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In Nov. 2021, bitcoin’s market valuation managed to make it into the top ten list of assets ranked by market capitalization, as it was the eighth largest market cap last year on Nov. 9. Since then, bitcoin is 75% lower in value against the U.S. dollar and the leading crypto asset’s market capitalization has dropped down to the 26th largest position among the most valuable assets and companies worldwide.

Bitcoin’s Market Cap Is Just Below Chevron’s and Just Above the Home Depot’s Market Valuations

Just over a year ago in Nov. 2021, bitcoin’s (BTC) market capitalization was the eighth largest out of a myriad of companies and assets traded globally. At the time, on Nov. 9, 2021, an archive.org snapshot collected from companiesmarketcap.com shows BTC’s market valuation was $1.289 trillion as each unit was swapping for just over $68K.

On that day, BTC’s market cap was below the precious metal silver’s overall valuation, which was $1.380 trillion on Nov. 9, 2021. The leading crypto asset was just above Tesla’s $1.167 trillion market valuation recorded 395 days ago. Additionally, ethereum (ETH) was situated in the top 20 positions of assets ranked by market capitalization as ETH held the 15th largest market cap on Nov. 9, 2021.

At the time, ETH’s market valuation was around $570.45 billion as ether was swapping for $4,839 per unit. Ethereum’s market cap was below the company Tencent which had a market valuation of around $588.07 billion. The second leading crypto asset’s market cap was above JPMorgan Chase’s valuation which was $499.61 billion 395 days ago.

Today, on Dec. 9, 2022, the top two leading crypto assets BTC and ETH have much lower valuations than they did a year ago. Bitcoin is not represented in the top ten standings of assets ranked by market capitalization as it’s now within the top 30 positions and ranked at 26. The $331.76 billion market cap BTC holds today is just below Chevron’s market cap of around $335.56 billion.

Further, bitcoin’s market capitalization is just above the overall market valuation of Home Depot, which is valued at $330.30 billion on Dec. 9. Ethereum has slid a great deal from the 15th largest position as it now holds the 72nd spot with a market cap of around $155.25 billion. Ether’s market cap is below the United Parcel Service (UPS) which is $155.36 billion, and it’s just above the valuation of Adobe ($154.61B).

Ethereum’s current market price is roughly 73.7% lower than it was 395 days ago on Nov. 9, 2021. Though BTC and ETH have seen their market caps drop lower during the last year, the same can be said for a large number of different assets and companies. Some assets, like gold’s overall market valuation, conversely recorded increases over the last 12 months. Gold’s cap in Nov. 2021 was around $11.605 trillion, and today it’s worth $11.910 trillion.

Microsoft was the second-largest asset a year ago, but it’s now in the third position as Microsoft’s valuation dropped from $2.53 trillion to today’s $1.844 trillion. Google’s or Alphabet’s market cap was around $1.98 trillion and in the fifth position 395 days ago on Nov. 9, 2021, and on Dec. 9, 2022, it’s down to $1.213 trillion. Silver’s position in the top ten list moved up from the seventh to the fifth position, but the precious metal’s market cap still dropped from $1.38 trillion to today’s $1.316 trillion.

What do you think about bitcoin’s fall from the top ten most valuable assets and companies worldwide down to the 26th position? Let us know what you think about this subject in the comments section below.

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Bitcoin was back in the green on Friday, with prices once again moving above the $17,000 level. Cryptocurrencies were mostly higher in today’s session, as prices rebounded from recent losses. Ethereum also surged earlier in the day, climbing closer to the $1,300 level.

Bitcoin

Bitcoin (BTC) climbed higher in today’s session, with the coin surging back above the $17,000 level.

Following a low of $16,788.78 on Thursday, BTC/USD raced to an intraday high of $17,274.60 earlier in the day.

The move saw bitcoin rally beyond its resistance level at $17,200, hitting a five-day high in the process.

Looking at the chart, BTC has since retreated from earlier highs, as bullish momentum faded soon after the breakout.

