Digest

• Markets rallied after the Fed Meeting. Bears could have short-term control
• Reddit files confidentially with the SEC to go public
• European Exchange: Shiba Lists in, First NFT Created On, Millenials, Gen Z To Gift Crypto, NFT
• Kevin Durant is the new face of Coinbase, Indonesia’s first exchange on Binance
• You’re a Hit With Another Lawsuit. What’s Going on With the Stablecoin?

Markets rallied after the Fed Meeting. Bears could have short-term control

As investors eagerly awaited reports from the Federal Reserve, December 15, fingers were crossed. Analysts were right, crypto markets are beginning to rally following the meeting.

The Fed released their policy blueprint for 2022. The Fed has announced it will double the tapering of its monthly bond purchases – reducing by $30 billion every month from the previous $15 billion – to wind them down early next year.

This gives the Fed more time to cease bond purchases and raise interest rates, which is the first increase in rate since 2018. After the announcement, the Fed now has $49k. The stock also traded above $4,000 and gained 4% over the past 24 hours.

Flipsider:

• Some analysts think that asset prices may experience more corrections in the near term as markets recover. However, before there is a significant rally, they will likely be subject to further corrections.
• Many people point out that the $755 million BTC option expires on Friday, December 17.

Reddit files confidentially with the SEC to go public

Reddit, the online discussion forum popular for creating the category now known as “meme stocks,” has announced that it had confidentially filed paperwork with the Securities and Exchange Commission for the public offering of its stock.

Reddit had previously announced that the company might go public in August. It was criticised that Reddit would need to generate more income to shareholders. This may mean users will see more ads and be able to modify the experience.

Finally confirming users’ fears, the internet company has now taken a significant step toward the public markets. Reddit didn’t disclose how many shares will be sold nor what the initial value of the offer was in its press release.

Flipsider:

• Reddit’s laissez-faire content moderation approach has led to criticisms. This has allowed Reddit to be home to the worst ideas and people online.

Why you should care

Reddit played an important role in 2021’s growth and popularity for cryptos. Reddit users now await to find out how an IPO affects the forum.

Shiba will List on European Exchange. The First NFT has been Created On Dogecoin, Millenials, and Gen Z To Gift Crypto.

The second half 2021 saw a significant shift in meme coin narratives, with the adoption of the likes and increasing. Shiba is back in the spotlight, and this time, it’ll be listed on Europe’s biggest crypto exchange.

According to Bitstamp, Europe’s premier exchange, its plans to list Shiba Inu SHIB in 2022 have not changed. SHIB was due to trade on Bitstamp December 9th, but has now been delayed to 2022 because of technical difficulties on the exchange.

The pioneer meme coin, Dogecoin, hasn’t not been slouching also. Elon Musk explained why Dogecoin was better than Bitcoin. A DOGE developer then announced that Dogecoin had facilitated creation of the first non-fungible token, NFT.

Dogecoin’s status as a meme currency is gradually being surpassed by its real-world useability. A report has revealed that Gen Z and millennials plan to spend thousands on metaverse land, crypto and NFTs as gifts for their loved ones.

Flipsider:

• Experts WarnedInvestors should avoid Dogecoin or Shiba Inu.

Why you should care

Dogecoin, Shiba Inu and other meme coins are gaining popularity. They have the most active communities.

Kevin Durant, Binance’s new face of Coinbase, Launches Indonesian Exchange

Binance announced today that it will launch a digital asset exchange in Indonesia, days after having abandoned plans for a cryptocurrency exchange to be launched in Singapore. It collaborated with MDI Ventures, an investment arm from Telkom Indonesia.

Binance plans to leverage MDI Ventures’ market reach, which is estimated at more than 170 million Indonesians. Binance also revealed it would provide technology and asset management infrastructure to help develop the new exchange.

America’s largest crypto exchange, Coinbase, has signed a deal with famous basketball player Kevin Durant to promote the exchange. The collaboration with the NBA star is part of the exchange’s push to go mainstream and lure new users.

Durant will now be Coinbase’s new advertising face. In addition, Durant’s sports site, Boardroom, for digital ads and sponsored content about crypto will be linked to Coinbase. The exchange will also fund Durant’s foundation to support his youth programs.

Flipsider:

• Coinbase’s and Bitcoin’s entry into some markets has been limited by the absence of a common regulatory framework.

What You Need to Care About

Binance and Coinbase, like many other companies are taking significant steps to mainstream digital asset adoption.

A New Lawsuit for Tether Hit. What’s Going on With the Stablecoin?

Tether, the issuer of the world’s biggest Stablecoin, USDT, has yet again found itself locked in a legal tangle with accusations of falsely representing its stablecoin backing. Tether is facing a second class action in 2021.

Tether was accused of making misleading or false claims regarding its reserves. The suit was filed in New York’s southern district court. Mathew Anderson, Shawn Dolika, and Shawn Dolika filed the latest complaint in the South New York District Court. They claimed that Tether had less than 4 per cent cash reserves.

In addition, the plaintiffs in the complaint alleged that Tether’s public account disclosures were vague, ambiguous. Anderson and Dolika believe that Tether hasn’t undergone any professional audit, despite its promise of transparency to consumers.

Tether has reacted to the suit, calling it an outrageous money grab. The Stablecoin issuer has also agreed to file its own lawsuit and claim compensation.

Flipsider:

• It comes just days after the military-ruled shadow government Myanmar mandated USDTThe official currency of the country.

Why you should care

Crypto-investors still prefer Tether over the greenback. Success or failure can also have a ripple effect on the cryptoverse.

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