The Weekly Crypto Update (15/12/2023)

Welcome to our newest edition of The Weekly Crypto Update  — your source for the most recent shifts in the crypto market, the latest news, and upcoming market movements.

Weekly Crypto Performance

The crypto market has not seen any significant price changes this week. Bitcoin (BTC) and Ethereum (ETH) saw slight drops of -1.49% and -3.67%, respectively, over the past seven days.

Most of the top 10 altcoins by market cap have also shown a downtrend in their value over the last week.


Top-10 Crypto Coins by Market Cap 7-Day Performance

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Top Crypto Market News

Uniswap Expands to Bitcoin Sidechain with Rootstock Integration

Uniswap, the most prominent decentralized exchange (DEX), has expanded its operations into the Bitcoin ecosystem. This expansion is facilitated through the integration with the Rootstock sidechain, as reported by CoinDesk. This strategic move by the GFX Labs team, known for their innovative Oku trading terminal, led to the deployment of Uniswap v3 on Rootstock’s network.

‘Rootstock’s combination of Bitcoin’s security and Ethereum’s smart contract capabilities, now enhanced with Uniswap v3, introduces a new dimension of on-chain swaps, liquidity depth, and yield opportunities on Bitcoin’s network,’ the developers said.

Oku’s contribution to this new ecosystem is pivotal. They are set to provide the sidechain with advanced trading tools, including analytics, limit orders, and position management features for liquidity providers, heralding a new era in the crypto trading landscape.

China’s Pioneering Blockchain Identity Solution: RealDID

China is taking a significant leap in digital identity services with the introduction of RealDID, a revolutionary product from the Blockchain Service Network (BSN). RealDID is set to offer a unique blockchain-based ‘external anonymity’ feature.

According to the statement, this innovative service enables users to register and log into websites anonymously, using decentralized identifiers (DIDs) and private keys. This approach is revolutionary as it effectively obscures the direct link between an individual’s financial details and their personal data, ensuring enhanced privacy and security.

Project representatives have highlighted the groundbreaking nature of RealDID. It stands as the first decentralized, national-level identity verification system in the world, a landmark achievement. RealDID is a combination of BSN’s blockchain service capabilities and the digital identity chain developed by China Mobile Communications Group.

CFTC Labels Most Cryptocurrencies as Commodities

In a recent interview with CNBC, Rostin Behnam, the head of the Commodity Futures Trading Commission (CFTC), made a significant declaration regarding the classification of cryptocurrencies. According to Behnam, the majority of cryptocurrencies should be regarded as commodities. This statement positions the CFTC as a key player, alongside the SEC, in the race to regulate the digital asset industry.

Behnam recognized the pressing need for a comprehensive and cohesive regulatory framework tailored to digital assets. He noted that the challenge lies in adapting decade-old laws to the rapidly evolving technological landscape of digital currencies.

The CFTC Chair emphasized that many tokens, under current legislation, fall under the category of commodities. He stressed the importance of collaboration between regulators and Congress to bridge the existing regulatory gaps and pave the way for a more secure and structured digital asset market.

Stay tuned for more updates and insights into the world of cryptocurrency!

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