Weekly Crypto Recap (19–26 December)
Without wasting your time, let’s get straight on the highlights of this week.
We will discuss the news that got the spotlight this week; then, we will see this week’s 4 top performers and conclude the letter with some information around the globe.
And one more thing, “you can click on any image to go to its source.”
Daily News Highlights
Employees at the Big 4 are being asked to reveal their crypto assets for this year.
Deloitte, PwC, EY, and KPMG, the Big Four professional services organizations, have requested their executives and partners to declare any cryptocurrency investments they or their family members made during the year.
The firms have also requested details of investments in non-fungible tokens or other crypto assets as part of their annual risk assessment process.
Former Twitter CEO Jack Dorsey says, “Bitcoin will replace the US dollar.”
On Tuesday, former Twitter CEO Jack Dorsey said that Bitcoin would replace the US currency in a recent Twitter exchange with Grammy award-winning artist Cardi B. “Yes, Bitcoin will replace the US currency,” Dorsey said on Twitter in response to Cardi B’s question.
Dorsey is a bitcoin investor. His passion for cryptocurrency began in 2017 when he promoted Bitcoin as the king coin. Even though the crypto market fell in 2018, Dorsey remained undeterred, describing Bitcoin as the “next world currency,” despite the digital currency’s lowest point in several years. Dorsey stated in March 2019 that he spends several thousand dollars each week on Bitcoin.
RadioShack goes on DeFi
RadioShack revealed over the weekend that it is transitioning to a DeFi platform, with the goal of “pushing cryptocurrencies to the mainstream,” according to its redesigned website. “Our goal is to be the first protocol to bridge the gap between DeFi and widespread usage.”
According to the website, it wants to create its own cryptocurrency, dubbed RADIO, at some point in the future.
Former Finance Secretary believes Indian Govt. does not understands crypto
Former Finance Secretary Subhash Chandra Garg told the IANS news agency on Thursday that “he had no faith in the government’s ability to sort out the complexity of this new crypto phenomena,” according to news agency. In addition, he was cited as saying:
I expressed serious doubts when the government had expressed its intent to present the bill about the introduction of the crypto-assets/currencies bill in the winter session of parliament. I am, therefore, not surprised to see the present situation where there is zero clarity over what is the bill.
El Salvador’s president claims that “the dollar is gone and that Bitcoin is the way of the future.”
El Salvador’s President, Nayib Bukele, has shown his enthusiasm for Bitcoin once again. Bukele boldly declared in a tweet that the days of fiat money may be numbered and that Bitcoin is the “true revolution” the world is witnessing right now. El Salvador, according to Bukele, is leading the way in the Bitcoin era.
El Salvador’s president took to Twitter on Friday to say that the “Bitcoin Experiment” has only resulted in the globe adopting the cryptocurrency for good. He stated that it is yet to be seen what impact Bitcoin adoption will have on a country’s economy. He projected that if all goes well, the fiat money days will end soon.
The Swadeshi Jagran Manch has called for a crypto trading ban
The Swadeshi Jagran Manch (SJM) has urged the government to impose an “outright ban” on dealing in cryptocurrencies for Indian residents while allowing individuals who already have them to sell or swap them with disclosures to the Income Tax authorities for a limited period.
With a decision agreed at its national conclave on Sunday, the government stated it should also prohibit online trading platforms from purchasing, selling, or otherwise dealing in cryptocurrencies or crypto assets currently in circulation.
THE 4 BEST PERFORMERS THIS WEEK
DASH/USDT
DASH has gained 16.64% this week and a sharp 29% gain from the lowest price of 20th December, making it the best performer of the week.
Dash is an open-source blockchain and cryptocurrency that aims to provide a decentralized global payments network at a low cost.
This week DASH has been on a steep uptrend and has traveled from a low of 122 USDT to 157 USDT and is currently trading at $154.
I am expecting an up move once DASH crosses the level of $167.
NEO/USDT
NEO has gained 15.63% this week and is the second-best performer of this week.
Neo describes itself as a “rapidly growing and dynamic” ecosystem to lay the groundwork for the next generation of the internet — a new economy based on digitized payments, identities, and assets.
This week NEO has been on an uptrend, and the good thing is that the price is now halted after a good upside momentum; we can see a sharp rally upside once the level of $31.68 is crossed.
The price has traveled from a low of 24 USDT to 30.11 USDT and is currently trading at $29.03.
XMR/USDT
Monero is 3rd on the list, with a gain of 15.2% this week.
Monero’s top priorities are privacy and security, with ease of usage and efficiency coming in second. Its goal is to protect all users, regardless of their technical skill level.
Overall, the goal of XMR is to allow payments to be made rapidly and cheaply without concern of being censored.
I plan to enter long on Monero once the resistance of $215 is retested again and XMR starts moving up.
XRP/USDT
Ripple network has always been in my personal top 5 since I have started trading and investing.
Ripple established XRP as a faster, less expensive, and more scalable alternative to other digital assets and conventional monetary payment networks such as SWIFT, which I like a lot.
XRP has entered our top 4 list with a decent 13% gain rate.
My view on XRP is bullish once the level of $1.03 is crossed. I am holding XRP since it was trading at $0.52.
SOME OTHER NEWS FROM THE WORLD
According to a report, Pakistanis own $20 billion in cryptocurrency.
People in Pakistan have spent a significant amount of money on digital assets due to the lack of laws. According to new data, Pakistanis own $20 billion in Bitcoin, which is supposedly more than their central bank holds in foreign reserves.
The President of Turkey has announced that a crypto-law will be introduced in Parliament.
Turkish President Recep Tayyip Erdoan stated Friday during a news conference in Istanbul that the draught crypto bill is ready and would be delivered to parliament soon.
Fiat-Pegged Tokens Control Over 60% of Crypto Trades, Stablecoin Growth Jumps 3.5% in 2 Weeks to $167 Billion
The stablecoin economy has risen 3.59% in 17 days since December 8, as more fiat-pegged tokens have been released by a number of stablecoin market values this month. The $167 billion market valuation of the stablecoin economy on Saturday, December 25, equals 6.68% of the overall $2.49 trillion crypto market economy.
Final Words
With this I would like to conclude the article, I hope that my content added a bit value to your time. If you think any other news could’ve been added, feel free to use the comment section and generate awareness within our community.
Till then, you can follow me on LinkedIn to stay updated with the trends and get an insight about the markets. There’s a lot more coming in the upcoming days so do SUBSCRIBE the newsletter.
If you liked the content, feel free to share it within our community and if you didn’t liked the content, do let me know that too. So I can improvise next time!
Stay Safe, Stay Healthy and Take care of yourself and your Loved Ones.
