Good morning this early morning! If you regularly keep an eye on Crypto Insiders, you know that the crypto news never stands still. Developments follow at a furious pace and so you can sometimes miss the overview. That’s why we list the most important news from yesterday for you every morning. Yesterday it came to light that December saw the largest outflow of bitcoin (BTC) from exchanges ever. Could this make for a Christmas rally?
Bitcoin Christmas Rally Due to BTC Outflow?
The daily bitcoin market update stated that there has been a huge outflow of BTC at exchanges this month. The cause may be obvious; due to problems surrounding major exchanges, investors chose to err on the side of caution this month.
Of course we had the situation at FTX, the huge exchange that collapsed. There is also some panic at Binance, partly because of a possible indictment from the US authorities. The latter is mainly based on rumours.
There was also panic at the Dutch Bitvavo about a gap of € 280 million. In retrospect, that turns out to be somewhat less than expected after the CEO of the platform spoke reassuring words. Nevertheless, huge amounts of bitcoin flowed from the exchanges. It is even the largest monthly outflow ever!
In general, this is a positive development. These BTC are being taken out of circulation and so they cannot be sold so quickly at current prices. Still, a Christmas rally with the current macro situation is unlikely. Fear still reigns in the markets.
Nigeria wants to legalize bitcoin
Then some positive bitcoin news from Africa. Nigeria wants to legalize bitcoin there. This is not a step like El Salvador and the Central African Republic (CAR). Those countries actually embraced BTC as legal tender. Nigeria wants to legalize crypto so that it can be recognized as investment capital, among other things. Perhaps not as spectacular as you might think, but it’s a step in the right direction.
Dogecoin faces headwind: Is Elon Musk stepping down as Twitter head?
The latest piece of news that appeared yesterday was the poll that Elon Musk conducted on his Twitter account. “Should I step down as head of Twitter? I will abide by the result of this poll,” the billionaire behind Tesla wrote.
The end result is that more than 17 million people voted, 57.5% of whom believe that he should indeed step down. This could be bad news for Dogecoin. Musk is known as “the Dogefather” and the hope was that DOGE would be integrated into the platform.
If Musk does indeed resign, this does not mean that he will no longer have any influence at all. He will then also remain the owner of the platform. Even then, there is still a little hope for the meme crypto!
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