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You’ve probably looked at your crypto holdings by now and noticed that bitcoin has fallen. In fact, early this morning, bitcoin fell $9,000 in one hour. That’s like a Mack truck hitting a cement wall. BTC hit $42,000 before bouncing up again. The total fall was more than 20 percent. It has since bounced back up to $47,000. Is this the beginning of the bear run?
Perhaps the biggest news in crypto this week isn’t in crypto, but it could have some huge crypto ramifications. Jack Dorsey, co-founder of Twitter, has stepped down as CEO. He’s being replaced by CTO Parag Agrawal. On November 29, Dorsey posted his resignation letter to Twitter’s leadership team on his Twitter account. Inc. calls the move a “harsh truth about leadership most people never learn.” The New York Post says Agrawal is walking into a “hornet’s nest” of a content controversy. Just a few days after his announcement, Dorsey’s other company—Square—announced that they were rebranding as Block. That’s not insignificant. Square has gradually been moving into the crypto space and recently changed the name of its crypto service to Spiral BTC. Dorsey’s departure from Twitter could mean a renewed focus—Dorsey has long been a fan of bitcoin—on a deep dive into crypto and blockchain technology.
One interesting thing about this week in crypto is that Ethereum moved up while Bitcoin went down. In fact, ETH was 50% away from flipping BTC at one point as it approached an all-time high. But, like the rest of the market, ether plummeted with bitcoin and is resting below $4,000. The king of DeFi lost $18 billion in total locked value in November. What happened?
Speaking of Ethereum and Binance, one anonymous wallet transferred over $59.7 million onto Binance. Benzinga will tell you what that means.
Coinbase’s chief product officer says the company wants to be the AWS of crypto. Meanwhile, Coinbase executives will testify before Congress and that could impact XRP like nothing else. Think of this as two high school cheerleaders. One of them is dating the most popular jock and the other one jumps in and says, “Hey, I’ve got something juicy to say about that chick that you ought to know!” Bitch, please.
Wear-to-earn NFTs are coming your way. Time to pull your dress shoes out of the closet. But if you can’t find them, take note that Napoleon Bonaparte’s physical items went up for sale as NFTs on Thursday. Items include a gold snuff box and a whalebone walking cane.
Speaking of CBDCs, U.S. Treasury Secretary Janet Yellen is undecided whether the Fed should have one. That’s okay. A future treasure secretary will decide for her. I believe every country in the world will eventually have a central bank digital currency. Here’s why. It’s not like they’re trying to decide on a college major.
A new pay-to-earn game, Doge Dash, hits the market today. I wonder if Elon Musk will tweet about it.
In India, are cryptocurrencies destined to be regulated? There’s actually a huge discussion about banning them, but the rumor is that the country will settle on simply regulating them. And I think that’s most likely the scenario we’re looking at. What about you?
As usual, this newsletter is not financial advice. For entertainment and educational purposes only. Please seek a financial advisor before investing in crypto. First published at Cryptocracy.