Barcelona distances itself from sponsor's cryptocurrency after backlash
The Spanish football giant Barcelona has told fans it has "no connection whatsoever" with the digital coin offered by its new crypto partner, following criticism over the deal.
Clubs often pick up sponsors in unusual areas to bring in extra money - with Arsenal bringing in Persil as its fabric care partner in 2023, and Kellogg's becoming Manchester City's breakfast cereal partner that same year.
But far less is known about Zero Knowledge Proof (ZKP), which signed a three-year sponsorship deal in mid-November with Barcelona.
ZKP then announced a cryptocurrency, prompting concerns Barcelona fans could be led to invest in it - leading the club to distance itself from the coin.
"The club has no responsibility for, or involvement in, the issuance or management of this token, nor does it use the associated technology," the club said in a statement on its website. #CryptoNewss #BTC #Barcelona
As $BTC Bitcoin hovered around $87,000 at the Wall Street open on Wednesday, analysts focused on potential short liquidations. Current liquidity analysis suggests a possible rise towards $90,000, with traders placing bets in both directions. Despite US macro data providing a slight boost to stocks, it did not significantly influence the crypto market. Data from Cointelegraph Markets Pro and TradingView indicated a stable BTC price, with $88,000 becoming a key trading level. TheKingfisher noted substantial short liquidations around $88,253.90, hinting at a potential price increase. Investor Ted Pillows identified $89,000 as a critical level for shorts, suggesting that reclaiming this price could trigger upward momentum. Conversely, falling below $85,000 might lead to a downward pull. CoinGlass highlighted major liquidity points at $84,500 and $88,500. Despite macroeconomic data showing a strengthening labor market, Bitcoin's price remained stable, while the S&P 500 approached all-time highs, indicating resilience among asset owners. #BTC #CryptoNewss
Ether's price has surged 11% since falling below $3,000 on November 22, regaining crucial support levels. Analysts attribute this recovery to rising institutional demand and the anticipated end of quantitative tightening (QT) on December 1, which could push prices toward $3,600. Ethereum's demand is on the rise, with ETF inflows contributing positively. The Apparent Demand metric indicates a significant increase, reaching 90,995 ETH on November 26, up from 37,990 ETH just days earlier. This uptick suggests aggressive accumulation during price dips, reminiscent of a previous rally from $1,500 to $4,100 in early 2024. Spot Ethereum ETF flows have also turned positive, with inflows totaling $230.9 million over three days. Analysts emphasize the importance of maintaining support at $2,800 for a bullish outlook, as a drop below this level could lead to further declines. A V-shaped chart pattern indicates potential for a 26% price increase if Ether can break through the $3,000 to $3,500 supply zone. #BTC #ETH🔥🔥🔥🔥🔥🔥 #CryptoNewss
🌍 Industry changes and broader crypto-economy developments
A big development in Asia: Naver Financial (from South Korea) recently acquired Dunamu — operator of biggest Korean crypto exchange Upbit — in a massive deal worth ~$10 billion.
However, that same exchange (Upbit) suffered a serious security breach shortly after, with ~$30 million in assets stolen, raising concerns about exchange security despite institutional-level investments. #BTC #CryptoNewss $BTC $ETH