The Association of Digital Asset Markets (ADAM) has taken a significant step towards establishing legitimacy in the crypto space by formulating a comprehensive code of conduct for its 15 members, marking the organization's one-year milestone. This Code not only demonstrates ADAM's commitment to fostering a fair and transparent environment for digital asset markets but also reinforces the industry's growing maturity and recognition of the need for responsible practices. By setting these standards, ADAM seeks to enhance transparency, promote investor protection, and ultimately contribute to the long-term success and acceptance of cryptocurrencies.
The closure of DeFi projects, Cover and Ruler, came as a blow to the cryptocurrency community after the exit of their respective development teams. This unfortunate news caused a significant plummet in the tokens' prices, with COVER declining from $268 to $228 and RULER crashing from $10.68 to $1.37, as reported by CoinMarketCap.
According to Bank of America's latest monthly survey, the market calculation on Wall Street has seen a significant shift with the fear of soaring inflation taking over as the top concern for fund managers, surpassing the previous worry of the pandemic. Interestingly, even amidst these market uncertainties, the trend of betting on a bitcoin rally continues to be one of the most popular trades.
Binance experienced a remarkable surge in its user base this year, registering a staggering 40 million new users, a 30% increase from 2022. With a global total of 170 million registered users, the cryptocurrency exchange's consistent growth can be attributed to the widespread adoption of its crypto payments, peer-to-peer trading, and earning products. Notably, Binance's P2P platform witnessed an 18% increase in trading volume and a significant 39% rise in active users. Binance's success is further exemplified by offering an impressive 1785 trading pairs across 431 different assets by the end of 2023.
The price of BTC has experienced a significant drop of $1.5K, dampening the hopes of the post-Christmas rally for Bitcoin enthusiasts. Bitcoin has remained stagnant within a specific range for over a week, highlighting the strong resistance it faces. Concerns among analysts have arisen due to profit-taking and excessively high funding rates. Maartunn, an expert from CryptoQuant, observed that bid liquidity at $40,000 support on Coinbase has been steadily increasing, indicating a potential positive trend for Bitcoin.
FLOKI, a meme cryptocurrency inspired by Elon Musk's dog and similar to Dogecoin and Shiba Inu, will be hosting a quiz on January 1st. Created in 2021, FLOKI is not just a token but also offers an NFT marketplace and a game. However, it's important for potential investors to approach meme tokens with caution, as their value is heavily influenced by community sentiment and social media trends. Thorough research and careful consideration are advised due to their high volatility. #CryptoNews
SafePal is set to launch a new wallet update that will revolutionize the way users manage their crypto assets. With their secure and user-friendly platform, SafePal offers both hardware and software wallets, ensuring utmost protection. The SafePal App is the go-to solution for storing, managing, swapping, trading, and growing your crypto wealth, making it accessible to all. Stay tuned for the latest updates in the world of cryptocurrency with #CryptoNews!