- Dogecoin Marks 10th Anniversary, Hits $0.10 For First Time in a Year
A double-digit surge has propelled meme cryptocurrency Dogecoin to over $0.10 for the first time in a year.
The price of Dogecoin currently stands at just over $0.103285, up 16.8% on the day, as altcoins follow Bitcoin’s bullish price movement and the meme coin marked its 10th anniversary today. Dogecoin was originally launched on December 6, 2013 by creators Billy Markus and Jackson Palmer.
The last time Dogecoin hit $0.10 was almost exactly a year ago, on December 7, 2022, per data from CoinGecko.
- Key Metrics Show Crypto Traders Turning to Ether From Bitcoin
Key derivatives market metrics show that sophisticated traders are turning their attention to ether (ETH) from the recent market standout, bitcoin (BTC), hinting at a potential outperformance of Ethereum’s native token in the coming weeks.
Bitcoin has rallied over 60% this quarter, while ether, the supposedly deflationary currency with bond-like appeal and ESG-compliant label, has lagged big time, gaining 35%, CoinDesk data show. The performance gap is even wider in larger time frames, with bitcoin boasting a 163% gain on a year-to-date basis versus ether’s 89%.
The chasm could narrow as money is now flowing into ether futures faster than bitcoin. The notional open interest, or the dollar-value locked in Chicago Mercantile Exchange’s cash-settled ether futures contract, has increased by 30% to $711 million in the past five days, beating bitcoin’s 19% growth to $4.9 billion, according to Velo Data. CME’s ETH standard futures contract is sized at 50 ETH while its bitcoin counterpart is sized at 5 BTC.
- Cathie Wood’s ARK dumps 237K Coinbase shares at $140
ARK Invest, one of the firms hoping to launch a spot Bitcoin exchange-traded fund (ETF) in 2024, is continuing to rake in the profits made from its large stash of Coinbase stock.
On Dec. 5, ARK dumped as many as 237,572 Coinbase shares from its three funds, according to a trade notification seen by Cointelegraph. The sale came on the day the Coinbase stock closed at $140 per share, netting at least $33 million.
The trading firm offloaded 201,711 Coinbase shares from the ARK Innovation ETF (ARKK) alone, with an additional 28,535 and 7,326 being sold by the ARK Fintech Innovation ETF (ARKF) and the ARK Next Generation Internet ETF (ARKW), respectively.
- South Korean Won Surpasses US Dollar as Largest Fiat Currency in Crypto Trading
According to Foresight News, the South Korean won has surpassed the US dollar for the first time in November as the largest fiat currency trading pair in cryptocurrency transactions, excluding stablecoins and related trading pairs. During this period, Bitcoin soared over 50%, reaching its highest price level in nearly two years. CCData data reveals that 42.8% of fiat currency trading activity in Bitcoin transactions in November was related to the South Korean won. From September this year, the won’s market share has increased by approximately 17% to 41%, while the US dollar’s market share has declined by 11% to 40%.
- Brazil’s Banking Behemoth Itau Unibanco Debuts Cryptocurrency Trading Services
The bank will release this feature gradually to all customers, so not all will be able to take advantage of the service in its first stages. Itau’s move comes before the Central Bank of Brazil has provided clarity for regulating these assets after the approval of Brazil’s cryptocurrency law in 2022.
Guto Antunes, head of Itau Digital Assets, explained the reasons for the gradual release of these services to Itau’s customers. He told Valor Economico:
This gradualness depends on regulatory clarity. We didn’t go into detail about the selection processes for the first customers who will have access to the new product because it is a strategic issue.
- Flying High: Why Bitcoin Fans Are Buzzing About Hitting $42,069
“We believe that we invent symbols,” the author Gene Wolfe once wrote. “The truth is that they invent us; we are their creatures, shaped by their hard, defining edges.”
Many creatures of the crypto ecosystem, then, rejoiced Tuesday upon news that Bitcoin had pushed past a powerfully symbolic price: $42,069.
The numeric figure, in its combined reference to cannabis culture and a mutually beneficial sex position, has long held sway over the hearts and minds of crypto traders and advocates.
- Societe Generale-Backed Euro Stablecoin EURCV Starts Trading on Bitstamp
The listing marks the first time a euro stablecoin issued by a fully regulated bank is available on a cryptocurrency exchange.
Societe Generale’s (GLE) euro stablecoin EUR Coinvertible (EURCV) has started trading on European cryptocurrency exchange Bitstamp.
The Ethereum-based stablecoin was developed by the French bank’s crypto division, SG Forge, and unveiled in April as a means for institutional clients to bridge traditional capital markets and digital assets. The stablecoin was used Monday by AXA IM, the asset management arm of insurance giant AXA, to buy 5 million euros ($5.4 million) worth of tokenized green bonds.
- Elon Musk’s xAI files with SEC for private sale of $1B in unregistered securities
Elon Musk’s X-linked artificial intelligence modeler xAI has an agreement for the private sale of $865.3 million in unregistered equity securities, according to a filing with the United States Securities and Exchange Commission made on Dec. 5.
XAI filed the SEC’s Form D to allow it to engage in the private sale of securities without registration. The form is used to comply with Regulation D of the Securities Act of 1933, which provides exemptions to the standard rules. On the form, Musk is listed as the executive officer and director of the business.
The xAI Form D further clarifies that the securities will be sold to accredited investors with restrictions on their resale under Rule 506(b). The form also indicated that $134.7 million in such securities have already been sold, with the first sale taking place on Nov. 29. Thus, the company is seeking to raise $1 billion.
- Japanese Companies May Be Exempted from Tax on Unrealized Crypto Gains
According to Foresight News, a proposal being discussed by Japan’s ruling coalition suggests that Japanese companies holding digital assets will no longer need to pay taxes on unrealized cryptocurrency gains, in order to prevent the outflow of overseas funds. Under the proposed tax law changes, cryptocurrencies held for purposes other than short-term trading will be exempt from corporate tax at the end of each fiscal year, based on their market value.
- Gold Bug Peter Schiff Predicts Bitcoin’s Swan Song, Heralds ‘Spectacular Collapse’
Peter Schiff, chief economist at Europac, has given his take on the recent gold and bitcoin market movements. According to Schiff, the pullback that gold prices are experiencing after reaching all-time high levels last week opened a window for bitcoin prices to increase in tandem.
Stating he was admittedly bashing bitcoin, Schiff declared:
This could be Bitcoin’s swan song. The speculative frenzy around spot Bitcoin ETFs will end soon. Bitcoin’s collapse will be more spectacular than its rally.
He also criticized CNBC reports on the market movements calling bitcoin “digital gold” as other cryptocurrencies rallied as part of a marketwide pump. “Are all those tokens digital versions of gold too? In reality, none are digital gold, just modern-day digital versions of fools’ gold,” he concluded.