in the process of their national elections.
Unfortunately, the upgrade was overshadowed by the drama of the country’s constitutional court canceling the elections due to suspicions of foreign influence on the candidates’ campaigns.
How Far Are We From Blockchain-Enabled Voting On National Elections?
The second part of the EU’s MiCA legislation is coming into force this month. The text, which demands much more from crypto companies from a regulatory standpoint, is being incorporated into the national legislative bodies.
To increase its competitiveness, the Czech Republic’s government has passed a law exempting small crypto transactions and long-term holdings from taxation.
Czech Republic Lays Groundwork for MiCA and Equals Crypto with Traditional Investment Assets
Crypto World Weekly Overview 15/12/2024 was originally published in The Capital on Medium, where people are continuing the conversation by highlighting and responding to this story.
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