Welcome to the Daily Crypto News: A complete News Review, Coin Calendar and Analysis. Enjoy!
🗞 Market Wrap: Bitcoin Pushes Past $19.2K; Ether at 3% of BTC Price
Bitcoin climbed over the weekend to the $19,200 territory. Looking at ether’s price as a percentage of spot BTC, it may be undervalued.
Bitcoin (BTC) trading around $19,196 as of 21:00 UTC (4 p.m. ET). Gaining 0.35% over the previous 24 hours.
Bitcoin’s 24-hour range: $18,990-$19,323 (CoinDesk 20)
BTC near its 10-hour moving average but above the 50-hour on the hourly chart, a flat-to-bullish signal for market technicians.
“Quite a strong move over the weekend,” noted Chris Thomas, head of digital assets for Swissquote Bank. “I wouldn’t expect a continuation of 3%-4% a day. We’ll likely test the highs again in the next few days and will be met with a lot more sell orders [from] short- to medium-term whales and institutional traders.”
After a higher-than-expected amount of volume over the weekend, including over $865 million in spot exchange volume Sunday for the eight exchanges tracked by the CoinDesk 20, Monday’s tally is looking lower, at $569 million as of press time.
Since then, however, the BitMEX effect has waned. Bitcoin’s volatility has also flattened out of late, with the 30-day volatility as calculated by CoinDesk Research at 57%, close to where it started 2020 when it was at 53% Jan. 1.
Ether at 3% of bitcoin’s price
Ether’s price as a percentage of the spot value of bitcoin is hovering around 3% according to data aggregator Skew. This is after the native asset of the Ethereum network started the year at below 2% of the price per 1 BTC and going as high as 4% on Sept. 1 during the fervent period of popularity for decentralized finance, or DeFi, in 2020.
🗞 MtGoX Trustee Files Draft Plan to Return $2.6 Billion in Bitcoin
A Mt. Gox trustee has filed a draft rehabilitation plan for review by the Tokyo District Court.
The plan promises to return over $2.6 billion worth of Bitcoin to former Mt. Gox users.
The total of nearly 140,000 Bitcoin has increased in value by 2,600% since the 2014 hack.
The Mt. Gox hack—arguably the greatest hack in crypto history—resulted in the closure of the exchange that was responsible for over 70% of the world’s Bitcoin transactions at its peak. As of this year, multiple lawsuits have attempted to track down the perpetrators, as well as retrieve stolen funds.
A total of nearly 140,000 Bitcoin is set to be returned to former Mt. Gox users. By today’s prices, that amount of Bitcoin is valued at approximately $2.6 billion.
🗞 1,000 Cryptocurrency Companies Lost Licenses in Estonia in 2020
Over a thousand startups lost their crypto licenses in Estonia this year.
The country's Ministry of Finance rang the warning bells after the crypto sector was linked to a "high risk" of money laundering.
Crypto scammers have allegedly thrived under a separate Estonian legal program as well.
More than 1,000 crypto startups headquartered in Estonia lost their legal licenses in 2020, the country’s Ministry of Finance said last week, as per a report on local news outlet Postimees.
“The connection of many of these companies to Estonia is minimal and the clientele of some of the companies is from remote countries,” he stated in the regard.
Crypto firms have historically suffered in the legal aspects of their business despite the industry’s growth. Most countries do not legally recognize cryptocurrencies and big-name banks are notorious for blocking accounts found to be related to crypto businesses, creating a hurdle for smooth operations.
🗞 Grayscale Now Has $13B in Crypto Assets Under Management
Digital asset manager Grayscale Investments has passed another milestone, reaching $13 billion in assets under management on Dec. 14 for the first time.
Data tweeted by the firm showed that the largest holdings remain in bitcoin, with the Grayscale Bitcoin Trust having $10.82 billion in the top crypto asset. The firm's Ethereum Trust now has $1.72 billion in AUM.
Grayscale also has trusts for litecoin ($74.8 million), bitcoin cash ($58.6 million), ethereum classic ($74.3) and others with less significant holdings including XRP, Stellar lumens and zcash.
The Ethereum Trust recently added another 131,455 ether which was valued at $74 million on Dec. 10, according to an SEC filing.
Michael Sonnenshein, managing director at Grayscale Investments, told Bloomberg in a recent interview, “Over the course of 2020 we are seeing a new group of investors who are Ethereum first and in some cases Ethereum only. There’s a growing conviction around Ethereum as an asset class.”
🗞 Daily Crypto Calendar, December, 15th💰
Orion Protocol (ORN)
"The first phase of #OrionTerminal's main net will be live on December 15th at 2pm UTC."
Blockstack (STX)
"Stacks 2.0 To Reach Code Completion By December 15th, Launch Date Set for January 14th."
Be ready for the Stacks 2.0 mainnet launch, test the latest tech, and win big. 1M Stacks are up for grabs during upcoming mining challenges.
"Muneeb Ali to have a live interview and AMA with Lunarcrush team."
Crypto.com Coin (CRO), Zilliqa (ZIL)
The Sydnicate ZIL Listing Event 50% OFF.
Matic Network (MATIC)
The final frontier on the Decentralization journey of Matic: Public Delegations external nodes begins 15th December.
SparkPoint (SRK)
"New SRK Exchange Listing (exchange with more than $400M daily volume)."
IOST (IOST)
"IOST will be listed on @CoinBigExchange with the IOST/USDT trading pair open on 15 December 2020. "
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