As of writing, the relative strength index (RSI) is now tracking at 50.93, which is marginally below a ceiling at 52.00.

Should the index continue to move higher, then the next target for bulls will likely be the $17,600 point.

Ethereum

In addition to bitcoin, ethereum (ETH) also edged higher in today’s session, with prices rebounding from recent losses.

ETH/USD moved to a peak of $1,286.23 on Friday, less than 24 hours after trading at a low of $1,227.50 during Thursday’s session.

As a result of today’s move, the coin neared a key resistance level of $1,305, rising to its highest point since Monday in the process.

Currently, it appears as though ethereum bulls are targeting a move beyond the $1,300 mark, however a ceiling on the RSI seems to be in the way.

As of writing, the index is tracking at 52.00, which has also been a key point of resistance in the past.

Bulls would need to overcome this hurdle first, in order to send prices towards the targeted $1,300 level.

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What has been behind today’s rebound in cryptocurrency prices? Leave your thoughts in the comments below.

The European Commission has set out to oblige platforms processing crypto transactions for EU residents to share information with tax authorities in the Union. According to the proposal, all crypto service providers, regardless of where they are based, will have to abide by the new rules.

EU to Consider New Reporting Requirements for Crypto Platforms Serving European Users

The executive power in Brussels intends to push through new “tax transparency rules” for the crypto industry. The proposal announced on Thursday concerns all service providers facilitating transactions in crypto assets for customers residing in the EU, not only those that are based there.

At the moment, tax authorities in the bloc lack the information needed to monitor proceeds obtained by using cryptocurrencies, the European Commission (EC) insisted. They are limited in their ability to ensure levies are paid effectively while Europeans lose tax revenues, it stated.

The new regulations, meant to complement the Markets in Crypto-assets (MiCA) legislation and the anti-money laundering rules agreed upon earlier this year, should improve the ability of member states to detect and counter tax fraud, tax evasion and tax avoidance, the Commission elaborated.

The reporting requirements will apply to all crypto service providers, regardless of their size and location, which process transactions of clients residing in the EU. “Serious non-compliance” will trigger penalties with a set minimum level valid across the Union.

“Our proposal will ensure that member states get the information they need to ensure that taxes are paid on gains made in trading or investing crypto assets,” commented Commissioner for Economy Paolo Gentiloni. “It is also fully consistent with the OECD initiative on the Crypto Asset Reporting Framework,” he added.

The plan is to impose the new obligations on the crypto sector through amendments to the Directive for Administration Cooperation (DAC). The EC also suggested extending them to cover e-money and other digital currencies.

The draft proposal will be submitted to the European Parliament for consultations and to the Council of the European Union for adoption. The European Commission expects the updated Directive to be enforced on Jan. 1, 2026.

What are your thoughts on the proposed tax reporting rules for crypto service providers in Europe? Tell us in the comments section below.

PRESS RELEASE. INTERNET CITY, DUBAI, Dec. 9, 2022 – LBank Exchange, a global digital asset trading platform, has listed SILK on December 9, 2022. For all users of LBank Exchange, the SILK/USDT trading pair is now officially available for trading.

As the first web3 esports with earnings, Spider Tanks enables players to earn for their play through its complex and brilliantly designed reward economy. Its native token SILK has been listed on LBank Exchange at 13:00 UTC on December 9, 2022, to further expand its global reach and help it achieve its vision.

Introducing Spider Tanks

Spider Tanks is a blockchain-based PVP brawler created by award-winning Netherlands based GAMEDIA and brought to players by Gala Games. Players choose between a number of Tank Bodies and Weapons in the garage, then battle it out in one of the many Spider Tanks arena maps. And since all tank parts are owned as NFTs, they can be upgraded, then sold on the secondary market at any time the player chooses.

