The first week of December has been exciting for the cryptocurrency markets. Perhaps the biggest news is that the Coinbase exchange announced it will add more coins to its trading platform. On Friday, Coinbase reported plans to allow trading of ERC20 tokens Civic (CVC), district0x (DNT), Loom Network (LOOM), and Decentraland (MANA) on Coinbase Pro with the Circle stablecoin (USDC). It also wants to add up to 30 new coins in the near future, including Cardano (ADA), Aeternity (AE), Stellar (XLM), EOS (EOS), Po.et (POE), Ripple (XRP) and more. Coinbase has transformed from one of the most conservative regulated exchanges into a platform that is exploring and expanding beyond users' wildest dreams.
Here is the rest of the week in review:
The US Securities and Exchange Commission (SEC) once again delayed its decision on the Bitcoin (BTC) exchange-traded fund (ETF) to February. Even after many firms consulted with the SEC on how to secure approval last week, the regulatory body remains cautious and cited concerns that the crypto markets are not ready for a first US-based, fully regulated BTC ETF. The prolonging bear market was likely a factor in the delay, and the delay itself was bearish news to traders who hoped for a light at the end of the tunnel. As the proposed rule change was first published in the Federal Register on July 2, the SEC will exercise its right to delay the maximum period of consideration on the ETF application for 240 days until February 27.
The G20 agreed to introduce regulations on crypto assets to counter money laundering and financial terrorism. The heads of state reached a decision at the leaders' summit on December 1 in Argentina. A joint press statement reads: "We will regulate crypto assets for anti-money laundering and countering the financing of terrorism in line with Financial Action Task Force standards and we will consider other responses as needed." Also, the G20 members addressed the updating of tax policies to apply to the digitalization of the global economy. The move signals that world governments are getting more serious about fighting crypto-related crime and streamlining and enforcing a confusing patchwork of tax laws.
Crypto prices plummeted again this week thanks to falling demand for both coins and global equities. The majors dove with double digit percentage losses. Market cap fell to a yearly low of $104 billion before a slight bounce. In the top 100, the biggest losers are Bitcoin Cash (BCH), down 36 percent, Bitcoin Gold (BTG), down 31 percent, and Metaverse ETP (ETP), down 30 percent. The biggest gainers are CasinoCoin (CSC), up 25 percent, Unobtanium (UNO), up 24 percent, and Factom (FCT), up 21 percent. Traders and investors are hoping for strong support at the critical $100 billion level.
The author owns a small amount of BTC.