Daily news update: December 7th, 2021

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Crypto market update

Following the latest price declines when BTC dumped below $50,000, the cryptocurrency finally bounced off and reclaimed that level. The alternative coins are also well in the green, with impressive increases from Ethereum, Cardano, Solana, Polkadot, Avalanche, and many more. The cryptocurrency market cap has added more than $200 billion in a day and sits at $2.5 trillion now.

Bitcoin (BTC) is now trading at 50,931 USD (all data from Coingecko.com)

Ethereum (ETH) is now for 4,357 USD

PlatonCoin (PLTC) is now for 0,361 USD

Total marketcap is currently at 2.502 trillion USD

Daily news update

Bitcoin whales and market dip: Data reveals that Bitcoin whales took the opportunity to buy a whopping $3.5 billion, or 67,000 BTC, while the cryptocurrency was plunging towards $42,000. Bitcoin has recovered back to $50.1k Monday, and whale traders played the dip to perfection. Beginning during the dump to $43.5K, addresses holding 100 to 10K BTC have accumulated 67K more BTC after dumping the same amount before the price drop. Meanwhile, earlier today, the third-largest BTC whale also took advantage of the dip and bought more than 2,700 coins in a day at around $50K.

Craig Wright won a court about 50 billion USD: Craig Wright, an Australian computer scientist who gained mainstream exposure by claiming to have invented Bitcoin has just won a major court case that allows him to keep BTC worth $50 billion. The jurors of Miami have ruled in favor of Wright, saving him from paying his former business partner half of the Bitcoin stash over assertions involving Wright betraying his deceased business partner Dave Kleiman.

Shiba whales and market dip: Crypto whale has just added 99 billion Shiba Inu, worth $3,799,999, to his portfolio. Shiba Inu is rebounding after touching lows at $0.00003210 during the Dec. 4 market sell-off. Shiba Inu whales are known to make good use of periods of price dips or micro consolidation to increase their holdings, with millions of dollars flowing into Shiba in such instances.

President of El Salvador trading BTC: President Nayib Bukele has taken to Twitter to reveal that he trades El Salvador’s Bitcoin through his mobile phone. His comments came after a tweet about missing the bottom in Bitcoin’s price after the country’s latest Bitcoin purchase of 150 Bitcoins. President Bukele shot to fame within cryptocurrency circles after spearheading his country’s embrace of Bitcoin as legal tender. To facilitate the smooth transition, the legislature approved the creation of a Bitcoin fund and since then, Bukele has adopted the strategy of buying the dip that has netted the country a healthy profit.

Russian bank and digital platform: Sber, Russia’s largest bank, is apparently struggling to obtain a regulatory approval for its digital asset issuance platform as the company continues delaying registration plans. Sber CEO Herman Gref announced Dec. 7 that the bank now expects to get its digital asset issuance platform registered with the Bank of Russia by the end of 2021, local news agency Prime reported.

Japan and stablecoins: The latest move in Japan to restrict stablecoin issuance to financial institutions, which will be implemented soon, according to reports, won’t have a large immediate impact on the local digital assets market, but it’s still unclear according to a note from crypto liquidity provider B2C2. B2C2’s Tokyo-based Joerg Schmidt, its Director of Strategy, wrote in a note that the move was in line with international developments.

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