Stripe's Crypto Bridge, Brazil's Crypto Law, & Binance's New Acquisition
Yesterday’s Market Moves
BTC
ETH
S&P
$20821 |
+ 14,84%
$1528 |
+ 9,25%
$3,928 |
- 0,09%
December started with the crypto markets in the green, amidst huge clouds of uncertainty! On this issue, a fintech giant potentially onboards millions into crypto, a new positive regulation is passed, and there’s a new crypto exchange acquisition!
Estimate how many crypto users there are worldwide.
Read the full issue to find out
MARKETS

After three straight days in the green, the crypto market is experiencing a slump. The total market cap is now down by around 1.13% to stand at $851 billion.

Bitcoin (BTC) has struggled to break above the $17,250 level and is now heading lower to $16,900. Similarly, Ethereum (ETH) has fallen and is currently consolidating near $1,275.

Dogecoin (DOGE) is up more than 24% in the past week amid speculation that it could play a part in Musk’s Twitter plans. Rising from $0.08189 seven days ago, the meme coin has outperformed bitcoin with a 40% surge in the past 10 days. However, similar DOGE gains in the past have paved the way for a broader market sell-off.

Other big gainers include  EthereumPoW (ETHW), which has increased by more than 20% to $4. The price of GMX (GMX) has increased by more than 14% to $55, while the price of Terra Classic (LUNC) has increased by nearly 10%.

Elsewhere, reactions continue to trail former FTX CEO Sam Bankman-Fried’s latest interview at The New York Times’ DealBook conference. Here are the key revelations from that appearance.

In Other News,
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HEADLINES
Stripe announces fiat-to-crypto on-ramp

Payments giant Stripe has announced an embeddable and customizable fiat-to-crypto onramp.

The new service will allow companies to enable their customers to exchange fiat for crypto. Furthermore, it also includes know-your-customer (KYC) provisions, compliance, and fraud prevention. 

The new crypto onramp is described as a “customizable widget that developers can embed directly into their DEX, NFT platform, wallet, or dApp.” According to Stripe, “Overall, we maintain fundamental optimism about how crypto can help to facilitate a more globally accessible financial services ecosystem.”

Stripe has already rolled out support for crypto payouts to 67 countries, and this move is seen as a step towards bringing crypto to the mainstream.

In other news,

  • BlackRock CEO Says ‘Next Generation for Markets’ Is Tokenization. Read More
  • Polygon Integrates into The Graph Network, Setting Huge Milestone. Read More
  • Politicians Are Giving Back Their Donations From FTX Founder. Read More
  • Ankr Protocol Becomes Latest DeFi Exploit Victim. Read More
  • The UK wants to be a global hub for crypto. Read More
In Other News,
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RBL LABS
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In Other News,
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REGULATION
Brazil passes law to legalize crypto as a payment method

Brazil's Congress has passed a bill that would regulate the use of cryptocurrency as a means of payment throughout the country, potentially providing a boost toward the adoption of digital assets in the nation.

Brazil's Chamber of Deputies approved a new regulatory framework—signed under code PL 4401/2021—that will include digital currencies and frequent traveler rewards from airlines (the popular "miles") in the definition of "payment agreements" under the supervision of the country's central bank.

The bill, which still requires the signature of the president, would give legal status to payments made in cryptocurrencies for goods and services - without granting them the status of legal tender. This means that banks could soon begin offering crypto payment services, facilitating the use of crypto for buying and selling ordinary goods, in the same way that consumers currently use credit cards or other similar services.

In other news,

  • Italy Mulls 26% Crypto Gains Tax. Read More
  • CFTC Commissioner Wants Two-Tier Crypto Rules for Retail Investors and Millionaires. Read More
  • DOJ Watchdog Seeks Independent Examiner of FTX Collapse. Read More

Bankman-Fried-backed bill on hold until next Congress, says Senate chair. Read More

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EXCHANGES
Binance acquires crypto exchange Sakura

Binance has announced the acquisition of Japanese crypto exchange Sakura Exchange BitCoin (SEBC). As SEBC is already regulated by Japan's Financial Services Agency (FSA), the acquisition will allow Binance to reenter the country formally after several attempts.

While the cost of the acquisition was not disclosed, a Binance spokesperson said  "Having carried out a significant due diligence process in Japan, we believe SEBC shares our vision for the Japanese market."  The spokesperson said that the country will "play a key role" in the continued adoption of crypto given the size of its economy and its "huge potential in the emerging Web3 industry."

In other news,

  • Uniswap launches NFT marketplace aggregator. Read More
  • KuCoin Draws Ire for Sky-High Yields on Bitcoin Dual Investment Earn Products. Read More

Apple Forces Coinbase to Disable NFT Transfers on Its Wallet App. Read More

In Other News,
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Quiz Answer
Per Statista, there are over 295 million cryptocurrency users worldwide.
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