Different game modes of Spider Tanks present different strategic and team-based challenges to always keep gameplay fresh. TEAM DEATHMATCH is an all-out brawl style match where the team with the most kills gets the victory. Players need to create killer destructive combinations with their teams, and let the chaos ensure. CAPTURE THE CHICKEN is a mode where player’s team’s goal is to capture as many moving chickens as possible and become a Spider Tanks chicken master. And in CAPTURE THE FLAG, the team who holds the only one flag in their possession the longest will be victorious in the match.

Spider Tanks is free to play, but also incorporates a variety of play-to-earn mechanics, centering around skill-based competition, resource collection, and a player-driven upgrade cycle. It builds an ecosystem where a web of participants including NFT holders, players, and game developers revolves around playing Spider Tanks matches and receiving Victory Points that can be submitted for game token reward distribution.

Whether the player wants to play with a small group of close friends, or tests their skills in high-stakes competition, Spider Tanks will be the worldwide play-to-earn esports for them. Players can enjoy the free to play game or compete with other players by purchasing fully tradable Weapons, Tanks and Bodies in the Spider Tanks store for advantages to the upgrade cycle, rarity head starts and more.

About SILK Token

Based on ERC-20, SILK is the game token of Spider Tanks ecosystem. It can be acquired by involving oneself in the Spider Tanks ecosystem through playing and winning games, as well as by operating nodes and other ecosystem products. SILK can also be spent in a number of ways, the chief of which is purchasing upgrades for a Tank Item NFT.

SILK will always be the only currency of the Spider Tanks ecosystem, and as that ecosystem grows in size, supply will not increase in-kind. With a soft cap of 100 million (i.e., 100,000,000) tokens, SILK’s economy is tied to the amount of players, SILK being generated, and SILK being spent and adjusts emission rates automatically.

The SILK token has been listed on LBank Exchange at 13:00 UTC on December 9, 2022, investors who are interested in the Spider Tanks investment can easily buy and sell SILK token on LBank Exchange now. The listing of SILK token on LBank Exchange will undoubtedly help it further expand its business and draw more attention in the market.

Learn More about SILK Token:

Official Website: https://www.spidertanks.game/

Discord: http://galagames.chat/ & https://www.spidertanks.game/

Twitter: https://twitter.com/GoGalaGames & https://twitter.com/spider_tanks

YouTube: https://www.youtube.com/c/GalaGames

Facebook: https://galagames.chat/

Reddit: https://www.instagram.com/spidertanks/

Instagram: https://www.instagram.com/spidertanks/

Medium: https://medium.com/@spidertanks

About LBank

LBank is one of the top crypto exchanges, established in 2015. It offers specialized financial derivatives, expert asset management services, and safe crypto trading to its users. The platform holds over 7 million users from more than 210 regions across the world. LBank is a cutting-edge growing platform that ensures the integrity of users’ funds and aims to contribute the global adoption of cryptocurrencies.

Start Trading Now: lbank.com

Community & Social Media:

l Telegram

l Twitter

l Facebook

l LinkedIn

l Instagram

l YouTube

Contact Details:

LBK Blockchain Co. Limited

LBank Exchange

This is a press release. Readers should do their own due diligence before taking any actions related to the promoted company or any of its affiliates or services. Bitcoin.com is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in the press release.

Gridless, a bitcoin mining company operating from Kenya, recently raised $2 million in seed investment from Block, a digital payments company owned by Twitter founder Jack Dorsey, and Stillmark. The bitcoin mining firm is reportedly planning to use the capital raised to fund its expansion into other African countries.

Using Revenue Generated From BTC Sales to Subsidize the Cost of Power

A Jack Dorsey-owned digital payments firm, Block, and Stillmark, a bitcoin-focused venture firm, are reported to have led a $2 million seed investment in African crypto mining company Gridless. According to a report, Gridless, which currently operates in Kenya’s rural areas, plans to fund its expansion into other African countries with the capital raised.

