Crypto Roundup, 07 Dec: Will Bulls Charge or Bears Take Control

Cryptos are ranked by 24-hour performance, from top to bottom.

TOP 5 Losers Coins

Crypto News Key Highlights:

• Anticipated in the imminent release is the weekly unemployment claims report with an expected figure of 224 thousand, showing a marginal rise from the preceding week's 218 thousand. Additionally, attention is on the RBI rate decision and US Nonfarm Payrolls.

• Sotheby's New York introduces "BitcoinShrooms: An Ordinals Auction," a groundbreaking online event featuring NFTs by digital artist Shroomtoshi, delving into Bitcoin's history and culture. The collection, blending art and education, signifies Sotheby's venture into Bitcoin Ordinals, showcasing the potential of revolutionizing the digital art space. Estimated bids range from $20,000 to $30,000.

• Binance faces controversy as the listing of Anchored Coins EUR (AEUR) results in extreme volatility and losses for users. AEUR, initially pegged at $1, surged to over $3, prompting Binance to suspend trading and delist AEUR, leading to community backlash. Binance promises compensation in USDT vouchers for affected users.

• Concerns arise over Binance's future following the guilty plea by former CEO CZ and a $4.3 billion settlement with US regulators. Former SEC official John Reed Stark questions Binance's transparency and compliance, highlighting evasive responses and predicting potential collapse amid ongoing investigations and regulatory pressure.

• Meta, formerly Facebook, will introduce invisible watermarks to its AI-generated images through Meta AI to enhance transparency and traceability. Resilient to common manipulations, these watermarks will deter misuse by making removal difficult. Initially applied to Meta AI, the feature will extend to other Meta services using AI-generated content. This move addresses concerns about the potential misuse of AI-generated content for misleading purposes and deepfake scams.

• The UK's Financial Conduct Authority (FCA) has added Poloniex, linked to entrepreneur Justin Sun, to its warning list, citing unauthorized operation. Poloniex suffered a $100 million hack in November. The FCA emphasizes the lack of financial law protection when dealing with unauthorized entities. Poloniex has not yet responded to requests for comment.

• Robinhood has expanded its crypto services to eligible European Union customers, offering trading for over 25 cryptocurrencies with zero fees. This move follows the recent launch of the company's stock trading application in the United Kingdom. Robinhood sees the EU as a key market for its international expansion plans.

• Global governments, including the U.S., U.K., and China, are accelerating efforts to regulate generative AI technology amid concerns of potential misuse. The EU's AI Act, a pioneering set of regulations, is set to include controls for tools like ChatGPT and Bard. The move follows similar initiatives in Australia and China.

• Binance Coin (BNB) faces a challenging year with a mere 1% gain amid the broader crypto market's 12% rally. Regulatory struggles and a $4.3 billion settlement contribute to BNB's decline. Binance's market share drops, and competitors may challenge its leading position. The token's underperformance raises the risk of losing the fourth spot to XRP.

Also read - 24 Crypto Update, 6 Dec: BTC stable, while altcoins are under pressure