The cryptocurrency market continues to witness a large liquidation as Bitcoin plunges to as low as $92,000 due to the Fed's interest rate adjustments and the "hawkish" comments of the Fed Chairman. This is followed by the largest outflow in the history of the Bitcoin ETF, reaching $672 million.
Let's go through all the crypto movements this week with Coin68 to make sure you don't miss any important news!
Changes in the top cryptocurrencies compared to 7 days ago. Screenshot from Coin360 at 12:40 PM on 22/12/2024
📄 News Highlights
Highlights 🔥
- BTC "plunges" after the Fed cuts interest rates, Powell affirms that the Fed cannot own Bitcoin
- FTX begins repaying users in early 2025
- Buying Bitcoin: MicroStrategy ($1.5 billion), Hut 8 ($100 million) and MARA ($1.53 billion)
- Pudgy Penguins launches the PENGU token, an investor accidentally bought at a $14 trillion valuation
- Bitcoin ETF sets a record outflow of $672 million, the highest in history
Big Cap 💎
- Aptos Labs' Chief Operating Officer unexpectedly resigns
- Sonic, a layer-1 upgrade from Fantom, deploys its mainnet
- Polygon rejects the proposal to generate profits from $1 billion "idle" stablecoins
- Osprey launches the first BNB investment fund in the US
- Avalanche9000 Upgrade is successfully deployed, reducing the cost of subnet creation
- Monad is gearing up for mainnet and token issuance?
- The community is about to vote to choose the "official" memecoin NEIRO
- Fundraising: BVNK ($50 million), Lens Protocol ($31 million), Prometheum ($20 million), Plume ($20 million)
DeFi and Layer 2 🦄
- Fuel announces an airdrop of 1 billion tokens to 200,000 eligible wallets
- Layer-2 mainnet deployments: Fuel, HashKey Chain, Ink
- Deutsche Bank is developing its own layer-2 blockchain, using ZKsync technology
- The stablecoin USDtb of Ethena backed by the BUIDL BlackRock fund, is officially launched
- Ethena announces a strategic partnership with a DeFi project of the Trump family
- The DeFi project of the Trump family buys more ENA and ONDO
- TVL liquid restaking in the Ethereum ecosystem "exploded" by nearly 6,000% this year
- The founder of Curve "again" had his orders liquidated as the CRV price plummeted
NFT, GameFi, Metaverse and SocialFi 🖼 🎮🌐
- The NFT project CyberKongz was warned by the SEC for potential securities law violations
- Doodles NFT prices increased by more than 70% after the founder "teased" the token
Major Organizations 💰
- Tether invests in StablR, promoting the adoption of stablecoins in Europe
- Coinbase responds to the lawsuit from BiT Global, clarifying the reasons for delisting WBTC
- Bybit leaves France and asks users to withdraw funds before 08/01/2025
- Survey: Binance users held more memecoins than Bitcoin in 2024
Legal and Adoption ⚖️
- Ohio proposes a bill to establish a Bitcoin reserve fund
- Former Prime Minister Thaksin revealed that Thailand is experimenting with Bitcoin payments
- El Salvador concedes its Bitcoin policy to get a loan from the IMF
Coin68 summary
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