As digital currency investors and traders continue waiting for the possibility of a "Santa Claus Rally" that would put Bitcoin on track to regain its $10,000 support level, here are some other news developments that took place in early December:
French Central Bank Will Test a Digital Euro Next Year
The Bank of France is working on a digital version of the euro, and officials expect that the test will be completed during the first quarter of 2020. This pilot program will be similar to the ones previously undertaken by Russia and Singapore, which means that consumers will not be able to access digital euro tokens for the time being.
Bitcoin Investors are Holding on For Dear Life
According to Bitcoin blockchain analysts, nearly 65% of the current BTC supply has been stagnant over the last couple of years. From a trading and investment point of view, this statistic suggests that hopes are very high for another unprecedented bullish run, one that did not fully materialize this year.
$50 Million Ethereum Heist Being Fenced and Mixed
Mysterious digital wallets are being used to launder about $50 million worth of Ethereum stolen from a major South Korean cryptocurrency exchange platform. According to a blockchain monitoring service that points out large transactions, nearly $2 million have been moved around this week. Mixing is a process whereby cryptocurrencies can be moved around in a manner that obfuscates their origin; it may also involve fencing, which is the exchange of tokens for tangible property that can be sold at profit or through fraudulent means.
Deutsche Bank is Bullish on Cryptocurrencies
The controversial German investment banking giant, which is better known for extending loans to United States President Donald Trump despite his terrible credit record, has issued a report estimating that widespread adoption of digital currencies could be as close as 10 years from now. While there is little consensus on whether decentralized tokens such as Bitcoin will lead the way to this transformation, Deutsche Bank analysts believe that digital versions of major fiat such as the U.S. dollar and the euro are imminent.