From US presidential candidates attending a crypto event to Hashdex predicting the launch of spot ETFs, here is a 2-minute breakdown of everything important that happened in crypto today.
Hodlers, rejoice! After an exhausting crypto winter that most analysts are now calling ‘the longest crypto bear market ever,’ Bitcoin has awoken from its slumber and crossed $42K yesterday before taking a small step back.
For all you iron-stomached readers who stuck with us through the stormiest seas - congrats, we knew you had diamond hands! 💎🙌 This shows the crypto market is finally gaining serious momentum.
CoinMarketCap is here today to catch you up on the latest top crypto news stories that matter.
TLDR of today's top news:
- Crypto policy spotlight shifts to 2024 US presidential race 🇺🇸
- Brazil's largest bank approves crypto trading 🇧🇷
- New tech launched to modernize carbon credits 🌳
- Hashdex predicts U.S. spot Bitcoin and Ether ETFs will launch by Q2 2024🚀
- Cosmos projects propose major DeFi merger ⚛️
- Man arrested for illegal crypto sanctions advice 🔒
Let's dive deeper into what exactly is happening across the latest top crypto news.
Crypto Gets U.S. Spotlight 🇺🇸
The 2024 US presidential race kicks off in crypto-centric fashion as candidates confirm attendance at the "Stand With Crypto" forum on December 11th.
Republicans Asa Hutchinson, Vivek Ramaswamy and Democrat Dean Phillips so far stand confirmed alongside other invited hopefuls. The event hosted by Coinbase provides a stage to detail digital asset policy visions just before the primary season.
While blockchain technology garners growing public interest, most front-runners rarely discuss specifics. This forum offers first glimpses into how Trump, Biden, and independents like Robert F. Kennedy Jr position themselves on catalyzing broader adoption.
But what exactly are they going to discuss at this event? Is this a sign of crypto gaining acceptance and adoption in the U.S.? Read more!
Brazil 🤝 Crypto Trading 🇧🇷
Brazil's largest bank Itaú Unibanco is answering the Bat Signal to provide a trusted fiat gateway to the lucrative crypto trader demographic. It recently announced a new trading service for Bitcoin and Ethereum. Its clients can now gain market exposure alongside traditional assets.
But unlike decentralized platforms, Itaú maintains custodial control - for now preventing external wallet transfers. The bank guarantees security for stored digital assets.
Rival banks smell the FOMO too. Major players rapidly staff up teams to support the Brazilian Digital Real in hopes the central bank marries the best of both worlds when it launches.
But didn't Brazil impose a 15% tax on crypto? Maybe to encourage its CBDC adoption? Read more!
Bull Run Coming Soon?
Hashdex believes Q2 2024 will pierce regulatory barriers allowing mainstream wealth channels access to crypto.
The prediction follows BlackRock firing opening shots submitting its highly-anticipated filing. Over one dozen firms now encircle the arena awaiting federal blessing to launch crypto ETFs.
Some estimate trillions could pour in from asset managers and pension funds if obstacles clear. Hashdex highlights America’s $50 trillion asset manager ecosystem alone dwarfs current Bitcoin markets.
What potential factors does Hashdex think can trigger a bull run? Read more!
Modernizing Carbon Credits 🌳
A collaborative effort between Envision, HBAR Foundation and Swirlds Labs births new open-source technology to propel climate change initiatives.
Their public Guardian Service platform focuses on digitizing carbon credit measurement and verification leveraging AI, blockchain, and guided search to streamline opaque reporting protocols.
The initiative drew praise from UN delegates as a prime example of blockchain, AI and open data collaborating to overcome sustainability obstacles.
How is this initiative going to impact Hedera in terms of growth? Read more!
And that brings us to our Word of the Day!
It’s ‘Tokenized Carbon Credit’!
Tokenized carbon credits are a way to represent reductions in carbon emissions on the blockchain. Each credit stands for one metric ton of carbon dioxide that was prevented from entering the atmosphere.
Putting the credits on a blockchain makes them more liquid and transparent. This allows the credits to be bought, sold and tracked more easily.
The goal is to make carbon credits into a tokenized financial asset, like a cryptocurrency. This would allow more people and organizations to invest in and trade carbon credits. It also improves tracking of carbon reduction efforts.
But why would anyone “trade” carbon credits? Read more!
Now back to our daily stories!
Cosmos Projects Making Moves ⚛️
Two of the most prominent decentralized finance (DeFi) platforms within the Cosmos ecosystem recently released a proposal to combine forces.
UX Chain, a lending protocol, would integrate directly into Osmosis, a DEX, allowing lending services to run in tandem with asset swaps and liquidity pools.
The merger requires separate governance approval but promises to consolidate TVL and development talent into a one-stop shop DeFi platform if successful.
If approved through separate governance processes, pooled developer resources and user bases could strengthen Cosmos’ position against rival chains. Read more!
Illegal Crypto Coaching Arrest 🔒
Spanish authorities arrest a man believed to have instructed North Korean representatives on using cryptocurrency to avoid US sanctions.
US officials specifically allege he demonstrated transactional strategies to high-ranking North Koreans to evade bans on financial flows into the isolated country.
If extradited and convicted, he could serve up to 20 years in prison.
But how exactly did he allegedly pull this off? And what did he get in return? Read more!
And that wraps up the key crypto news making waves this week. As always, we’ll be keeping our eyes glued to this rapidly evolving space to bring you the most important updates.
Keep calm and hold!
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