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Colombia: Gemini and Bancolombia Will Start Offering Crypto Services Next Week

People in Colombia will soon have a new option to buy their favorite cryptocurrencies using their bank accounts just as easy as they buy any other product.

The US-regulated cryptocurrency exchange Gemini announced that it had finally completed all the necessary steps to move to the implementation phase of a project that would allow Colombians to buy cryptocurrencies with the funds stored on their Bancolombia accounts.

This partnership is of great importance for the development of the local crypto industry as Bancolombia is the largest bank in the country, with total assets ammounting to $275.76 billion in 2020 and over 16 million users in the same year.

Gemini and Bancolombia Partner to Offer Crypto Services in Colombia

Although the move could serve as a frictionless on-ramp for millions of Colombians to enter the crypto world, the service will for now be restricted to a limited number of users. Neither Gemini nor Bancolombia specified how many people will qualify for the service.

The project will last for one year, starting on December 14, 2021. During that time, all eligible users will be able to buy bitcoin (BTC), Ether (ETH), Litecoin (LTC), and Bitcoin Cash (BCH) from Gemini using their Bancolombia accounts.


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That is to say, Gemini would handle processes involving cryptocurrencies, and Bancolombia would deal with all matters involving the movement of any amount of Colombian pesos -the country’s official currency.

The project is being executed within the regulatory sandbox that the country is currently implementing as a way to stimulate innovation in financial services. This is also why it is so heavily restricted and slowed down.

In a regulatory sandbox, government regulators grant certain advantages to startups that wish to test the viability of their proposals but are unable to implement them due to heavy bureaucratic procedures and possible legal hurdles.

Cynthia Del Pozo, Gemini’s Principal, Strategy and Corporate Development shared her excitement in an official blog post, noting that the crypto industry could help with the expansion of many Latin American economies

Crypto is borderless by nature, and we are committed to expanding crypto access to individuals across the globe. We believe that crypto can play an important role in the development of Latin America as interest in blockchain and innovative technologies proliferates throughout the region.

As we continue on our mission to build the future of finance, we invite institutions from across Latin America exploring opportunities in crypto to reach out to us here.

The Trend of Regulatory Sandboxes

Colombia’s regulatory sandbox is being promoted by the country’s Financial Superintendency with the collaboration of other regulatory bodies.

There are 9 projects approved for implementation. However, only 2 are in an operational phase: Gemini with Bancolombia and the Bitpoint exchange and payment startup MOVii. Other projects involve players such as Binance, and the Latin exchanges Bitso and Buda.com.

Currently, Brazil and Spain have also designed policies similar to the Colombian one. Brazil’s regulatory sandbox is focused on promoting fast and efficient payment systems, while Spain seeks to strengthen its security and compliance mechanisms.

However, Spain is also working on stepping up its crypto game. The country’s Central Bank is prioritizing the desing and implemention of a CBDC on its latest development plan for 2020-2024. A little slower than its Brazilian counterpart which plans to launch a its own CBDC next year.

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Huobi, Shiba Inu Communities Extend Support to BitMart Following the $200M Hack

Over the weekend, BitMart suffered a large-scale security breach. It can be counted as one of the most devastating attacks to date wherein the hackers managed to siphon off $196 million worth of cryptocurrencies after compromising a private key that opened two hot wallets. But the communities of Seychelles-based Huobi and Shiba Inu (SHIB) have announced support to assist BitMart.

Huobi, Shiba Inu Communities Lends Support

According to a recent development, Huobi has vowed to report and assist the inflows of related assets promptly as the embattled cryptocurrency exchange undergoes a security review. Its official tweet regarding the same, read,

“Huobi will do our best to assist BitMart in handling this issue. If there are any inflows of related assets, we will report and assist in a timely manner.”

With BitMart’s withdrawals remaining suspended, for the time being, another community, this time, Shiba Inu, has extended its help.

