{"id":445,"date":"2022-12-03T11:00:28","date_gmt":"2022-12-03T11:00:28","guid":{"rendered":"https:\/\/wagecan.com\/blog\/?p=445"},"modified":"2023-06-06T04:50:56","modified_gmt":"2023-06-06T04:50:56","slug":"weekly-headlines-2022-12-w1","status":"publish","type":"post","link":"https:\/\/wagecan.com\/blog\/2022\/12\/03\/weekly-headlines-2022-12-w1\/","title":{"rendered":"Weekly Headlines 2022.12 W1"},"content":{"rendered":"\n

\u201cYes, there are questions about the future of crypto, but we\u2019d be foolish to ignore the potential of the underlying technology.\u201d   <\/em><\/strong>\u2013 Andrew Griffith, U.K. Economic Secretary<\/em><\/p>\n\n\n\n

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\"\"<\/figure>\n\n\n\n

Weekly News Report:<\/strong><\/p>\n\n\n\n

News<\/strong><\/p>\n\n\n\n

1. Galaxy Digital Wins Auction to Buy GK8 From Bankrupt Crypto Lender Celsius<\/p>\n\n\n\n

\u2013 GK8, a self-custody platform acquired by Celsius over a year ago, was put on the block following Celsius\u2019 bankruptcy filing in July.<\/p>\n\n\n\n

2. Binance Enters Japan With Acquisition of Regulated Crypto Exchange Sakura<\/p>\n\n\n\n

\u2013 Japan\u2019s financial services regulator was one of several that last year issued warnings saying Binance was not licensed to operate in its market.<\/p>\n\n\n\n

3. Coinbase Foils Extortion Attempt, Reinforces Bug Bounty Program<\/p>\n\n\n\n

\u2013 A self-proclaimed \u201chacker\u201d demanded $450,000 after falsely claiming to be in possession of sensitive Coinbase customer data.<\/p>\n\n\n\n

4. Broker-Dealer INX Digital Bids to Purchase Voyager Assets<\/p>\n\n\n\n

\u2013 The firm joins a number of other suitors, Binance among them.<\/p>\n\n\n\n

5. India to Test Digital Rupee in 4 Cities With 4 Banks<\/p>\n\n\n\n

\u2013 The test, which will start on Thursday, will be extended to include another nine cities and four more lenders in a later phase.<\/p>\n\n\n\n

6. Dominica works with Huobi for digital identity program<\/p>\n\n\n\n

\u2013 Dominica has launched a digital identity program and national token in partnership with Huobi.<\/p>\n\n\n\n

7. France, Luxembourg Test CBDC for 100M Euro Bond Issue<\/p>\n\n\n\n

\u2013 The Venus Initiative is the latest attempt to use digital representations of money for financial-market settlements.<\/p>\n\n\n\n

8. US House committee sets Dec. 13 date for FTX hearing<\/p>\n\n\n\n

\u2013 The House event, titled \u201cInvestigating the Collapse of FTX,\u201d will follow a similar hearing in the Senate Agriculture Committee scheduled for Dec. 1.<\/p>\n\n\n\n

9. Coinbase Makes 4 New Appointments to Bolster European Expansion<\/p>\n\n\n\n

\u2013 The crypto exchange said the EMEA region is \u201cleading the charge\u201d on building sensible regulation for the industry.<\/p>\n\n\n\n

10. Social-Media Giant LINE Closes Its Crypto Exchange Bitfront<\/p>\n\n\n\n

\u2013 The firm will focus on its native blockchain and token, LINK.<\/p>\n\n\n\n

11. BlockFi Files for Bankruptcy as FTX Contagion Spreads<\/p>\n\n\n\n

\u2013 BlockFi received a $400 million line of credit from FTX earlier this year.<\/p>\n\n\n\n

Institution<\/strong><\/p>\n\n\n\n

1. UK\u2019s Crypto Agenda Won\u2019t Be Derailed by FTX Collapse, Minister Says<\/p>\n\n\n\n

\u2013 The country has a goal of becoming a crypto hub.<\/p>\n\n\n\n

2. BlackRock CEO: FTX Token caused downfall, but tech still revolutionary<\/p>\n\n\n\n

\u2013 Despite taking issue with tokens created by centralized exchanges, BlackRock\u2019s CEO sees securities tokenization as the next evolution of the financial market.<\/strong><\/p>\n\n\n\n

3. Ukraine Considering CBDC That Can Facilitate Crypto Trading<\/p>\n\n\n\n

\u2013 The National Bank of Ukraine says it is looking at retail payments, virtual asset circulation and cross-border transactions as possible use cases for an electronic hryvnia.<\/strong><\/p>\n\n\n\n

Market<\/strong><\/strong><\/p>\n\n\n\n

1. Trader Joe takes its first step into the Ethereum ecosystem<\/p>\n\n\n\n

\u2013 Despite the new multichain vision, the Trader Joe team confirmed that its \u201ctrue home\u201d and \u201ctop priority for all growth efforts\u201d will continue to be on Avalanche.<\/p>\n\n\n\n

