Top Stories This Week
7 class action lawsuits have been filed against SBF so far, records show
3AC subpoenas issued as dispute grows over claims of Terraform dump
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Is China softening on Bitcoin? A turn of phrase stirs the crypto world
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Building community resilience to crises through mutual aid and Web3
USDC issuer Circle terminates SPAC merger with Concord
Bankruptcy judge orders $44M in crypto to be returned to Celsius customers
Goldman Sachs reportedly looking to buy crypto firms after FTX collapse
Winners and Losers
At the end of the week, Bitcoin (BTC) is at $17,118, Ether (ETH) at $1,263 and XRP at $0.38. The total market cap is at $852.99 billion, according to CoinMarketCap.
Among the biggest 100 cryptocurrencies, the top three altcoin gainers of the week are Axie Infinity (AXS) at 14.67%, EOS (EOS) at 9.38%, and Trust Wallet Token (TWT) at 7.83%.
The top three altcoin losers of the week are 1inch Network (1INCH) at -12.41%, Chiliz (CHZ) at -11.13% and Helium (HNT) at -10.35%.
For more info on crypto prices, make sure to read Cointelegraph’s market analysis.
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5 years of the ‘Top 10 Cryptos’ experiment and the lessons learned
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North American crypto miners prepare to challenge China’s dominance
Most Memorable Quotations
“When you’re looking at countries like Iran and North Korea, from a U.S. perspective, crypto has in fact been comprehensively sanctioned.”
Andrew Fierman, head of sanctions strategy for Chainalysis
“Greed cannot be regulated.”
Jaime Zulueta, retail crypto investor
“I do not think the FTX collapse will spill into the real economy.”
Elvira Sojli, associate professor of finance at the University of New South Wales
“Stablecoins and CBDCs may coexist in some way in the future, depending on how restricted the regulations would be on stablecoins and the adoption rate of CBDCs.”
Gracy Chen, managing director of Bitget
“It is kind of a no-brainer for Twitter to have payments, both fiat and crypto.”
“If the SEC had done the due diligence of thoroughly investigating the financials of FTX, there would have been a greater likelihood of exposing the crypto exchange for what it truly is: a house of car[d]s built on monopoly money printed out of thin air.”
Ritchie Torres, U.S. representative
Prediction of the Week
Bitcoin takes liquidity near $17K as US dollar shows weakness pre-CPI
“We’re probably entering the final phase of the bear,” pseudonymous Twitter commentator Byzantine General said on Dec. 7 after noting declining Bitcoin perpetual futures trading volume and other points. “But that last phase can last pretty long,” he added. His tweets on the subject included accompanying charts.
FUD of the Week
Bank of Russia wants to ban miners from selling crypto to Russians
In another setback for the crypto industry in Russia, the central bank is proposing to ban local miners from selling coins to the country’s population. The news comes just weeks after the Central Bank of the Russian Federation supported the idea of legalizing cryptocurrency mining in Russia through a draft bill introduced in mid-November 2022. Crypto sales, however, should be allowed only on foreign exchanges and to non-residents, according to the country’s central bank.
Nigeria bans ATM cash withdrawals over $225 a week to force use of CBDC
Iran set to freeze bank accounts of women who refuse to wear a hijab
Iranian officials plan to financially penalize women who do not wear a hijab in public. Individuals who refuse to comply with two warnings could have their bank accounts frozen, lawmakers said on Dec. 6. Hossein Jalali, a member of the Cultural Commission of the Islamic Consultative Assembly, told Iranian media that “unveiled persons” would receive an SMS message advising them to observe the law, before entering a “warning phase” and having their bank accounts potentially frozen.
Best Cointelegraph Features
Decentralized identity: Proving it’s really you in the 21st Century
“An NFT of a diploma in your crypto wallet, for instance, would turn into a permanent academic certification.”
Inside South Korea’s wild plan to dominate the metaverse
South Koreans are obsessed with technology. More than half the population plays video games, and crypto adoption is high — both of which are very promising signs that its plan to dominate the Metaverse will succeed.
Blockchain is the only viable path to privacy and censorship resistance in the 21st century
Decentralized file-sharing services that Big Tech companies can’t control are the only way internet users will be able to maintain their freedom in the years ahead.
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Editorial Staff
Cointelegraph Magazine writers and reporters contributed to this article.