“Dear ShibArmy,

Even though the core of our project is decentralization, we want to show our support and give some love to our friends at BitMart Exchange, who are already working hard to fix the security incident that happened yesterday.”

What transpired during the large-scale hack?

On December 4th, blockchain security and data analytics company Peckshield first observed the security breach when one of the exchange’s addresses exhibited a consistent outflow of numerous crypto assets to an address, which Etherscan has labeled as the “Bitmart Hacker.”

According to Peckshield, the attackers managed to steal $100 million worth of various tokens on the Ethereum (ETH) blockchain and $96 million on Binance Smart Chain (BSC). Following the incident, BitMart released a statement confirming that only the “hot wallets” of the two blockchains were affected that carried a very small portion of the trading platform’s assets.


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Sheldon Xia, the founder and CEO of BitMart announced the completion of initial security checks and also identified affected tokens. Xia went on to say that all the other assets with the exchange are secure and undamaged.

He also confirmed that the platform will use its own funding to cover the incident and compensate affected users. BitMart is reportedly in talks with various project teams with regards to the most reasonable solutions, such as token swaps.

Furthermore, the CEO maintained his optimism on resuming their deposit and withdrawal functions from December 7th.

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Craig Wright Owes Kleiman’s Company $100M For Conversion, Rules Jury

Craig Wright – the man who claims to be Satoshi Nakamoto (the inventor of Bitcoin) – has been found to not have had a business partnership with Dave Kleiman, a deceased Florida forensics expert. However, he still must pay $100 million in compensation for stealing Kleiman’s company in Florida.

The Ruling

The ruling for Wright’s case was revealed by CoinDesk earlier today. Apparently, the Jury chose to make Wright pay his $100 million damages in fiat currency alone, writing “0 BTC” under the line for Bitcoin damages.

Wright claimed to have been friends with Kleiman before his death in 2013, and that Kleiman had helped him edit the Bitcoin whitepaper. However, he maintained that the two were not business partners. After Kleiman’s passing, his brother brought a lawsuit against Wright on behalf of Dave’s Estate, and W&K Info Defense Research.

In this case, the Jury was required to evaluate a number of charges, including whether Wright was liable to W&K for stealing, or for fraud. While found liable for the prior, he was cleared of the other claims.

Feelings About the Verdict

Wright said he feels “remarkably happy and vindicated” with the outcome while continuing to insist that he has never been a fraud. According to him, he had offered the Kleiman estate $12 million back when Bitcoin was only $200 each. Should that money have been stored and kept in Bitcoin by Kleiman, it would be worth nearly $3 billion today.


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However, the attorney for the plaintiffs – Vel Freedman – was still pleased to know they’d scored $100 million from the case. He and his fellow attorneys felt that the verdict set a positive precedent in the blockchain industry.

“Wright refused to give the Kleimans their fair share of what Dave helped create. We are immensely gratified that our client, W&K Information Defense Research LLC, has been awarded $100,000,000 reflecting Dave Kleiman’s brilliant contribution to bitcoin. “

In June, Wright also won a legal dispute against Cobra, getting Bitcoin.org to remove the Bitcoin whitepaper from their site.

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BitTorrent Token (BTT) Surges 42% as Mainnet Launch Scheduled for December 12th

BitTorrent Token (BTT) – a TRC-10 utility token – will see its main net launched on December 12th, according to recent word from the organization. Meanwhile, old BTT tokens on TRON will be redenominated into smaller units, while retaining the same market cap.

Mainnet Launch + Redenomination

BitTorrent announced the upcoming BitTorrent Chain (BTTC) launch through a tweet earlier today.

“#BTTC Mainnet and #BTT Redenomination Plan will be launched on Dec 12, 2021!” said the company.

BitTorrent is a peer-to-peer file-sharing protocol that’s existed since 2001. Rainberry – the developers behind BitTorrent – launched BTT in February 2019, which powers various other blockchain dapps and BitTorrent features. These include BitTorrent Speed, BitTorrent File System, DLive, and others.

