Crypto News: In this article, we have summarized the most important and exciting news of this week.
Putin calls for an international crypto accounting system
Russian President Vladimir Putin has stressed the need for a new independent international accounting system. Putin spoke at an artificial intelligence conference hosted by Sberbank about the sanctions that have financially isolated his country.
In order to be independent from banks and other third parties, Putin proposed to create a system based on digital currency and blockchain technology. Earlier, BeInCrypto reported that Russia was working with Cuba to develop the technology for such an international settlement system. Reports have also emerged that companies in Russia are already using such a blockchain-based system for international payments.
Congressman sharply criticizes SEC boss Gary Gensler
There have also been exciting developments in the crypto space in the United States. US Congressman Tom Emmer has criticized SEC chief Gary Gensler for failing to regulate the cryptocurrency industry.
Emmer pointed out that the collapse and failure of “Celsius, Voyager, Terra/Luna – and now FTX” all happened under his watch. After a meeting with FTX management in March, Emmer also accused Gensler of “Working with Sam Bankman-Fried and others to give them special treatment”.
Emmer described Gensler’s approach not only as ineffective in terms of consumer protection, but also as onerous and hindering innovation. He is likely referring to the ongoing legal dispute between the SEC and Ripple over its XRP token. Emmer wondered:
“Who is the regulator in charge going after good community players and making what appear to be clandestine deals with people doing nefarious things?”
Crypto celebrities disagree on Sam Bankman-Fried
There seem to be a lot of people taking their relationship with Sam Bankman-Fried to task lately. For example, last week, crypto celebrity Ben Armstrong aka BitBoy complained about popular investor Kevin O’Leary’s continued support of SBF. As part of the debate, O’Leary taunted Armstrong for his alleged search for Sam Bankman-Fried in the Bahamas.
Armstrong reportedly flew to the Bahamas to track down and interview Bankman-Fried. In response to one of Armstrong’s tweets saying he might run for O’Leary, the investor replied, “Buy yourself a life!“Armstrong then referred to O’Leary as”Murderer‘ which he allegedly covered up, just as he covered up his involvement in the FTX scandal.
Coinbase stops XRP support
However, there were other much more substantial developments this week as well. For example, Coinbase announced that it will no longer support wallet functionality for Ripple’s XRP token starting next January. The Coinbase wallet will also no longer support Bitcoin Cash (BCH), Ethereum Classic (ETC), and Stellar (XLM) due to low usage.
Coinbase previously removed XRP from its exchange due to the aforementioned Ripple-SEC litigation. With the removal of XRP from the wallet, Coinbase platforms will now operate completely without Ripple and XRP.
This news hardly seemed to affect the price of the token. Apparently, cryptocurrency proponents deem support from the US stock exchange unnecessary. In fact, Ripple executives recently pointed out that the majority of the company’s business is based outside of the United States.
NFT trading volume plummets despite World Cup
During the second week of the 2022 FIFA World Cup in Qatar, the volume of NFT transactions dropped significantly. On November 26, sales were still around US$14.9 million, but then fell to around US$8.5 million today. The number of NFT sells is also down since the last local high on November 28 (19,000).
Unsurprisingly, the Bored Ape Yacht Club (BAYC) collection continues to top the charts. However, the weekly trading volume of this collection has also decreased and is down to 29 million US dollars currently.
The Fantom (FTM) token price had the biggest rally over the past week, rising 36.55%. It seems that André Cronje’s return to the cryptocurrency ecosystem a month ago continues to bear fruit. Additionally, GMX, EthereumPoW (ETHW), and Dogecoin all saw gains of over 20%, followed by crypto exchange token Huobi, which rose 18%.
The biggest losers this week are Convex Finance Token, Curve DAO Token, Nexo Token, Solana and Bitcoin Cash. Solana, who has been closely linked to Sam Bankman-Friend, has continued to decline since FTX collapsed last month.
Crypto and social networks
Data from LunarCrush shows which cryptocurrencies have been the hot topic on social media this week. Besides Bitcoin and Ethereum, UniSwap, Binance Coin, Dogecoin, Solana, RichQuack Coin and Aptos have particularly moved the crypto community.
Crypto News on Youtube
And last but not least, our senior crypto analyst Valdrin Tahiri has shared his latest Dogecoin price prediction on Youtube. The price of the cryptocurrency has seen a sharp decline this week but is showing signs of a possible trend reversal.
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