ProBit Bits — ProBit Global’s Weekly Blockchain Bits Vol. 83

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 Turkey's Biggest Banks Make Bold Crypto Moves as Regulations Approach

Two of Turkey's largest banking groups entered the cryptocurrency sector this week, highlighting the fast-growing role of digital assets in the country. Akbank, one of Turkey's largest private banks by assets, announced on Monday it had acquired local crypto firm Stablex to expand into the digital currency space.

The following day, Garanti BBVA launched its own crypto wallet application compatible with assets like Bitcoin, Ethereum and USD Coin. The new services from Akbank and Garanti come as Turkey works to introduce regulations for the industry, with the government seeking to finish updated rules before international monitoring bodies.

Despite the impending legislation, cryptocurrency adoption has surged in Turkey. The moves show top financial institutions view digital assets as an important future segment. It could give further legitimacy and mainstream exposure to crypto in a country already ranking among the most engaged globally.

 Faulty Trading Script Triggers Major Loss for DeFi Giant Yearn

A defective multi-signature script triggered Yearn to unintentionally swap its entire treasury of Curve tokens on December 11th. The faulty trading mechanism led to Yearn losing roughly 63% of the value of its Curve pool holdings.

An "output logic error" in the multi-sig script caused Yearn's balance of nearly 3.8 million LP-yCRV tokens to be transferred to the trading mechanism. It then proceeded to dump the tokens on Curve's automated market maker, resulting in heavy slippage.

The errant transaction sparked significant confusion and volatility. Though funds came only from Yearn's reserves and not customer accounts, the incident starkly illuminated risks around automated market behaviors. Yearn developers have taken steps to prevent operational repeats, including segregating reserves and adding price threshold safeguards.

 Major Growth Forecast for Bitcoin and Stablecoins as Institutional Adoption Accelerates

In a new forecast, Bitwise Asset Management outlined bullish predictions for both Bitcoin and stablecoins in 2024. The firm estimates Bitcoin will surge past its all-time high to reach $80,000 next year. This spike would be bolstered by the upcoming launch of the first U.S. Bitcoin ETF and the April 2024 halving.

Bitwise also predicted stablecoins would collectively settle more transactions than payments giant Visa in 2024. This echoes similar projections of stablecoin market capitalization growing to $200 billion. Stablecoins have exhibited explosive growth, rising from negligible usage to current trading volumes topping $5 trillion. Their functionality as a digital alternative to fiat currencies on the internet is driving tremendous demand.

The rosy outlook reflects expectations that heightened institutional adoption of cryptocurrencies will fuel further mainstream exposure and utility. Analysts view 2024 as a prime opportunity for significant gains across Bitcoin and the fast-growing stablecoin space.

 Meme Coin Mania Continues as BONK Soars on Exchange Integration

Days after Coinbase revealed intentions to list the Solana-based token BONK, the exchange disclosed launch plans, sending the meme coin climbing once more. Coinbase tweeted that BONK would start trading on December 15th if liquidity conditions are met, sparking a fresh rally.

Already up sharply over the past month, BONK jumped over 21% following the listing schedule update. It set a new all-time high price above $0.00001474 according to CoinMarketCap. BONK's astronomical rise in recent weeks echoes gains for the broader Solana ecosystem. The SOL token is up over 400% in the last year and has helped fuel explosive growth for associated projects like BONK.

Coinbase's addition of BONK is expected to boost its visibility and accelerate its hyper-charged momentum, showing no signs of slowing as adoption of canine cryptocurrencies widens.

 Donald Trump Unveils New Mugshot NFT Collection

Former US President Donald Trump has released a new non-fungible token collection called Mugshot, featuring 47 unique cards depicting different aspects of his persona. In a promotional video, Trump provided details on the NFT drop and incentives for bulk purchases.

The Mugshot series depicts Trump in a range of representations and styles across 47 total cards. Any user who acquires the entire collection will receive an exclusive physical Trump trading card and an invite to a gala at Trump's Florida home. The launch stems from the success of Trump's prior NFT ventures. He has earned between $100,000 and $1 million through previous drops according to financial filings. As with prior collections, demand is likely given Trump's sway with his political base. It remains to be seen if the Mugshot perks will entice another windfall from digital collectibles.

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