TRON and BitTorrent announced BitTorrent Chain early last month, marking each chain’s first entry into the cross-chain field. BTTC is an EVM-compatible interoperability protocol built on TRON. It will allow for asset transfers between TRON, Ethereum, and Binance Smart Chain (BSC) alike. It will also operate using a proof-of-stake consensus mechanism, validated by various “Super Representatives” that stake a required number of tokens.

Only today was BTTC’s official launch date announced, alongside plans for BTT redenomination:


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“While maintaining the current market cap, old BTT tokens will be redenominated and swapped with the new at a ratio of 1:1000. The total supply will be increased to 990,000,000,000,000.”

While BTT currently operates as a TRC-10 token, it will be recast as a TRC-20 token on TRON, and mapped to the BTTC main net.

Value Surge

As such announcements tend to do, BTT surged once the BTTC launch date was revealed today. Drifting around a $2.2 billion market cap at 6am EST, the coin peaked at $3.1 billion just 2 hours later. That comes after another massive surge from $1.6 billion to $2.2 billion at around 11pm EST yesterday, within only minutes.

BTT’s market cap has since consolidated to around $2.7 billion at the time of writing, with a token price of $0.00289 each.

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Ripple Price Analysis: Following the Crash to $0.6, is XRP’s Correction Over?

Key Support levels: $0.75, $0.70

Key Resistance level: $0.89

Ever since XRP was rejected by the $1 resistance, the price went through a continuous decline which was exacerbated by the market crash on Saturday. The support at $0.89 was turned into resistance during the crash, and the next key support level is found at $0.75.

Despite this painful downtrend, XRP’s price action seems to indicate that the bulk of this correction may approach the end. Particularly because the downwards momentum is losing strength, and each subsequent red daily candle after the crash was smaller. Today’s candle, even if red, could be interpreted as a bullish hammer, which is a reversal signal.

Chart by TradingView

Technical Indicators

Trading Volume: The volume has decreased after Saturday’s crash. This is a bullish sign for a possible reversal.

RSI: The daily RSI is in oversold territory at 25 points. The last time the daily RSI was this low was in March 2020. For this reason, this downtrend may come to an end soon.

MACD: The MACD continues to be bearish, and both the histogram and moving averages made a lower low. It’s important to be patient as XRP needs more time to start a reversal, and probably a bullish divergence on the RSI and MACD histogram will be needed before this materializes.

Chart by TradingView

Bias

The current XRP bias is bearish. The indicators remain negative, but there are some hints that this crash may come to an end.

Short-Term Prediction for XRP Price

The bulls suffered defeat after defeat this past week and were unable to stop XRP from falling below multiple support levels. However, the current support at $0.75 and $0.70 may stop this downtrend and give bulls hope for a reversal.

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Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.

Cryptocurrency charts by TradingView.


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Bitcoin Price Analysis: Following the Latest Drop, Was $69K the Cycle’s Top?

Options Market Analysis

25 Delta Skew and Volatility Analysis

On December 4th, the bitcoin price dropped about $16k. Options traders have set different hedging strategies like buying lots of puts at $50k & $52k strike prices during the last weeks for the possible downside.

To find out what happened in the options market, It’s better to look at 25 delta Skew. This is a way of measuring the volatility skew. For example, for one month, it can be computed using the following formula: skew 1M = (IV 25 Delta put 1M – IV 25 Delta call 1M)/ATM IV 1M. The following chart shows that demand for calls increased despite the bitcoin downside on December 4th.

img6_btc
25 Delta Skew

One Week Implied Volatility (IV) Spiked During the Sell-Off

img5_btc
ATM Implied Volatility

Since last week, we can see more call activities. There is demand for calls at $60k strike for expiry in December and calls for $70k & $80k strikes for expires in January and March. It seems that options traders do not think this ATH was the cycle top.

img4_btc
Open Interest Change Last Week All Expirations

Technical Analysis

Long-Term Analysis

Looking at the historical trends of bitcoin on the weekly time frame, we see that it has moved above MA50 in each bull run and has dropped 60-79% whenever this Moving Average has crossed.

