On-chain data shows that Coinbase has just witnessed its largest inflow of US Dollar coins (USDC). Here’s why this might be relevant to Bitcoin.

Coinbase Just Received $1.4 Billion in USDC

As noted by analyst Maartunn in a post on X, a large amount of USDC has flowed into Coinbase over the past day. The indicator of interest in the network here is “exchange inflow,” which tracks the total amount of a given asset entering wallets associated with a centralized exchange or group of platforms.

The president of El Salvador says the country is now moving its Bitcoin (BTC) reserve into cold storage.

In a new thread on the social media platform

“We decided to transfer a large portion of our Bitcoin to a cold wallet and store this cold wallet in a physical safe within our national territory. You can call it our first Bitcoin piggy bank. It’s not much, but it’s honest work.”

Bitcoin [BTC] has been trending higher over the past week, and a rise in transaction fees has reflected this increase.

However, the increase in rates cannot be attributed solely to rising prices; on the contrary, it is also influenced by a slight increase in ordinal transactions observed during the week.

Double Bitcoin Fees

MicroStrategy Incorporated (Nasdaq: MSTR) announced plans to offer $600 million aggregate principal amount of convertible senior notes due 2030 in a private offering to qualified institutional buyers. The offer is subject to market conditions and other factors, with the potential to increase by an additional US$90 million.

Data shows that the cryptocurrency futures market saw liquidations worth $700 million in the last day as Bitcoin experienced its volatility.

Bitcoin has seen intense price action in the last 24 hours

The previous day was something of a rollercoaster for Bitcoin, as the asset saw strong price action in both directions but ended up rising as the bulls won.

Crypto analyst Crypto Eggag has shared another bullish prediction on the price of XRP, saying that the crypto token could soon reach triple digits. As part of his forecast, the analyst also listed several key price levels that XRP could reach on the path to $220.

XRP Price Could Reach $220 This Year

The controversial tax law that requires U.S. citizens to report crypto transactions of $10,000 or more has taken effect, giving the IRS a major new source of data on crypto users. The law, included in the Infrastructure Investment and Jobs Act, is now in effect as of January 1, 2024.
The IRS Is On The Wings Waiting 

According to Jerry Brito, the Executive Director of Coin Center, the law requires anyone who receives $10,000 or more in crypto during their trade or business to report to the IRS about that transaction. As part of this reporting, details must include, among other things, the name, address, and Social Security number of the person from whom the funds were received, the amount received, and the date and nature of the transaction. 

Ripple Developer Meme Contest

RippleX, the open platform for XRP Ledger developers, has introduced a unique and fun challenge for its developers and community members called #builtonXRPL Challenge. This initiative adds a touch of humor and creativity to the community and allows participants to win a trip to the Apex Developer Summit.

TL;DR I transferred ~$40k to Robinhood from Fidelity. Bought Bitcoin with it. Withdrew to self custody slowly due to 5k/day limit. Then they flagged my account and it is restricted and under review.

Throwaway account for obvious reasons. TL;DR tells the story more or less and I’m frustrated. Had to do enhanced verification (ok) and talk on the phone with a rep so they could quiz me on where the money came from and so on. They acted like I had done something wrong. They are the ones who a) keep showing an ad which says transfer to them because they are offering 1% bonus to transfer. So, I did that. Then, they also offer the withdraw Bitcoin to a different address, which I also did. Some time after I did, they restricted the account and - get this - said they were going to try to get the funds back from the custodian I transferred the coin to. Well, guess what, that’s not happening because I am the custodian! They also are saying in the communications that I am the one who requested this account restriction and I definitely did not.

Struggling to find out how I’m the one who apparently did something wrong here. Companies need to wake up and realize that if they offer services, people will use them. Using these services doesn’t make that person some kind of criminal.

Also, frustrating because - well I’m kind of an OG in terms of years I’ve been into Bitcoin (more than 10 years) so … I kind of expect this kind of B.S. … but what about the n00bs who we are always saying that they should use self custody? If this is their first experience using self custody I think they’ll be scared AF and probably never do it again.

Another thing is, if Robinhood wanted to do all of this review and extra verification and so on, they should do it *before* they let me transfer money in, buy Bictoin, and transfer it out. By the way, I did transfer it all out so … there isn’t much they can do except to shut down my account in which case I lose almost nothing as there’s almost nothing in there. However, I do feel this is harmful to people because it makes it seem like there was something criminal about their account and if in the future they want to prove ownership of the coins - can they easily do that with the account having been restricted?

A couple of questions for you all - where is better to buy bitcoin and transfer to self custody? Also where is a good place to sell Bitcoin (you never know if there are unexpected expenses) for cash without all of this extra verification and stuff - I don’t think this is right to violate peoples privacy so much. (Located in US)

A couple of final thoughts:

Robinhood, clean up your act. This is BS to treat your lawful good customers like criminals.

