🚨🚨The Latest Crypto News You Need to Know! (24/12/23)🚨🚨

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25 Dec 2023

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The crypto market is always full of surprises and exciting developments. In this article, we will cover 4 of the most important news stories that could have a significant impact on the future of crypto. Let’s dive in!

1️⃣ Solana Breaks $100 Barrier After 20 Months 📈

Solana, the blockchain platform that claims to be faster and cheaper than Ethereum, has seen its native token SOL soar above $100 on Saturday afternoon, a level it has not reached since April 2022. SOL is now trading at around $110, and has surpassed XRP and BNB in market capitalization, becoming the fourth-largest cryptocurrency by that metric.

Solana’s impressive performance is driven by its growing adoption and innovation, as well as the general bullish sentiment in the crypto market. Solana boasts a high throughput of over 50,000 transactions per second, and supports a vibrant ecosystem of decentralized applications, especially in the fields of DeFi, NFTs, and gaming.

Source (https://decrypt.co/210668/solana-smashes-past-100-first-time-since-april-2022)

2️⃣ Nigeria Eases Crypto Banking Restrictions 🙌

In a positive development for the Nigerian crypto community, the Central Bank of Nigeria (CBN) has reportedly lifted its ban on Virtual Asset Service Providers (VASPs) from opening bank accounts in the country. However, the CBN still prohibits banks from holding, trading, or transacting in virtual currencies on their own accounts.

The new policy reverses a previous order issued by the CBN in February 2021, which had instructed banks to close any accounts associated with digital asset activity. This had forced crypto investors to resort to peer-to-peer (P2P) platforms or direct payments to buy and sell cryptocurrencies. With the ban lifted, the Nigerian crypto market is expected to see more competition and innovation among crypto-fiat exchanges and P2P merchants.

Source (https://businessday.ng/technology/cryptocurrency/article/cbn-lifts-restrictions-on-crypto-exchanges-issues-guidelines/)

3️⃣ MEXC Faces User Complaints Over Frozen Accounts 🤔

MEXC, a crypto exchange based in Singapore, has been accused by several users of freezing their accounts and seizing their funds, citing “abnormal trading activities” as the reason. The complaints have been circulating on X (formerly Twitter) since Dec. 16, and some users claim they have lost thousands of dollars due to the exchange’s actions.

MEXC has responded to the allegations by stating that its risk control system and staff have conducted a thorough investigation, and found that the affected accounts and related accounts have engaged in irregular trading behavior. The exchange also said that it has taken measures to recover the losses incurred, in accordance with its terms of use.

Source (https://cointelegraph.com/news/traders-report-frozen-assets-account-blocks-mexc)

4️⃣ Coinbase Claps Back at Sen. Elizabeth Warren: Accusations “Simply Wrong” ❗️

Coinbase, the largest crypto exchange in the US, has issued a letter dated December 22, in response to a letter sent by Sen. Elizabeth Warren earlier this month, in which she accused the company, along with other crypto firms, of evading regulation by hiring former government and law enforcement officials in a “revolving door” scheme.

Coinbase’s letter, written by its Chief Policy Officer, Faryar Shirzad, rejects Sen. Warren’s claims as “a willful misrepresentation of our intentions and efforts,” and asserts that the hires represent the “finest talent at every level” and that Coinbase supports “responsible regulation and legislation” in the crypto space.

Source (https://www.theblock.co/post/269182/coinbase-fires-back-at-sen-elizabeth-warren-accusations-simply-wrong)

Conclusion

These are some of the most important and interesting news stories that happened in the crypto space in the past week. They show the diversity and dynamism of the industry, as well as the challenges and opportunities it faces. As always, we encourage you to do your own research and stay informed about the latest developments in the crypto world. Thank you for reading!

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.

I hope you enjoyed this edition of the crypto news roundup, and that you learned something new and useful. If you did, please share this article with your friends and family, and subscribe to me for more updates and insights. Thank you for reading, and happy crypto!