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Top 17 Hot Altcoin Events of December 2022

Posted on by Subh Rath

Many fascinating and large-scale events dedicated to FinTech, artificial intelligence, Web3 — blockchain technology, NFT, etc., will delight the cryptocurrency community in December. 

This post has compiled the most current crypto happenings by the first half of December 2022. Keep Reading!

  1. Social media users are spreading rumors that Twitter might make its currency called “Twitter Coin,” which could be used to pay for things and give tips on the network. Fans found a hidden ” Coins ” section on “Tips” on Twitter.
  2. The United Kingdom is now ready to set rules for cryptocurrencies.
  3. Sam Bankman-Fried was called “one of the worst thieves in history” by the CEO of Binance, Changpeng “CZ” Zhao after his FTX cryptocurrency exchange went bankrupt and left more than a million people out of pocket. “He’s also a master at using the media and influential people to get what he wants,” CZ said. 
  4. The Securities and Exchange Commission (SEC) has created new rules for companies that make financial disclosures in response to recent market turmoil. These rules require companies to give a complete record of their ties to the crypto industry.
  5. Users who don’t have a SIM card can still sign up for Telegram and log in with anonymous numbers powered by blockchain and available on the Fragment platform.
  6. Binance is talking about buying the cryptocurrency exchange Tokocrypto, based in Indonesia.
  7. Sam Bankman-Fried, who ran Alameda Research, gave secret help to the crypto media site “The Block” and its CEO. However, when the loans were made public, CEO Michael McCaffrey quit.
  8. Nexo will stop selling its Earn product in several states in the US.
  9. Federal prosecutors in the United States are investigating whether the founder of FTX, SBF, messed with the market.
  10. Sam Bankman-Fried, the former CEO of the now-defunct cryptocurrency exchange FTX, has said he is willing to talk to the House Financial Services Committee.
  11. OpenSea has announced that animated NFTs are coming out.
  12. After losing $94.7 million in the third quarter and letting go of employees in its digital assets section, GameStop said it would no longer focus on cryptocurrencies.
  13. Goldman Sachs plans to spend tens of millions to buy or invest in crypto firms. This is because the collapse of the FTX exchange caused prices to drop and investors to lose interest.
  14. ConsenSys clarified to address the growing concerns about user data privacy. Furthermore, the company plans to get sensitive user data and store it for seven days.
  15. Coinbase allowed users to choose the reliable stablecoin USDC and didn’t charge a fee to convert USDT to USDC.
  16. The company that makes stablecoins, Tether, has said that Tether Gold (XAU) and Euro Tether (EUR) will be available on the cryptocurrency market Huobi Global. Tether has put its Chinese Yuan (CNH), held outside of China, on the Tron blockchain.
  17. Genesis Creditor Groups have given out loans worth a total of $1.8 billion, which is still growing.

So which of the above news updates were you awaiting?

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Coachella Created a New Scoreboard 

Posted on by Bob Coiney

It’s no more news that the next Tech inclined driver of the decades ahead will hinge on NFTs and their value creation to humanity as part of the world’s next workstation. Quintessentially, the face of art, its work forms, and every beauty element it embraces/portrays will be a thing that appeases man’s fantasy. Understanding that the world isn’t just evolving but staying evolved can be a great mechanical drive to why many smart innovators are gradually dominating NFT Hubs.

Scintillating Facts About Coachella

Coachella Collectibles is a first-of-its-kind opportunity to own lifetime festival NFT passes, unlocking unique on-site experiences, physical items, digital collectibles, and more. The Coachella Valley Music and Arts Festival (commonly called Coachella or the Coachella Festival) is an annual music and arts festival held at the Empire Polo Club in Indio, California, in the Coachella Valley in the Colorado Desert. It was co-founded by Paul Tollett and Rick Van Santen in 1999 and is organized by Goldenvoice, a subsidiary of AEG Presents.

Coachella showcases popular and established musical artists as well as emerging artists and reunited groups. It is one of the largest, most famous, and most profitable music festivals in the United States and the World. Each Coachella staged from 2013 to 2015 set new records for festival attendance and gross revenues. The 2017 festival was attended by 250,000 people and grossed $114.6 million. Coachella’s success led to Goldenvoice establishing additional music festivals at the site, including the annual Stagecoach country music festival beginning in 2007, the Big 4 thrash metal festival in 2011, and the classic rock-oriented Desert Trip in 2016.

