The Digest

• Crypto Traders Wait While Fed Ponders, Downtrend to Continue – Novogratz, Market Fear Worsens
• Crypto Prices Reach Quintillions Due to Bug in Coinmarketcap & Coinbase (NASDAQ:)
• Elon Musk announces Tesla (NASDAQ) will Accept DOGE Surges
• Robinhood (NASDAQ) acquires Cove Markets and Nuvei Partners With Visa. Cash App will allow users to send Bitcoin
• Anchorage Raised $350M, FTX Signs $10M Agreement With Golden State Warriors

Crypto Traders Wait While Fed Ponders, Bitcoin Downtrend to Continue – Novogratz, Market Fear Worsens

The Federal Reserve of the United States will announce on Wednesday a policy shift after months of delay. The Fed is expected to announce a policy shift on Wednesday. It will likely decide to accelerate its end of bond purchases, and will signal whether it plans to raise interest rates in the next year.

Investors in crypto and venture capital are anxious to learn if the Fed changes its bond expiry date from June to April. The central bank may raise interest rates by 3 or 4 percent in 2022, and then another 2-3% in 2023.

Cryptocurrency billionaire, Mike Novogratz, doesn’t see the light in the short-term for Bitcoin. Novogratz predicts that the downward trend could persist until Bitcoin drops below $42,000. He believes that bitcoin will rally if it finds support above the $40k mark.

Long-term crypto downtrend is creating the most fearful stretch in crypto market history. The market has been in extreme fear for one straight month – the longest stretch since April 2021, when the market was in extreme fear for two months.

Flipsider:

• The crypto market has a negative outlook, but assets are slowly recovering, with Binance and Bitcoin all recovering.

Crypto Prices Reach Quintillions Due to Bug in Coinmarketcap & Coinbase

The prices of crypto currencies surpassed the highest price forecasts for just a moment on Tuesday 14 December. Due to an error in Coinbase’s trading app and CoinMarketCap.com, crypto prices were greatly inflated.

CoinMarketCap data showed that Bitcoin’s price was $1.5 quadrillion. It had an estimated value of $338million, $2 million and Wrapped Bitcoin at $250 billion.

Some investors were led to believe that they would become millionaires within a matter of hours. It was however a temporary victory, as Coinbase and CoinMarketCap both acknowledged the problem and corrected it.

Coinmarketcap took advantage of the situation and tweeted about it.

It was amazing to experience the feeling of being a millionaire in a matter of hours.

— CoinMarketCap (@CoinMarketCap) December 14, 2021

Flipsider:

• After the hack, crypto markets have begun to rebound with Bitcoin, Ethereum Solana and Dogecoin all recovering.

Elon Musk announces that Tesla will accept DOGE Surges and Dogecoin

Elon Musk confirmed today that Tesla will accept Dogecoin for certain merchandise, just a day after he explained how Dogecoin beats Bitcoin when it comes to processing transactions.

Musk Tweeted

Tesla will make some merch buyable with Doge & see how it goes

— Elon Musk (@elonmusk) December 14, 2021

The tweet sparked a rally that saw Dogecoin (DOGE) gain as much as 20%, reaching an interday high of $0.2196 – its highest price in December.

Dogecoin’s five-day price chart. Source: Tradingview

Dogecoin’s 13% gain over the last 24 hours makes it the best performing top 10 cryptos. DOGE currently trades at $0.1804. Dogecoin now has a $23.99 billion market cap – the 10th largest in the industry.

Flipsider:

• DOGE trades 77% lower than the May 8 record of $0.7376, which was despite the price rise.

Why you should care

While it originally was launched as a meme coin, Dogecoin’s impressive technology has caught the attention of the world’s richest man, getting more attention and in the process.

Robinhood Acquires Cove Markets. Nuvei Partners With Visa.

American broker Robinhood, which charges no fees for its services, announced Tuesday that it had acquired Cove Markets cross-exchange trading platform. Robinhood is hoping to strengthen the leadership of crypto in the industry and enhance our crypto trading platform.

Robinhood will receive the whole team from Cove Markets including the cofounders. The amount Robinhood spent to buy Cover Markets wasn’t made public.

Through its subsidiary Simplex the global payment company Nuvei Corporation is set to offer branded cryptocurrency Visa debit cards to partners in the European Economic Area (EEA) and the United Kingdom. This move follows a partnership between Visa.

Block’s (formerly Square) Cash App has announced that it will now allow its users to send Bitcoin and stock to their friends. In addition, Cash App announced that users don’t need to own stock or bitcoin to gift it.

Flipsider:

• The Bank of England deputy Governor warns that cryptocurrencies could be a huge success despite their widespread adoption

Anchorage Raised $350M, FTX Signs $10M Agreement With Golden State Warriors

Anchorage Digital, the first federally regulated bank, has announced the completion of a $350 million funding round led by private equity firm KKR & Co Inc. After this funding round, Anchorage Digital is now valued at $3 billion.

According to Diogo Mónica, president and co-founder of Anchorage, the fund will be used to expand its international services. Goldman Sachs (NYSE :), Andreessen Horowitz and Apollo credit funds funded the regulated exchange, as well as Wellington Management.

FTX, a leading derivatives exchange has agreed to a 10-year deal with the pro-basketball league Golden State Warriors. The FTX logo will be virtually displayed on the stadium floor during the Warrior’s national NBA games as part of the sponsorship deal.

In addition, FTX will receive brand placement with the NBA 2K esports team and Warrior’s G League Club. The exchange will also get arena signage at the Chase Center and rights to the team’s NFTs.

Flipsider:

• Jamie Dimon, CEO of JPMorgan (NYSE) says regulators will manage cryptos.

Why you should care

Crypto firms enjoy increased support, and are finding cases in other industries more than ever before.

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