Crypto Brief 06/12: Bitcoin does not have the right properties to become a means of payment with news from WingSwap, DEVT, DEX, Tether

From the perception that Bitcoin is not suitable as a means of payment to the largest video platform for Gen Z in China to start their own blockchain. Here are some highlights from the crypto market.

Bitcoin news

The CEO of the crypto lending platform Celsius does not believe that Bitcoin (BTC) has the characteristics to be a suitable payment option.

In interview Alex Mashinsky recently offered a contrasting picture in Coin Stories between the quality of the USD and the leading cryptocurrency.

He said the dollar will remain the reserve currency, but Bitcoin will continue to do very well.

“The dollar is an exceptional means of payment and a store of value. Bitcoin is now a good store of value, but it’s a pretty bad payment method. “

Mashinsky stressed that using Bitcoin to pay for goods and services is not a good idea because people who have used BTC for payments in the past often regret the transaction.

“If someone has used BTC for payments in the past 10 years, I think they would rather get Bitcoin back and be able to pay in USD.”

Bitcoin futures ETFs do worse than spot bitcoin.

Bitcoin futures ETFs do much less well than spot bitcoin, according to Compound Capital Advisors CEO Charlie Billello.

Bitcoin ETF futures prices are down 19% compared to 9% for the spot market.

While the CEO of Compound criticized the performance of ETF futures, Bloomberg ETF analyst Eric Balchunas pointed out the inaccuracies in the data provided.

https://twitter.com/charliebilello/status/1467527613543600145?ref_src=twsrc%5Etfw” target=”_blank” rel=”nofollow noopener

According to data from services like Yahoo Finance, the fund actually trades at around 2% premium over cash assets instead of 10%, according to the CEO of Compound Billello.

The BTC Fear and Greed Index has again fallen into the “extreme fear” range.

This indicator is considered a practical tool for measuring market sentiment. It fell to just 18 points, its lowest level since July.

BTC Fear and Greed Index | Source: alternative.me

Meanwhile, Bitcoin fell to a lower lows on December 4th, bouncing back to $ 42,000 for the first time since early October.

News WingSwap

WingSwap (WIS) announced the start of its Buyback & Burn program.

The program makes WingSwap support WIS deflation control system and increase in value and profit for the owners.

WingSwap is a DEX built on top of the Fantom Opera chain that enables platform members to provide liquidity and create a marketplace for others to exchange their initial tokens.

DEVT. news

OKEx announced that Jumpstart Mining will begin on December 7th from 1:00 p.m. to December 10th at 1:00 p.m. (Synthetic Team time). OKB holders can participate in staking tokens (up to 1,000 OKB) to mine DEVT. The total number of tokens mined during the event is 1,500,000 DEVT.

https://twitter.com/DeHorizonfun/status/1467747632323960836?ref_src=twsrc%5Etfw” target=”_blank” rel=”nofollow noopener

DEVT is the utility and governance token of DeHorizon, a project aiming to become a diversified gaming ecosystem that will enable gamers to create, share, and enjoy blockchain-based games with their friends.

The long-term vision of the DeHorizon Metaver is to create a virtual carnival that is open to all residents of the Metaver across multiple chains.

DEX news

More and more traders are turning to DEXs in search of the best exchange rate for token swaps.

The trading volume on popular decentralized exchanges (DEXs) has risen to new highs in recent weeks.

Trading volume on decentralized exchanges | Source: dune

According to a Dune analysis, popular DEX aggregators like 1inch, 0x, and Paraswap have seen volume spikes over the past month.

The combined volume of the above three DEX aggregators hit a weekly high of $ 6 billion last week, up about 50% since early November.

Tether news

Tether minted additional USDT stablecoins worth $ 1 billion on the TRON blockchain. The minting took place on December 4th, 2021, many billions of USDT were created that year.

The coinage comes as the crypto community continues to criticize Tether for allegedly lacking cash to repay its reserves in full. NS report shows that only 2.9% of Tether’s USDT supply is covered by the USD reserve.

Reserve of Tether | Source: Ft

Tether minted USDT 3 billion in the first week of November, and the most recent mint increased its circulation to around USD 76 billion. At around $ 39 billion, Tether’s supply is more than double the supply of USD coins (USDC).

Other news

Large retail chain in Croatia accepts payments for digital assets.

The largest food manufacturer and retailer in the Western Balkans, Konzum, is the first retail chain in Croatia to accept payments for digital assets.

These include Bitcoin (BTC), Ether (ETH), Bitcoin Cash (BCH), Ripple (XRP), Stellar (XLM), Dai (DAI), EOS (EOS), Tether (USDT) and USD Coin (USDC).

https://twitter.com/CryptoWee/status/1467720808801783811?ref_src=twsrc%5Etfw” target=”_blank” rel=”nofollow noopener

To implement this plan, Konzum partnered with fintech company Electrocoin, Croatia’s first crypto payment processor, and used their PayCek system.

Currently, cryptocurrencies are only accepted in the online shop, but the company plans to roll out the service in its supermarkets in the near future.

Bilibili launches its own blockchain UPowerchain.

Wu Blockchain said that Bilibili, the largest Gen Z community and video platform in China, has announced its entry into the Blockchain, NFT and Metaverse markets and has launched its own Blockchain UPowerchain.

UPowerchain is a digital community built for new apps, cultures, games and digital assets.

https://twitter.com/WuBlockchain/status/1467690369294888965?ref_src=twsrc%5Etfw” target=”_blank” rel=”nofollow noopener

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