Investors filed a class action lawsuit against Tether’s issuer, Tesla is preparing to sell merchandise for Dogecoin, while Bloomberg predicts massive adoption of cryptocurrencies in the U.S. next year. Read the Weekly recap to find out more about the main events of the crypto market that happened between 8th and 15th December 2021.
In a week, the cryptocurrency market cap decreased by 4.8% – to $ 2.2 trillion, according to CoinMarketCap. Over the month, it fell by 23%. The median value for the past 30 days is $2.5 trillion.
Reduced trading activity was observed during the week. On 12th December, daily trading volumes dropped to a late July low of $70 million. On 15th December, the indicator stayed at about $100 million. Average daily trading volumes for the week amounted to approximately $95 million. Over the past 7 days, they decreased by 4.8%.
The cryptocurrency Fear and Greed Index continued to fluctuate between “Fear” and “Extreme fear” zones during the week. The weekly average stays at 27 points. The worst sentiment was recorded on Saturday, 11th December, when the index dropped to 16 points. On 15th December, the index value stood at 28 points.
Bitcoin’s share of the crypto market recovered slightly over the week after hitting a 3-month low earlier. On 15th December, BTC dominance stood at 41.5% – a 1.5% increase from the value recorded on 8th December.
The share of ether decreased by 1.1% over the same period – to 20.9%. Nevertheless, its dominance remains above the levels observed for the past four years.
Bitcoin’s 30-day volatility index kept rising. Over the past week, it grew by 0.47% to 3.76%. Over the month, the indicator increased by 0.99%.
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▼ 09.12.2021 – Fitch Ratings downgraded homebuilder, China Evergrande Group and its subsidiaries to “restricted default”, over its failure to make two coupon payments by the end of a grace period on 6th December.
▲ 09.12.2021 – Senior Bloomberg analyst, Mike McGlone: we expect the US to adopt cryptocurrencies in 2022.
▼ 09.12.2021 – U.S. President Joe Biden: inflation data for November would not reflect a recent drop in some prices, including energy costs.
▼ 10.12.2021 – US Department of Labor: inflation jumped 6.8% in November – the fastest inflation spike since 1982.
▼ 10.12.2021 – On 17th December, the U.S. Financial Stability Oversight Council will hold a meeting, outlining crypto-asset risks to financial stability.
▼ 12.12.2021 – Natixis Investment Managers survey: more than 50% of institutional investors expect a major correction in the crypto market next year.
▲▼ 13.12.2021 – CoinShares: over the past week, digital asset investment products saw inflows totalling $88 million. However, very mixed flows were observed across providers, with some of them seeing outflows representing 11% of assets under management (AuM) and others seeing inflows representing 14% of AuM.
▲ 13.12.2021 – German savings banks have begun working on a cryptocurrency wallet project for digital asset transactions.
▼ 14.12.2021 – Investors filed a class action lawsuit against Tether, the largest stablecoin issuer, accusing it of “illegal and fraudulent” activities.
▲ 09.12.2021 – MicroStrategy bought an additional 1,434 bitcoins for about $82.4 million between 29th November and 8th December.
▲ 12.12.2021 – Glassnode: the number of bitcoin addresses depositing to exchanges reached a 13-month low.
▲▼ 13.12.2021 – CoinShares: on an aggregate basis, bitcoin saw inflows totalling $51million over the past week – a fivefold decrease from the previous week. Trading volumes across investment products fell by 13% to $3.1 billion for the week.
▼ 14.12.2021 – Santiment: over the past week, the combined balance of addresses holding between 100 and 10,000 BTC has dropped by roughly 40,000 BTC.
▼ 10.12.2021 – Nonprofit organisation, Empower Oversight, filed a lawsuit against the SEC, seeking information on conflicts of interest in cryptocurrency. At Empower Oversight, they believe that the SEC officials acted in favour of Ethereum.
▲ 13.12.2021 – Swiss franchise of Banco Bilbao Vizcaya Argentaria, one of the largest banks in Spain, has added ether to its cryptocurrency custody and trading service.
▼ 13.12.2021 – CoinShares: Ethereum saw minor outflows totalling $17.2 million over the past week for the first time following six weeks of inflows.
▲ 11.12.2021 – Cardano developers have successfully launched a testnet that allows Ethereum-based tokens to migrate to the Cardano ecosystem.
▲ 08.12.2021 – Ripple attorneys called the SEC’s defense aggressive and stated the agency should provide justification for withholding information from the court for each requested document.
▲ 10.12.2021 – Nonprofit organisation, Empower Oversight, filed a lawsuit against the SEC, seeking information on conflicts of interest in cryptocurrency. At Empower Oversight, they believe that the SEC officials acted in favour of Ethereum.
▼ 13.12.2021 – Bitbuy, a Canadian cryptocurrency exchange platform, has announced that it will delist XRP on 13th January 2022.
▲ 14.12.2021 – Elon Musk: Tesla will make some merch buyable with Doge. Dogecoin has moved into the list of top 10 cryptocurrencies by market capitalisation once again.
▲ 09.12.2021 – Decentralised lending/borrowing protocol, Parallel Finance, has won Polkadot’s fourth parachain slot auction.
▲ 08.12.2021 – ICO Analytics: for the second consecutive month, Shiba Inu remains the most discussed cryptocurrency on Twitter among the top 150 coins by market cap.
▲ 08.12.2021 – Shiba Inu is now supported by Avalanche Bridge that allows for fast and easy transfer of SHIB between Avalanche and Ethereum blockchains.
▼ 08.12.2021 – According to SHIBArmy‘s Twitter post, Squid Game (SQUID) scam token creators have bought 3 million SHIB tokens worth $125 million.
▲ 09.12.2021 – Shiba Inu has been added to the BitPay wallet.
▲ 10.12.2021 – CoinDesk: Trading volumes in Turkish lira pairs with Shiba Inu and Tether were more than five times higher than that of the bitcoin-Turkish lira pair amid a sharp devaluation of the lira.
▲ 10.12.2021 – The Flexa payment network has added Shiba Inu as a payment option at more than 40,000 stores across the USA.
▲ 13.12.2021 – CoinShares: last week, Tron-based investment products ranked third in terms of inflows, attracting over $17.2 million. Thanks to this, Tron’s total AUM has surpassed those of cardano and polkadot: $92 million, $68 million and $89 million, respectively.
▲ 07.12.2021 – Former Google CEO, Eric Schmidt, takes over as strategic advisor to Chainlink Labs.
▲ 08.12.2021 – Santiment: Link whales started accumulating as the LINK price rose to $22 on 8th December. Addresses holding between 100 thousand to 10 million LINK have purchased an additional 3 million tokens. They now own 23.6% of the LINK circulation supply.
▲ 14.12.2021 – The Stellar Development Foundation has announced the launch of the e-hryvnia pilot which is based on the Stellar blockchain.
▲ 13.12.2021 – The ETC Group announced that its Tezos ETC product (EXTZ) has been launched on the Deutsche Börse Xetra exchange.
▲▼ 08.12.2021 – The EOS community has decided to halt regular payments to Block.one, claiming that it is no longer acting in the network’s best interests.
▲ 08.12.2021 – The launch of the trustless Ethereum bridge that will give the Harmony network access to ETH-native tokens is scheduled for 20th December.
▲ 11.12.2021 – AAG Ventures will become the first play to earn (p2e) game project to be backed by Harmony.
▲ 14.12.2021 – The Wirex team has introduced a super-secure, non-custodial app that helps manage digital assets and provides direct access to DeFi.
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