The MA50 is currently at $47.3K, and bulls are trying to protect that. Also, the Static support at 42k looks intense, and it is expected that bitcoin will rebound quickly if we see a temporary cross below this level.

img3_btc
Chart by TradingView

Mid-Term Analysis

On a daily timeframe, BTC is touching the strong daily support of MA200, which intersects with the static support level (green), and bitcoin is also making a higher low in this timeframe.

Historically, losing the MA200 has led to a ranging phase that consumes the required momentum to continue the uptrend. The level of $42K-$44K seems to be strong support for BTC, but a failure of these levels would show the power of the bears.

The support to look out for is at $44K, $42K, and $37K, whereas resistance lies at $50K and $53K.

img2_btc
Chart by TradingView

On-Chain Analysis

The top-buyers appear to be under pressure.

Almost 28% of the supply was moved above $47K. These players are (most likely) going through an exhausting ranging period in December. They are the leading sellers, and historically, they tend to sell at a loss if this exhausting phase lasts for an extended period.

img1_btc
Chart by CryptoQuant

The above analysis was complied by @N__E__D__A, @GrizzlyBTClover, and @CryptoVizArt. Data provided by @tsypruyan exclusively for CryptoPotato.

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Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.

Cryptocurrency charts by TradingView.


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Smart Contracts Coming to Syscoin, Team Reveals Next Phases

The blockchain provider and development platform – Syscoin announced that its Layer 1 for Ethereum Virtual Machine (EVM) smart contracts has reached mainnet on block 1,317,500. With that development, it has fulfilled Phase One of the NEVM launch.

Syscoin Combines Bitcoin And Ethereum

According to a press release seen by CryptoPotato, this upgrade will allow users of the platform to enjoy more benefits, such as enhanced security and flexibility of smart contracts on a modular chain. The Syscoin team added that this advancement laid the foundation for supporting the next EVM Layer 2.

The advancement happened when the platform reached its 1,317,500 block. The Syscoin team posted the news on Twitter, informing the public that the whole process will be completed in a couple of hours. It also warned users to refrain from sending SYS (the native token of the protocol) during the update.

The team outlined that its POW security has a green focus thanks to the merge-mining technology of both Bitcoin and Ethereum. With the help of its Solidity and EVM compatibility, Syscoin managed to set the stage for all EVM-based projects, including Ethereum itself.

As a result of the development, projects running on Ethereum can migrate to the Syscoin platform and save almost all transaction fees. In turn, those savings could be passed on to their user bases. Jagdeep Sidhu – Syscoin’s Lead Core Developer – gave further details:


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”Syscoin will utilize the best features of the top two cryptocurrencies, namely Bitcoin and Ethereum. Hence, Syscoin will provide the security offered by Bitcoin while maintaining the programmability of Ethereum. Scalable applications will be mounted on this system via ZKPs, which will introduce our proposed decentralized cost model on Ethereum gas fees.”

Subsequently, Syscoin explained that the upcoming Phase Two will bring ZK-Rollups, which could boost the speed to 210K TPS in Q1 of 2022. Phase Three should follow in Q3 with the implementation of Vanadium technology, which could enhance the number to 4 million TPS.

Syscoin Provided Stablecoin Bridge

At the end of last year, the project partnered with the stablecoin platform – TrustToken. The goal of the collaboration was to speed up payments and provide other solutions to Ethereum’s blockchain. Additionally, the five stablecoins of TrustToken (TUSD, TGBP, THKD, TCAD, and TAUD) started running on Syscoin’s network and became available for users. Speaking on the matter was once again Jagdeep Sidhu:

“Digital assets have growing needs for better usability, robust decentralized security, and a scalable way of ensuring every transaction complies with regulations. Syscoin uniquely aligns with all of these requirements. We look forward to TrustToken’s family of stablecoins becoming future-proof and gaining significant advantage with Syscoin.”

