Technology

[Alchimy.info] – Warren Buffett’s right-hand man congratulates China on banning cryptocurrencies, and more …

Welcome to today’s crypto news roundup:

MARKETS

Since bitcoin fell below $ 59,000 a week ago, it has failed to break above that level despite numerous attempts. Since November 29, BTC has tried three times to break resistance at this level, but so far without success.

The last attempt was on Wednesday, but the bears quickly caught on and pushed Bitcoin south again. This time around, the cryptocurrency lost more than $ 3,000 in value in a matter of hours, dropping below the $ 56,000 mark. A few hours later, it bounced back and briefly crossed the $ 57,000 mark, but at the time of this writing, it’s back to $ 56,500.

The second-largest cryptocurrency fell below 1% from an all-time high just two days ago. However, it failed to break the $ 4,800 mark and the ensuing rejection brought ETH down to just under $ 4,600, where it is also currently located. [1]

Technical analysis.

Market Snapshot: The $ 50,000 Panic Doesn’t End!

CRYPTOCURRENCY

The Shiba Inu loses 12% of its dominance among whale directions

Memetoken Shiba Inu is unfortunately losing much of its dominance among the top 1000 Ethereum wallets. This trend was exacerbated after SHIB lost 12% of its market value due to a local trend reversal.

As the GameFi sector moves out of the market uptrend, memecoins and tokens like Shiba Inu enter a long-term limited range phase or even a downtrend, resulting in a loss of capitalization and value.

Dominance between different assets can generally be viewed as a trend indicator. When the percentage of dominance decreases, the whales often reallocate their resources to other assets. As the market is currently tilting towards GameFi and Metaverse tokens, whales are moving their funds to these areas. [2a]

Ethereum’s Next Big Upgrade Could Lower Gasoline Costs at Layer 2

A recent Ethereum Enhancement Proposal (EIP) put forward by network co-founder Vitalik Buterin aims to address transaction costs, one of the network’s main drawbacks. Last month, Buterin presented project EIP-4488, which aims to reduce call data for transactions. This could provide short-term relief from these gas charges.

The main goal of the proposal is to reduce gas costs in the expanding ecosystem of Ethereum’s Layer 2 scaling solutions. Ethereum developers have responded positively to EIP-4488 and took to Twitter to explain what’s under the hood. From a technical standpoint, EIP-4488 reduces the cost per call data from 16 to 3 gases per byte, while adding a cap on call data per block to mitigate security risks. [2b]

Banks, stock exchanges, companies

Cryptogiant Coinbase Launches Full Retail Support for Biconomy

Coinbase, the leading US cryptocurrency exchange, is expanding support for the little-known Ethereum-based altcoin to its entire retail platform.

The Biconomy Token (BICO) is now available on Coinbase.com and on the exchange’s mobile apps. Coinbase Pro launched the crypto asset earlier this week, sparking a massive rally.

BICO is a network management token for Biconomy, an Ethereum-based multi-channel platform that aims to connect users’ wallets with decentralized applications. Node operators can use this cryptoasset to pay transaction fees, and BICO holders can vote on decisions that affect Biconomy’s protocol and network. [3a]

CBDC, Rules

The Secretary of State for Finance believes that the digital dollar should be the subject of a broad consensus among the authorities.

US Treasury Secretary Janet Yellen has spoken about the potential of the digital dollar, but is reluctant to draw conclusions at this point in the process. Yellen said Thursday that no opinion had been formed on whether the Federal Reserve should create a digital version of the dollar, but that such a move would require broad agreement between Congress, the US central bank and the White House.

This follows recent reports that the Federal Reserve is looking into whether an electronic version of the dollar would be beneficial or not. Ms. Yellen said she sees the pros and cons of a digital dollar. While he has his thoughts on how to implement it, he believes that more research is needed before providing definitive answers. [4a]

Warren Buffett’s right-hand man praises China for banning cryptocurrencies.

Charlie Munger, an American billionaire investor who serves as vice president of Berkshire Hathaway, praised the Chinese government’s decision to ban cryptocurrencies during an appearance at the Sohn Hearts and Minds conference on Dec. 3, The Sydney Morning Herald reports.

Munger also criticized the United States and other English-speaking countries for not following China’s example. Securities and Exchange Commission Chairman Gary Gensler and Federal Reserve Chairman Jerome Powell recently confirmed that the United States does not intend to follow China’s lead and ban cryptocurrencies. [4b]

Escroqueries, hacks

BadgerDAO Post Mortem Details DeFi’s Fourth Greatest Achievement

The multi-billion dollar exploitation of BadgerDAO became the fourth largest attack in history on decentralized finance.

On December 2, a monumental feat by the Bitcoin DeFi BadgerDAO protocol resulted in a loss of $ 120 million. Rekt’s blog went into detail and performed an autopsy on what it called a “road fatality.”

An attacker took advantage of the front-end of the decentralized application BadgerDAO. According to Rekt, the attacker inserted an additional trust to send the user tokens to a custom address. He then used that confidence to commit the robbery. [5a]

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