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☕️The Morning Cup: DOGE dropped after Twitter poll in favour of Elon Musk exit
Good morning, good day, and good evening. Welcome back to The Morning Cup. It’s your weekly recap of the latest in crypto news and your start to the week, no matter where you are. Don’t worry, we’ve selected just what you need to stay up-to-date, so you won’t spend time pouring through the news you don’t need, only the news you care about.
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📈📉 Market Watch!
DOGE dropped over 10% after Musk’s Twitter poll results
According to Decrypt, The price of Dogecoin (DOGE) dropped more than 10% on December 20 after nearly 58% of Twitter users from more than 17.5 million responses who have voted decisively in a poll for Elon Musk to step down as chief executive.
DOGE is now trading at about $0.08 following Musk’s latest Twitter Poll asking if he should step down as the head of Twitter on Sunday, from which he claimed that he would abide by the result. Another big news in the crypto news is that Sam Bankman-Fried (SBF), the founder of the fallen FTX, said in Bahamian court that he no longer intends to fight extradition to the United States.
As for the prices of the two largest cryptocurrencies by market cap, Bitcoin (BTC) and Ether (ETH) are now trading at $16,784 and $1,209 respectively. For the 24H Gainers on Poloniex, they are SNFT/USDD, VGX/USDT, MVL/USDT, SENSO/BTC, ETHF/USDD and ARG/USDD.
Elon Musk on Twitter: "Should I step down as head of Twitter? I will abide by the results of this poll. / Twitter"
Should I step down as head of Twitter? I will abide by the results of this poll.
🗞️ So what has happened lately?
HKEX launched two ETFs related to BTC and ETH amid FTX crisis
The Hong Kong Exchanges and Clearing Ltd. (HKEX) launched two exchange-traded funds (ETFs) last Friday, with one linked to Bitcoin (BTC) and the other linked to Ether (ETH), in defiance of the sector’s meltdown.
Managed by CSOP Asset Management, the two ETFs that track U.S.-listed cryptocurrency futures have raised a combined $73.6 million ahead of their debut on the bourse, which has claimed to be the first in Asia to offer crypto asset exposure through ETFs in its press release. Prior to FTX’s collapse, the Hong Kong Securities and Futures Commission said in October it would start a consultation to allow retail investors to trade cryptocurrencies and ETFs.
However, the regulator had initially proposed restricting participation to professional investors. Apart from CSOP, another Hong Kong-based asset management company, Pando Finance, launched a blockchain-themed ETF on HKEX to allow retail investors to gain exposure to the industry “with minimum risk” after FTX declared bankruptcy.
MetaMask integrates with PayPal for ETH purchases
ConsenSys’ MetaMask becomes the first Web3 platform to partner with PayPal, the online payment company, to enable users to buy and transfer Ether (ETH). Through the integration, MetaMask enables users to buy crypto seamlessly and with easier access to the Web3 ecosystem. Initially, MetaMask will roll out the feature to all U.S. users in the coming weeks to broaden its customer base and simplify the complexity of buying crypto.
MetaMask is the world’s leading self-custodial wallet, which allows users to interact with applications that include Non-Fungible Tokens (NFTs) marketplaces, play-and-earn games, decentralized autonomous organizations (DAOs), decentralized finance (DeFi) applications, and metaverse worlds.
As for its partner, PayPal has embraced crypto in several ways over the past few years by rolling out features that allow users to buy, hold, and sell cryptocurrency on its platform in addition to a “checkout with crypto” feature that supports Bitcoin, Litecoin, Ethereum, and Bitcoin Cash.
MetaMask 🦊💙 on Twitter: "Our US users will now be able to fund their wallet with ETH via @PayPal! 🦊Rolling out in the next weeks in the US, excl. Hawaii, through our mobile app (make sure to update to v5.13.0)🧵👇https://t.co/392JwFYF3m / Twitter"
Our US users will now be able to fund their wallet with ETH via @PayPal! 🦊Rolling out in the next weeks in the US, excl. Hawaii, through our mobile app (make sure to update to v5.13.0)🧵👇https://t.co/392JwFYF3m
Binance CEO expects a “bumpy” road ahead for the firm
Binance, the world’s largest crypto exchange, has resumed withdrawals for the USD Coin (USDC) stablecoin after it temporarily paused the process for a few hours.
