Weekly Report 12/20–12/26
The MEXC Weekly Report is a recap on some of the biggest news in the blockchain world, in the Around the Blockchain Universe segment.
For the week of December 20 to December 26 according to MEXC Global, the hottest news in crypto world are：
The INTERNATIONAL Monetary Fund has called for greater cross-border regulation and data standardisation in cryptography
The International Monetary Fund (IMF) is still concerned about cryptocurrencies, especially because the market is growing at such a significant rate and regulators are not doing more, CNBC reported Dec. 26. According to data collected by the IMF, the total market value of all cryptocurrency assets exceeded $2 trillion in September, a tenfold increase since the beginning of 2020. “The crypto ecosystem has grown significantly,” Evan Papageorgiou, IMF deputy Managing Director for Global market Monitoring and analysis, said in October. “The process has shown remarkable resilience, but there have been some interesting stress tests.” One issue the IMF wants to highlight is that many individuals and financial institutions trading these crypto assets “lack strong operational, governance and risk practices.” As a result, consumers are at risk and there is “inadequate disclosure and oversight” in this area. In addition, it argues that crypto assets create some “data gaps” and “may open unnecessary doors to money laundering and terrorist financing.” The IMF argues that national regulators should work towards global common rules to strengthen cross-border supervision; Moreover, this is such a new area that national regulators should push for data standardisation. Time is of the essence, and global action must be decisive, swift and coordinated to keep the market flowing while addressing vulnerabilities.
OpenSea: did not participate in the SOS airdrop
On December 26, OpenSea tweeted, “We have received a lot of questions and would like to clarify that we are not involved in the SOS airdrop. We like to see the community find creative ways to advance the field, but we always recommend people research the contract and source before claiming the Token.” OpenDAO has launched an SOS Token airdrop for all OpenSea users who have previously traded on the OpenSea platform. The Token share that users can get is related to the transaction times and ETH, DAI and USDC amount spent. The weight will be calculated according to the above indicators. Users need to get their SOS Token before June 30, 2022.
Economic Daily: virtual currency “mining” supervision can not leave a blind corner
Rhythm BlockBeats news, On December 25, economic Daily published the article “Virtual currency” mining supervision can not leave a blind corner “. Virtual currency “mining” is a backward technology, with high energy consumption and carbon emissions, and high risks arising from production and trading, its blind and disorderly development has a negative impact on high-quality economic and social development, the article said. There is no regulatory blind spot for virtual currency mining. On the one hand, it is necessary for relevant departments to form linkage, strengthen coordination and cooperation, share regulatory information, solve the difficult problems of individual “mining” monitoring and investigation, and form joint remediation force; On the other hand, we should also make good use of technological means, from energy consumption, computing power, capital flow and other aspects of tracking and detection, to achieve the whole process, the whole chain supervision, so that retail investors “mining” there is no escape. In general, under the centralized regulation of various departments and regions, both large-scale and decentralized “mining” have been effectively managed. In the future, with the elimination of regulatory blind areas one by one, it is believed that the realization of virtual currency “mining” zero goal will not be too far away.
The Block Research: Transactions on centralized trading platforms exceeded $14 trillion in 2021, up 689% year on year
According to data from The Block Research, The volume of transactions on centralized trading platforms has exceeded $14 trillion in 2021. As of December 24, The volume of transactions on centralized trading platforms increased 689% from 2020 (approximately $1.8 trillion in 2020).
Turkish people are using cryptocurrency as a means to fight inflation
The Turkish lira fell more than 60% against the dollar this year earlier this week, Zycrypto reported. Turkey’s inflation rate hit a staggering 21.7 percent in November, according to Jarring. These numbers put citizens in a bind, as the rapid decline in values shows few signs of slowing. In the meantime, Turkish people have turned to cryptocurrencies as a hedge against inflation to protect themselves against it. As a result, cryptocurrency trading activity in the country has surged, with Bitcoin and USDT becoming the most commonly adopted assets by citizens.
