Welcome to the Daily Crypto News: A complete News Review, Coin Calendar and Analysis. Enjoy!
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🗞 Market Wrap: Bitcoin Briefly Slides Below $18K as ETH Is More Volatile Than BTC in 2020
Weak volumes and rotations into other cryptocurrencies are likely impeding bitcoin’s price movement from going higher. Meanwhile, ether has been more volatile than bitcoin in 2020 and could remain that way.
Bitcoin (BTC) trading around $18,349 as of 21:00 UTC (4 p.m. ET). Gaining 0.14% over the previous 24 hours.
Bitcoin’s 24-hour range: $17,904-$18,652 (CoinDesk 20)
BTC slightly above its 10-day and 50-day moving averages, a bullish trending signal for market technicians.
Constantin Kogan, partner at crypto investment firm Wave Financial, pegs $17,900 as a “support” level whereby if traders don’t start scooping up bitcoin to push price back up, there may be a larger fall. “The trend is weakening,” Kogan told CoinDesk. “If we dip further then I will consider that as a start of a downtrend.”
At a combined $1.1 billion as of Wednesday’s close, average weekday spot volume on major CoinDesk 20 exchanges is lighter this week than last week’s $1.7 billion. As of press time, combined volumes were at $873 million Thursday.
Indeed, XRP, the third-largest cryptocurrency by market capitalization, has seen a bump in volume over the past month, according to data from aggregator CoinGecko.
An airdrop in collaboration with Coinbase is likely accelerating a hype cycle on XRP, leading to volume jumping along with price, noted Thomas.“I think XRP volumes continue to outperform BTC and ETH ahead of tomorrow night’s flare token snapshot,“ said Thomas.
The 30-day volatility for ether for the most part has been higher than for bitcoin in 2020, according to data collected by CoinDesk Research.
🗞 Ripple’s XRP Braced For A Bombshell After Coinbase Reveals ‘Airdrop’ Support
Germany’s Bankhaus von der Heydt, or BVDH, has launched a Euro stablecoin on the Stellar network.
Ripple's XRP, the third biggest cryptocurrency by value after bitcoin and ethereum, has soared over the last month.
XRP tokens, most of which are controlled by the company Ripple, have more than doubled in value in the last few weeks—pushed on by the bitcoin price rocketing toward its all-time highs and a hotly-anticipated giveaway of a new cryptocurrency, known as an airdrop.
"The impending airdrop is supercharging the XRP bull market and whipping mindshare of one of the largest crypto communities into a frenzy," Jehan Chu, a managing partner at Hong Kong-based blockchain investment firm Kenetic Capital, told Coindesk last month.
"With the imminent launch of Flare, a smart contract utility fork of XRP, the pair will attempt to challenge ethereum’s dominance in decentralized finance and decentralized applications."
The ethereum price has soared by 300% over the last 12 months amid a flurry of interest in decentralized finance (DeFi)—using crypto technology to recreate traditional financial instruments such as loans and insurance with many DeFi projects built on top of the ethereum network.
🗞 MassMutual Buys $100M in Bitcoin, Bets on Institutional Adoption With $5M NYDIG Stake
Massachusetts Mutual Life Insurance Co. is jumping into the institutional bitcoin game with a $100 million investment in bitcoin and a $5 million equity stake in NYDIG.
The twin plays – both revealed in a Thursday press release – give MassMutual direct exposure to the cryptocurrency’s price swings and signal it’s betting that other big fish will follow suit. NYDIG is one of the fastest-growing institutional crypto shops with $2.3 billion under management. It provided MassMutual with the $100 million buy.
Without specifically explaining why it saw bitcoin as a reasonable investment, MassMutual told the Wall Street Journal it was seeking “measured yet meaningful” exposure to an increasingly digital world.
MassMutual’s $100 million BTC bet is barely a drop in its general investment account’s hulking $235 billion money bucket. Coming from a 169-year-old insurance institution in the business of measuring risk it could wield an outsize influence on bitcoin’s perception among mainstream investors.
🗞 Mastercard, Visa Stop Payments to Bitcoin-Friendly Pornhub
The New York Times says it uncovered videos of rape and child abuse on Pornhub.
Visa and Mastercard have stopped processing payments to the adult website.
Pornhub, which began accepting Bitcoin in September, previously used crypto to weather the departure of PayPal.
In the wake of a New York Times investigation that uncovered alleged videos of rape and child abuse on Pornhub, credit card companies Mastercard and Visa announced today they will no longer process payments for the adult website.
But Bitcoin remains an option—albeit a little-advertised one—for Pornhub, which has previously leveraged crypto to manage the fallout with payments company PayPal.
It also allows webcam models and other entertainers who upload to the site to receive payouts in Tether or Tron. Alternatively, they can sign up for direct deposit through their bank or use Cosmo Payment. What they can’t do is use PayPal—it stopped accepting payments from the platform in November 2019.
🗞 Daily Crypto Calendar, December, 11th💰
CCUniverse (UVU)
Minimum value to burn: 50,000 000 UVU as Hotbit listing anniversary.
Blockstack (STX)
AMA for the upcoming Stacks 2.0 Mainnet Launch that will answer all your questions about Stacks 2.0 and how it ties STX and BTC altogether.
Wabi (WABI)
Wabi masternodes rewards distribution.
XIO (XIO)
"We heard something important was happening next Friday, December 11th"
"On a scale of 1 to 11, how ready are you for the first day of Flashshots this Friday the 11th?"
Stellar (XLM)
"XLMUP/USDT and XLMDOWN/USDT trading pairs at 2020/12/11 7:00 AM (UTC)"
Nervos Network (CKB)
"Don't forget to join the @Indacoin x Nervos AMA on Telegram this Friday at 11 am ET!"
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