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We have brought together the past week’s most exciting events in this Good Crypto digest. If you want to get these updates as soon as we post them, follow us on Twitter or Telegram.
Quick weekly news
Over the last week, Binance’s net withdrawals totaled $3.6 billion
According to a report by the crypto analytics company Nansen, Binance experienced net withdrawals of more than $3.6 billion between December 7 and December 13. As a result, gross withdrawals from Binance have amounted to about $8.8 billion, while gross inflows are about $5.1 billion.
Andrew Thurman, a Nansen technician, believes that the departure of significant market makers from the exchange may have contributed to the decline in liquidity. Thurman’s analysis revealed that between December 11 and 12, Wintermute withdrew more than $300 million, and between December 12 and 13, Jump Finance redeemed more than $30 million in Binance USD (BUSD).
The largest cryptocurrency exchange by volume worldwide is Binance. Still, on December 12, it came under fire when a report suggested that the U.S. Department of Justice was considering prosecuting its officials with financial crimes. Though Binance has asserted that the allegation is “wrong,” the Department of Justice has not yet made an official statement regarding the situation.
Binance CEO Changpeng “CZ” Zhao responded to the outflows by asserting that the situation would be advantageous for the exchange since it would act as a “stress test” to demonstrate Binance’s financial stability.
Apple will let third-party app stores, providing a benefit for NFTs and cryptocurrency
To comply with new anti-monopolistic regulations from the European Union (EU), tech giant Apple is preparing to allow third-party app stores on its devices. Many consider this a significant gain for crypto and NFT app developers, at least in Europe.
According to a Bloomberg report from December 13th, European users will be allowed to download alternative app marketplaces under the new regulations, allowing them to download programs that avoid Apple’s 30% charges and app limits.
Apple now has strict guidelines for NFT apps that essentially require users to make in-app purchases subject to a 30% fee from Apple. In contrast, apps are not allowed to facilitate cryptocurrency payments.
The self-custody wallet app update from Coinbase was blocked on December 1 due to Apple’s enforcement of its regulation because Apple planned to “collect 30% of the gas fee” through in-app sales, which is “clearly not possible,” according to Coinbase.
In response to the EU’s Digital Markets Act, which seeks to control so-called “gatekeepers” and guarantee that platforms behave fairly, Apple has decided to open its ecosystem. One of the measures allows “third parties to inter-operate with the gatekeeper’s own services.“
Businesses must completely comply by May 2024, which will take effect in May 2023.
Tether will eliminate secured loans in 2023 as part of its fight against FUD
In a message published on December 13, the stablecoin issuer addressed recent mainstream media FUD (fear, uncertainty, and doubt) over its secured loans and other FUD that circulated online.
Tether stated that the company will be removing these debts throughout 2023 and that its secured loans are over-collateralized and supported by “extremely liquid assets.”
The business noted that how Tether’s secured loans work is comparable to how private banks lend to clients when utilizing secured collateral. In addition, Tether asserted that its loans are entirely guaranteed by over 100%, in contrast to banks holding only a percentage of their reserves.
The decision was probably made in reaction to a WSJ article published earlier this month that claimed these loans were dubious. The “company may not have enough liquid assets to pay redemptions in a crisis,” according to the statement.
Judge of the Bahamas Magistrate Court denies SBF bail
On December 13, a Bahamas Magistrate Court dismissed Sam Bankman-Fried’s request for bail due to a “risk of flight,” according to the sitting Judge JoyAnn Ferguson-Pratt.
Bankman-Fried’s attorney had previously, on December 13, asked for bail to be set at $250,000. They said the 30-year-old cryptocurrency CEO suffers from “depression” and “insomnia,” had no prior convictions, and did not leave the Bahamas despite having “ample opportunity” to do so.
Additionally, the legal representative for SBF stated that since his arrest, their client hasn’t been taking any drugs, including “Adderall” and “anti-depressants.” Additionally, the attorneys said that if SBF were to be given bail, SBF would not object to electronic monitoring or reporting to a neighbourhood police station.
Bankman-Fried must remain in detention at the Bahamas Department of Corrections until February 8, 2023, even though Judge Ferguson-Pratt had earlier said that the SBF had the authority to request bail.
The matter has been postponed till the specified date.
Hammer Candlestick Explained
The hammer pattern is an indication that there is less selling pressure on an asset, and more buyers are entering the market to make offers.
The lengthy wick in the example shows sellers attempted to lower the price as low as possible. Still, because they were ineffective, purchasers stepped in and created the bullish hammer candlestick above. Take note of the candle’s hammer-like form. Also, note that on a candlestick chart, the longer the hammer’s wick, the stronger the purchasing pressure.
Let’s explore the numerous crypto chart patterns that traders employ and how to identify them using a few tips.
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Top Crypto Meme of the Week
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