The bear market has continued to affect the price of Bitcoin, with the coin’s price falling by 60% since the start of the year. Despite this, Glassnode data shows that 66% of Bitcoin’s circulating supply hasn’t moved for a year. This figure is the highest level of illiquid Bitcoin supply ever recorded. Previous studies by Glassnode showed that 45% of the circulating supply hadn’t moved in two years, and 38% hadn’t moved in three years. Illiquid supply often increases in bear markets as many holders hold on to their Bitcoin for the long term.
Sam Bankman-Fried, the CEO of Alameda Research and FTX, may not be called to testify before the US Congress on December 13. Bankman-Fried was one of four people invited to appear before Congress to discuss the proposed GameStop trading restrictions and the Robinhood app’s suspension of stock trading. The three other witnesses are Robinhood CEO Vlad Tenev, Reddit CEO Steve Huffman, and Keith Gill, known as “Roaring Kitty” on social media. Bankman-Fried’s absence could leave a gap in Congress’s understanding of the events that took place on January 28.
Cryptocurrency firms Circle and Concord have terminated their proposed business combination. The two companies announced the decision in a joint statement, saying that the decision was mutual and that the companies would continue to operate independently. The statement did not give any further details about the reasons behind the termination of the proposed deal.
Cryptocurrency exchanges Bybit and Swyftx have joined the layoff spree following the collapse of rival exchange FTX. Bybit has announced plans to lay off 10% of its workforce, while Swyftx has revealed that it will cut 20% of its staff. The layoffs come amid a difficult market environment for cryptocurrency exchanges, with many firms struggling to remain profitable.
The Axie Infinity community has taken its first step towards decentralization, with the Axie Infinity token (AXS) spiking 23.87% in 24 hours. The community has been working on a decentralization plan for some time, and the recent price spike suggests that the plan is gaining traction. The Axie Infinity platform allows users to buy, sell, and breed virtual creatures called Axies, built on the Ethereum blockchain.
Nexo has announced that it will no longer provide its services to customers in the United States, citing “regulatory uncertainty” as the reason. The company, which offers a suite of crypto-backed lending and borrowing products, said that it had decided to focus on “the most promising markets” to continue growing its business. The decision will likely disappoint many of Nexo’s US-based customers, who will have to look elsewhere for similar services.
The outflows from short bitcoin products have declined recently, indicating a positive sentiment among traders. Data from the analytics platform Skew shows that the outflows from short products on the Chicago Mercantile Exchange (CME) and the Deribit exchange have been steadily declining since the beginning of November. This suggests that fewer traders are betting against the price of bitcoin, indicating that they are more bullish on the future of the cryptocurrency.
Gemini has formed an ad hoc committee to advocate for a solution for users of its Earn product, which has been suspended following the suspension of withdrawals by the New York State Department of Financial Services (NYDFS). The committee, which consists of several high-profile industry figures, will work to find a solution for users who have been unable to access their funds since the suspension was implemented. The suspension has been controversial in the crypto community, with many calling for the NYDFS to lift the restrictions.
In the last 24 hours, Bitcoin (BTC) increased by +0.33% to trade at $17,001, while Ethereum (ETH) increased by +1.11% to trade at $1,288.
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