Crypto Flipsider News – Market rally after the Fed, Reddit prepares to go public, Shiba European Exchange, Dogecoin receives first NFT, Binance Indonesian Exchange, Tether faces another lawsuit
Read in the digest
- Market rally after Fed meeting, bears may be in control in the short term
- Reddit is filing in confidence with the SEC to go public
- Shiba is listed on the European stock exchange, first NFT was created on, Millenials and Gen Z to Crypto, NFT. To give away
- Binance launches exchange in Indonesia, Kevin Durant to be the new face of Coinbase (NASDAQ 🙂
- Hit with another lawsuit. What’s wrong with the stablecoin?
Market rally after Fed meeting, bears may be in control in the short term
Fingers crossed as investors awaited reports from the December 15 Federal Reserve meeting. Most analysts’ prediction has come true as crypto markets started to bounce back after the meeting.
The Fed has presented its political roadmap for 2022. The Fed has announced that it will double the cut on its monthly bond purchases – and cut it down by $ 30 billion each month from its previous $ 15 billion – to be wound up early next year.
This will give the Fed a shorter time to end bond purchases and raise rates for the first time since 2018. As of the announcement, it has now regained $ 49,000, also trading above $ 4,000 and up 4% in the past 24 hours.
Turned around:
- As markets rebound, some analysts believe assets could be corrected even more sharply in the short term before a major rally
- Many point out that on Friday the 17th
Reddit is filing in confidence with the SEC to go public
Reddit, the popular online discussion forum for creating the category now known as “meme stocks,” announced that it has filed confidential filings with the Securities and Exchange Commission for the public offering of its stock.
In August the company announced the possibility of an IPO. However, it has been criticized for having to start generating more revenue for shareholders; This can result in users seeing more advertisements and modifying the experience.
Finally confirming user fears, the Internet company has now taken a significant step towards public markets. In the press release, Reddit did not disclose the total number of shares to be offered or an initial rating
Turned around:
- Reddit has been criticized for its laissez-faire approach to content moderation, which has made the platform for some of the most harmful ideas and people on the internet.
Why you should care
In 2021, Reddit played a significant role in the growth and popularity of cryptos. Users are now waiting to see how an IPO affects the online discussion forum.
Shiba is listed on the European stock exchange, first NFT was created on Dogecoin, Millenials and Gen Z to give away crypto, NFT
There was a big shift in the narrative of meme coins in the second half of 2021 as they gained increasing acceptance. Shiba is back in the limelight and this time it is listed on Europe’s largest crypto exchange.
According to Bitstamp, Europe’s leading exchange, their plans to list Shiba Inu SHIB in 2022 have not changed. However, SHIB, which was scheduled to trade on Bitstamp on December 9, has been postponed to 2022 due to technical difficulties on the exchange.
The pioneer meme coin Dogecoin didn’t go wrong either. Shortly after Elon Musk explained why Dogecoin is better than Bitcoin, a DOGE developer announced that the Dogecoin network made it easier to create its first non-fungible token (NFT).
Dogecoin is now slowly growing beyond the label of a meme coin with no real usability. As interest in digital art grows, a report has confirmed that Millennials and Gen Z are planning to spend thousands of dollars on crypto, NFTs, and Metaverse-Land as Christmas gifts.
Turned around:
- Experts warn that investors should stay away from Dogecoin and Shiba Inu.
Why you should care
The increasing utility of Dogecoin and Shiba Inu could be the stepping stone for their growth as these meme coins have some of the largest communities around.
Binance launches exchange in Indonesia, Kevin Durant will be the new face of Coinbase
Days after Binance abandoned its plans to launch a crypto exchange in Singapore, it announced it would launch a new digital assets exchange in Indonesia. The move is made possible through the collaboration with MDI Ventures, an investment arm of Telekom Indonesia.
Binance will leverage the market reach of MDI Ventures, a consortium reportedly with over 170 million consumers in Indonesia. In addition, Binance has announced that it will provide asset management infrastructure and technology to support the development of the new exchange.
America’s largest crypto exchange, Coinbase, has signed a deal with famous basketball player Kevin Durant to promote exchanges. Working with the NBA star is part of the exchange’s drive to go mainstream and attract new users.
The deal makes Durant the new advertising face for Coinbase. In addition, Durant’s Boardroom sports site will be linked to Coinbase for digital ads and sponsored content on crypto. The exchange will also fund Durant’s Foundation to support its youth programs.
Turned around:
- The lack of a unified regulatory framework has restricted Coinbase and Bitcoin’s access to certain markets.
Why you should care
Like many companies, Binance and Coinbase are taking significant steps to bring digital assets into the mainstream.
Tether hit with another lawsuit. What’s wrong with the stablecoin?
Tether, the issuer of the world’s largest stablecoin USDT, is once again caught up in a legal confusion with allegations of misrepresenting its stablecoin support. This is the second class action lawsuit filed against Tether in 2021.
The lawsuit, which was filed in a district court in the southern borough of New York City, alleges that Tether made false or misleading claims about its reserves. The latest lawsuit filed by Mathew Anderson and Shawn Dolika in South New York District Court accused the company of holding less than 4 percent of its cash reserves.
In addition, plaintiffs in the lawsuit alleged that the disclosure of Tether’s public accounts was vague and ambiguous. Anderson and Dolika believe that despite its promise of transparency to consumers, Tether has not been subjected to professional scrutiny.
Tether responded to the lawsuit, calling it shameless money theft. In addition, the stablecoin issuer will file its own litigation and seek compensation for the effort.
Turned around:
- This comes days after the shadow government of militarily ruled Myanmar made USDT the official currency for domestic purposes.
Why you should care
Tether remains the preferred alternative to the greenback for crypto investors. Its success or failure also has a ripple effect in the cryptoversum.
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