Your Friday Crypto Roundup | 06 December 2024

This week in crypto delivers a mix of fiery confrontations, bold expansions, and trailblazing innovation. From Coinbase CEO Brian Armstrong’s clash with law firms over ethics to Ripple’s resurgence amid SEC battles and a surge of Bitcoin adoption in unexpected places, here are the stories capturing the spotlight.

Biggest Story: Coinbase CEO Brian Armstrong Calls Out Ethics Issues in the U.S. Law Industry

Brian Armstrong, the outspoken CEO of Coinbase, is making headlines again—this time for calling out law firms over what he calls “ethical lapses.” His criticism centres on a law firm that recently hired former SEC official Gurbir Grewal, who was involved in regulatory crackdowns on crypto, including Coinbase. Armstrong argues that law firms representing crypto companies shouldn’t simultaneously employ people who previously worked against the industry.

This isn’t just a passing rant—Armstrong is urging crypto companies to cut ties with such legal partners until they prioritize ethical hiring. He even called for a re-evaluation of the legal sector’s approach to conflicts of interest. As crypto continues to clash with regulators, Armstrong’s stand could spark a broader conversation about accountability in the industry.

Other Stories Making Waves

1. AgriDex and $AGRI’s Big Move: AgriDex, a promising new project on Solana, has launched its native token, $AGRI, at just 6.5 cents. The token powers a system where farmers trade crops on the blockchain, with NFTs ensuring transaction transparency. 
2. Ripple Calls Out the SEC: Ripple’s chief legal officer, Stuart Alderoty, slammed the SEC, accusing it of stifling the crypto industry for years and blaming them for the recent chaos in the sector.
3. Bybit Expands in Brazil with Physical Crypto Card: Bybit has launched a physical crypto card in Brazil. This move builds on the success of its virtual card, boosting the exchange to the second spot globally. It is offering the new card for free for now—to gain traction.
4. Michael Saylor’s Big Bitcoin Idea: Michael Saylor is at it again, pitching to Microsoft about going all-in on Bitcoin. He claims it could boost their value by $5 trillion if they invest $100B a year using cash flow and debt. Bold move, but let’s see if Microsoft is ready to take the plunge!
5. Bitcoin ETFs to Get Mechanisms to Tame Volatility: U.S. asset managers like Grayscale and Calamos are working on Bitcoin ETFs with mechanisms to limit losses and stabilize Bitcoin’s notorious volatility. The special funds, which target cautious investors, are anticipated to launch as early as February 2024.
6. Cathie Wood Wants the U.S. to Lead Crypto Again: Cathie Wood thinks the U.S. almost lost its crypto edge, blaming overregulation for chasing away talent. She’s optimistic, though, saying new leadership could bring better policies and boost tech like crypto and AI. 
7. Metaplanet’s Bitcoin Reward for Shareholders: Metaplanet is spicing things up by giving Bitcoin rewards to shareholders through a lottery! If you hold 100 shares, you could win prizes worth up to $664 in BTC. It’s their way of showing love to investors while boosting Bitcoin’s adoption.

Around the World: Bold Moves and Crypto Regulations

Australia’s New Crypto Guidelines: Australia’s financial regulator, ASIC, is tightening the screws on crypto, dropping new guidelines to classify and regulate digital assets like stablecoins. They’re asking for public feedback, aiming to balance innovation with consumer protection. Looks like they’re serious about getting crypto in line before mid-2025!

Coinbase Exits Turkey: Coinbase just backed out of its Turkey expansion plan after months of struggling with tough regulations. Despite Turkey being a crypto hotspot, the red tape proved too much to handle. Guess even big players have to pick their battles!

China’s Digital Yuan Struggles: China’s digital yuan is struggling to compete with heavyweights like Alipay and WeChat Pay. Even a fancy new e-CNY card with cool features isn’t winning people over. 

South Korea Delays Crypto Tax Again: South Korea’s controversial 20% crypto tax is on hold until 2027—yep, postponed for the third time! Politicians want more prep and investor-friendly tweaks, but exchanges are warning it could hit trading volumes.

Philippines Wraps Up CBDC Pilot: The Philippines’ central bank has successfully tested a wholesale digital currency for around-the-clock interbank transfers. The bank is aiming for a full launch by 2029.

Market Trends: Winners and Losers

Top 5 Gainers 📈

According to data from CoinMarketCap, the five biggest gainers for this week are:

1. Coin DAO Token: Market cap surged from $671,875,093 to $1,360,876,573, an increase of 102.5%.
2. JasmyCoin: grew from $1,332,159,811 to $1,971,399,627, an increase of 48.0%.
3. IOTA: jumped from $971,549,715 to $1,738,269,514, marking an increase of 78.9%.
4. Hedera: expanded from $6,813,418,927 to $11,003,712,306, a rise of 61.5%.
5. EOS: rose from $1,460,351,538 to $2,033,615,620, up by 39.3%.

Top 5 Losers 📉

According to data from CoinMarketCap, the five biggest losers for this week are all memecoins:  

1. Raydium: fell from $1,655,163,261 to $1,451,760,373, a decrease of 12.3%.
2. Stellar: declined from $16,455,154,991 to $14,766,388,200, a drop of 10.3%.
3. Bonk: reduced from $3,511,844,945 to $3,201,875,563, down by 8.8%.
4. Solana: shrank from $115,656,693,235 to $108,913,388,189, a decline of 5.8%.

Project Spotlight

Project Spotlight: Base – Redefining Ethereum Layer-2 with Real-World Focus

Base, Coinbase’s Ethereum Layer-2 network, is challenging the blockchain norm by skipping the usual native token hype. Instead, it emphasizes practicality, empowering developers to solve real-world problems without relying on speculative incentives. Jesse Pollak, Base’s lead developer, says their mission is to “build and solve real problems.”

Why It Matters

The platform’s approach seems to be paying off. So far, it has processed 11.4 million transactions in a year, with a Total Value Locked (TVL) of $12.54 billion, ranking it second among Ethereum Layer-2 solutions. The platform is home to popular gaming and DeFi apps like Uniswap. 

Base also thrives on community-driven trends and thus boasts of a strong developer and user base. The platform is effectively setting an inspiring precedent for innovation in the blockchain space, proving that long-term value can surpass short-term speculation. (Read about this strong claim here: Let’s Be Honest: Not All Crypto Projects Need a Token )

That’s it for this week. See you in the next. 

Disclaimer: This article is intended solely for informational purposes and should not be considered trading or investment advice. Nothing herein should be construed as financial, legal, or tax advice. Trading or investing in cryptocurrencies carries a considerable risk of financial loss. Always conduct due diligence. 

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