Bitcoin is struggling to rebound after dipping to lows of $45,515 on Dec. 17. The crypto market following Bitcoin’s lead dipped on Friday after the U.S. Financial Stability Oversight Council published a report warning Congress about stablecoin and decentralized finance (DeFi) risks.
The news that SEC had delayed its decision on Grayscale and Bitwise spot bitcoin exchange-traded funds (ETF) also alluded to the drop. The decision on the Grayscale Bitcoin Trust will be pushed to Feb. 6, 2022, while that for the Bitwise Bitcoin ETP Trust will move to Feb. 1, 2022, marking 45 days extension, according to recent filings.
On a 7 day basis, BTC is down 4% compared with a 2% drop in Ethereum, a 20.90% rise in Terra LUNA, and a 20% rise in Hedera (HBAR) token over the same period. The wide dispersion in crypto gains this week suggests that investor appetite for risk remains strong. Bitcoin traded marginally up at $46,916, as of press time. At the time of writing, selected tokens Uniswap (UNI, +10.12%), Hedera (HBAR, +25.04%), Aave (AAVE, +16.49%), Arweave (AR, +10.82%) were significantly up in the last 24 hours.
Analysts note that the overall crypto market begins to trend higher when alternative cryptocurrencies or ”altcoins” start to outperform Bitcoin. At present, Ethereum is outperforming Bitcoin in its pairing while set to mark the fourth straight day in the green. On-chain analytics, Santiment notes the decoupling of selected altcoins from the general market trend. The on-chain analytics list 20 altcoin tokens to watch in this regard including Terra (LUNA), Loopring (LRC), Enjin Coin (ENJ).
Shiba Inu (SHIB) remains a token to watch out for amid the dog pack. Despite the flat price action seen for the token, SHIB continues to be on whales’ radar. Whales’ surveillance platform, WhaleStats noted today that SHIB had come back to be the biggest token position by dollar value among the top 1000 ETH wallets tracked by the website.
Retailers are accepting SHIB as payment and the figures could grow in 2022. On December 9, 2021, BitPay announced its integrating SHIB and give access to retailers to accept SHIB as payment. The development has thrilled the SHIB community who believe that the meme-token is headed in the right direction. Europe’s biggest cryptocurrency exchange platform Bitstamp also recently stated it would List Shiba Inu in 2022.
XRP Holders To Receive $1 Billion Airdrop
Sologenic (SOLO), an ecosystem built on the XRP Ledger (XRPL) is launching a $1 billion airdrop for XRP and holders of the protocol’s native token. Sologenic is airdropping 200 million of its native token, SOLO, to investors who already hold SOLO or XRP, according to a recent announcement.
The snapshot for the airdrop will be taken on December 24th and Sologenic will divvy up 100 million SOLO a piece among the eligible XRP and SOLO accounts. Investors who establish Trustlines will receive their tokens on January 20th.
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