Strengths
- Of the cryptocurrencies tracked by CoinMarketCap, the best performer for the week was Render Token, rising 38.96%.
- Bitcoin’s rebound could be just the start of a rally that may take it past $50,000 next year courtesy of a process known as halving, which curbs the supply of new tokens. The quadrennial event is due next around April 2024 and part of the process of capping Bitcoin supply at 21 million. The token hit records after each of the last three halvings, writes Bloomberg.
- Tether’s stablecoin is on the verge of recovering all of the market value lost in the wake of the collapse of algorithmic rival TerraUSD less than a year ago. The recovery is a testament to the dominant role Tether plays in crypto as a means for conducting transactions and storing value.
Weaknesses
- Of the cryptocurrencies tracked by CoinMarketCap, the worst performing for the week was PancakeSwap down 19.35%.
- Bitcoin reached an almost four-week low, with the asset continuing to lose momentum since breaking above $30,000 earlier this month for the first time since June. Now $25,000 comes into fresh focus, writes Bloomberg.
- Coinbase Global Inc. is delivering a last warning to the Securities and Exchange Commission (SEC) that it won't be simple to take down. According to Chief Legal Officer Paul Grewal, the corporation would prefer not to sue. In an interview, he remarked, "We didn't pick this fight." When asked about the company's answer, an SEC spokeswoman said the agency doesn't disclose investigations until civil charges are filed.
Opportunities
- Zimbabwe needs $100 million of gold to kick-start its proposed bullion-backed digital currency, as the southern African nation makes another attempt to stabilize its floundering dollar. The central bank will rely on gold reserves, which it has been accumulating to support the initiative and stem the local currency’s volatility.
- Polygon Labs announced a partnership with Google Cloud this week. As part of the agreement, the cloud computing behemoth will provide assistance for Polygon. Furthermore, Google Cloud will provide infrastructure to enable Polygon zkEVM.
- Crypto.com today announced a partnership with Samsung for the latest Crypto.com App update, Version 3.158.1, which includes an optimized experience for Samsung Galaxy Z Fold smartphones, including the latest Galaxy Z Fold4. The advanced app features will improve productivity, multitasking and trading and analyzing capabilities. Crypto.com is the first cryptocurrency platform to provide a personalized experience for Galaxy Z Fold devices.
Threats
- South Korea indicted Terraform Labs co-founder Daniel Shin along with nine others on multiple charges, including violations of capital markets law related to Terra cryptocurrency project, writes Bloomberg.
- The U.S. has charged a North Korean bank official over his alleged involvement in laundering cryptocurrency stolen on behalf of Pyongyang. Sim Hyon Sop, a representative of the North Korean Foreign Trade Bank, is suspected of conspiring with cryptocurrency traders to use stolen funds to buy goods for North Korea, writes Bloomberg.
- Bank turbulence impacted the market again this week, and as blockchains keep money in traditional banks, this turbulence could impact those as well. The financial system is more connected than many people realize.
