December 7 Hot Topics
December 7 WEB3 Hot Topics
1. Bitcoin Drops, Deleveraging in Futures Market is the Main Cause
Bitcoin fell to $88,800 yesterday, primarily driven by deleveraging in the futures market. As prices dropped, the number of open contracts decreased, indicating that long positions in the futures market were being liquidated. Funding rates also decreased accordingly. Spot demand remains strong.
2. Bitcoin Mainly Used as 'Digital Gold' in DeFi
The U.S. Treasury Department pointed out in a report that Bitcoin is primarily used as a store of value in decentralized finance (DeFi), referred to as 'digital gold.' The report also warned that speculative interest plays an important role in the growth of digital tokens.
3. Elon Musk Posts a Photo with His Son
Elon Musk posted a photo with his son on social media, featuring the words 'The Dogeson' and 'The Dogefather,' along with the comment 'Doge & Minidoge.'
4. Worksport Plans to Purchase $5 Million in Bitcoin and XRP
U.S. manufacturer Worksport Ltd. announced that its board approved the purchase of up to $5 million in Bitcoin and XRP, with a maximum limit of 10% of excess operating cash. They also plan to accept cryptocurrency payments on their e-commerce platform.
5. South Korean President Yoon Suk-yeol Promises No More Martial Law Declarations
On December 7, South Korean President Yoon Suk-yeol stated that he would not issue a second martial law declaration and that he would not evade legal charges himself.
