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Get your daily, bite-sized overview of crypto and blockchain-related news – and investigate the stories that fly under the radar in today's news.
In this edition:
- Bitcoin is struggling to find the right direction before Christmas
- Hong Kong's AIA Carnival accepts cryptocurrency payments in collaboration with hi
- EMTECH successfully runs a CBDC hackathon as a pilot project for the Bank of Ghana
- Binance completes SOC 2 audit
- KuCoin partners with BRC20 tool aggregator Biis to support the BTC ecosystem
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Bitcoin is struggling to find the right direction before Christmas
Last week marked the first weekly decline in Bitcoin (BTC) price after eight consecutive weeks of price increases. According to Matteo Greco, research analyst at the listed digital asset and fintech investment firm, this signals expected market moves aimed at reducing market leverage Fineqia International.
Greco said in an email that about $345 million worth of long and short positions were liquidated during the week, with the majority of liquidations involving long positions totaling about $235 million. dollars amount.
However, the strong uptrends in prices also resulted in the liquidation of short positions amounting to approximately $110 million.
“High volatility is a typical outcome after periods of significant up and down trends, triggering a cascade of liquidations that reduce market leverage and contribute to more sustainable price action and market environment,” commented Greco. “Traders often take advantage of moments of increased volatility to attract liquidity and adjust their positions.”
Bitcoin’s dominance fell from 53.46% to 53.11% in a week, indicating the robust resilience of altcoins compared to the leading digital asset during the recent downtrend.
This suggests active investor engagement, as this pattern typically occurs when investors quickly allocate capital across various altcoins in search of short-term profitability, Greco said.
Hong Kong's AIA Carnival accepts cryptocurrency payments in collaboration with hi
AIA Carnival – Hong Kong's largest outdoor event, attracting over a million visitors each year and hosted by a pan-Asian life insurance group AIA Group Limited – Partnership with the financial app and the Web3 ecosystem Hi to enable crypto payments.
According to the emailed press release, AIA Carnival attendees will be able to purchase food and beverages from select vendors using cryptocurrencies. These include BTC, ETH, SANDAnd USDT.
Using hi's super app, participants can scan QR codes to make crypto payments.
The collaboration “pioneers the integration of cryptocurrency payments into live events,” the announcement said.
EMTECH successfully runs a CBDC hackathon as a pilot project for the Bank of Ghana
EMTECHa modern central bank infrastructure company, has successfully conducted a 12-week central bank digital currency (CBDC) hackathon as a strategic pilot Bank of Ghana.
According to the press release, this is the company's latest technical partnership with the Bank of Ghana. This is followed by the use of its Digital Regulatory Sandbox.
Announced on October 3, 2023, the eCedi Hackathon brought together developers, banks, fintech innovators and the Bank of Ghana to test how EMTECH's tokenized CBDC solution achieve key goals and in use cases relevant to the Ghanaian market such as merchant payments could be used, government payments, lending, crowdfunding, transparent taxation and others.
Partners included West Africa, Ghana Fintech Association, HBAR Foundation and KPMG.
Ten selected participants took part in a special hackathon platform. They received institutional wallets and 1,000 BYDC eCedi tokens from the central bank to prototype various solutions.
All transactions were carried out with Ivy's Token and public ledger services that used an ERC-20 token standard and provided transparency in transactions while maintaining the privacy of user information, the announcement said.
Binance completes SOC 2 audit
Crypto exchange Binance announced the successful completion of the System and Organization Controls (SOC) 2 Type II compliance audit for its global platform and technology services.
According to the press release, the audit was carried out by a trusted external auditor ALIGN. Binance has completed SOC 2 Type II after a multi-month assessment of its controls and practices. Two areas were assessed: system protection and data security.
“The independent audit not only demonstrated that Binance’s controls are well designed and appropriately implemented, but also confirmed the day-to-day operational effectiveness of these controls and is recognized worldwide,” the exchange said.
KuCoin partners with BRC20 tool aggregator Biis to support the BTC ecosystem
KuCoin Labsthe VC arm of the KuCoin Exchange, in collaboration with the tool aggregator BRC20 Twiceto strengthen the Bitcoin ecosystem.
The press release states that Biis offers features such as batch distribution, collection and cross-chain tools, simplifies digital asset management, increases efficiency for BRC20/420/721/100 operations, and the Ordinals protocol for greater security and convenience integrates both developers and users.
The collaboration with KuCoin Labs will allow Biis to expand its technological infrastructure. It will create a more integrated, user-friendly environment for crypto enthusiasts and professionals, the announcement said.
The partnership will also drive innovation and growth within the BRC20 ecosystem, providing users with a comprehensive suite of tools and services.
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