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This Week in Crypto (week 47)

December 5, 2021

Tammy Ha

It wouldn’t be a week in crypto if Bitcoin were not banned by one nation and embraced by another.

 On Monday...

According to YCharts data, the average transaction fee of Bitcoin (BTC) dropped from $4.40 to $1.80 this year, a decrease of 57.97%.

Caitlin Long, the Founder & CEO of Avanti Bank & Trust, believes Bitcoin will become the world reserve currency "at some point”.

El Salvador regulators and city planners look to build “Bitcoin City.”

The Bank of England governor is worried about Bitcoin being a Legal Tender in El Salvador.

The UK will levy a 2% tax on crypto platforms as they don’t qualify for exemptions.


On Tuesday…

Bitcoin slipped 2.5%, hitting lows of under $56,000 on Tuesday after drugmaker Moderna’s CEO warned of a material drop in vaccine effectiveness against the newfound COVID-19 variant, Omicron.

South Korea pushed back its controversial tax on crypto gains to 2023. Once cleared by the plenary session, the bill would impose a 20% tax on crypto gains of more than 2.5 million ($2,253) annually.

Central bank digital currencies (CBDC) were claimed to be an essential tool for combating crypto, according to the Central Bank of Indonesia.

MicroStrategy purchased an additional 7,002 more Bitcoins (BTC), increasing the firm’s Bitcoins holdings to 121,044 Bitcoins. 


On Wednesday…

Grayscale told SEC that there is ‘no basis’ to approve Bitcoin futures ETFs and not spot ETFs.

Morgan Stanley claimed crypto-banking regulation is arriving faster than expected.

China’s central bank proposed monitoring of metaverse and NFTs.

Crypto.com announced plans to purchase two exchanges next year as the competition for market share heats up.

On Thursday…

Vladimir Putin, President of the Russian Federation, said cryptocurrencies bear high risks.

Binance Singapore hinted at withdrawing its application with the Monetary Authority of Singapore (MAS) because of the long-standing halt of seeking an operator’s permit. 


On Friday…

The Securities and Exchange Commission (SEC) Chairman Gary Gensler claimed Bitcoin to rival the US financial system and its global consensus.

India planned to regulate crypto instead of ban the sector.


For more information on these stories, visit:

https://cointelegraph.com/news/bitcoin-transaction-fees-are-down-by-over-50-this-year

https://www.livebitcoinnews.com/a-whole-new-bitcoin-city-will-be-built-in-el-salvador/

https://ambcrypto.com/this-exec-believes-bitcoin-will-soon-become-the-global-reserve-currency/

https://news.bitcoin.com/bank-of-england-governor-worried-bitcoin-legal-tender-el-salvador/

https://ambcrypto.com/uks-hmrc-to-levy-2-tax-on-crypto-platforms-as-they-dont-qualify-for-exemptions

https://www.coindesk.com/markets/2021/11/30/bitcoin-back-on-the-defensive-as-moderna-ceo-warns-of-reduced-vaccine-efficacy-exchange-inflows-eyed

https://coingape.com/breaking-south-korea-set-to-postpone-controversial-crypto-taxation-to-2023/

https://cointelegraph.com/news/cbdc-is-a-tool-to-combat-bitcoin-says-bank-of-indonesia-exec

https://coinquora.com/microstrategy-buys-7002-btc-adding-to-its-growing-crypto-stash/

https://cointelegraph.com/news/grayscale-tells-sec-no-basis-to-approve-bitcoin-futures-etfs-and-not-spot-etfs

https://www.coindesk.com/policy/2021/12/01/morgan-stanley-sees-crypto-banking-regulation-arriving-faster-than-expected/

https://cointelegraph.com/news/china-s-central-bank-proposes-to-monitor-metaverse-and-nfts

https://decrypt.co/87321/crypto-com-acquire-2-exchanges-first-half-2022

https://cointelegraph.com/news/vladimir-putin-says-cryptocurrencies-bear-high-risks

https://coingape.com/breaking-binance-singapore-to-reportedly-withdraw-its-permit-application/

https://www.cryptonewsz.com/bitcoin-competing-with-the-us-banking-system/

https://cointelegraph.com/news/cabinet-note-suggests-india-will-regulate-rather-than-ban-crypto


















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