While on Saturday the broad crypto market was up around 0.6% in the last 24 hours, another exciting week is coming to an end. A lot has happened in the past few days that has moved the crypto world. On a weekly basis, the most valuable cryptos performed weakly. Bitcoin has fallen by around 4% in the last seven days, while Ethereum has lost more than 5%.
Meanwhile, LOOM from the Loom Network is the strongest top 100 coin with a 111% weekly performance, while things weren’t going well for Mantle (MNT) with losses of around 17%.
So let’s take a look at the Bitcoin News in weekly review:
Ferrari goes crypto – buy luxury vehicles with cryptocurrencies
Ferrari is now responding to increasing customer demand in the US and wants to accept cryptocurrencies as payment for its luxury cars. This step will also follow in Europe in the near future. Ferrari has now entered into a cooperation with the renowned crypto payment service provider BitPay for the first phase of its US launch. This partnership allows the automaker to accept payments in Bitcoin, Ether and USDCoin. There should be no additional fees or surcharges when using cryptocurrencies, as BitPay immediately converts crypto payments into conventional fiat currencies. This ensures protection from cryptocurrency price fluctuations for Ferrari.
Crypto adoption continues to progress despite the bear market – now at one of the most popular vehicle manufacturers in the luxury segment.
SBF in trouble – key witnesses testify in the FTX trial
The FTX process continues. In the last few days, various key witnesses have testified against the former CEO of the insolvent crypto exchange, including his ex-girlfriend.
In the legal proceedings surrounding the founder of FTX, Gary Wang was called into the courtroom last week. Wang, a co-founder of FTX and Alameda Research, was considered a close confidant of SBF. This made it clear that the trading company Alameda was able to withdraw unlimited funds from FTX. No other customer has ever had access to comparable volume.
Shortly before the collapse on November 9th, there was a massive withdrawal of funds from FTX, with the exchange’s outflows at around $100 million per hour, according to Wang.
Sam Bankman-Fried’s ex-girlfriend Caroline Ellison confirmed in court the testimony of previous witnesses such as Gary Wang and Adam Yedidia that Alameda withdrew several billion dollars of customer funds from FTX to make investments, service lenders, take out new loans and convert funds into stablecoins. All in all, the defense’s attempts to question credibility failed – a victory for the prosecution.
SEC waives appeal against Grayscale
According to one Report from Reuters The U.S. Securities and Exchange Commission (SEC) has not appealed a recent court ruling that found flawed the rejection of Grayscale Investments’ application to create a Bitcoin spot exchange-traded fund (ETF). The decision was made in August by the District of Columbia Court of Appeals in Washington.
Now the appeals court is expected to soon clarify how to implement the decision, which includes the SEC’s review of Grayscale’s application. The prospect of a spot Bitcoin ETF is particularly bullish as it paves the way for institutional asset managers such as BlackRock, Fidelity and Invesco, which have already filed similar applications. The SEC is expected to rule on these applications next year. The market should soon return its focus to this possible approval.
Wall Street Memes becomes top 3 meme coin by trading volume
The world of meme coins remains dynamic. While PEPE continued to correct and has now had to leave the top 100, the situation with Wall Street Memes is much more bullish. Just a few days after the ICO, Wall Street Memes achieved a milestone last week. Because the new meme coin was the third largest meme coin by trading volume – even ahead of PEPE.
Click here for Wall Street Memes
At the same time, Wall Street Memes benefits from a vibrant following with more than 1.1 million followers on Instagram, X, Telegram and Discord. The team is now planning an upcoming product announcement that should cause quite a stir. This announcement was recently made on X. The community is now eagerly awaiting the release of the details next Wednesday. Further price-influencing factors could be imminent and bring fantasy back to WSM.
Bitcoin spot ETF is becoming more and more likely
Analysts continually evaluate probabilities. Now, leading market strategists have recalculated the probabilities for a Bitcoin spot ETF – there is a 90% probability that Ark Invest’s Bitcoin spot ETF will be approved on January 10th.
To date, however, this circumstance has had very little effect on the markets.
OpenAI CEO comes out as a Bitcoin fan
Sam Altman is the CEO of OpenAI, a leader in artificial intelligence and machine learning. He undoubtedly has extensive experience in the technology sector, and of course he also has an opinion on the most valuable cryptocurrency in the world.
Due to the success of ChatGPT, Sam Altman is now widely known. As the founder of OpenAI, the company behind ChatGPT, he now urgently warns about the potential risks of central bank digital currencies (CBDCs). Altman therefore sees Bitcoin as a logical and important global currency.
Spectacular milestones for Bitcoin Minetrix & Meme Kombat
A look at the dynamic crypto presales market segment, which has historically been associated with attractive opportunities, should not be missed at this point. Because as the broader market corrects, some crypto presales have generated strong interest in recent days. With Bitcoin Minetrix and Meme Kombat, two candidates have even achieved impressive milestones.
The Bitcoin Minetrix crypto presale has now raised $1.25 million, so the first presale period could end as early as tomorrow. This deal also coincides with the first price increase, so a quick analysis could still be worthwhile. Because the idea of fully decentralized, tokenized and easily accessible cloud mining for Bitcoin sparks imagination – a potentially gigantic growth market.
Find out more about Bitcoin Minetrix
Furthermore, also has Meme Kombat (MK) has now raised over $500,000 and is positioning itself as a challenger to PEPE. In an innovative gaming landscape, a battle arena will be created in which the most popular meme characters of all time compete against each other. With Stake-2-Earn and Bet-2-Earn there are two different concepts for passive income. With enormous virality, investors are betting on massive potential for increased value.
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