2. Crypto miners in Russia capitalize on the bear market by hoarding ASIC devices<\/p>\n\n\n\n

\u2013 Miners in Russia have likely been increasingly buying crypto ASICs due to reduced prices of mining devices as well as low-cost energy.<\/p>\n\n\n\n

3. DXY bounces at major support, reducing Bitcoin\u2019s chance at breaking the $17.2K resistance<\/p>\n\n\n\n

\u2013 The dollar index (DXY) found support at a key level, leading traders to question whether BTC will manage to flip $17,250 to support.<\/p>\n\n\n\n

4. Dogecoin\u2019s Bitcoin-Beating Bounce May Be Bad News for the Market<\/p>\n\n\n\n

\u2013 In the past, outsized gains in DOGE have paved the way for a broader market sell-off.<\/p>\n\n\n\n

5. Bitcoin Slips as US Economy Added a Strong 263K Jobs in November<\/p>\n\n\n\n

\u2013 The unemployment rate was unchanged at 3.7%.<\/p>\n\n\n\n

6. DEX token GMX rallies 35% after beating Uniswap on trading fees for the first time<\/p>\n\n\n\n

\u2013 GMX\u2019s technical indicator hints at a strong correction in December, which may push its price toward $40.<\/p>\n\n\n\n

7. Total crypto market-cap hits $850M as Bitcoin and altcoins recover from FTX\u2019s collapse<\/p>\n\n\n\n

\u2013 The total crypto market recovers some lost ground as the contagion risks associated with FTX\u2019s collapse begin to look resolvable.<\/p>\n\n\n\n

8. Bitcoin Correlation With the Dollar Index Turns Negative, Again<\/p>\n\n\n\n

\u2013 Asset managers reduced long positions in BTC for a third consecutive week.<\/p>\n\n\n\n

9. Fed Likely to Raise Rates by 50 Basis Points in December; Bitcoin Jumps<\/p>\n\n\n\n

\u2013 Federal Reserve chair Jerome Powell said that \u201cit makes sense to moderate the pace of our rate hikes\u201d as soon as December.<\/p>\n\n\n\n

10. Trading of Fan Tokens Featuring Stars Such as Messi & Ronaldo Soar at World Cup<\/p>\n\n\n\n

\u2013 The overall market cap for fan tokens sporting players like Messi & Ronaldo jumped to $401 million at the World Cup\u2019s opening weekend.<\/p>\n\n\n\n

11. Cardano\u2019s AdaSwap Finally Goes Live on Mainnet after Two Years of Building<\/p>\n\n\n\n

\u2013 In a fresh development, the total number of smart contracts running on Cardano Plutus has jumped by 300% year-to-date.<\/p>\n\n\n\n

12. Solana\u2019s Top Crypto Wallet Looks to Ethereum, Polygon Next<\/p>\n\n\n\n

\u2013 Solana-focused crypto wallet Phantom is tapping Ethereum and Polygon for its expansion plan.<\/p>\n\n\n\n

13. Huobi Token Surges After Crypto Exchange Discloses Airdrop of Dominica Coin<\/p>\n\n\n\n

\u2013 The deal is noteworthy partly because of its connections to crypto billionaire Justin Sun, founder of the Tron blockchain where the Caribbean island\u2019s new token will initially reside.<\/p>\n\n\n\n

14. Dogecoin Jumps Over 13% as Elon Musk Hints about Twitter 2.0<\/p>\n\n\n\n

\u2013 Dogecoin investors continue to hold out hope that, somehow, DOGE will make its way into Musk\u2019s vision for Twitter 2.0.<\/p>\n\n\n\n

15. Bitcoin is the king of crypto brand awareness for Aussies: Report<\/p>\n\n\n\n

\u2013 The IRCI report states that Australians still believe in Bitcoin and that the boomer demographic is growing in conviction.v<\/p>\n\n\n\n

16. First Mover Asia: Dogecoin Surges 16% to Continue Its Holiday Cheer<\/p>\n\n\n\n

\u2013 The popular meme coin\u2019s upswing during U.S. Thanksgiving holiday celebrations, which started Thursday, was an exception in crypto markets as bitcoin and most other major tokens traded sideways.<\/p>\n\n\n\n

17. Wrapped Bitcoin Trades at Discount Amid Market Contagion<\/p>\n\n\n\n

\u2013 WBTC\u2019s discount dropped to as low as 1.5% as questions swirled over whether the token is fully backed. Custodian BitGo clarified that it is.<\/p>\n\n\n\n

18. Buy the Dip, Sell the Bounce: Crypto Funds Have Biggest Outflows in 12 Weeks<\/p>\n\n\n\n

\u2013 Total asset under management (AUM) in digital-asset funds dropped to a new two-year low of $22.2 billion, according to CoinShares.<\/p>\n\n\n\n