Coachella Announces New Partnership Feats.

Coachella announced its recent partnership with FTX US (A leading centralized cryptocurrency exchange specializing in derivatives and leveraged products. FTX offers a range of trading products, including derivatives, options, volatility products, and leveraged tokens. It also provides spot markets in over 100 cryptocurrency trading pairs such as BTC/USDT, ETH/USDT, XRP/USDT, and its native token FTT/USDT) to build an environmentally friendly marketplace on Solana. Whilst this is done, a portion of the proceeds from each item will be donated to GiveDirectly, LideresCampesinas & FindFoodBank. A royalty will also support the creators involved and It promises more novel NFT experiences to come. 

Her partnership with FTX to build an environmentally friendly marketplace with Solana breeds ease for the general public, as many don’t seem easy on Crypto/NFTs as PoW. This however doesn’t seem like a win-win situation as Coachella has smartly changed the narrative. 

Among the three listed organizations, Coachella intends to send her proceeds to, FindFoodBank stands out. FIND is a non-profit, community-based organization located in the Coachella Valley Desert Region that is dedicated to mobilizing the resources in the community through education and awareness to relieve hunger, the causes of hunger, and the problems associated with hunger. FIND provides food for more than 80 other non-profit agencies in eastern Riverside County and southern San Bernardino county including emergency food pantries, soup kitchens, senior centers, after-school programs, and homeless shelters. FIND is the Feeding America network food bank and official USDA Emergency Food Distributor for 5,000 square miles of our Desert Region.

Crypto Exchange Firm Announces New Funding Valued at $420 Million

Posted on by Bob Coiney

Over the past few months, Bahamas-based crypto exchange firm FTX has been expanding its platform and recently announced that it has raised $420,690,000 in a Series B-1 funding round. About Sixty-nine investors were reported to have taken part in this recent funding, including firms like BlackRock,  Tiger Global, Ontario Teachers’ Pension Plan Board, Singapore’s Temasek,  and Sequoia.

According to reports,  investors valued the company at $25 billion, up roughly 39% from the Series B sticker price set in July when it collected $900 million in crypto’s largest-ever venture capital round. As part of the huge growth witnessed in the exchange firm, users have increased by 48 percent, while trade volume has increased by 75 percent.

The fresh round of funding comes just one day after bitcoin reached a new high of more than $66,000. Investors are ecstatic about the debut of the first U.S. exchange-traded fund that tracks bitcoin futures, a significant step that brings crypto closer to Wall Street.

More Plans to Spread

This year, FTX has been out to spread the adoption of cryptocurrency in various industries and has spent a lot of money on sports advertising, with a partnership with  Major League Baseball announced a few weeks ago. Getting some of the big players in the sporting scene is one of the strategies it has adopted to advance its frontiers.

With a plethora of venture funding and multimillion-dollar-per-day revenue streams, the CEO, Bankman-Fried,

Is contemplating a series of acquisitions and collaborations to expand FTX into other nations and reach a larger audience.

In an interview,  FTX’s CEO noted that the firm had done over half a billion worth of acquisitions, adding that some of the firms are quite sizable.  The financial muscles being flexed by FTX shows how much it is growing in the crypto space every day and is wielding much power.

FTX is now a Giant in the Crypto Space 

FTX, previously exclusively an international crypto derivatives exchange, now has a US subsidiary with its own NFT marketplace and plans to sell regulated futures products.

Last week, FTX demonstrated its dominance in the cryptosphere by banning NFTs projects with revenue-sharing systems from listing on its exchange. To comply, a number of projects, like Solarians, rapidly dropped that function, enraging a large number of buyers.

FTX competes with Coinbase, Binance, and Kraken as one of the world’s largest digital currency exchanges. It specializes in derivatives and leveraged trading, which involves using borrowed cash to increase the size of a trade.

In an interview, FTX CEO noted that the firm was set up to create a better financial market but has since evolved and grown to include newer ambitions. He said, “We founded FTX two years ago with the idea of creating a better financial marketplace.

Today we are focused on establishing FTX as a trustworthy and innovative exchange by regularly engaging with regulators around the world, and constantly seeking opportunities to enhance our offerings for digital asset investors.”

