White House Urges Congress to Take Action on Crypto Regulation

• Four senior White House officials posted a blog criticizing Congress for failing to enact cryptocurrency regulations.
• The White House called for lawmakers to expedite their efforts to develop a crypto regulatory framework, including increasing transparency, disclosure requirements, and assisting law enforcement.
• However, crypto regulations have not been the priority of President Joe Biden either.

Yesterday, four senior White House officials posted a blog voicing their frustrations over Congress‘ inactivity in enacting cryptocurrency regulations. The blog highlighted the need for lawmakers to expedite their efforts in developing a comprehensive national crypto regulatory framework, as the current lack of such a framework could lead to further exploitation of the crypto sector by bad actors.

The White House outlined several steps that Congress should take in order to combat fraud and protect consumers in the crypto space. These included increasing the powers of regulatory agencies like the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC), as well as increasing transparency and disclosure requirements for cryptocurrency companies. They also recommended that Congress should assist law enforcement by increasing funding, toughening penalties for existing finance rules, and improving those rules to penalize intermediaries. Furthermore, the White House suggested enacting legislation to regulate stablecoins.

Unfortunately, President Joe Biden’s administration has not given priority to crypto regulations either. The note apparently refers to the House Republican leadership’s recent announcement of the new Subcommittee on Digital Assets, Financial Technology and Inclusion, which could lead to the loosening of regulations at this critical juncture.

The senior White House officials warned that the lack of a comprehensive crypto regulatory framework could put consumers at risk, and asked Congress to take action in order to protect their interests. They urged Congress to take a more proactive approach to crypto regulations and to take immediate steps to increase transparency, disclosure requirements, and to assist law enforcement in order to protect consumers. It remains to be seen if Congress will heed the White House’s call and enact the necessary regulations to protect the crypto sector.

Cardano Gains Momentum With Djed Launch and Growing Network

• Cardano’s momentum is increasing as the Djed stablecoin launch approaches.
• The Cardano network has been growing significantly, adding over 22,000 new staking addresses each month for 13 months and over 300% growth in the number of Cardano-based smart contracts.
• Charles Hoskinson has also provided updates on the development of the organization’s new privacy-focused blockchain, Midnight.

The Cardano platform has seen its fair share of ups and downs this year, but it appears that the team behind the project is not slowing down. With the highly anticipated launch of the Djed stablecoin, the Cardano ecosystem is generating a lot of excitement and momentum.

Djed is an algorithmic stablecoin that uses over-collateralization and crypto-backing to maintain its stability. It was created by IOG, a supporter of Cardano, and is run on Coti, a layer-1 scalable enterprise network. This new initiative is expected to bring further adoption and use cases to the Cardano blockchain, and it is already generating a lot of hype.

The Cardano network has also been undergoing a lot of development and growth. For the past 13 months, Cardano has been adding over 22,000 new staking addresses per month. The network has also seen a huge surge in the number of Cardano-based smart contracts, which for the first time has topped 4,000. This is a remarkable achievement, as it shows that the platform is growing and gaining traction.

Charles Hoskinson, the founder of Cardano, has also provided updates on the development of the organization’s new privacy-focused blockchain, Midnight. This new blockchain aims to address the issue of smart contracts’ confidentiality by creating a confidentiality framework. This is an exciting development for the Cardano network and could potentially open up new use cases and possibilities for the platform.

Overall, it seems that the Cardano platform is gaining a lot of momentum and is continuing to grow and develop despite the challenging market conditions. With the launch of the Djed stablecoin, the increased number of staking addresses, and the development of the Midnight privacy-focused blockchain, Cardano is looking to further solidify its position as one of the top-tier blockchain networks.

16M ETH Staked in Ethereum’s Beacon Chain: Ethereum Whales on the Rise

• Ethereum has achieved a major milestone as more than 16 million ether (ETH) have been deposited into its Beacon Chain staking contract.
• Ethereum whales have been building up, and the fifth-largest accumulation day in a year was recorded last week.
• Ethereum has typically outperformed Bitcoin, making it a sound investment in the long run.

Ethereum has recently accomplished an important milestone in the cryptocurrency world. According to Etherscan, more than 16 million ether (ETH) have been deposited into the Beacon Chain staking contract on Ethereum. At the current pricing, this amounts to roughly $22.38 billion. This is a remarkable achievement since it comes two years after the establishment of Ethereum’s staking contract in 2020, the year that the network’s proof-of-stake Beacon Chain was first introduced.

The successful switch to a proof-of-stake network has been a boon for Ethereum, as it has allowed for more efficient transactions with lower fees. This is one of the reasons why Ethereum has been one of the top performing cryptocurrencies in the market. In addition, its recent success has also been bolstered by the increasing activity of Ethereum whales.