The partnership also enabled developers to mine two cryptocurrencies at the same time – SYS and BTC.

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Solana Game MonkeyBall Bags Fresh Capital from Alameda Research, YGG, and Others

MonkeyBall, a decentralized play-to-earn gaming platform built on Solana, announced today that it had raised funds from several high-profile investors in a recently completed funding round.

MonkeyBall Receives Fresh Capital

In an official press release shared with CryptoPotato on Monday, MonkeyBall noted that it has managed to increase its list of backers, indicating that it has landed investors with a solid reputation in its first investment round.

The gaming platform is a unique blend of FIFA Street and Final Fantasy rolled into one fun monkey-themed game. Gamers can earn tokens by winning tournaments or simply enjoying other people’s matches.

The MonkeyBall team voiced its appreciation to all parties involved, stating that it is honored to have such high-profile investors interested in participating in the project’s growth journey.

The gaming platform, however, did not disclose the exact amount raised from the investment round.

Alameda Research and Others Invest in MonkeyBall

The fundraiser saw investments from the leading quantitative crypto trading firm and liquidity provider, Alameda Research, New York-based venture capital firm, Rainfall Ventures, Yield Guild Games (YGG), Gate.io exchange, and the Boston-based multi-stage venture capital firm, DRIVE by DraftKings.

MonkeyBall noted that it intends to leverage the vast experience of the DRIVE by Draftkings’ team to pursue its goal of becoming the next-gen esports metaverse.

DRIVE by Draftkings is a multi-stage company that primarily focuses on investing in sports tech and entertainment/ Its ultimate goal is to “push the frontier” of new markets by supporting the founders and teams of innovative products and technologies revolutionizing sports, gaming, and media.

The venture capital firm has made notable investments in several blockchain-based startups and projects, including Papaya Gaming, Cardless, Evaluate, and Whoop, with its investment in MonkeyBall being the latest.

With an experienced team and vast network across the sports and media industry, DRIVE by Draftkings is currently one of the leading strategic sources for venture capital in the sports tech and sports entertainment industry.

MonkeyBall further added that it had been selected to offer the first token-based round to DRIVE by DraftKings.

Meanwhile, the play-to-earn gaming platform raised $3 million in October in its seed round, which saw participation from industry investors, including Solana Capital, Morningstar Ventures, and Youbi.

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Extreme Fear After BTC Lost $50K: Bitcoin Fear And Greed Index at 5-Month Low

On December 4, bitcoin suffered its worst trading day since mid-May, as its price plunged to a two-month low of $42,000. Somewhat expectedly, this massive $16,000 crash in less than 24 hours led to a change in investors’ sentiment as the popular Bitcoin Fear & Greed Index went into “extreme fear” territory once again.

Extreme Fear Shakes The Crypto Community

The Bitcoin Fear & Greed Index works as an indicator of momentary investor sentiments towards the primary cryptocurrency. It tracks several segments such as the volatility of the asset, volume, social media comments, surveys, and others to provide a result between 0 (Extreme Fear) and 100 (Extreme Greed).

Following the recent bloodbath in the cryptocurrency industry, and more specifically, bitcoin’s price dump to around $42,000, the metric now points at 16 – “Extreme Fear.” It is worth noting that the last time the index showed a number lower than 16 was July 21. Back then, BTC’s USD value dived under $30,000.