19. Centralized Crypto Exchanges Will Remain Dominant Despite FTX Collapse: JPMorgan<\/p>\n\n\n\n

\u2013 DeFi protocols rely heavily on centralized exchanges to be able to function and it would likely take a long time until price discovery shifts from centralized to decentralized exchanges, the bank\u2019s analysts said.<\/p>\n\n\n\n

NFT<\/strong><\/p>\n\n\n\n

1. Never mind FTX \u2014 Fine arts institutions should still onboard to blockchain<\/p>\n\n\n\n

\u2013 The strategic adoption of blockchain technology still makes sense, regardless of the distraction FTX created for cryptocurrency.<\/p>\n\n\n\n

2. Coinbase Disables Mobile NFT Trading, Citing Apple\u2019s App Store Policies<\/p>\n\n\n\n

\u2013 The exchange made the announcement in a Thursday Twitter thread, saying Apple is demanding Coinbase pay a 30% tax on gas fees used to transfer all NFTs.<\/p>\n\n\n\n

3. Uniswap Taps Into NFTs as It Looks To Be Financially Sustainable<\/p>\n\n\n\n

\u2013 Six months after acquiring NFT marketplace aggregator Genie, Uniswap Labs officially launches NFT trading on its platform.<\/p>\n\n\n\n

Metaverse<\/strong><\/p>\n\n\n\n

1.Firefox dev Mozilla goes all-in on metaverse, acquires Active Replica<\/p>\n\n\n\n

\u2013 The legacy web developer and internet browser Mozilla announced its acquisition of Active Replica as part of its Hubs creator ecosystem to enhance digital experiences.<\/p>\n\n\n\n

2. Facebook Parent Meta Dips Toe Back Into Policy Circles to Boost Metaverse<\/p>\n\n\n\n

\u2013 Still haunted by its Libra debacle, the company offers a gentle nudge on how governments might pursue metaverse policies.<\/p>\n\n\n\n

3. Porsche Forays into Metaverse, Reveals Plans to Launch NFTs at Art Basel<\/p>\n\n\n\n

\u2013 The collection is expected to launch by January 2023, with a total of 7,500 unique NFTs.<\/p>\n\n\n\n

4. Meta CEO Mark Zuckerberg Still \u2018Long-Term Optimistic\u2019 on Metaverse<\/p>\n\n\n\n

\u2013 \u201cThe skepticism doesn\u2019t bother me that much,\u201d the CEO of Facebook\u2019s parent company said at the DealBook Summit on Wednesday.<\/p>\n\n\n\n

Web3<\/strong><\/p>\n\n\n\n

1. Polygon APIs to Soon Deploy on Web3 Indexing Service The Graph<\/p>\n\n\n\n

\u2013 The Graph is a decentralized protocol for indexing and querying data from blockchains, starting with Ethereum. It makes it possible to query data that is difficult to query directly.<\/p>\n\n\n\n

2. Near Foundation Joins Processed Foods Giant Grupo Nutresa to Unveil Web3 Loyalty Program in Latin America<\/p>\n\n\n\n

\u2013 It is the first open-source loyalty program using the Near protocol and aims to reach one million consumers throughout the region.<\/p>\n\n\n\n

3. Web3 DAO Game7 Unveils $100M Grant Program<\/p>\n\n\n\n

\u2013 The grants will be awarded to Web3 game projects over five years.<\/p>\n\n\n\n

December 2, 2022<\/p>\n","protected":false},"excerpt":{"rendered":"

\u201cYes, there are questions about the future of crypto, but we\u2019d be foolish to ignore the potential of the underlying technology.\u201d   \u2013 Andrew Griffith, U.K. Economic Secretary Weekly News Report: News 1. Galaxy Digital Wins Auction to Buy GK8 From Bankrupt Crypto Lender Celsius \u2013 GK8, a self-custody platform acquired by Celsius over a year ago, was […]<\/p>\n","protected":false},"author":3,"featured_media":288,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[71],"tags":[139,23,5,53,142,37,138,118],"_links":{"self":[{"href":"https:\/\/wagecan.com\/blog\/wp-json\/wp\/v2\/posts\/445"}],"collection":[{"href":"https:\/\/wagecan.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/wagecan.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/wagecan.com\/blog\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/wagecan.com\/blog\/wp-json\/wp\/v2\/comments?post=445"}],"version-history":[{"count":2,"href":"https:\/\/wagecan.com\/blog\/wp-json\/wp\/v2\/posts\/445\/revisions"}],"predecessor-version":[{"id":450,"href":"https:\/\/wagecan.com\/blog\/wp-json\/wp\/v2\/posts\/445\/revisions\/450"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/wagecan.com\/blog\/wp-json\/wp\/v2\/media\/288"}],"wp:attachment":[{"href":"https:\/\/wagecan.com\/blog\/wp-json\/wp\/v2\/media?parent=445"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wagecan.com\/blog\/wp-json\/wp\/v2\/categories?post=445"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wagecan.com\/blog\/wp-json\/wp\/v2\/tags?post=445"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}