The excellent news about cryptocurrency was that Elon Musk Firm Tesla will begin accepting Dogecoins as cost from March. The dangerous information may very well be the Senate Banking Committee members proceed to say concern over stablecoins and DeFi.
The cryptocurrency ecosystem has spawned and expanded by monumental proportions. Nonetheless, whereas a bit of the economists is for the most recent blockchain miracle, others advocate excessive warning.
The cnbc.com experiences that the main crypto gamers like BTC and ETH are within the purple; there have additionally been notable flashes of brilliance. BTC is buying and selling at $46,766 as per information from Coin Metrics, and ETH is buying and selling at round $3,880. Nonetheless, the primary and two crypto belongings have been down about 6% within the final seven days.
Nonetheless, there have been some unbelievable progress by tokens that includes the highest ten crypto belongings. Terra’s LUNA is up over 29% previously week and is now buying and selling at $80, in response to information acquired from CoinGecko. Avalanche’s AVAX can also be up 29% previously week and is at present buying and selling at $113.
Tesla to simply accept Dogecoins as cost from March
Nonetheless, there was some constructive and destructive information on the earth of the cryptocurrency market. First, the enfant horrible and maverick billionaire, Elon Musk, has mentioned that Tesla will begin accepting Dogecoin from March. It have to be remembered that Elon Musk and his tweets had led Dogecoin to singe the market with its phenomenal progress.
Tesla will make some merch buyable with Doge & see the way it goes
— Elon Musk (@elonmusk) December 14, 2021
Nonetheless, later, Elon Musk did a U-turn and criticized crypto mining as ecologically damaging, and his firm stopped accepting Cryptocurrency. Consequently, Dogecoin and different cryptocurrencies crashed in what’s now referred to as the April mayhem. Nonetheless, Elon has mentioned that if crypto mining employed ecologically pleasant vitality sources, Tesla would once more begin accepting Cryptocurrency as cost for its electrical automobiles.
Senate Banking Committee members proceed to say concern over stablecoins and DeFi
The dangerous information is that change Coinbase and price-tracker CoinMarketCap hit a glitch and began itemizing inaccurate cryptocurrencies costs. Nonetheless, the glitch has been rectified.
The Senate Banking Committee members proceed to say concern over stablecoins and DeFi at Tuesday’s Senate Banking Committee listening to. Members had been skeptical about steady cash pegged to order belongings like a greenback however will not be steady for lengthy.
In his opening assertion, Chairman Sherrod Brown, D-Ohio, shared his ideas on stablecoins and their dangers.
The crypto dialog continues on Capitol Hill this morning with the Senate Banking Committee holding a stablecoin listening to. Federally chartered digital asset financial institution @Anchorage co-founder @diogomonica explains why regulation is so essential to the burgeoning area.@CNBC pic.twitter.com/GeZ52o1Obh
— Squawk on the Road (@SquawkStreet) December 14, 2021
“Let’s be clear about one factor: Should you put your cash in stablecoins, there’s no assure you’re going to get it again. Stablecoins and crypto markets aren’t a substitute for our banking system. As an alternative, they’re a mirror of the identical damaged system — with even much less accountability and no guidelines in any respect.”
Senator Elizabeth Warren, D-Mass., agreed. “Stablecoins pose dangers to customers and our economic system. They’re propping up one of many shadiest elements of the crypto world, Defi, the place customers are least shielded from getting scammed. Our regulators must get critical about clamping down earlier than it’s too late.”
The final dangerous information is $7.7 billion was stolen in crypto scams in 2021, in response to a brand new report by blockchain analytics agency Chainalysis. That’s an 81% rise in comparison with 2020.