Last week, the fifth-largest accumulation day in a year was recorded as Ethereum whale activity reached a new level. According to a Santiment report, „Ethereum’s large key addresses have been growing in number since the #FTX debacle in early November. Pictured are the key moments where shark & whale addresses have accumulated & dumped. The number of 100 to 100k $ETH addresses is at a 20-month high.“

The Ethereum whales have been building up their positions since the FTX problem developed over this month of November, almost reaching the lows during the FTX collapse-driven meltdown of the cryptocurrency market. However, Ethereum was able to bounce back quickly and maintain above those levels as well. This trend has been seen in the past as Ethereum has typically outperformed Bitcoin, making it a sound investment in the long run.

With the major milestone of 16 million ether (ETH) being deposited into the Beacon Chain staking contract, and the increasing activity of Ethereum whales, it can be argued that buying Ethereum is a wise move. Ethereum’s proof-of-stake network and its ability to outperform Bitcoin makes it an attractive investment option for those looking to diversify their portfolios.

Institutional Investors Betting on Bitcoin: Is 2023 the Start of the Bull Run?

• The hashrate of Bitcoin increased from 170 exahash per second (EH/s) to 300 exahash per second (EH/s) on December 25, 2022.
• Since the beginning of 2022, the largest cryptocurrency in the world by market capitalization has lost almost 65% of its value.
• Institutional investors are betting on Bitcoin and some scholars believe 2023 might mark the start of the accumulation phase.

Bitcoin has had a turbulent couple of months, with the world’s largest cryptocurrency by market capitalization losing around 65% of its value since the beginning of the year. On December 25, 2022, the hashrate of Bitcoin increased from the low 170 exahash per second (EH/s) to above the 300 exahash level. This was largely attributed to the temporary shutdown of a number of Texas-based bitcoin mining companies. Additionally, three-day hashrate distribution statistics taken on December 29, 2022 showed that two mining pools control more than 50% of the world’s hashrate.

The downturn in the price of Bitcoin has been hard on investors, with more than 50% of BTC investors currently losing money. However, there is hope that Bitcoin will make a comeback in 2023. This is largely due to the fact that institutional investors are placing substantial bets on Bitcoin. For example, Michael Saylor, a co-founder of MicroStrategy, has a strong bullish outlook for Bitcoin and his company owns approximately 130,000 BTC, or 0.62% of the 19 million Bitcoin currently in circulation. Furthermore, history has shown that bull runs in the price of Bitcoin typically last four years and the initial step of this cycle is the accumulation of Bitcoin, which could potentially start in 2023.

Another factor that could contribute to the positive outlook for Bitcoin in 2023 is the possibility of positive economic news which might prompt investors to reevaluate their assumptions that the Federal Reserve would switch to a more dovish monetary policy any time soon. This could lead to an increase in demand for Bitcoin as investors look for other alternative investments.

Overall, the outlook for Bitcoin in 2023 is mixed but there are a number of indications that suggest Bitcoin could make a comeback in the near future. With institutional investors betting on Bitcoin and the potential for positive economic news, the future looks bright for the world’s largest cryptocurrency.

Shiba Inu (SHIB) Plunges 65%, But Investors Still Optimistic

• Shiba Inu (SHIB) has seen a dramatic 65% drop in value since the collapse of the Terra ecosystem in May.
• Despite the coin’s efforts to build a full-fledged ecosystem consisting of blockchain games, NFTs and a metaverse platform, it has still struggled to perform well.
• Shiba Inu has been successful in attracting people who missed the Dogecoin craze previously, and its popularity has been further increased by tech billionaires Elon Musk and Vitalik Buterin.

The price of Shiba Inu (SHIB) has experienced a dramatic fall of 65% since the collapse of the Terra ecosystem in May this year. This has had particularly adverse effects on the Shiba Inu (SHIB) coin. As of the end of 2022, SHIB was trading at $0.00000807 on the charts with a market capitalization of $4.7 billion, making it the 17th largest cryptocurrency today. It is also the second-most popular memecoin, trailing only Dogecoin (DOGE).

Despite its efforts to build a full-fledged ecosystem that consists of blockchain games, NFTs and a metaverse platform, the Shiba Inu coin has failed to perform well and has lost around 90% of its all-time high price. Despite this, the most active crypto community on Twitter remains optimistic about the canine coin’s future.

Shiba Inu is a coin that was founded in 2020 by an anonymous techpreneur and has since grown in popularity. The project has been praised by tech billionaires Elon Musk and Vitalik Buterin. Shiba Inu has also been successful in attracting people who missed the Dogecoin craze previously. Its popularity has been further increased by investors seeking to join the joke.