Crypto Assets Board of India will issue crypto advertising guidelines
Crypto Assets Board of India (BACC) says it will issue crypto advertising guidelines. “We are in discussions with the Advertising Standards Board of India and BACC and are proposing steps that each industry participant should take before fully liberalizing advertising business,” said Ashish Singhal, founder and CEO of CoinSwitch Kuber, a cryptographic trading platform based in India. BACC co-chair Singhal said the guidelines would clearly set out what each cryptographic participant should follow when promoting. The BACC is also working on a standardised code of self-regulation, implementing strict KYC measures, and will continue to address a range of issues including FIU reporting and risk monitoring.
Terra’s DeFi lock-up volume hit an all-time high of $20 billion
According to Data from Defi Llama, the current Defi lockers on Terra chain reached a record high of $20.87 billion, ranking 2nd in the public chain. Currently, the top 5 public chains in terms of lockup volume are Ethereum ($159.07 billion), Terra ($20.87 billion), BSC ($17.35 billion), Avalanche ($12.84 billion), and Solana ($12.23 billion).
The SEC has rejected applications by Valkyrie and Kryptoin for cash Bitcoin ETFs
On December 23, the US Securities and Exchange Commission (SEC) announced that it had rejected two cash Bitcoin exchange traded funds (ETFs) proposed by Valkyrie and Kryptoin. The SEC said Valkyrie and Kryptoin’s spot Bitcoin ETFs failed to meet their obligations under the Securities Exchange Act and the Commission’s rules of business to demonstrate that their proposals met the requirements of national stock exchanges “designed to prevent fraud and manipulation” and “protect investors and the public interest.”
Spain’s Finance ministry requires investors to declare their cryptocurrency holdings
On December 23, users of Spain’s Ministry of Finance will have to provide information about their holdings of Bitcoin and other cryptocurrencies, according to new rules. According to Spanish website The Objective, tax authorities have begun requesting details of publicly owned cryptocurrencies for The past four fiscal years. The government agency has begun sending letters to taxpayers asking for this information for fiscal years starting in 2017, although it has yet to submit forms to include the information in its annual income statement. So far, the letters have only been sent to a handful of contributors. For people who are asked to send messages, they must declare their cryptocurrency balance for the past four years and specify the annual amount.
The Block Research: Crypto companies raised over $25 billion in 2021, up 719% year over year
More than 1,700 crypto-focused VENTURE capital deals took place in 2021, generating an estimated $25.1 billion in funding for these startups, projects, and agreements, according to The Block. Compared with 2020, the new figures show a 126% year-on-year increase in the number of deals and a 719% year-on-year increase in total funds. According to The Block Research, at least 65 companies achieved unicorn status — valued at more than $1 billion — in 2021. Recent unicorn rounds include FTX, Alchemy, TaxBit, and Dune Analytics.
MetaMask will soon release a new version that supports IP-1559
On December 23, MetaMask posted on social media that a new version of IP-1559 will be released soon. The new version will improve the accuracy of gas cost estimates, provide a new UI and simplify the existing advanced Settings.
Ethereum will become a decentralized APP Store by 2023: Microsoft digital Transformation Director
Yorke Rhodes, Director of Digital Transformation at Microsoft, previously predicted that Ethereum could become a decentralized APP Store, or a new Web flagship market, by 2023, because he believes that when compared to Apple’s Profit sharing returns from the Apple Store, ETH has lower fees, does not block transactions like Apple does, and does not have the single point of control risk of a big company. Ben Thompson, a former Microsoft employee, wrote on his Stratechery blog: “This is the role blockchain technology will play, providing exclusivity and portability when needed. Tech markets dominated by Apple, Google and Facebook seem outdated and destined to enter a world of politics and regulation.” Yorke Rhodes agrees that Web3 is still a niche market, but, more broadly, in two years, Web3 will begin to expand beyond that niche and become mainstream.
Crypto Whale bought 4 trillion SHIB tokens worth $136 million in a single day
On December 22, according to WhaleStats, an Ethereum whale tracking platform, a whale added 4 trillion SHIB tokens in the past 24 hours, which is now worth about $136 million. SHIB is by far the largest Token position in the us dollar value of the Account (26.15% of the portfolio). The second highest Token value is Decentraland MANA, which currently accounts for approximately $86 million. It was followed by USDT, valued at $41 million. Shiba Inu has risen 4.3% in the past 24 hours to trade at around $0.00003456 at the time of writing.
