Bitcoin rises moderately with surprising improvement in the US job
market
The latest data from the United States job market showed a
notable improvement, with the unemployment rate falling to 3.7%,
surpassing expectations of around 3.9%. Furthermore, there was a
significant increase in non-farm payrolls, reaching 199,000,
exceeding the forecast of 180,000. These indicators reflect a
strengthening of the job market, an encouraging sign for the health
of the American economy. Amid this optimistic economic scenario,
Bitcoin (COIN:BTCUSD) recorded a moderate increase of 1.4%,
reaching $43,903. Fernando Pereira, an analyst at Bitget, offered
his perspective on the technical analysis, noting that “in the very
short term, especially on the hourly chart, there is a triangle
formation at the top that broke down in BTC. This setup suggests
that Bitcoin may retreat to the $42,000.00 range still this
week”.
Strategic expansion of Starknet: Token launch for growth and
adoption
The Starknet Foundation (COIN:STRKUSD) announced a growth
strategy, planning to distribute 1.8 billion STRK tokens for
various initiatives. This plan, announced on December 8th, follows
the confirmation of an airdrop of STRK tokens. Half of the tokens
will be allocated to reward the current and future community, while
the other half will serve to offer transaction fee discounts. A
specific committee will oversee this distribution. Additionally, 50
million tokens will be used to foster activities in decentralized
finance (DeFi) on Starknet, an Ethereum layer-2 network that
utilizes a zero-knowledge roll-up scalability solution.
Explosive success of JTO Token after launch on major exchanges
The JTO token of Jito, a liquid staking project on Solana, saw
an impressive 80% increase in its value after being listed on
renowned exchanges such as Coinbase (NASDAQ:COIN) and Binance.
Reaching a peak of $3 and stabilizing at $2.90, JTO achieved a
market capitalization of $333 million. This growth follows a
generous airdrop of 90 million JTO to early users, encouraging
participation in Solana’s DeFi ecosystem. Dan Smith of Blockworks
praised the airdrop strategy for its ability to attract new users
to cryptocurrency. Jito, built on Solana, offers users rewards for
staking with JitoSOL tokens, having already attracted about 75,000
users and locked assets worth $455 million.
Confirmation of token launch by LayerZero after speculation
LayerZero, a blockchain interoperability protocol, officially
announced the launch of a native token, after months of intense
speculation. The framework for a token had been present since the
beginning, as indicated in its code. The project, valuing clarity
in communication with the community, plans to launch the token in
the first half of 2024, likely through an airdrop to reward early
users. The company behind LayerZero recently raised $120 million,
valuing itself at $3 billion.
Binance cancels license application in Abu Dhabi focusing on global
goals
Binance abandoned its application for an investment management
license in Abu Dhabi, considering it irrelevant to its global
goals. The exchange is still seeking a license for digital asset
custody, but emphasized that the withdrawal does not affect its
core operations. CEO Richard Teng clarified that Dubai is Binance’s
hub in the Middle East, regardless of the recent $4.3 billion fine
in the US. Furthermore, former Binance CEO Chanpeng Zhao is
prohibited by a federal judge in Seattle from returning to the
United Arab Emirates until his sentencing in the US in February,
due to flight risks.
Imminent extradition of Do Kwon to the US after capture in
Montenegro
Do Kwon, founder of Terraform Labs, is close to being extradited
to the US, as reported by the Wall Street Journal. Arrested in
Montenegro, he faces fraud charges in the US and South Korea. The
extradition decision, already approved by a Montenegrin court, now
depends on Justice Minister Andrej Milovic, with the likelihood of
extradition to the US being high.
Launch of Safe Recovery Hub: New cryptocurrency recovery options
with Safe and Partners
Safe, a provider of smart wallet infrastructure, is
collaborating with Sygnum Bank and CoinCover in the UK to launch
the “Safe Recovery Hub,” an innovative cryptocurrency recovery
service. This service ranges from self-custody to social recovery,
allowing users to optimize recovery methods according to their
needs. Users maintain full control, with the option to appoint
trusted recoverers. This initiative aims to solve the problem of
lost keys, improving digital asset management.
Block introduces Bitkey, a self-custodial Bitcoin wallet available
globally
Block (NYSE:SQ), co-founded by Jack Dorsey, launched the
self-custodial Bitcoin wallet Bitkey in over 95 countries. Bitkey
offers users the ability to control, manage, and store their
Bitcoins securely, off exchanges. Designed to be an easy and secure
self-custody solution, Bitkey features a three-key security system,
with two needed for transactions and security actions. Bitkey,
priced at $150, is compatible with Coinbase (NASDAQ:COIN) and Cash
App, facilitating the transfer of Bitcoin (COIN:BTCUSD).
Phoenix Group and WhatsMiner sign major cryptocurrency mining deal
The Phoenix Group, a prominent Bitcoin miner in the United Arab
Emirates, signed a $380 million contract with WhatsMiner for the
acquisition of hydraulic cooling mining equipment. This deal, made
soon after the company’s debut on the Abu Dhabi Stock Exchange,
includes hydro-cooled miners for high-performance data centers.
With an initial purchase of $136 million and an additional option
of $246 million, Phoenix positions itself as a leader in efficient
and environmentally responsible mining in the Middle East.
El Salvador launches freedom visa program focusing on
cryptocurrency investments
El Salvador introduced an innovative visa program, “Embracing El
Salvador’s Freedom Visa,” with a budget of $1 million. This
program, limited to 1,000 participants annually, aims to attract
investors to residency and citizenship through a minimum investment
of $1 million in Bitcoin or USDT. Approved applicants can also
obtain a Salvadoran passport and citizenship. According to Deputy
Foreign Minister Adriana Mira, this initiative is a unique
opportunity to contribute to the country’s future. The Ministry of
Foreign Affairs anticipates that the program could generate up to
$1 billion per year, in partnership with stablecoin company Tether
(COIN:USDTUSD). This program is considerably more expensive than
similar initiatives in the Caribbean, as indicated by Henley &
Partners.
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