The bear market continues to affect Bitcoin’s price, which has fallen 60% since the beginning of the year. Nonetheless, Glassnode data shows that 66% of Bitcoin’s circulating supply has not moved in his one year. This figure is the highest level of illiquid Bitcoin supply ever recorded. A previous study by Glassnode showed that 45% of the circulating supply has not moved in two years and 38% has not moved in three years. The illiquid supply often increases in bear markets as many holders hold on to bitcoin for the long term.
Alameda Research and FTX CEO Sam Bankman-Fried may not be called to testify before the US Congress on December 13th. Bankman-Fried said his proposed GameStop trading limit and Robinhood app stock trading suspension. Three other witnesses to him are Robinhood CEO Vlad Tenev, Reddit CEO Steve Huffman, and Keith Gill, known on social media as “Roaring Kitty.” Bankman-Fried’s absence could leave gaps in Congress’ understanding of the events of January 28.
Cryptocurrency companies Circle and Concord have ended a proposed business combination. The companies announced their decision in a joint statement, saying the decision was mutual and that the companies would continue to operate independently. has not been clarified.
Crypto exchanges Bybit and Swyftx have joined layoffs following the collapse of rival exchange FTX. Bybit has announced plans to lay off his 10% of its workforce, while Swyftx has revealed it will cut 20% of its workforce. The job cuts come in a difficult market environment for cryptocurrency exchanges where many companies are struggling to maintain their profits.
The Axie Infinity community has taken its first step towards decentralization and the Axie Infinity Token (AXS) surged 23.87% in 24 hours. The community has been working on a decentralization plan for some time, and recent price spikes suggest the plan is gaining momentum. You can buy, sell and breed virtual creatures called Axies.
Nexo has announced that it will not serve US customers, citing “regulatory uncertainty”. The company, which offers a range of cryptocurrency-backed lending and borrowing products, said it has decided to focus on “the most promising markets” to continue growing its business. This decision is likely to disappoint many of Nexo’s US-based customers, who should look elsewhere for similar services.
Outflows from short bitcoin commodities have decreased recently, indicating positive sentiment among traders. Outflows from short products on the Chicago Mercantile Exchange (CME) and Deribit Exchange have been steadily declining since the beginning of November, according to data from analytics platform Skew. This suggests that fewer traders are betting on the price of Bitcoin, indicating that they are more bullish about the future of the cryptocurrency.
Gemini has formed a special committee to advocate solutions for users of Earn products who have been suspended following the suspension of withdrawals by the New York State Department of Financial Services (NYDFS). This committee is made up of industry luminaries and will work to find solutions for users who have lost access to their funds since the suspension went into effect. The suspension has been controversial in the crypto community, with many calling on his NYDFS to lift the restrictions.
Over the past 24 hours, Bitcoin (BTC) rose +0.33% to trade at $17,001 while Ethereum (ETH) rose +1.11% to trade at $1,288.
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