Companies are going to have to start realizing that Bitcoiners are different. We are going to demand self custody. We are going to demand some privacy. Figure this out or be left behind.

Catalyx, a Canadian cryptocurrency trading platform, announced a security breach on Thursday. It involves the loss of crypto assets in the exchange’s custody.

Crypto Exchange Security Breach

CatalX CTS Ltd., operator of the cryptocurrency exchange, said in a press release that the security incident is suspected to involve an employee.

On Saturday, December 16, 2023, Bitcoin transaction fees peak at $40 per transaction at 1:48 p.m. Eastern Time. The increase in on-chain fees exceeded the peak reached on May 8, 2023, when the average transfer cost exceeded $31 per transfer.

Rising Bitcoin Rates Surpass $40

Dogecoin (DOGE) competitor Bonk (BONK) continues its strong rise, almost doubling its price in the last 24 hours.

The meme asset, which was built on the Solana (SOL) smart contract platform, recently surpassed rival Shiba Inu (SHIB) in daily trading volume en route to its price of $0.000028 at the time of writing, a gain of 89.3% during the last day.

Currently, Bitcoin is witnessing a drop in price, with its value falling below the $42,000 mark. This move follows a significant increase in the circulating supply of profitable Bitcoin, triggering a wave of profit-taking among investors.

Short-term Bitcoin holders drive selling pressure

...While Bitcoin is not backed by any physical assets or reserves, CryptoPila boasts a multi-asset-backed approach. This means that the value of CryptoPila is derived from the combined value of a diverse range of assets. By having multiple assets forming the backing, CryptoPila can spread the risk and provide greater assurance to investors.

Bitcoin, with its first-mover advantage and widespread adoption, has gained significant recognition as a decentralized digital currency. However, its volatility remains a major drawback, making it unsuitable for those seeking stability. On the other hand, CryptoPila fills this gap, offering stability and protection against inflation through its unique features.

​

It is worth noting that the success of CryptoPila depends heavily on the strength of the assets that back it and the effectiveness of its reserve fund. If any issues arise within the asset pool or the reserve fund’s management, it may affect the stability and value of CryptoPila.

Full article here: https://manoj--kumar.medium.com/bitcoin-vs-cryptopila-a-comparative-analysis-of-stablecoins-and-anti-inflation-mechanisms-8c709bae54c1

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Phoenix Group is acquiring hydrocooling mining equipment from WhatsMiner worth more than US$136 million, with an option to purchase an additional US$246 million.

UAE company Phoenix Group has revealed a new purchase of hardware equipment from WhatsMiner, with the aim of expanding its portfolio of hydraulic cooling rigs. According to a Dec. 7 announcement, the $380 million deal represents WhatsMiner’s largest order in two years.

Coinbase has introduced a new feature to its wallet service, streamlining international fund transfers. This new update aims to make transferring funds as easy as sending a text message.

Coinbase Introduces Link-Based Money Transfer Service

Coinbase (Nasdaq: COIN) has launched its latest wallet feature that facilitates global fund transfers. The platform now allows users to transfer money through multiple channels, including widely used messaging and social media apps, by simply sharing a link.

Global trading and investment platform eToro has announced the receipt of its latest license from the United Arab Emirates.

eToro license marks an important milestone

eToro has received approval to operate under the Financial Services Permit (FSP) from the international financial center in the capital of the United Arab Emirates, the Abu Dhabi Financial Markets Authority (ADGM). The license was specifically issued by the ADGM Financial Services Regulatory Authority. Possession of this license gives the social investment platform the legal right to offer its services in the region.

Investors appear to have remained concerned amid Binance CEO Changpeng Zhao’s $50 million lawsuit settlement and Binance’s $4.3 billion settlement that sent ripples through the cryptocurrency world. In contrast to recent market sentiment, Matrixport analyst Markus Thielen believes this result is a boon for Binance and predicts its continued dominance over the next 2-3 years.

The Bitcoin halving date is usually a quadrennial event on the Bitcoin blockchain where the reward assigned to miners for successfully verifying and adding new blocks to the blockchain is substantially reduced. The term Bitcoin halving refers to the phenomenon where the reward for mining Bitcoin is cut in half.

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On November 8, 2023, the Bitcoin blockchain saw its non-fungible token (NFT) asset sales surpass those of the Ethereum platform, marking a historic change over the single-day period. According to analytics provided by cryptoslam.io, Bitcoin-based NFT transactions totaled $17.17 million, surpassing the $15.77 million in Ethereum NFT sales recorded during the 24-hour period.

Bitcoin Eclipse Ethereum NFT Sales Increase in a Day

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Here some last, fresh feedback from our VIP members.

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