Bitcoin's price correction continues, dashing hopes of $20,000 in 2020
One week in review:
Dec. 6–12 We've selected the hottest materials of the past week for you to stay up to date with the latest crypto news: | | #1. Bitcoin's price correction continues, dashing hopes of $20,000 in 2020 | | | What a difference 10 days makes. At the start of the month, the markets were euphoric as Bitcoin touched a new all-time high. But at some points this week, BTC has been down 10% from these levels, reaching depths of $17,600 — the lowest level since November. The prospect of new crypto regulation in the U.S. may have spooked traders, and indeed, it's worth noting that equities have also cooled off this week, too. | | | Cointelegraph analyst Michaël van de Poppe said hopes of $20,000 in 2020 appear to have been dashed, writing: "Overall, the downtrend will post lower highs and lower lows always until a clear bottom is found." | | #2. Bitstamp apologizes after posting report calling XRP "toxic waste" | | | Messari released a (rather sweary) report this week looking at crypto trends for 2021, but the colorful language ended up getting one of its sponsors into trouble. The company's founder and CEO, Ryan Selkis, described XRP as "toxic waste" and went on to brand Bitcoin Cash and Bitcoin SV as "piles of s---." He wasn't that nice about Stellar and Litecoin, either. | | | Overall, the report used the word "f---" five times and "s---" nine times — something Bitstamp wasn't aware of when it shared the report with its followers. After receiving a backlash from some of its users, the exchange tweeted: "We did not complete a thorough enough review of the 130+ page report before it was published. This is on us, we should have done better." | | #3. Oh Diem: Lawsuit threatened over Facebook's Libra rebrand | | | Facebook was hoping that the rebrand from Libra to Diem would herald a new dawn for its controversial stablecoin project — and finally convince regulators there's nothing to worry about. But the headaches just keep coming for the tech giant. | | | It's now emerged that there's another fintech company called Diem, and executives say they were "flabbergasted" by the rebrand because it could cause customer confusion and "significantly impact our growth." | | | Diem co-founder Chris Adelsbach said legal action is being considered, adding: "It wouldn't have taken that much effort for Facebook to find out if there's another Diem in financial services […] They obviously took the view that 'we can just crush them, we're Facebook.'" | | #4. Prediction of the Week Bitcoin will eat gold's market share, according to JPMorgan | | | Growing mainstream acceptance of BTC as a reserve asset is having a direct impact on gold, according to analysts at JPMorgan Chase. Quantitative strategists believe Bitcoin's digital gold narrative will draw investors away from precious metals — possibly for years to come. | | | Also this week, the investment bank's head of wholesale payments, Takis Georgakopoulos, confirmed that JPMorgan has "softened its stance" toward Bitcoin in recent years. | | #5. FUD of the Week France moves to ban anonymous crypto accounts to prevent money laundering | | | New restrictions in France are being rolled out to ban anonymous crypto accounts in the hope that digital assets won't be used for money laundering and terrorism financing. | | | In September 2020, 29 people were arrested on suspicion of using crypto to send funds to al Qaeda and Islamic State fighters in Syria. | | #6. FUD of the Week Execs from "99% fake" exchange face charges over market manipulation | | | Executives of what was once South Korea's third-largest cryptocurrency exchange have been charged over market manipulation allegations. Prosecutors are preparing a case against Coinbit chairman Choi Mo and two unnamed executives on charges of fraud and forgery. | | | The police searched and confiscated a number of properties associated with Coinbit in a series of August raids. At that time, authorities estimated that 99% of the exchange's volume had been faked by wash trading BTC and other cryptocurrencies and that those responsible for the exchange's fraudulent activities had netted $84 million. | | | Feel free to explore the most important news with Hodler's Digest: | | | |
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