On December 6, the 24-hour net outflows on Binance reached US$3 billion according to blockchain research firm Nansen. On the same day, Binance suspended withdrawals of USDC.
The next day, CEO Changpeng Zhao (CZ) explained that the pause was due to the firm needing to swap between its own Binance USD stablecoin and USDC. However, the process required using fiat currency at a bank in New York, which wasn’t open at the time of the pause. Furthermore, CZ said the situation has “stabilized” at his cryptocurrency exchange to assuage investor fears.
Meanwhile, reports have said that CZ mentioned in an internal memo that he expected the “next several months to be bumpy,” but the company would be “stronger for having been through it.”
New Listings on Poloniex
Here’s what we’ve listed recently:
New Coins
⚽️Fan tokens
Peruvian National Football Team Fan Token (FPFT)
Brazil National Football Team Fan Token (BFT)
Spain National Football Team Fan Token (SNFT)
Futures
Polopedia
Now you’ve probably heard that you can stake ETH, but what about withdrawing that ETH? Check out our coverage of Ethereum’s Shanghai Upgrade to learn what’s on the horizon for the world’s largest smart contract platform.
Crypto Glossary
This week, we explain the term — Isolated margin. Different from cross margin, isolated margin is a margin allocated to a single position. Through isolating the margin that the position uses, users can limit their losses, hence other positions in the portfolio won’t be affected. This margin mode could be suitable for more speculative positions.
What’s happening here at Poloniex?
This is what Poloniex’s week looked like
Highlights for the week
Campaigns
Our recap of ongoing campaigns that YOU can get involved in!
Merry Christmas! Invite Friends to Check Out Poloniex’s Christmas Gifts for You! (12/15–12/25/22)
Merry Christmas! Invite Friends to Check Out Poloniex's Christmas Gifts for You!
Five Promotions to Celebrate the Launch of Cross Margin Mode! (12/9–12/29/22)
Five Promotions to Celebrate the Launch of Cross Margin Mode!
Poloniex Futures Championship: Join to Win a Maserati & $1,000,000 Rewards! (12/10–12/30/22)
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Poloniex Exchange on Twitter: "Have you seen new Poloniex Web page?😍New UI💫 New Experiences ✨ Try now👉 https://t.co/NOYr8BrpdG pic.twitter.com/yEP4hyHA32 / Twitter"
Have you seen new Poloniex Web page?😍New UI💫 New Experiences ✨ Try now👉 https://t.co/NOYr8BrpdG pic.twitter.com/yEP4hyHA32
Poloniex Exchange on Twitter: "Argentina became FIFA World Cup Champions for the third time! Congratulations!⚽️🏟️🥳Thank you for watching WC22 and supporting favorite teams together with Poloniex!Click https://t.co/NOYr8BrpdG for more activities🤩#FIFAWorldCup #Poloniex #Argentina #France #messi pic.twitter.com/FT0NunfhN6 / Twitter"
Argentina became FIFA World Cup Champions for the third time! Congratulations!⚽️🏟️🥳Thank you for watching WC22 and supporting favorite teams together with Poloniex!Click https://t.co/NOYr8BrpdG for more activities🤩#FIFAWorldCup #Poloniex #Argentina #France #messi pic.twitter.com/FT0NunfhN6
And that about covers it for this week! Curious about our campaigns or upcoming events? Give us a shout in our Telegram channel-
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Thanks for spending some time with us as we went over what’s going on. And wherever you are, from the team here at Poloniex, good morning, good day, and good evening!
☕️The Morning Cup: DOGE dropped after Twitter poll in favour of Elon Musk exit was originally published in The Poloniex blog on Medium, where people are continuing the conversation by highlighting and responding to this story.
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