Shiba Inu has also been known to be disruptive when it comes to management and operations. Its decentralized governance system ensures that there is no single person or entity that can control the coin. This has been a major draw for investors who are interested in the project.

The future of Shiba Inu (SHIB) remains uncertain. It has been a rollercoaster ride for investors who have been involved in the project since its launch. With the current market conditions, it is difficult to predict what will happen to the price of the coin. However, the Shiba Inu community remains optimistic about its future and is confident that it will continue to be a top performer in the crypto space.

Polygon [MATIC] Faces Critical Juncture as Bears Take Control

• Polygon [MATIC] experienced several price rejections at $0.7652 and broke through several support levels.
• Technical indicators suggested that MATIC could plummet further and break below $0.7652.
• A break above $0.7781 would invalidate the bearish market structure.

Polygon (MATIC) has recently experienced a downward trend, with several price rejections at $0.7652 and several support levels being broken. Technical indicators suggest that the price of MATIC could continue to fall and break below $0.7652.

The Relative Strength Index (RSI) has fallen from the upper ranges into oversold territory, indicating a decline in buying pressure and an increase in selling pressure. On-balance volume (OBV) has also declined steadily, suggesting that the decline in trading volume has contributed to the lack of buying pressure. Furthermore, Chaikin Money Flow (CMF) has also been below zero, indicating that the bears have more influence on the market at the time of writing.

These conditions all suggest that MATIC could break below $0.7652 and find new support at $0.7571 or $0.7524 if the selling pressure continues. These levels can serve as targets for short-selling, or as discounted buying opportunities as MATIC is in an oversold area. However, if the bulls manage to push the price of MATIC above $0.7781, it would invalidate the bearish market structure.

Overall, MATIC is at a critical juncture. The technical indicators suggest further bearish pressure, but a break above $0.7781 could indicate a potential reversal. Investors should keep a close eye on the price of MATIC in the coming days and hours, as the outcome of this situation will be crucial in determining the future direction of the coin.

BNB Chain: High Throughput, Low Fees, and Improved Security in 2023

• BNB Chain has the second largest TVL after Ethereum, with a total value locked (TVL) of $4.05 billion.
• BNB Chain is highly regarded for its high throughput, low fees, and rapid transaction processing.
• 12% of all BNB Chain tokens are scams, and a hardfork upgrade is expected in 2023 which will integrate the staking economy onto Beacon Chain.

Binance Chain, the second largest layer 1 ecosystem after Ethereum, has seen its total value locked (TVL) drop by 63% since January, with a current TVL of $4.05 billion. Despite the decline, BNB Chain remains highly regarded for its high throughput, low fees, and rapid transaction processing. This has made it a cost-effective alternative to Ethereum, housing 484 DeFi projects with a 10.4% market share of the overall decentralized finance (DeFi) ecosystem.

In addition to its popularity, BNB Chain has also been associated with scam tokens. In a recently released report by Binance Research, 37% of projects in the gaming vertical of the web3 ecosystem are built on BNB Chain. However, many have turned out to be rug pulls due to the play-to-earn and get-rich-quick models adopted by many of these games. As reported by Solidus Labs, 12% of all BNB Chain tokens are scams, which is the highest of any blockchain. In comparison, 8% of all Ethereum tokens are programmed to execute rug pulls.

In order to address the issue of scams and improve the network, BNB Chain is set to undergo a hardfork upgrade in 2023. The upgrade will integrate the staking economy onto Beacon Chain, allowing users to stake their tokens and benefit from the rewards generated. Additionally, it will improve the security of the BNB Chain network, making it more robust and reliable.

As the BNB Chain continues to grow and develop, users can expect a more secure and reliable network with even greater opportunities for DeFi projects. With the upcoming hardfork upgrade set to take place in 2023, users can look forward to a more robust and secure BNB Chain.

Monero Bulls Look to Defend Key Support Level from Bears

• Monero faced strong resistance in the $150-$160 region since mid-September.
• The Volume Profile tool highlighted heavy resistance at $147, with a Point of Control at $147, Value Area High at $167 and Value Area Low at $126.
• Technical indicators showed bulls have some hope, so long as a critical level of support was defended.

Monero has been facing a tough battle against the bears since mid-September, when the price encountered stiff resistance in the $150-$160 region. The Volume Profile Visible Range (VPVR) tool plotted the Point of Control to lie at $147, with the Value Area High and Low at $167 and $126 respectively. The entire area from $144-$148 was a high-volume node as per the VPVR, indicating that this area would likely pose heavy resistance to the price.

