Monday, 19 December 2022

Market Summary

Market Summary 19 December 2022

Bitcoin Price: US$ 16,656.00 (-0.22%)
Ethereum Price: US$ 1,182.45 (-0.34%) 

 

Dutch Bitcoin Exchange Bitvavo Alleges Digital Currency Group Is Having ‘Liquidity Problems’

  • Dutch cryptocurrency exchange Bitvavo says it has 280 million Euros ($297 million in USD) stuck with Digital Currency Group (DCG), or 17.5% of the $1.6 billion Euros Bitvavo says it manages in deposits and other assets. Bitvavo assured customers that the situation “does not have any impact on the Bitvavo platform.”
  • Bitvavo claims in a blog post that DCG is “experiencing liquidity problems due to the current turbulence in the cryptomarket” and that DCG “has suspended repayments until this liquidity issue has been resolved.”
  • But a DCG spokesperson told Reuters that the funds are held by its “independent subsidiary” Genesis, not DCG. Decrypt has reached out to DCG for further comment. 

 

Hal Finney’s Twitter account sees new activity in attempt to preserve a piece of bitcoin’s culture

  • Hal Finney’s Twitter account, an important part of bitcoin culture and its community, is seeing new activity to avoid being deleted from the platform.
  • Finney died in 2014, and his dormant account has been a part of bitcoin’s early history many have fought to keep alive.
  • The activity on Finney’s account was flagged in a tweet by prominent bitcoin advocate and Casa CEO Jameson Lopp, who was unsure if the account had been compromised. Finney’s widow, Fran, confirmed she began tweeting from the account to prevent its deletion.
  • Twitter CEO Elon Musk tweeted last week the platform would soon start deleting around 1.5 billion inactive accounts.
  • “If @halfin (Hal Finney’s twitter) is automatically deleted in some blanket-rule sweep, it will be extremely sad. Lots of history will be lost with this rule,” tweeted UpOnly podcast host Cobie.

 

Crypto Winter Isn’t Chilling VCs From Investing in Web3, Says PitchBook Analyst

  • Crypto winter hasn’t hit all corners of the industry the same way. According to a senior analyst at data and research firm PitchBook, venture capital investors are still betting on Web3.
  • Robert Le, senior emerging research analyst, told CoinDesk TV’s “First Mover” that VC funding has been shifting away from centralized crypto services such as lenders and exchanges, while companies involved with expanding Web 3 have seen an increase in investment.
  • “Web 3 is one area that investors have deployed a lot more money over the last six months,” Le said, including the metaverse, gaming and other blockchain-based technologies. During the third quarter of 2022, VCs invested an estimated $1.5 billion into Web3-based companies.
  • According to PitchBook’s latest report on third-quarter emerging technologies, by 2027 Web3-based content platforms will bring in an estimated $39 billion in revenue, versus the $3.4 billion in revenue that is expected to be earned by the end of 2022.
  • “What you have seen, though, is that there’s been a shift away from centralized crypto services,” Le added.
  • VC investing for “exchanges, custodial wallets, crypto on-ramps” and “a lot of centralized lending and borrowing services” fell by about 85%, he said, quoting the report. Le said while the decline is sharp, it’s “not surprising” considering the high-profile failures of many companies, including Celsius Network and BlockFi.

 

