Gate.io Weekly Newsletter: Elon Tweets Again, Tesla to accept Dogecoin_ Bitcoin Super Whale bought 5,000 BTC in 2 weeks_ Russian central bank to completely ban cryptocurrencies _except their

Gate.io Weekly Newsletter | Market trends? Global headlines? We got you covered.

TL;DR? Listen on the Go!
Updated Weekly on Buzzsprout, Apple Podcast, Spotify, and Soundcloud.

Gate.io Announcement
Earn $500 Reward for Catching up on Gate Blog

To celebrate the launch of the long-awaited new interface for Gate.io Blog, we're giving away $500 to our true readers.

Each new blog post will contain one question related to the content of the post, and the first 100 users who answer correctly will each receive 5 points. Click here for more details.

TA Highlight: Cryptocurrency markets have stabilized

The change in price movement this week has been relatively small, with mainstream tokens such as BTC and ETH currently still in the adjustment phase.

The BTC spot price oscillated between $46,000 and $50,000. The upward pressure point or resistance is around $51,000 and the support sits at around $46,500.

BTC spot price is stable at the lower part of the Bollinger band, gradually converging near the 10-day SMA, but the Bollinger band does not show obvious signs of narrowing, which indicates that the market is still moving frequently despite the contraction of price movement.

There is currently a clear upper and lower boundary and the price of BTC fluctuates within it. Investors can use grid trading to gain from the frequently fluctuating coin prices.

The BTC spot momentum indicator is gradually dealing with historically low levels, and the market has little upward or downward momentum.

The ETH spot price is slightly more volatile than BTC, but overall it is again replicating the BTC trend. ETH and BTC traded with modest volume declines despite the smaller market changes.

Crypto News

Dogecoin, Musk & Tesla

Dogecoin jumped more than 20% to 22.2 cents on Tuesday after Elon Musk tweeted it would be accepted as payment for some merchandise from Tesla.

Musk’s love for the infamous memecoin is no secret. He made an appearance on ‘Saturday Night Live’ performing a skit on cryptocurrency investment a few months earlier.

Dogecoin hit a record-high price above 74 cents in May but has since plunged sharply and is trading at 17.5 cents as of this writing.

‘Time to rebrand EOS’ says founder Daniel Larimer, after fallout with Block.one

EOS founder Daniel Larimer proposed reshaping and restructuring the EOS brand. This might reformulate a new vision and new goals to encourage community members to participate and promote community growth.

The conflict between the EOS Network Foundation (ENF) and BlockOne has been heating up in the last few weeks. The ENF said that BlockOne has been drifting away from the network’s interests and failing to deliver on promises.

Yves La Rose, the ‘community-elected CEO’ of the EOS Foundation expressed some major concerns and has made it clear recently that EOS can’t rely on BlockOne anymore, stating that the company fails to keep up with its promises and lacks support for the network.

Bitcoin Super Whale Increases Its Holdings of 5000 BTC in Half a Month, Holding a Total of 28,855.5 BTC

According to KingData statistics, a Bitcoin super whale increased its holdings by another 2500 BTC at an average price of $47,078 on December 14th, valued at US$117 million.

The same address has only decreased its holdings 1 time, and has increased 18 times over the past 2 months. The address currently holds 28,855.5 BTC, valuing at around 1.3 billion USD.

News in the Financial Market

Cryptocurrency was the most popular conversation on Reddit in 2021

People mentioned ‘crypto’ 6.6 million times on Reddit in 2021, according to ‘Reddit Recap 2021’, which rounds up the most popular posts, topics and conversations on its platform over the past year.

The top-five most-viewed cryptocurrency communities in 2021 were: Dogecoin, Superstonk, Cryptocurrency, Amcstock, and Bitcoin.

It should be noted that cryptocurrencies including Dogecoin, Ethereum and Shiba Inu also topped ‘Google’s 2021 Year in Search’, which the Alphabet-owned search engine released this week.

HSBC and Wells Fargo use blockchain to settle forex trades

HSBC and Wells Fargo have begun using a blockchain platform to settle bilateral foreign currency (FX) trades in the latest sign of how technology which underpins crypto assets is spreading to more mainstream activities.

Baton Systems, the company behind the Core-FX distributed ledger technology, or DLT, said on Monday the two banks are using the platform to settle FX trades using real currencies and real accounts, in less than three minutes.

Baton added that such rapid settlement directly between the two banks cuts exposure and settlement risks. Speedier settlement also means tying up costly capital and liquidity for a shorter period to insure against a trade going wrong.

Melania Trump to Launch a New NFT and Blockchain Venture

The Melania Trump non-fungible token (NFT) platform will release NFTs in regular intervals, with a special auction scheduled in January 2022 that includes both virtual and physical items.

The first NFT, entitled "Melania's Vision" will be available to purchase for a limited period between December 16 and December 31, 2021.

The Melania Trump NFT platform utilizes the Solana blockchain protocol; and will accept both the SOL cryptocurrency and credit card payments through MoonPay.

Global Headlines

BOE Says Growth of Crypto Could Pose Risks for Financial Stability

Crypto assets currently pose limited risks to the stability of the U.K. financial system, said the Bank of England. However, with their current pace of growth and increase linked to the traditional financial world, this could get messy in the future.

If institutional investors are exposed to crypto as a “core part” of their investments, a steep fall in crypto values could lead them to sell other assets and possibly “transmit shocks through the financial system.”

The bank called for “enhanced regulatory and law enforcement frameworks, both domestically and at a global level.”

Fed chair Jerome Powell says he isn't concerned about crypto disrupting financial stability in the US

United States Federal Reserve chair Jerome Powell hinted that though the government agency should consider monitoring developments in the crypto space, he didn’t see cryptocurrencies as a financial stability concern for U.S. markets.

“Stablecoins can certainly be a useful, efficient consumer-serving part of the financial system if they’re properly regulated,” said Powell. “Right now, they aren’t. They have the potential to scale, particularly if they were to be associated with one of the very large tech networks that exist.”

Powell supported the conclusions of a report from the President’s Working Group on Financial Markets released on Nov. 1. The report proposed that stablecoin issuers should be subject to “appropriate federal oversight” akin to that of banks, legislation that was “urgently needed” to address risks.

Russian Central Bank Seeks Ban on Crypto Investment

According to a Reuters report, the central bank of Russia is in discussions with market players regarding a possible ban. If approved by lawmakers, the ban would only apply to new purchases of crypto assets not to past purchases.

Russia has been vocal in its stance against cryptocurrencies, stating that the asset can be used for money laundering or to finance terrorism.

The Russian regulator planned to launch its own central bank digital currency (CBDC) pilot program in December, but the deadline has recently been moved to early 2022.


Gate.io Weekly Blogs:
What is ENS and DID?
Web 3.0 powers the interactive virtual world
Is SocialFi Going To Be The Next Big Thing in the Web3.0 Era?
Endgame: Uncovering the Optimal Solution of Blockchain Scaling with Vitalik Buterin

Author: Byron.B & Charles. F & Peter. L (Gate.io Researchers)
* The article only represents the researcher’s views and does not constitute any investment advice.
* Gate.io reserves all rights to this article. Reposting of the article will be permitted provided Gate.io is referenced. In all other cases, legal action will be taken due to copyright infringement.