The technical indicators appeared to be in favor of the bulls, so long as the crucial level of support at $139.4 was defended. A daily session close below this level would indicate a shift in favor of the sellers. Even so, the $135 level could serve as support yet again and repel the bears. A safe entry for buyers could be the $134-$140 region, targeting the Value Area High at $167 to take profit at. The local top from November at $160 could also be used to take a profit.

The Relative Strength Index (RSI) stayed above the neutral 50 level despite the pullback from $151 over the past two weeks. The On-Balance Volume (OBV) was even more encouraging and formed a series of higher lows since November, indicating the presence of steady demand behind the price.

Monero bulls have shown that they have some fight left in them, but they must be aware of the key support and resistance levels if they are to make any further progress in the market.

MicroStrategy Continues Bullish Bitcoin Bet, Adds Nearly 2,500 BTCs in 2021

• MicroStrategy Inc. purchased nearly 2,395 BTCs from November to December 2021 for $42.8 million.
• The firm sold 704 BTCs on December 22, 2022 for an average amount of $16,776.
• MicroStrategy now holds a total of 132,500 BTCs, with each costing nearly $30,397.

MicroStrategy Inc., headed by CEO Michael Saylor, is continuing to demonstrate its bullish stance on Bitcoin (BTC) in spite of the current market downturn. The American firm has ramped up its Bitcoin holdings by 2,500 between November and December 2021, purchasing nearly 2,395 BTCs for $42.8 million. The purchase was made in cash and the firm paid an average amount of $17,871 for each BTC.

For the first time, MicroStrategy also sold some of its BTCs. On December 22, 2022, the firm sold 704 BTCs for $11.8 million, with each coin selling for an average of $16,776. This move was driven by the potential tax benefit that the firm would gain. The filing stated that the company plans to carry back the capital losses resulting from this transaction against previous capital gains, in order to generate a tax benefit.

On December 24, 2022, MicroStrategy purchased 810 additional BTCs for $13.6 million in cash. The firm paid approximately $16,845 for each BTC in this purchase round. This brings the total number of BTCs owned by the company to 132,500 as of December 27, 2022, with each costing nearly $30,397.

In the face of market volatility, MicroStrategy continues to demonstrate its bullish stance on Bitcoin’s future value. The firm’s SEC filing reads, „MicroStrategy believes that its investment in bitcoin continues to represent a strong strategic and financial opportunity for the company.“ This marks the continuation of the firm’s trend of increasing its Bitcoin holdings in order to maximize long-term value for shareholders.

Midas Investments Shifts to CeDeFi Model After $50M Loss in 2022

• Midas Investments announced that it will be winding down its operations due to significant losses incurred in 2022.
• According to the firm’s founder and CEO, the DeFi portfolio suffered a cumulative loss of $50 million in spring 2022.
• Going forward, the firm will be shifting to a centralized decentralized finance (CeDeFi) model.

Midas Investments recently announced that it will be winding down its operations due to significant losses incurred in 2022. This move came after a year of catastrophic market events that led to a total of $50 million losses for the firm. According to lakov „Trevor“ Levin, founder and CEO Midas Investments, the firm’s DeFi portfolio suffered a cumulative loss of $50 million in spring 2022 alone. This represented 20% of Midas‘ $250 million of assets under management (AUM). As of 28 December, the investment firm stood in the face of $115 million worth of liabilities, against $51.7 million in assets. This presented a $63.3 million deficit in its balance sheet.

Additionally, this also included $14 million lost to Ichi Protocol and another $15 million to DeFi Alpha portfolio position’s decreasing value. Other high-profile market events including the downfall of crypto lender Celsius and Bahamas-based crypto exchange FTX also contributed to Midas‘ predicament. These events led to an outflow of assets representing more than 60% of its AUM.

In order to rebalance the accounts of its users, Midas suspended withdrawals for a few hours to facilitate this rebalancing. Withdrawals have since been enabled. Additionally, the CEO laid out a centralized decentralized finance (CeDeFi) vision for the company going forward. This model focuses on a project that is in line with the firm’s vision of CeDeFi, a system of decentralized finance that is backed by centralized infrastructure.

Going forward, the firm will be shifting to a CeDeFi model that allows users to access services like smart contract execution, trustless asset storage, and tokenized asset custody. This shift is expected to help the firm create a more secure and reliable system with higher liquidity and lower fees. Further, it will also enable users to access a variety of decentralized financial offerings, such as lending, derivatives, and asset management.

Midas Investments‘ shift to CeDeFi is expected to help the firm improve its services and offer more secure and reliable solutions to its users. It will be interesting to see how this new model will shape the future of the investment firm.