Mooners and Shakers: Crypto sluggish as a homeless snail, while US calls for regulation. Again.
Not a disaster, but not great news across crypto overnight, with the majors taking manageable dips over the past 24 hours. BTC is down 1.3%, ETH is down 1.6% and even Doge is falling, shedding 5.3% after a solid run this week off the back of Twitter rumours that bear a distinct hint of Musk.
EthereumPoW (ETHW) was the hardest charger over the past 24 hours, up a tidy 19.7% at the time of writing.
None of that is surprising, considering that a look out the window will show you its still raining burning chunks of FTX which is exactly why there are some serious-looking US regulation hawks, standing on the street corners trying to sell us all umbrellas.
They dont accept Bitcoin, though. Cash only.
A Clear and Present Danger
Just in case you werent 100% sure that the people making the Difficult Decisions in the US of A are trying to stick their greedy little fingers into the steaming Crypto pie thats cooling on the windowsill, Commodities Futures Trading Commission Chair Rostin Behnam has called on America to do just that.
Benham, who is 100% top of our list of Guy Who Definitely Looks Like a Supervillain, appeared before the Senate Agriculture Committee to talk about how crypto is potentially a threat to national security.
I know, I know theres a bit to unpack from that particular paragraph. But the take home is basically Farm-obsessed Senators are told by Hyper-Regulation Enthusiast that DeFi is RaDiCaL CoMMuNisM and will end in Nuclear War.
If you have 2.5 hours to spare (and its Friday, so who doesnt, really?) you can watch Mr Benham get grilled by a bunch of people who are clearly struggling to understand whats happening right here.
but, thats probably worth saving until later tonight, if youre struggling to get off to sleep.
‘Cough up or sod off’: Apple
Look, we knew this was coming, and now that its here, it still sucks, but Apples decision to apply its 30% fee (or tax or incredibly rude cash grab or whatever you want to call it) on gas fees paid on NFT transactions conducted on its platform has forced Coinbase to cripple that part of its Wallet iOS app.
Apples claim is that the gas fees required to send NFTs need to be paid through their In-App Purchase system, so that they can collect 30% of the gas fee.
Coinbase Wallet (@CoinbaseWallet) December 1, 2022
“For anyone who understands how NFTs and blockchains work, this is clearly not possible. Apples proprietary In-App Purchase system does not support crypto so we couldnt comply even if we tried, Coinbase went on to say.
Its not the first time Apple has been in spotlight over its If you want to use it, heres what its going to cost you 30% money-sucker protocol and it certainly wont be the last but Coinbase says its willing to help Apple figure something out that is at least feasible.
But in the meantime, NFT trading is set to join Bitcoin Cash (BCH), Ethereum Classic (ETC), Ripple’s XRP Ledger (XRP) and Stellar (XLM) on the Coinbase Wallet scrapheap.
Top 10 overview
With the overall crypto market cap at US$891 billion, down 1.0% since this time yesterday, heres the current state of play among top 10 tokens according to CoinGecko.
Uppers and downers: 11100
Sweeping a market-cap range of about US$6.3 billion to about US$18 million in the rest of the top 100, lets find some of the biggest 24-hour gainers and losers at press time.
DAILY PUMPERS
- EtheriumPoW (ETHW), (market cap: US$428 million) +19.7%
- Trust Wallet (TWT), (mc: US$110 million) +9.6%
- Tokenize Exchange (TKX), (mc: US$11 million) +6.3%
- Dash (DASH), (mc: US$79 million) +5.1%
- Radix (XRD), (mc: US$403,000) +4.2%
DAILY SLUMPERS
- BinaryX (BNX), (market cap: US$21 million) -7.9%
- BTSE Token (BTSE), (market cap: US$374,000) -5.4%
- Dogecoin (DOGE), (mc: US$1.35 billion) -5.3%
- Curve DAQ (CRV), (mc: US$46.8 million) -4.9%
- Theta Network (THETA), (mc: US$26.1 million) -4.3%
(Stats accurate at time of publishing, based on CoinGecko.com data.)
Around the blocks
A selection of rumour, randomness and pertinence that stuck with us on our morning moves through the Crypto Twitterverse
The fallout from SBF still talking to the media (which must be giving his legal team the most monstrously massive ulcers in the history of medical science), comes this neat summation of how the rest of the universe feels about his recent media appearances:
Crypto community when SBF speaks pic.twitter.com/DDTTmGEw5J
ThreadGuy (@notthreadguy) December 2, 2022
And if you ever wanted to lay the worlds easiest bet, heres your chance on an absolute roughie for the FIFA World Cup, courtesy of someone who quite clearly has a bit too much money
If JAPAN wins the cup
I will cash app everyone who likes this tweet $300 dollars pic.twitter.com/oiLAuYxC1o
Kristina Keller (@Crypto__Diva) December 1, 2022
Honestly, with Japan sitting at around 51:1 odds to win the World Cup, you could save yourself about $6 for a whack at $300 right there…
