StealthEX & CryptoDaily: Weekly Crypto Insights

December 8, 2023

Crypto World

Maciej Zerelik

Introducing StealthEX’s weekly cryptocurrency roundup, a joint effort with CryptoDaily! Our mission is simple: to provide you with a brief, yet comprehensive overview of the most significant happenings and trends in the realm of cryptocurrencies this week. We’re committed to keeping you updated on the newest industry changes and influences. Now, let’s explore the major events of the past week and get underway!

Cosmos Merges Osmosis and Umee DEXes: A Game Changer in DeFi

Cosmos is set to revolutionize the decentralized finance (DeFi) sector by merging two of its decentralized exchanges (DEXes), Osmosis and Umee. This strategic move will integrate Umee’s cross-chain lending features into Osmosis, enhancing its functionality and liquidity.

Osmosis, already a leader in trading volume within Cosmos, will see a significant expansion in its capabilities. The merger aims to create a more robust and efficient DeFi ecosystem, with potential positive impacts on the Cosmos’s ATOM token and the involved tokens of both exchanges. 

This consolidation marks a significant step towards streamlining and strengthening the Cosmos network’s DeFi offerings.

Bitcoin’s Dominance in the Crypto Market Grows

Bitcoin’s dominance in the cryptocurrency market is increasing, as it recently surpassed the $44,000 level, heading towards $45,000. This rise in Bitcoin’s value has led to a temporary pause in the growth of altcoins.

Bitcoin is now facing resistance at the 0.5 Fibonacci level, with experts predicting a potential move towards $48,000, the 0.618 Fibonacci level. 

This growth in Bitcoin’s dominance, which peaked recently, suggests a possible market shift with a 57.5% domination of the crypto market. 

The impact on altcoins has been significant, as they experienced a decline. This shift in market dynamics is pivotal for investors and traders to watch closely.

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BlackRock and Bitwise Pursue Updated Bitcoin ETF Applications

Financial giants BlackRock and Bitwise have updated their filings with the Securities and Exchange Commission (SEC) for spot Bitcoin Exchange-Traded Fund (ETF) applications. These updates indicate ongoing negotiations with the SEC, which has yet to approve a spot Bitcoin ETF.

Bloomberg analysts view these developments as positive signs, suggesting a high likelihood of approval by January 2023. 

The updates include new language about monitoring unusual price movements and compliance with anti-money laundering measures. 

Meanwhile, Bitcoin’s price has surged, adding to the anticipation around the potential approval of a spot ETF.

El Salvador’s Bitcoin Strategy Yields Profits Amid Market Rally

El Salvador’s Bitcoin investments have recently become profitable, with President Nayib Bukele confirming a 3% profit, amounting to approximately $3.6 million.

Despite market downturns, El Salvador continued to invest in Bitcoin, purchasing around $103.9 million worth during the bear market. 

This strategy has paid off as Bitcoin’s price surged above $40,000. Bukele, focusing on re-election, has maintained a long-term investment approach, not planning to divest the Bitcoin holdings. 

El Salvador’s Bitcoin strategy, including its legal tender status, signifies its significant role in the cryptocurrency space.

Solana Founder Advocates Cooperation Over Competition

Anatoly Yakovenko, co-founder of Solana, has spoken out against the “ETH Killer” narrative, advocating for a future where both Solana and Ethereum can thrive together.

Despite Solana’s remarkable gains, Yakovenko emphasizes the potential for both technologies to coexist and foster healthy competition. 

This perspective aligns with the larger crypto community’s views, recognizing the dynamic nature of the ecosystem. 

Solana’s recent growth, combined with its focus on scalability and processing capabilities, further highlights its role in the evolving blockchain landscape.

Binance’s Innovative Triparty Agreement to Mitigate Counterparty Risk

Binance has launched the world’s first cryptocurrency triparty agreement with a third-party banking partner to manage counterparty risk.

This groundbreaking initiative allows institutional investors to hold collateral off-exchange with a banking partner. 

Binance’s approach, similar to traditional finance frameworks, aims to enhance risk management and optimizes collateral for institutional clients. This innovation is particularly relevant following the collapse of several centralized crypto firms in 2022, which raised concerns among institutional investors about counterparty risk.

Societe Generale Leads with Tokenized Green Bonds

Societe Generale has issued its first digital green bonds on Ethereum, valued at around €10 million.

Major financial firms AXA Investment Managers and Generali Investments are among the early adopters. 

These bonds feature unique innovations, including the ability to measure carbon emissions of securities and on-chain settlement of securities. 

This move reflects Societe Generale’s commitment to an innovative sustainable bond market and highlights the growing interest of traditional finance in blockchain technology.

This article is not supposed to provide financial advice. Digital assets are risky. Be sure to do your own research and consult your financial advisor before investing.