Bitcoin and the broader Cryptoasset market have witnessed a decline after the US Federal Reserve (Fed) announced an additional 25 basis point cut in the benchmark interest rate and signaled that the number of interest rate cuts in 2025 will be less than initially planned.
Previously, Bitcoin reached a new record high of $108,360 on December 17, but the price has dropped more than 11%, touching a low of $92,218 before recovering to above $99,000 in the last few days. This price decline has raised the question of whether this is a local top for Bitcoin and how far it may drop in the coming days.
BTC is currently facing selling pressure and the price has dropped back to around $96,700.
Let's review the top news from Tạp Chí Bitcoin from December 16 to December 22, 2024.
El Salvador plans to transition to a voluntary Bitcoin acceptance model for businesses and gradually reduce the state's involvement in the Chivo digital wallet, which is currently underutilized. The government will also limit the public sector's role in Bitcoin-related economic activities. These changes are part of a $1.4 billion loan agreement with the International Monetary Fund (IMF).
According to the announcement on December 18, the Central American country will receive a $1.4 billion loan over the next 40 months, after agreeing to implement measures to reduce the debt-to-GDP ratio.
El Salvador does not "force" Bitcoin payments to borrow $1.4 billion from the IMF
ETH plummets sharply as it fails to hold the $4,000 level, will it have a chance to recover?
Altcoins see the strongest price increase in the third week of December 2024
Recently, 21Shares has completed the registration process for the Polkadot Trust in Delaware, a move to increase the company's presence in the blockchain and Cryptoasset space. Additionally, the company has unveiled staking capabilities for the Ethereum Core Staking ETP, promising to bring attractive investment opportunities to the community.
21Shares' goal is to enhance investor access to Polkadot, expanding investment opportunities in a highly interoperable blockchain platform that is attracting significant attention due to its exceptional scalability.
The Polkadot Trust is expected to garner interest from both institutional and retail investors seeking to diversify their portfolios by accessing advanced blockchain solutions.
21Shares has registered the Polkadot Trust in Delaware, expanding investment opportunities in DOT
Shiba Inu and Chainlink collaborate to expand the multi-chain ecosystem
Deutsche Bank builds a blockchain Layer 2 on Ethereum
10% of Ethereum validators signal an increase in gas limit
The 'Kaidro' game announces a 35% airdrop of the KDR token supply to the community this week
Ethena Labs introduces sUSDe as collateral for World Liberty Financial (WLFI)
Kraken's Layer-2 'Ink' officially launches on Mainnet earlier than expected
Hong Kong's HashKey Group launches the HashKey Chain Layer 2 mainnet
Stacks officially launches sBTC on mainnet, realizing Bitcoin DeFi
The Avalanche9000 upgrade officially launches the mainnet
FTX and its affiliates have confirmed that the court-approved Chapter 11 reorganization plan will become effective on January 3, 2025. The first distribution to creditors is expected to be made within 60 days of the plan's effective date.
FTX has reached agreements with BitGo and Kraken to support the distribution process. According to the official announcement, the initial eligible creditor group will receive the payout, subject to the completion of requirements such as:
For assigned claims, payments will only be made to the officially registered assignee as of January 3, 2025.
FTX will begin distributions on January 3 through BitGo and Kraken
According to the report, Robinhood Crypto recorded a total notional trading volume of $119 billion and $38 billion in Cryptoassets under custody as of November 2024. The company stated that 2024 was a pivotal year in its development strategy, marked by several key milestones.
Robinhood Crypto expanded its services in the US by fully covering all 50 states and territories, including Hawaii, Puerto Rico, and the US Virgin Islands. The trading platform was also upgraded, with the number of supported Cryptocurrencies in the US increasing to 20, including new assets such as Solana (SOL), Pepe (PEPE), and Dogwifhat (WIF).
Robinhood records a record $119 billion in Cryptoasset trading volume this year
The SEC has approved two Bitcoin-Ethereum ETFs from Hashdex and Franklin Templeton, including the Hashdex Nasdaq Crypto Index US ETF and the Franklin Templeton Crypto Index ETF, expanding institutional access to the two largest digital assets through spot investment vehicles.
Franklin Templeton's updated filing, submitted earlier today, was quickly approved due to compliance with current commodity-based trust sharing standards.
SEC Approves 2 Bitcoin-Ethereum ETFs from Hashdex and Franklin Templeton
Bitwise Brings Solana Staking ETP to Europe as the US Delays
The Ripple USD (RLUSD) stablecoin issued by the blockchain technology company Ripple has officially launched, marking a new milestone in the decentralized finance ecosystem.
RLUSD will operate simultaneously on two networks: Ethereum and the Ripple XRP Ledger (XRPL). From the moment of its launch, all users have been able to interact directly with RLUSD.
In the initial phase, the price of RLUSD on decentralized exchanges has fluctuated significantly, at times deviating by up to 20%, despite the fact that this currency is pegged to the US dollar at a 1:1 ratio. However, according to data from XPMarket, the price of RLUSD has now stabilized around $1, in line with the initial design.
Ripple's RLUSD Stablecoin Officially Launches
Ethena Launches USDtb Stablecoin Backed by BlackRock's BUIDL Token
Memecoin Fever Cools as Trading Volume and Market Performance Decline
FCA Warns UK Citizens to Avoid Solana-Based Memecoins
Tether, the world's largest stablecoin issuer, is expected to end 2024 with over $10 billion in net profit, significantly benefiting from the surging demand for the USDT stablecoin as cryptocurrencies like Bitcoin reach new highs. This increased demand has driven Tether's market capitalization to over $140 billion. The company's profits primarily come from investments in US Treasuries, gold, and other securities.
Furthermore, Tether plans to continue diversifying its investment portfolio, including a recent $775 million strategic investment in Rumble and future plans in AI and other sectors.
Tether Reveals Plans to Launch AI Platform in Q1 2025, Invests $775 Million in Rumble
NFT Trading Volume on Blur Surges 5-Fold: Will BLUR Price Explode?
Anthropic's X Account Compromised to Promote Crypto AI Agent
Nigeria Dismantles Large-Scale Crypto Romance Scam, Arrests Nearly 800 Suspects
LastPass Users Lose Nearly $5.4 Million to Attackers Just a Week Before Christmas
#9. Regulatory Updates
The Nigerian Securities and Exchange Commission (SEC) has updated its cryptocurrency regulations, adding new requirements related to promotional activities by Virtual Asset Service Providers (VASPs) and social media influencers.
In the Amended Digital Assets Regulations, the Nigerian SEC requires VASPs using third-party services to promote their crypto products to "obtain prior approval from the Commission." The regulations also mandate that VASPs ensure the third party complies with the SEC's advertising guidelines.
These regulations apply to any VASP providing services to Nigerian residents and will take effect on June 30, 2025.
Nigeria SEC Tightens Regulations on Crypto Advertising
Hong Kong Licenses 4 New Crypto Trading Platforms
Ruling Party in Japan Continues to Push for Crypto Tax Reform
European Lawmakers Call for EU to Establish Strategic Bitcoin Reserve Fund, Reject CBDC
Ohio Lawmakers Introduce Bill to Allow State to Hold Bitcoin Reserves
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Disclaimer: This article is for informational purposes only and not investment advice. Investors should do their own research before making decisions. We are not responsible for your investment decisions.
The "Weekly Roundup" column will be updated at 9:30 AM on Sundays with a summary of market news. Please follow along.
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