Market

Crypto News 12/13: Three Macro Trends Keep Bitcoin Price From Falling Below $ 40,000 with Ripple, Binance, Forward Protocol News

From the statement that Bitcoin did not drop below the $ 40,000 mark, to the withdrawal of its application for a license to operate in Singapore by Binance. Here are some highlights from the crypto market.

Bitcoin news

Galaxy Digital’s Mike Novogratz remains optimistic about Bitcoin (BTC) despite the lackluster performance of the top cryptocurrency in recent weeks.

In a recent interview on CNBC, Novogratz explains why Bitcoin is currently not trading as well as Ethereum (ETH).

If you look at the value, Ethereum is still trading in a bullish direction, he said. People invest in ETH for its technological value, while BTC is seen as an inflation hedge.

Despite BTC’s weak price action, Novogratz remains bullish on its outlook, citing three macro trends that could prevent the market from falling below $ 40,000.

First, lots of new players are lining up to join the crypto economy, from the Middle East to the US to pension funds.

Next, more and more people are seeing crypto as an asset class and bitcoin is also part of the crypto portfolio.

Finally, Novogratz believes the catastrophic US budget deficit bodes well for Bitcoin. If the Fed hikes rates too quickly, the economy will fall, and no politician wants that.

https://twitter.com/SquawkCNBC/status/1468555461016309761?ref_src=twsrc%5Etfw” target=”_blank” rel=”nofollow noopener

Ripple News

The tracking service Whale Alert has warned of a large volume of XRP transactions conducted by two leading South Korean exchanges: Bithumb and Coinone.

According to published tweets, Bithumb and Coinone made four XRP movements in the past day.

https://twitter.com/whale_alert/status/1470280081020964865?ref_src=twsrc%5Etfw” target=”_blank” rel=”nofollow noopener

Bithumb transferred a total of 112 million XRP in 3 transactions of 80,000,000, 20,000,000 and 12,000,000 XRP respectively. Coinone moved 13,344,236 XRP.

All four transactions were made between the exchanges’ internal wallets.

Binance news

Binance Asia Services, the Singapore branch of Binance, the largest crypto exchange by trading volume, has withdrawn its application for an operating license and announced that it will close in 2022.

https://twitter.com/crypto/status/1470201435937816577?ref_src=twsrc%5Etfw” target=”_blank” rel=”nofollow noopener

After efforts with the Monetary Authority of Singapore (MAS), Binance has decided to pull out of the country. Binance Singapore will be closed and closed on February 13th.

This is a pretty unexpected move by Binance. Especially in light of the fact that Binance CEO Changpeng Zhao is gradually moving in a more open direction in repurchasing 18% of the Singapore stock exchange’s shares following legal restrictions such as blocking spot trading, shipping fiat and restricting the service to users hit the Lion Islands as regulators claim the company may have broken payment laws.

Message forwarding protocol

Forward Protocol (FORWARD) implements BurningDrop on KuCoin.

According to the announcement, Forward Protocol started BurningDrop from December 13 at 5:00 p.m. to December 14 at 5:00 a.m. (Synthetic Team time).

Users can mine FORWARD by staking USDT / KCS / ETH. During the burn acceleration phase, staking users can enjoy more FORWARD rewards by burning POL. Hardcap BurningDrop costs $ 100,000. BurningDrop is priced at $ 0.005.

https://twitter.com/DeFiAstronauts/status/1470324116288720896?ref_src=twsrc%5Etfw” target=”_blank” rel=”nofollow noopener

Other news

Korean state officials quit their jobs to join the growing crypto market.

According to Roh Woong-rae, a member of the South Korean National Assembly from the ruling Democratic Party, more and more officials are leaving government posts and moving into the cryptocurrency industry.

On Sunday he called for stricter regulations on the employment of civil servants after leaving the public service.

https://twitter.com/cafetero7878/status/1470195923230019587?ref_src=twsrc%5Etfw” target=”_blank” rel=”nofollow noopener

Lawmakers, quoted by the Korea Herald, announced that a level 5 employee of the Financial Services Commission (FSC) recently applied for a job at Bithumb, one of Korea’s leading stock exchanges.

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Annie

Championing positive change through finance, I've dedicated over eight years to sustainability and environmental journalism. My passion lies in uncovering companies that make a real difference in the world and guiding investors towards them. My expertise lies in navigating the world of sustainable investing, analyzing ESG (Environmental, Social, and Governance) criteria, and exploring the exciting field of impact investing. "Invest in a better future," I often say. That's the driving force behind my work at Coincu – to empower readers with knowledge and insights to make investment decisions that create a positive impact.