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According to the on-chain analysis, two inactive ETH addresses have begun to show activity as of Dec 19. The addresses came back alive on Dec 18 after being inactive for five years. Outgoing transfers from the whale addresses totaled 22,983 ETH and the transfers were worth more than $27 million in today's dollars. Other analysts claimed that it went to new wallets and hasn't left yet.
Gyeongbuk Province in South Korea intends to use the metaverse to develop its trade and other ties with Vietnam, according to Lee Cheol-woo, the province's governor, who was in Vietnam on Friday. Lee stated at Vietnam's Bc Ninh province that they will emphasize enhancing economic, cultural, trade, and people-centric exchanges with Vietnam by harnessing the metaverse as according to a Gyeongbuk press release today.
Despite the current market, more whale transactions are being made with Bitcoin. Over the last nine days, whales have accumulated more BTC tokens. It stated that at the current market exchange rate, the crypto is valued at about $726 million. According to the analytics firm, 159 new addresses have been holding between 100 and 10,000 BTC in the past weeks. This is the fastest growth such addresses have had in the past 10 months, per the statistics.
A Local Nigerian newspaper states that Nigeria will soon approve a law allowing the use of bitcoin and other cryptocurrencies legal, according to Babangida Ibrahim, head of the House of Representatives Committee on Capital Market and Institutions. Despite the present restriction, Bitcoin has a significant presence in the nation. The measure would recognize bitcoin as acceptable investment capital and amend the 2007 Investments and Securities Act.
Stc Bahrain, a subsidiary of Bahraini telecom operator Stc Group, announced its partnership arrangement with payment service provider Eazy Financial Services, which will allow STC customers to pay with cryptocurrencies using their Binance wallet. Nazer Banbeela, CEO of Stc Bahrain, claimed that the telecom operator's move to accept crypto payments reflects Stc Bahrain's "strong focus on advancing Bahrain's fintech sector as world-class digital enablers."
Argentina's San Luis province passed laws authorizing the creation of its own stablecoin that is pegged to the US dollar. The Activo Digital San Luis de Ahorro token, which will be made available to all province residents over the age of 18, is secured by the government's liquid financial assets. The province is permitted to issue the stablecoin to 2% of its yearly budget under the terms of the bill, allowing transfer of assets between parties.
WhiteBIT will serve as FC Barcelona's Official FC Barcelona, one of the top soccer teams in Europe, and the crypto platform WhiteBIT have signed a deal. Up to June 2025, the trading platform will act as the team's official cryptocurrency exchange partner. The soccer juggernaut claimed in an official statement on its website that the cooperation with WhiteBIT will support its business plan and solidify its international development by continuing to be a benchmark both on and off the pitch.Exchange partner until June 30, 2025.
One of the nations that has made considerable strides in the area of central bank digital currency over the past 12 months is Brazil. Even though there isn't an official release date for the digital real just yet, Roberto Campos Neto, the head of Brazil's central bank, just announced the launch of DeFi-integral Digital real to be on 2024. Campos Neto also mentioned the fusion of traditional and decentralized finance-based structures with the digital real.
The Metaverse, one of the newest sub-crypto ecosystems, is expected to assist tourists choose the destinations they want to experience in person as borders free up following protracted COVID. A study of 24,179 respondents in 32 countries was conducted, and the results showed that tourists are very interested in digitally experiencing destinations before making vacation plans. Gen Z (45%) and Millennials (43%), out of the group, were most inclined to check out travel experiences in the metaverse.
Despite declining trade volumes and limited adoption of several of its new crypto products, Revolut's chief financial officer, Mikko Salovaara, is optimistic about the future of cryptocurrencies on the financial super-app. Salovaara said in an interview last month that his bullishness comes despite the platform's crypto trading volumes declining this year while the platform's crypto trading volumes accounted for 10-15% of Revolut's 2020 revenue.
Bitcoin's Open Interest has surged by $1.8 billion as its price broke the $27,000 mark, indicating a strong influx of investor interest. Open Interest tracks the total value of Bitcoin futures contracts open on derivative exchanges, with rising figures signifying increased market activity and potential volatility. The recent jump from $11.04 billion to $12.81 billion suggests heightened trading and leveraged positions. The future direction of Bitcoin's price remains uncertain, with the surge potentially fueled by shorts covering positions or longs hoping for further gains. The funding rate suggests a balanced mix of long and short positions.
Morgan Creek Capital founder Mark Yusko predicts a bright future for Bitcoin (BTC) as institutional capital worth hundreds of billions is expected to enter the market. Yusko points to Bitcoin's historical trend of adding a zero to its price following each halving event, with the next one slated for April 2024. He anticipates a 1.5x increase from the current all-time high, potentially reaching $100,000. Additionally, Yusko believes Bitcoin exchange-traded funds (ETFs) will be approved by late 2023 or early 2024, leading to a substantial influx of capital into the cryptocurrency.
Citigroup has unveiled Citi Token Services, a permissioned blockchain platform designed for institutional clients, offering access to tokenized deposits, cross-border payments, and automated trade finance around the clock. This move aligns with Citigroup's goal of creating a 24-7, on-chain, programmable financial system. The partnership with Maersk enables instant payments through smart contracts, benefiting companies with numerous vendors. Citi Token Services also aids corporate treasurers in managing global liquidity more efficiently. Meanwhile, JPMorgan is reportedly still in the early stages of exploring a similar private blockchain service, lagging behind Citigroup's innovation.
Bitcoin is making a strong comeback, currently priced at $26,684 and holding over 50% of the total cryptocurrency market, boasting a market cap of approximately $520 billion. This milestone is significant as it contrasts with the stagnation or decline of many alternative cryptocurrencies (altcoins). Ethereum, the closest rival, sits at $1,632.09, with other altcoins showing modest gains or losses. Bitcoin's resurgence aligns with historical trends, often thriving during bear markets, cementing its status as a digital "safe haven." Despite gains, it remains below its peak dominance levels, but its return to prominence is noteworthy.
Animoca Brands subsidiary Darewise Entertainment is set to introduce the first-ever metaverse token on the Bitcoin blockchain. The token is aimed at powering a comprehensive ecosystem for gaming, brands, and real-world experiences. This move represents a significant expansion of Bitcoin's capabilities beyond a store of value. The metaverse token will facilitate in-game assets and virtual lands for the Life Beyond metaverse project, marking a new era for Bitcoin. Darewise Entertainment is partnering with Horizen Labs to develop and expand the Ordinals ecosystem on Bitcoin, with more innovations expected in the coming months.