As reported by Bitcoin.com News in October, Gridless harnesses excess electricity generated by mini-hydropower plants to mine bitcoin. The bitcoin is then sold and the revenues generated are used to subsidize the cost of electricity to users in Kenya’s rural areas. At the time, Gridless said it was harnessing electricity from power plants that generated less than 100 kilowatts (KW).

Meanwhile, a report by CNBC states that the crypto mining company’s founders, Erik Hersman, Philip Walton, and Janet Maingi, have spent the past few months launching pilot mining projects. In January 2023, Gridless plans to launch a 50KW hydro-mine in Malawi and a 30KW solar-powered site in West Africa.

Power and Connectivity

Commenting on Gridless’ reported dual mission of bringing power and connectivity to Africa’s rural areas, Walton, who is also the mining company’s chief financial officer, said:

“We had spent years building internet connectivity infrastructure in rural and urban Africa and realized that you cannot have a 21st-century economy without both power and connectivity together. As we looked at the next problem to solve, we realized that bitcoin mining solved a major problem for renewable mini-grid energy developers, in that we could be their industrial off-taker for stranded power, no matter where they were located, thereby making them more sustainable and increasing electrification across Africa.”

To demonstrate the effectiveness of Gridless’ business model, the CNBC report revealed that at one of the pilot sites, a mini hydropower plant had effectively reduced the price of electricity from 35 cents to 25 cents per kilowatt hour.

What are your thoughts on this story? Let us know what you think in the comments section below.

On Dec. 8, 2022, three Democratic politicians from Massachusetts, Oregon, and California revealed legislation aimed at combatting “energy-intensive” cryptocurrency mining operations. The bill introduced by senator Ed Markey (D-MA) alleges that crypto mining “strains the grid” and the industry “undermines U.S. climate goals.”

3 U.S. Bureaucrats Believe Crypto Miners Need to Report Carbon Emissions and Environmental Assessments

Senators Ed Markey (D-MA), Jeff Merkley (D-ORE), and Jared Huffman (D-CA) have introduced a bill that would require “an interagency study on the environmental and energy impacts of crypto asset mining.” Markey’s press release concerning the “Crypto Asset Environmental Transparency Act” details that the U.S. Environmental Protection Agency (EPA) would lead the study.

Furthermore, the EPA would assess crypto mining activity in the U.S. and operations would be required to report greenhouse gas (GHG) emissions. Crypto mining companies required to report GHG emissions would be “operations that consume more than 5 megawatts of power,” the press release details.

“Big-money [crypto mining] companies are undermining decades of progress in our fight against climate change by putting profits over the promise of our clean energy future – jeopardizing the reliability and safety of our grid in the process and making it all the more likely for utilities to raise energy prices on working families,” senator Markey said on Thursday.

Representative Jared Huffman said the bill would finally pull “the curtain back on this industry.” Huffman added:

The time for transparency, oversight, and accountability is now.

The bureaucrats’ bill aims to combat so-called climate change, a narrative that U.S. politicians and leaders worldwide have been pushing for years. Markey’s opinions follow a number of studies and research reports that indicate operations like bitcoin (BTC) mining are actually advantageous, not only for relieving the grids leveraged but also removing carbon emissions.

For instance, the environmental, social, and governance (ESG) analyst, Daniel Batten, published a report that claims bitcoin mining could eliminate the world’s carbon emissions by 5.32%. On Nov. 29, 2022, the Electric Reliability Council of Texas (ERCOT) published a report that shows bitcoin mining is beneficial to the Texas grid. ERCOT’s study indicates that bitcoin mining operations in Texas could curtail 1.7 gigawatts (GW) of energy during the Texas winter.

Bitcoin mining is also known to mitigate flare gas (the release of raw gas into the atmosphere) and landfill gas. In the press release published on Thursday, however, U.S. senator Merkley argued that “Crypto asset mining consumes massive amounts of electricity” and stressed “most of which is generated by burning fossil fuels.” However, various studies over the years indicate that a majority of bitcoin mining operations are driven by renewable energy sources.