Bitcoin Fear and Greed Index. Source: Alternative.me
Bitcoin Fear and Greed Index. Source: Alternative.me

After rallying to an all-time high price of almost $70,000 in the middle of November, the leading digital asset kept hovering above $60,000 for the next couple of weeks. However, the picture drastically changed at the end of the month when it dropped under $55,000. One of the reasons behind the decline might have been the new COVID-19 variant – Omicron – which was detected in South Africa and harmed all financial markets.

In the following days, BTC bulls tried to push the price towards $60,000 but without much success. Somewhat expectedly, Bitcoin Fear & Greed Index went to “Fear” and “Extreme Fear,” indicating the concerns among cryptocurrency investors.


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At the beginning of December, when the asset was preparing for another attempt to push towards that particular line, the bears came to play big time and led to the aforementioned tumble of $42,000.

According to the analytics company CryptoQuant, on-chain developments ahead of the crash could have foreseen what happened. The number of bitcoins sitting on exchanges, which spiked sharply hours before the drop, was one of the signals.

Whales to Sell More?

CryptoQuant’s Exchange Whale Ratio, which compares the top 10 largest deposits to exchanges with all other deposits, large BTC holders have been increasingly depositing more substantial quantities of the asset to trading platforms lately.

The metric typically stands above 85 only in bear markets. However, it has surged above 95 in the past few days after a sudden uptick ahead of the crash. Consequently, the analytics company warned that BTC’s price could face another downfall soon if whales decide to sell large quantities.

Is It ‘Buy The Dip’ Time?

While “Extreme Fear” might not sound like a ringing bell for individuals to enter the crypto market, many experts actually believe that bitcoin being in that state is a good buying opportunity. It is worth mentioning that the billionaire investor – Warren Buffett – once said investors should be greedy when the crowd is fearful and vice versa.

By the looks of it, the authorities of El Salvador (the Latin American country where bitcoin is legal tender) are in favor of the price decline and support Buffett’s thesis. A few days ago, President Nayib Bukele announced that the nation purchased 150 more coins at an average price of just over $48,500.

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BNBBanker Launched a Yield Farming Solution on Binance Smart Chain

[PRESS RELEASE – Please Read Disclaimer]

As the cryptocurrency space grows to be a multi-trillion dollar industry with retail, professional, and institutional investors rushing in, the need for a stable and secure source of compounding and passive income has become greater than ever.

Consequently, countless projects have attempted to provide solutions. One of them is BNBBanker, which, as the name suggests, is focused on projects and tokens supported by the world’s largest digital asset exchange and the Binance Smart Chain.

Instead of bragging about unrealistically high returns, the project has gone on another route with its recently launched yield farming solution on BSC by providing stable returns of up to 4%.

BNBBanker’s Yield Farming Product on BSC

Upon the announcement of the solution, the team behind the project also outlined the fully decentralized nature of its yield farm due to the lower number of involved whales. This, combined with the stable ROI and its focus on the community, should be among the most attractive qualities for future customers.

Additionally, BNBBanker will have a referral program for promoters and influencers, which will lead to up to 12% in earnings. Future plans include the distribution of BNB tokens to the most active and engaging influencers, who can receive up to 500 BNB after meeting certain thresholds.

The project, which saw the light of day earlier in November, has already been audited by a leader in the space – Hazecrypto. The report found no major vulnerabilities with the project’s smart contracts, nor any backdoors or scam scripts.

The team also explained the simplicity of getting onboarded. Users have to visit the project’s website, where they can connect any of the support wallets to the application. These include Metamask, Trust Wallet, and other BSC-compatible wallets. Customers would have to deposit BNB only.

One of the latest features added by BNBBanker is a new deposit method with the popular memecoin Shiba Inu, which could provide up to 14% daily ROI.

About BNBBanker

Launched in Q4 2021, BNBBanker is a future-oriented protocol aiming to create a sustainable blockchain network to connect investors with the growing decentralized finance industry. Its audited smart contracts, promised stable returns, and decentralization are the most attractive factors, which, combined with a referral program, should benefit all parties involved.

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