Crypto Trends Weekly Dec. 4 – 10

Breaking crypto news from the last week (Dec. 4 – 10, 2021):

Dec. 4: Bitcoin plunged along with other cryptocurrencies on Saturday night, another indication of the risk aversion sweeping across financial markets. The biggest cryptocurrency was down about 18%, the largest one-day loss since September, while the crypto market has lost about $550 billion in market cap in a day.

Dec. 5: A comprehensive digital transformation of the financial sector in Bahrain includes rolling out a Digital Dinar but does not adopt the crypto sector. The head of the Central Bank of Bahrain (CBB) warned against cyber-crime and dealing with cryptocurrency, speaking during the press conference on Saturday.

Dec. 6: Hackers have taken $196 million from crypto trading platform Bitmart, a security firm said Saturday. As a result, Bitmart temporarily suspended all withdrawals until further notice and said a thorough security review was underway. The hack follows the recent steal of $120 million in crypto from DeFi platform BadgerDAO.

Dec. 7: Payments giant Visa is launching new crypto consulting and advisory services aiming to help its clients navigate the world of crypto assets.

Dec. 8: Meta (ex-Facebook) is launching a limited trial of its Novi digital wallet within its WhatsApp messaging platform, the social media giant said on December 8. A select number of users will now be able to send Pax Dollar stablecoins via WhatsApp. The move comes two months after Novi’s first pilot launched.

Dec. 9: After a consistent drop in the overall market dominance in the last 11 months, BTC has seen a sharp decline in its crypto market dominance during December’s correction. With a market cap of $930 billion, Bitcoin is still the most valuable digital asset, but on December 9, its dominance stood at around 37.2%, which is an enormous decline compared to 70% in December 2020.

Dec. 10: Crowdfunding platform Kickstarter has announced the development of a “decentralized protocol,” which, in technical speak, means the company is moving its operations to blockchain technology. The crowdfunding site will make use of the Celo blockchain for this purpose.