Bitcoin Struggles for Direction in Run-Up to Christmas
This past week, Bitcoin experienced its first weekly price decrease after eight consecutive weeks of price appreciation. The decrease in price is seen as a deliberate move to reduce market leverage. Long and short positions worth $345 million were liquidated during the week, with the majority of liquidations affecting long positions. However, short positions also saw about $110 million in liquidation. This high volatility is a typical outcome following significant uptrends and downtrends. Bitcoin dominance declined slightly, indicating the resilience of altcoins during the recent downtrend.
Hong Kong’s AIA Carnival to Accept Cryptocurrency Payments in Partnership with hi
Hong Kong’s AIA Carnival, in partnership with hi, will now accept cryptocurrency payments. Attendees of the carnival can use cryptocurrencies like BTC, ETH, SAND, and USDT to purchase food and beverages from selected vendors. Payments can be made by scanning QR codes using hi’s Super App. This collaboration is considered a pioneer in integrating cryptocurrency payments into live events.
EMTECH Successfully Delivers a CBDC Hackathon as a Pilot for Bank of Ghana
EMTECH has successfully conducted a 12-week central bank digital currency (CBDC) Hackathon as a pilot for the Bank of Ghana. The hackathon aimed to explore how EMTECH’s tokenized CBDC solution could be used in various use cases relevant to the Ghanaian market. Ten participants were selected to prototype solutions using Hedera’s token and public ledger services. The hackathon received support from partners such as West Africa, Ghana Fintech Association, HBAR Foundation, and KPMG.
Binance Completes SOC 2 Audit
Crypto exchange Binance has completed the System and Organization Controls (SOC) 2 Type II compliance audit for its global platform and technology services. The audit, conducted by A-LIGN, assessed Binance’s systems protection and data security. The successful completion of the audit demonstrates that Binance’s controls are well-designed, implemented effectively, and globally recognized.
KuCoin Partners with BRC20 Tool Aggregator Biis to Support BTC Ecosystem
KuCoin Labs has partnered with Biis, a BRC20 tool aggregator, to enhance the Bitcoin ecosystem. Biis offers features that simplify digital asset management and improve efficiency for BRC20/420/721/100 operations. The partnership with KuCoin Labs will allow Biis to expand its technological infrastructure and provide a more integrated environment for crypto enthusiasts and professionals. This collaboration will drive innovation and growth within the BRC20 ecosystem, offering users a comprehensive suite of tools and services.
Hot Take: Bitcoin’s Volatility in Anticipation of Christmas
Bitcoin experienced a decrease in price after weeks of continuous appreciation, signaling a deliberate move to reduce market leverage. This volatility is typical following significant uptrends and downtrends. However, altcoins have shown resilience during this downtrend, indicating active investor engagement. In other news, Hong Kong’s AIA Carnival has partnered with hi to accept cryptocurrency payments, pioneering the integration of cryptocurrencies into live events. EMTECH successfully delivered a CBDC Hackathon as a pilot for the Bank of Ghana, exploring the use cases of tokenized CBDC solutions. Binance completed an SOC 2 audit for its platform and technology services, ensuring robust security measures. KuCoin partnered with Biis to support the Bitcoin ecosystem by providing enhanced tools and services.
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