The bureaucrats’ act is endorsed by the Sierra Club, Earthjustice, Environmental Working Group, and Seneca Lake Guardian. “Digital assets that rely on proof-of-work are wasteful by design,” Scott Faber, the senior vice president for government affairs at the Environmental Working Group said in a statement. “Strong federal regulations must address” the situation, Earthjustice’s clean energy attorney Mandy DeRoche added.

What do you think about the U.S. bureaucrats’ bill that aims to regulate crypto mining and force operations to report greenhouse gas emissions? Let us know what you think about this subject in the comments section below.

The cryptocurrency and mining law that the Paraguayan Congress passed in June was finally shelved on Dec. 5. The document, which sought to bring order to crypto mining and exchange activities in Paraguay, was ultimately dropped after failing to obtain the votes needed to reject the presidential veto it received.

Paraguayan Crypto Law Dropped After Support Wanes

The Paraguayan cryptocurrency law that was introduced in Congress in 2021 was finally shelved after not receiving the support it needed in the Deputy Chamber. The project, which was vetoed in September by President Mario Abdo, failed to gather the votes needed in order to reject this veto.

The veto had previously been rejected by the Paraguayan senate, which aimed to approve and pass the law without presidential support. The veto had the support of the Commission for Industry, Commerce, Tourism, and Cooperatives; while the Economic and Financial Affairs, and the Fight against Drug Trafficking, Related and Serious Illicit Activities commissions rejected the motion.

Some deputies questioned the veto, stating that the cryptocurrency issue must be studied and regulated due to its importance. In this vein, deputy Sebastian Garcia criticized this outcome, stating that with this move, the cryptocurrency subject will remain in an “absolute informality.”

Reasons for Supporting the Veto Motion

One of the biggest reasons wielded by President Mario Abdo and other deputies to exert a complete veto on this bill has to do with the determinations it makes about the power delivered to cryptocurrency miners. Abdo stated that cryptocurrency mining was an activity featuring “high consumption of electrical energy, but little use of labor.”

Also, the law established limits for the fees that crypto miners pay for the power delivered to their operations. This would clash with the method of determining power tariffs by the National Power Administration (ANDE), an organization that also supported the veto measure after having found several cryptocurrency farms that were connected illegally to the power network.

Deputy Arnaldo Samaniego argued that rejecting the veto motion would put ANDE in a tight spot, facing potential losses of up to $30 million. Deputy Jose Rodriguez also supported this position, explaining that the organization could not operate with losses derived from this law.

This development puts the cryptocurrency regulation efforts in Paraguay back at square one, with legislators having to once more propose and discuss a hypothetical new cryptocurrency law.

What do you think about the final destiny of the cryptocurrency and mining law in Paraguay? Tell us in the comments section below.

Shark Tank star Kevin O’Leary, aka Mr. Wonderful, has revealed that the collapsed crypto exchange FTX paid him about $15 million to become its spokesperson. “I put about $9.7 million into crypto. I think that’s what I lost. I don’t know. It’s all at zero,” O’Leary said.

Kevin O’Leary Was Paid $15M by FTX

Shark Tank star Kevin O’Leary revealed in an interview with CNBC Thursday that the collapsed crypto exchange FTX paid him about $15 million last year to become its spokesperson.

Noting that he fell prey to “groupthink,” O’Leary detailed:

Total deal was just under $15 million, all in … I put about $9.7 million into crypto. I think that’s what I lost. I don’t know. It’s all at zero.

The Shark Tank star further revealed that he also had over $1 million of FTX equity, which is now rendered worthless due to the bankruptcy protection process. In addition, Mr. Wonderful explained that the balance of a little over $4 million was purportedly eaten up by taxation and agent fees. He admitted:

It was not a good investment.

FTX filed for bankruptcy on Nov. 11 and Sam Bankman-Fried (SBF) stepped down as the CEO. The company is now being investigated for mishandling customer funds. FTX’s new CEO, John Ray, told the bankruptcy court: “Never in my career have I seen such a complete failure of corporate controls and such a complete absence of trustworthy financial information as occurred here.”