TrueUSD’s Offshore Chinese Yuan-Pegged TCNH Stablecoin Launches on Tron

  • Stablecoin platform TrueUSD (TUSD) has announced the launch of its latest stablecoin, TCNH, on the Tron blockchain.
  • TCNH is pegged to Offshore Chinese Yuan (CNH) at a 1:1 ratio. Offshore currencies are stored and traded outside the issuing country and are often used as foreign exchange reserves, or for international investments or settlements. They are also not subject to the issuing country’s financial regulations.
  • TrueUSD’s director of marketing and business development, Annabel Gan, pointed to the emergence of financial markets such as Hong Kong as global hubs for digital currencies, noting that TrueUSD’s products are “constantly evolving.” She added that “We believe that TCNH will further cement our leading position in digital currency infrastructure and contribute to our effort of building a trustworthy and decentralized global payment network.”
  1. US Rings Crypto Warning Bell That Regulators Say Only Congress Can Silence
  • There are hazardous gaps in how crypto is overseen, according to the latest annual report from the Financial Stability Oversight Council (FSOC) – restating a view that’s long been adopted by U.S. lawmakers, regulators and the industry itself.
  • The FSOC – a panel of U.S. financial agency chiefs that includes U.S. Treasury Secretary Janet Yellen, Federal Reserve Chair Jerome Powell and the heads of several other regulatory agencies – met Friday to discuss risks to the financial system and approve the council’s annual report. While echoing the same widely held concerns about an inability to reach into spot markets for tokens that aren’t securities, the report shared another common position: Only Congress can give the agencies the powers they need to establish a full set of rules that covers the whole crypto industry.
  • The report specifically recommended “legislation relating to regulators’ authorities to have visibility into and supervise the activities of all of the affiliates and subsidiaries of crypto-asset entities.”

 

Crypto Exchange Zipmex to Seek Creditor Support for Recovery Process: Source

  • Zipmex, the South Asian crypto exchange that froze withdrawals owing to a lack of liquidity during the summer, is planning to undergo a recovery process whose end goal is to fully reactivate customer withdrawals, a person familiar with the matter told CoinDesk. The plan is subject to approval by Zipmex’s creditors in a vote, the person said.
  • The recovery process is an arrangement – exact details of which have not been disclosed – which Zipmex expects to be effective around early April of next year, when its creditor protection ends.
  • As part of its effort, the exchange hopes to simplify the process by offering “a more administratively light solution” in the form of a private settlement between Zipmex and the customer, the person told CoinDesk.
  • At the start of this month, the exchange secured creditor protection for all its entities until April. It was also reported that Zipmex was nearing a $100 million buyout deal with venture capital fund V Ventures giving the fund a 90% stake in the exchange.

 

The Best Bitcoin Lightning Payment Solutions

  • A look at open-source and corporate point-of-sale systems from BTCPay to Confirmo, so any merchant can start accepting BTC in 2023.
  • The pace of technological innovation in crypto finance is nothing short of astounding. Bitcoin, the “magic internet money” of yesterday, is now knocking on the doors of high street shops, bars and restaurants.
  • The Lightning Network (LN), a web of interconnected nodes managed by crypto enthusiasts, is driving this revolution. LN transaction throughput and speed are already rivalling those of Visa and Mastercard for a fraction of the cost.
  • More and more retail establishments are thinking to start accepting “crypto,” but don’t know where to start. This guide will present and compare side by side all the available options for the business owners to make an informed choice.

 

Bitcoin still lacks this on-chain signal for BTC bull market — David Puell

  • Despite many calling for new BTC/USD lows of $12,000 or less this cycle, not everyone is wholly bearish on the outlook for Bitcoin.
  • For Puell, two essential on-chain phenomena necessary for BTC price recovery are already in evidence.
  • Long-term holders (LTHs) are resisting the urge to sell despite Bitcoin being down over 70% from its last all-time high.
  • At the same time, short-term “speculators” are feeling acute pain from recent price action. As Cointelegraph reported, these “tourists” are likely already mostly gone from the market.
  • All that is missing, Puell believes, is a rise in network activity from all participants.
  • “On-chain, three factors are needed for a bull: 1. Holding behavior from long-term investors. 2. Painful losses from short-term speculators. 3. Network activity across the board,” he summarized:
  • “Personally seeing 1 and 2. 3 is still underwhelming.”
  • He added that “favorable” macro conditions would aid the turnaround, as well as crypto becoming more resilient to “contagion” in the form of “exogenous and endogenous ‘swans.’”

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