December has been somewhat brutal regarding crypto markets with a prolonged bearish streak that has been devastating for that majority of digital assets. With the exception of a handful of coins, Friday continued the streak of down days as the majority of small, medium, and large-cap coins continued to shed value. Now, several technical trading indicators are flashing warning signs that continued losses might be possible, culminating in Bitcoin dropping to a sub $40k valuation.
The most recent crypto flash crash that took place three days ago wiped out more than a fifth of Bitcoin’s value and caused over $2 billion worth of positions to be liquidated ended up being nothing more than a feeding party for whales as they gobbled up more than $3.3 billion worth of Bitcoin during the dip.
Ricardo Navarro, one of El Salvador’s leading ecologists, has dire warnings for President Nayib Bukele’s plan to tap into geothermal energy to power Bitcoin mining operations saying the plan will “end in environmental disaster.”
Badger DAO, a decentralized finance project focused on Bitcoin built on the Ethereum blockchain network that allows users to earn. Passive crypto income, is the latest to be victimized by a hack with $120.3 million worth of Bitcoin and Ethereum stolen during a particularly nasty front-end attack.
Financial markets around the world are quickly reacting to the news that a new coronavirus variant called B.1.1.529, which has the potential to be vaccine-resistant, was detected in Hong Kong, South Africa, and Botswana.
El Salvador President Nayib Bukele closed out a week-long promotion of Bitcoin by unveiling his plans to construct an oceanside “Bitcoin City”, funded initially by Bitcoin backed bonds, built by the Conchagua volcano to harness geothermal energy for both the city’s power grid and for Bitcoin mining.
In a press release issued Thursday, Bitdeer Technologies announced it has agreed to a future merger with blank-check firm Blue Safari Group Acquisition Corp to become a publicly traded company on the United States stock market.
For the first time since November 1st, Bitcoin’s valuation dropped below $60,000 in overnight trading as the passing of the US infrastructure bill and a continued crackdown on cryptocurrency mining in China pulled the market down for the most popular digital coins.
During September 2021 El Salvator formally started accepting Bitcoin as legal tender and continues to be on the forefront of the move to mass crypto adoption. Today, President Nayib Bukele announced that Bitcoins presence in his country is so prolific that the number of citizens using digital wallets has outgrown those that have traditional bank accounts.
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