Weekly News Digest for Dec 11-Dec 17

Market Update

Last week the cryptocurrency market witnessed a mix of bullish and bearish trends, with significant movements in major cryptocurrencies. Bitcoin started the week with a drop below $42K, reflecting bearish pressures and mixed technical signals. Ethereum also experienced a dip, fluctuating between $2,217 and $2,376 with mixed market signals. Despite the general downturn in the market, cryptocurrencies like BTT and BONK saw substantial gains, defying the overall negative trend. The week ended with Bitcoin and Ethereum leading the market back to the lows of Monday. Market attention is fixed on whether those lows will hold or are Bitcoin and Ethereum going lower.

News of the Week

Ledger Library Exploit Alert: Users Warned Against Interacting With Dapp Front Ends Amid Wallet Drainer Risk

Users are warned against using dApp front ends due to a wallet drainer risk from an exploit in Ledger's Connectkit Library, with hardware wallet maker Ledger working to resolve the issue.

Bitcoin Celebrates One Year of Ordinal Inscriptions With 48 Million Mark Hit, Signaling Longevity Despite Ongoing Debate

Bitcoin's Ordinal inscriptions hit 48 million in their first year, marking significant growth and a rising presence in the NFT market despite community debate.

World’s Largest Oil Company Saudi Aramco Partners With SBI Holdings to Potentially Invest in Digital Assets

Saudi Aramco collaborates with SBI Holdings to explore digital asset investments and support Japanese startups expanding to the Middle East.

Donald Trump Launches ‘Mugshot Edition’ Digital Cards With Suit Scraps and Gala Dinner Invitations

Donald Trump releases a new digital trading card collection, offering physical cards, suit scraps, and gala dinner invitations to select purchasers.

S&P Global Ratings Introduces Stablecoin Stability Assessment Rankings

S&P Global Ratings introduces a rating system for stablecoins, evaluating their stability based on factors like asset quality and over-collateralization.

SEC Meets With Blackrock, Fidelity, Franklin Templeton, and Grayscale to Discuss Their Spot Bitcoin ETF Applications

The SEC discussed spot bitcoin ETF applications with major issuers, with Bloomberg predicting a high chance of approval by January 2024.

Bitwise Unveils 10 Crypto Predictions for 2024: Bitcoin to Surpass $80,000, Spot Bitcoin ETFs Could Capture $72 Billion

Bitwise predicts Bitcoin to surpass $80,000 in 2024, driven by the launch of spot bitcoin ETFs and the upcoming supply halving.

NFT Sales Soar to Over $500M; Bitcoin Leads With Unprecedented Growth

NFT sales reach over $500 million, with Bitcoin leading the market and Ethereum's Fidenza #985 fetching the highest price of the week at $277K.

Bitcoin Transaction Fees Soar to $40, Sparking Debate and Push for L2 Solutions Amid Mempool Backlog

Bitcoin transaction fees hit $40, sparking debate over network scalability and the need for Layer 2 solutions amid a significant mempool backlog.