 

FTX is Adding Silver Stocks Because of A Reddit-Led Market Surge

Posted on by Bob Coiney

FTX, which is a popular cryptocurrency exchange, is listing tokenized silver stocks and futures. This was in response to the rising demand for the physical asset. 

A news publication on cryptobriefing said that Sam Bankman-Fried’s cryptocurrency exchange added silver to its growing traditional assets list. This is because of a market surge due to a group of Reddit users.

If you thought the GME drama was over, you are wrong.

Silver found itself reaching a new high in almost 7 years and is up 20% since Thursday. With the rise in demand, the precious metal is running scarce among several established dealers.

Yahs Sojourners is a crypto analyst who had this to tweet on FTX adding silver stocks in a Reddit market that witnessed a surge.

Reddit seems to be an action-packed social media platform for a majority of users to hit back at the market. Last month saw GME, and now it is silver. FTX has no other option but to list more stocks.

The Sam Bankman-Fried cryptocurrency exchange added the stocks over the weekend. Just last week, FTX listed GME stocks for traders to speculate. Its investors were able to push the GME to $490 pre-market on Thursday.

Last week was undoubtedly one of the most unforgettable ones in the history of the trade market. 

Why is the market turning to silver? 

The weekend saw some activity on Reddit with their users on the subreddit r/wallstreetsilver.

Many were on active threads titled “Silver $25 to $1000 #silversqueeze.” 

Surprisingly, investors are delved into silver as these threads argue that larger-scale institutions are immensely controlling precious metal’s prices. The original post read that large financial institutions are manipulating the price of metals. 

You would be glad to know that silver is around $30 per ounce today. This makes it the highest it has ever been since 2013. That is almost after a gap of 7 years. Since Thursday last week, the precious metal was up 20%. 

Silver dealers have woken up with the new development. Like SD Bullion, JM Bullion, and Apmex, a few of them are actively trading the physical asset and reported shortages. The dealers have expressed their inability to provide the silver products on time due to the unexpected demand. 

One thing is sure, the movement of the market is going to be critical this week, as if the last month of the new year, 2021, had no action. 

Melvin Capital Has Announced it is Closing Short, Tokenized GME Sinks on FTX

Posted on by Bob Coiney

Melvin Capital has announced that it is closing its GME position. This has had a drastic effect on the stocks as they have sunk more than 40% on FTX in the latest twist to the GameStop saga.

A news post on cryptobriefing claimed that today morning, Melvin Capital announced they are going to close its position on GME. The FTX has listed tokenized stocks and futures for GameStop because of the announcement of the asset’s sudden rise in the stock market.

As a result of Melvin Capital’s announcement, the tokenized GME stocks have plunged more than 40%. The GME closed at $148 last night. That was thanks to a short squeeze generated due to few generous Reddit users.

John Morgan is a market analyst and trader in the bitcoin market, had this to tweet on Melvin Capital Closes Short, Tokenized GME Plummets on FTX.

As soon as the news reached traders, the tokenized GameStop Stocks (GME) started to sink quicker than the Titanic on FTX. FTX is one of the most popular exchanges that is facilitating trading on the tokenized stocks and futures. 

Unfortunately, what was supposed to be a good week for GameStop turned out to be the worst for it. The tokenized stocks on FTX sunk from $350 to $180. However, they have managed to remain stable at $212, which resulted in a 35% retrace.

The futures are also down from reaching $350 to $200 with a massive 40% drop. The news was broken on CNBC. Earlier this week, they accounted that Melvin Capital would receive a bailout amounting to $2.75 billion from Citadel and Point72.

Early this year, their stock was hitting more than 50% with the news of Chewy founder Ryan Cohen’s appointment. Due to the decrease in price, Melvin Capital had to take short positions on GME. 

A group of Reddit users, part of the subreddit /r/wallstreetbets, came together to pool in a short squeeze. This led to a small increase in GME. It is to be noted that two billionaires, Elon Musk and Chamath Palihapitiya, helped raged the flames on Twitter. 

Mike Novogratz, who is Galaxy Digital founder, said on Twitter that the short squeeze was “a colossal endorsement of DeFi.” One can only wait and hope for the remaining drama to unfold once the New York Stock Exchange opens at 09:30 Eastern Time.