Crypto News, December 10: New Memecoin Teases Congressman

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Crypto markets are keeping a close watch on inflation data in the United States due out today – in addition to another twist in the ongoing drama surrounding India’s notional ban.

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Bitcoin has been further removed from $ 50,000 as transaction volumes plummet. Prices fell to a low of $ 47,358.35 as Chinese real estate developer Evergrande defaulted. The struggling company has $ 300 billion in debt, and there were concerns that its collapse would send shockwaves through the global economy. Further volatility could be in store for Bitcoin on Friday as the United States prepares to release inflation data for November. Economists predict it could reach a whopping 6.8%.

Mongoose Coin now exists 😂

On Wednesday, a congressman invented Mongoose Coin during a hearing with crypto executives. Inevitably, it took a day before a memecoin of the same name was launched. The joke cryptocurrency has attracted thousands of Twitter followers and already has a market cap of $ 25 million. On Twitter, the founders said, “He’s your Mongress. We’re just getting started. You can’t stop the $ mong movement.” In a way, its sudden creation painfully proves the point crypto critics are trying to make.

Prime Minister of India to vote on crypto ban

The Indian Prime Minister is preparing to make “one last call” on how to regulate cryptocurrencies. The Economic Times says there are conflicting views on what the country’s law should look like, and many options are on the table. Possible scenarios include a total ban on private cryptocurrencies or restrictions targeting a smaller number of digital assets. In news that may offer hope to uncertain investors, “all categories of crypto products” could remain legal, but with regulation.

Novi trial expands to WhatsApp 🚨

“A limited number” of people in the US will be able to use the Novi Digital Wallet in WhatsApp. It is hoped that this move will make “sending money to family and friends as easy as sending a message” – instantly and at no cost. The messaging platform is owned by Facebook, now Meta, which has faced an uphill struggle as it tries to roll out digital currencies for its users. The decline in regulation on its Diem coin meant that Novi had to adopt Paxos’ USDP stable coin instead.

DAO “refused” the billionaire

A billionaire who outbid crypto enthusiasts and bought a rare copy of the U.S. Constitution claimed to have contacted the group afterwards – but his offers were turned down. Ken Griffin reportedly asked if they wanted to organize joint governance for the document and invited them to help make a decision on where it should be posted. However, Bloomberg says a deal could not be reached. Griffin also revealed that he bought the Constitution because his son told him to.

$ 350 million spent on Fan Tokens ⚽️

Football fans have spent more than $ 350 million on crypto tokens issued by their favorite clubs, new figures show. Analysis by Protos and BBC News reveals that Manchester City and Lazios-linked fan chips have generated the most sales to date. But both have also suffered the biggest drop in value – down 70% since launching. Two fan tokens – one for Inter Milan and another for Turkish team Trabzonspor – have actually seen their value increase more than Bitcoin this year.

Solana affected by a DDoS attack 😡

“The world’s fastest blockchain” faces uncomfortable questions after being hit by a distributed denial of service attack. Transactions per second on the Solana network fell below 500 at one point. While this doesn’t compare to the high-profile blackout that wiped out Solana for 18 hours in September, there are fears it could further undermine confidence in the project. For her part, Solana appeared to be quiet during the disruption, and no updates were posted on Twitter.

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