Cryptos Rise, Bitcoin Above $17k

Cryptocurrencies gained more than 2.5 percent overnight, early on Friday, tracking Wall Street’s positive close on Thursday. The tech-dominated Nasdaq Composite Index’s closing gains of more than 1 percent bolstered crypto market sentiment ahead of key economic data releases as well as the Fed’s interest rate review due next week.

Hopes of the economy strengthening, with an easing of Covid curbs in China and a likely revival in demand boosted market sentiment. The initial jobless claims in the U.S. increasing as expected to 230 thousand in the week ended December 3 provided relief to the markets that feared a resilient job market would goad the fed to a hawkish stance.

Bitcoin is trading at $17,258.08, up 2.4 percent on an overnight basis.

Ethereum is trading at $1,288.12, registering overnight gains of 3.88 percent.

BNB (BNB) of the Binance cryptocurrency exchange, ranked 4th overall gained 2 percent in the past 24 hours.

Third ranked Tether (USDT) traded at the $1 level in the past 24 hours.

5th ranked USDCoin (USDC) traded between $1 and $0.9999 in the past 24 hours.

Meanwhile, Coinbase cryptocurrency exchange has asked users to convert USDT to USDC, which it said was one of the most trusted and reputable digital dollars, fully backed with high-quality reserves. It has also waived the fees for such conversion. Coinbase which co-founded USDC in 2018, noted that more than ever, now, stability and trust are of utmost importance to customers. Fiat-backed stablecoins (cryptocurrencies pegged to reserve assets like the U.S. dollar) provide customers stability and confidence during times of volatility, it added.

72nd ranked The Graph (GRT) is the biggest overnight gainer with a rally of 9.5 percent. 36th ranked Internet Computer (ICP) also added 6.2 percent in the past 24 hours.

73rd ranked Synthetix (SNX) that shed 3 percent, 25th ranked TonCoin (TON) which dropped 1.4 percent and 19th ranked UNUS SED LEO (LEO) that declined 0.8 percent are the only cryptocurrencies among the top 100 to trade on an overnight negative note.

The U.S. Securities and Exchange Commission has issued a sample letter to companies to provide guidance related to disclosure obligations under the federal securities laws, in the backdrop of the recent bankruptcies and financial distress among crypto asset market participants. The illustrative letter contains sample comments that it may issue to companies depending on their particular facts and circumstances.

In meeting their disclosure obligations, companies have been instructed to address crypto asset market developments in their filings generally, including in their business descriptions, risk factors, and management’s discussion and analysis. The guidance also stressed on the need for clear disclosure about the material impacts of crypto asset market developments, which may include a company’s exposure to counterparties and other market participants; risks related to a company’s liquidity and ability to obtain financing; and risks related to legal proceedings, investigations, or regulatory impacts in the crypto asset markets.

Cross-chain bridge Nomad which suffered a $190 million hack in August 2022 has announced plans to reopen. The Nomad protocol, according to the post on medium.com, was upgraded in order to fix the vulnerability that led to the hack and to allow users to bridge back madAssets and access a pro-rata share of the recovered funds. A three-step process encompassing submission of KYC information, bridging back madAssets to Ethereum and receiving a unique NFT that accounts for the type and quantity of asset that is eligible to be bridged back, and finally, using the NFT to access recovered funds has also been announced.

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