Messari Founder: Web3 assigns ownership to users without a capital investment
On December 21, RyanSelkis, founder of Messari, tweeted that the Web3 project department is owned by venture capital firms (VCS) or their limited partners (LP), and some are owned by retail investors. The same is true for bitcoin and twitter. However, only Web3 can assign ownership to users without a basic investment.
DNS Domain name suffix provider. XYZ will create account pages for ethereum addresses
On December 21, DNS suffix provider.xyz released a new service that will help ENS users (i.e., those with Ethereum wallet addresses) create Ethereum account pages. Users can convert the ENS profile into a shareable URL by adding the.xyz suffix to Eth, and the public information associated with the.eth name, including profile pictures and contact information, will be displayed on this page.
TerraUSD (UST) surpassed DAI to become the fourth largest Stablecoin in market capitalization
On December 20th, TerraUSD (UST) has surpassed DAI to become the fourth Stablecoin in terms of market capitalization, with its market capitalization surpassing $9 billion. However, the crypto community believes that Tether (USDT), USD Coin (USDC) and BUSD (BUSD) are all centralized stablecoins, while UST is a decentralized Stablecoin. This means that UST is now the largest decentralized Stablecoin by market capitalization.
Russians have invested 5 trillion rubles in cryptocurrencies
Russians have already invested 5 trillion rubles ($67.44 billion) in cryptocurrencies, so it is necessary to regulate the market, the chairman of the Financial market Committee of the State Duma (lower house of parliament) of the Federal Assembly of Russia said on December 20.
The Dubai World Trade Centre will create a new crypto centre and become a regulator
Dubai World Trade Center (DWTC), an event and exhibition venue owned by the Government of Dubai, officially announced today that it will become a comprehensive district and regulatory authority for cryptocurrencies, products, operators and trading platforms, Cointelegraph reports. As part of the initiative, DWTC will design an integrated ecosystem for Dubai and work with the private sector to create an “attractive environment” for the industry. The DWTC said the program also aims to implement strict investor protection, anti-money laundering measures and anti-terrorism financing standards.
Grayscale GBTC closed at a discount of 21.36% last week, a record high
Grayscale Bitcoin Trust (GBTC) closed last week at a discount of 21.36%, a record high, according to Glassnode data. This means that new investors can buy GBTC shares at a price well below bitcoin’s actual market value, while existing investors face losses due to the six-month lock-in period. GBTC prices fell 3.46% to $43.77 per share on Friday, data showed. However, each GBTC contains 0.00093202 BTCS, which are actually worth $34.42 at the current price of Bitcoin. GBTC is a closed-end fund, so it can not easily increase or decrease the share to adapt to the capital. So its price is largely determined by supply and demand, rather than the value of the underlying assets, as with traditional ETFs.
Study: 0.01% of Bitcoin holders control 27% of circulation
According to a recent study by the National Bureau of Economic Research, bitcoin’s top holders control a larger share of bitcoin than the wealthiest households in the United States control of dollars. According to the study, the top 10,000 bitcoin accounts hold 5 million bitcoins, equivalent to about $232 billion. That means 0.01% of bitcoin holders control 27% of the cryptocurrency’s circulation.
Terra (LUNA) surpassed Avalanche in market capitalization to become the ninth most valuable cryptocurrency
Terra (LUNA) is currently valued at $287.21, according to CoinMarketCap data, surpassing Avalanche (AVAX) at $25.360 billion to become the ninth most valuable cryptocurrency.
USDC issuance topped $42 billion, a record high
$Stablecoin USDC circulation has hit an all-time high of over $42 billion at the time of writing, according to the latest data from BlockBeats. The current USDC circulation rankings by chain are as follows: 1. Circulation on the Ethereum chain was approximately $37,271,405,331 2. Solana chain circulation is approximately $3,996,584,661 3. The Algorand chain circulation is approximately $366,738,220 Circulation on the Wave field chain was approximately $231,434,834 5. Stellar chain circulation is around $162,730,505 6. Avalanche has an estimated circulation of $34,882,440 7. Hedera chain circulation is approximately $7,298,729
Data: Crypto-related sectors attracted about $30 billion in 2021, almost four times the 2018 total
Venture capital funds have poured about $30 billion into crypto and related sectors in 2021, more than the previous years combined, according to BNN Bloomberg. That’s almost four times the $8 billion it made in 2018, the year after bitcoin broke through a 1,300 percent gain.
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