Despite stating that he lost millions of dollars in the FTX collapse, O’Leary has insisted that Bankman-Fried is one of the best traders in the crypto space and that he would back him again if he has another venture. This has shocked the crypto industry since most people believe that Bankman-Fried is a fraud and a conman. Some have compared the FTX meltdown to Bernie Madoff’s Ponzi scheme.

Bankman-Fried has insisted that he did not knowingly commit fraud. Like O’Leary, billionaire hedge fund manager Bill Ackman similarly said he believes SBF was telling the truth. Mr. Wonderful also recently revealed that he almost secured $8 billion to save FTX before it collapsed and had to file for bankruptcy.

What do you think about Kevin O’Leary being paid $15 million to become FTX’s spokesperson? Let us know in the comments section below.

Two congressional hearings will be held next week on the collapse of cryptocurrency exchange FTX and U.S. lawmakers have asked former FTX CEO Sam Bankman-Fried (SBF) to testify. As the founder of FTX and Alameda Research, “you must answer for the failure of both entities that was caused, at least in part, by the clear misuse of client funds and wiped out billions of dollars owed to over a million creditors,” Senator Sherrod Brown told Bankman-Fried.

2 Congressional Hearings on FTX Set for Next Week

The House Committee on Financial Services and the Senate Committee on Banking, Housing, and Urban Affairs are separately holding a hearing on the collapse of crypto exchange FTX next week.

U.S. Senator Sherrod Brown (D-Ohio), chair of the Committee on Banking, Housing, and Urban Affairs, sent a letter to former FTX CEO Sam Bankman-Fried (SBF) Wednesday asking him to attend his committee’s hearing titled “Crypto Crash: Why the FTX Bubble Burst and the Harm to Consumers” that will take place on Dec. 14. The letter states:

As the founder and CEO of FTX Trading Ltd. at the time of its collapse and the founder, principal owner, and former CEO of Alameda Research, you must answer for the failure of both entities that was caused, at least in part, by the clear misuse of client funds and wiped out billions of dollars owed to over a million creditors.

“There are still significant unanswered questions about how client funds were misappropriated, how clients were blocked from withdrawing their own money, and how you orchestrated a cover up,” the senator continued.

Brown explained that “Traditionally, witnesses who are invited to appear before the committee make themselves available voluntarily.” He asked Bankman-Fried to respond to his staff by 5 p.m. EST on Thursday to discuss his participation at the hearing.

The lawmaker warned:

If you chose not to appear, I am prepared, along with Ranking Member Pat Toomey, to issue a subpoena to compel your testimony.

FTX filed for bankruptcy on Nov. 11 and Bankman-Fried stepped down as the CEO. The company is now being investigated for mishandling customer funds. FTX’s new CEO, John Ray, told the bankruptcy court: “Never in my career have I seen such a complete failure of corporate controls and such a complete absence of trustworthy financial information as occurred here.”

Meanwhile, Rep. Maxine Waters, chair of the House Committee on Financial Services, has invited Bankman-Fried to attend her committee’s hearing on Dec. 13. She has tweeted to the FTX co-founder several times but has not issued a subpoena for him to testify.

The congresswoman has been heavily criticized for her polite approach to inviting Bankman-Fried. She even tweeted that she appreciated him being candid in his discussions about what happened with FTX. Waters tweeted Wednesday:

Lies are circulating @CNBC that I am not willing to subpoena @SBF_FTX. He has been requested to testify at the December 13th hearing. A subpoena is definitely on the table. Stay tuned.

Bankman-Fried told Waters last week that he will testify when he’s “finished learning and reviewing what happened,” which he does not expect to happen by Dec. 13.

Do you think U.S. lawmakers will be able to get Sam Bankman-Fried to testify at congressional hearings next week? Let us know in the comments section below.