Crypto market update
Following another unsuccessful attempt to reclaim $50,000, Bitcoin dropped down once more and even touched level of $47,500. Now it has recovered slightly at above $48,000. The altcoin space is again deep in the red, with ETH close to breaking below $4,000 and other substantial losses from Solana, Cardano, Polkadot, Terra, and many more. Thus, the cryptocurrency market cap is down by almost $150 billion since yesterday.
Bitcoin (BTC) is now trading at 48,412 USD (all data from Coingecko.com)
Ethereum (ETH) is now for 4,177 USD
PlatonCoin (PLTC) is now for 0,361 USD
Total marketcap is currently at 2.380 trillion USD
Daily news update
Kiyosaki and crash prediction: Best-selling author of book “Rich Dad Poor Dad,” Robert Kiyosaki has projected a significant market crash and depression, a scenario that will impact several investment assets, including Bitcoin. Through his Twitter account, Kiyosaki claimed that the crash would be initiated by the continued ‘fake inflation’ initiated by the Federal Reserve and the President Joe Biden administration. However, he recommended that the crash presents a perfect opportunity to invest in Bitcoin, gold, and silver but cautioned investors to be careful with the current reported inflation.
Cathie Wood on cryptocurrencies: Speaking to CNBC on Dec. 9, Ark CEO Cathie Wood said that crypto is a diminutive amount of institutional portfolios, and “institutions are moving in” on Bitcoin and other cryptocurrencies. She asserted that cryptocurrencies are a new asset class with a “correlation very different compared to other asset classes,” and only real estate comes close. She then said that if institutions made the move into BTC by allocating around 5% to their portfolios over time, it could add $500,000 to the price of the asset.
Bitcoin and mining: Despite the recent price crash, the total Bitcoin hashrate stood at 180.5 million terahashes per second, almost approaching its all-time high of 180.67 million TH/s back in May, according to data from Blockchain.com. The hashrate took a nose-dive earlier this year following China’s crackdown on the sector, plunging by over 50% to 84.79 million TH/s on July 3, the lowest since September 2019, though it has been steadily recovering since then. Meanwhile, Bitcoin mining difficulty is set to increase by about 7% in the next adjustment that will likely occur this weekend, according to data from BTC.com.
Ross Ulbricht and NFT: The Ross Ulbricht Genesis NFT collection auction has come to an end and the auction winner was the “Free Ross DAO,” backed by the Pleasrdao project. The NFT collection raised 1,446 ether or $6.27 million at the time of settlement.
Florida and Bitcoin: Florida Governor Ron DeSantis has reportedly proposed programs to make his state friendlier to Bitcoin innovation. The governor’s move gives Miami Mayor Francis Suarez state-level support, adding to the previous aid received at the county level. DeSantis proposed a program to enable businesses in Florida to pay state fees in bitcoin and cryptocurrencies, among other cryptocurrency-related proposals for the next year.
Russia and crypto legislation: The Russian Attorney General’s Office (Genprokuratura) is actively working on a swathe of new amendments to criminal law that would allow law enforcement agencies to legally confiscate illicitly gained Bitcoin (BTC) and other cryptocurrencies, attorney general Igor Krasnov revealed to RIA Novosti today.