Crypto Roundup, 06 Dec: Is Crypto's Magic Set to Spark Frenzy

Top-performing Cryptocurrency in the past 24 hours.

TOP 5 Gainers Coins

Crypto News Key Highlights:

• The Bank of Canada's upcoming interest rate decision is expected to result in a "hold," with economists monitoring signs of economic and inflation shifts. Governor Tiff Macklem's recent statement on cooling the economy with higher interest rates raises questions about potential future rate adjustments amid softening economic indicators. Some investors anticipate a rate cut in January, emphasizing the importance of clear communication from the central bank to manage expectations.

• Bitcoin core developer Luke Dashjr revealed that a vulnerability in Bitcoin Core is being exploited by "Inscriptions" to spam the blockchain. The upcoming v27 update aims to fix this issue, rendering Ordinals and BRC-20 obsolete. Miners and users criticize this decision, raising concerns about potential income loss.

• Solana (SOL) experienced price volatility, ranging from $60-$65. Solana Labs co-founder Anatoly Yakovenko addressed the SEC's classification of SOL as a security, emphasizing the focus on the exchange. He discussed the Salana Saga phone's sales and strategies for growth. Analysts project a bullish phase for SOL in mid-December, with a potential surge and a support level at $60.

• The SEC has extended the decision deadline for Grayscale Ethereum Trust's spot ETF application to January 25, 2023, citing the need for thorough assessment. This delay mirrors a cautious SEC approach seen in similar deferrals, impacting the evolving realm of cryptocurrency ETFs. The decision holds implications for the sector's future, emphasizing the SEC's commitment to informed choices and market stability.

• Coinbase Wallet introduces a new feature allowing crypto transfers through shareable links on popular social media and messaging apps. Users can send money without fees using USD Coin (USDC). The recipient clicks the link, downloads Coinbase Wallet if needed, and claims funds within two weeks; otherwise, it returns to the sender. Coinbase aims to simplify international transfers, addressing the complexities and delays associated with traditional bank wire transactions.

• Dogecoin (DOGE) sees a 10% surge on its tenth anniversary, trading at $0.09950. Created as a fun and accessible crypto in 2013 by Billy Markus and Jackson Palmer, Dogecoin gained popularity with its Shiba Inu meme. Elon Musk's endorsements have further influenced DOGE's market and sparked legal action against him.

• The European Commission's proposed methodology for assessing Bitcoin's environmental impact is criticized by Daniel Batten, co-founder of CH4 Capital. He argues that the approach is "unscientific" and may lead to an EU mining ban, ignoring positive environmental aspects. Batten urges the crypto community to submit a draft highlighting Bitcoin's net environmental benefit.

• The recent $4.3 billion settlement between Binance and US regulators may serve as a governance "template" for the entire crypto industry, according to CFTC Commissioner Kristin Johnson. She hopes that such enforcement actions will serve as cautionary tales, urging crypto firms to study the settlement for governance standards expected by regulators.

Also read - 24 Crypto Update, 4 Dec: Crypto Cool: Markets Catch a Post-Bull Breath