Crypto News Roundup: December 16, 2023

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16 Dec 2023

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Introduction

The crypto industry is always full of surprises, and today was no exception. From new stablecoins to cyberattacks, from price movements to regulatory changes, there was something for everyone in the crypto space. In this article, I will summarize some of the most important and interesting news stories that happened on December 16, 2023. Let’s dive in!

New Euro-Denominated Stablecoin Launched by Galaxy and DWS

One of the biggest news of the day was the announcement of a new euro-denominated stablecoin, called Stable Flow (STABLE), by crypto platform Galaxy, asset management firm DWS, and digital asset technology trading firm Flow. According to the press release, STABLE is backed by a basket of euro-denominated assets, such as government bonds, corporate debt, and money market instruments, and is fully compliant with the European Union’s regulatory framework. The stablecoin aims to provide a low-cost, transparent, and efficient way for investors and traders to access the euro market and hedge against currency risks. STABLE is expected to launch in early 2024 on several crypto exchanges and platforms, including Bitfinex, Binance, and Coinbase.

PEPE Token Holders Experience Mixed Profitability

PEPE, the meme-inspired token that rewards holders with a share of the fees generated by the PepeSwap decentralized exchange, has seen a volatile performance in the past week. According to data from CoinTurk, over half of PEPE addresses are profitable, but the investor outcomes vary with market conditions. PEPE reached an all-time high of $0.69 on December 12, 2023, but then dropped by more than 50% to $0.33 on December 14, 2023, following a market-wide correction. Since then, PEPE has recovered some of its losses and is trading at around $0.45 at the time of writing. The token has a total supply of 100 million and a market capitalization of $45 million.

Samson Mow Warns Bitcoin Maximalists

Samson Mow, the chief strategy officer of Blockstream and a major Bitcoin advocate, made a critical statement for Bitcoin maximalists on Twitter today. Mow tweeted that Bitcoin is not immune to attacks from governments, corporations, or other entities, and that Bitcoiners should not be complacent or arrogant about the security and dominance of the network. He urged the Bitcoin community to be vigilant and prepared for any potential threats, and to support the development and innovation of the Bitcoin protocol. Mow’s tweet received mixed reactions from his followers, some of whom agreed with his warning, while others dismissed it as fear-mongering or unnecessary.

BabyBonk Skyrockets 25,000%

Another token that caught the attention of the crypto market today was BabyBonk, a spin-off of the popular Bonk token that aims to create a community-driven and deflationary meme coin. BabyBonk, which launched on December 15, 2023, has seen an astonishing rally of over 25,000% in less than 24 hours, reaching a peak price of $0.000025 per token. The token has a total supply of 1 quadrillion and a market capitalization of $25 million. According to its website, BabyBonk has a unique mechanism that burns 2% of every transaction and redistributes 2% to the holders, creating a positive feedback loop that increases the value and scarcity of the token. The project also claims to have a dedicated team and a roadmap that includes marketing, partnerships, and charity donations.

Web3 Gaming: A 2023 Industry Overview

The Blockchain Gaming Alliance, a network of game developers, publishers, platforms, and investors that promotes the adoption of blockchain technology in the gaming industry, released a new report today that reveals an optimistic future for the web3 gaming sector and a concerning gender imbalance among its players. The report, based on a survey of over 10,000 gamers from 20 countries, shows that web3 gaming, which refers to games that use blockchain, smart contracts, and decentralized applications to create immersive and interactive experiences, is expected to grow by 300% in 2024, reaching a market size of $12 billion. The report also highlights the benefits and challenges of web3 gaming, such as increased ownership, creativity, and innovation, as well as technical complexity, scalability, and security issues. Moreover, the report reveals that web3 gaming is dominated by male players, who account for 85% of the total, while female players represent only 15%. The report suggests that more efforts are needed to attract and retain female gamers, such as creating more diverse and inclusive content, communities, and opportunities.

UK Crypto Growth Outstrips That of Other Major Nations

The UK is seeing a much faster increase in growth than all the other major nations as far as crypto is concerned, according to a new report by Crypto Daily. The report, based on data from various sources, such as CoinMarketCap, CoinGecko, and Statista, shows that the UK has the highest number of crypto users, exchanges, and projects in the world, surpassing the US, China, and Japan. The report attributes the UK’s crypto boom to several factors, such as favorable regulations, high adoption rates, strong innovation, and diverse talent. The report also predicts that the UK will continue to lead the global crypto scene in 2024, especially in the areas of DeFi, NFTs, and metaverse.

Conclusion

These were some of the most noteworthy crypto news stories that happened on December 16, 2023. As we can see, the crypto industry is constantly evolving and expanding, offering new opportunities and challenges for investors, traders, developers, and enthusiasts. I hope you enjoyed this article and learned something new. Stay tuned for more crypto news and updates from me!

Disclaimer: The information and content provided in this article are for informational and educational purposes only and do not constitute any financial, investment, or legal advice. Trading, buying, or investing in cryptocurrencies involves significant risks and may result in the loss of your capital. You should do your own research and consult a professional before making any decisions. This article is not a suggestion or an endorsement of any cryptocurrency or platform.

📌Source:

Markets Daily Crypto Roundup - CoinDesk.
Headlines | News | CoinMarketCap.
Weekly Crypto Roundup: firings, freezing, and falls - The Hindu.

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