Bitcoin has surpassed the expected price of $100,000 on the morning of December 5th, marking an important milestone more than 15 years after the mysterious founder Satoshi Nakamoto launched this first cryptocurrency.
However, this leading cryptocurrency then faced an obstacle as the price fell back below the six-digit level, causing about 1.1 billion USD in leveraged positions to be liquidated, affecting 207,992 traders worldwide.
After reaching a new record high of $103,900, the price dropped to around $90,300 before attempting to recover.
On December 6th, Bitcoin once again surpassed the $100,000 mark, reaching a high of $101,878 before declining slightly and stabilizing around $100,000.
Let's review the highlights of the news from December 2nd to December 8th, 2024 with Bitcoin Magazine.
Bitcoin price has dropped from $96,000 to $93,700 today after South Korean President Yoon Suk Yeol declared a state of emergency martial law.
On Korean exchanges like Upbit, the Bitcoin price has fallen to a low of $79,167, significantly lower than the global average.
However, the crypto market has shown signs of recovery after South Korean President Yoon Suk-yeol decided to withdraw the martial law order, less than six hours after it was issued.
According to domestic reports, the order was revoked around 4:30 am local time (2:30 am Vietnam time) during a Cabinet meeting. Prior to that, about 190 out of 300 members of the South Korean National Assembly had voted against the martial law order.
Bitcoin drops to $70,000 in South Korea as President declares martial law
In November 2024, the digital asset market in Vietnam continued to record a strong surge with an estimated trading volume of around $70 billion, confirming its position as the 2nd largest cryptocurrency trading market globally.
According to data from Triple-A, this trading volume reflects the strong growth of the crypto market and other digital assets such as Non-Fungible Tokens, DeFi, and blockchain in Vietnam. This not only demonstrates the increasing interest of the public in digital assets but also the strong development of domestic and international trading platforms.
Vietnam trades around $70 billion in crypto in November, ranking 2nd globally
Chainlink (LINK) rises 37% to a 2-year high thanks to EU securities tokenization partnership
Shiba Inu reaches a 9-month high thanks to the support of long-term holders
Dogecoin (DOGE) explodes 128% in a month, marking an impressive 11-year anniversary
MicroStrategy has announced its latest Bitcoin purchase of 15,400 BTC, worth approximately $1.5 billion, at an average price of $95,976 per coin, which has been added to its investment portfolio.
With this latest transaction, MicroStrategy's Bitcoin holdings have increased to 402,100 BTC, valued at around $38.3 billion based on a Bitcoin price of $95,421 at the time of writing. To date, the company has achieved a BTC return of 38.7% QTD and 63.3% YTD.
MicroStrategy buys an additional 15,400 Bitcoin, increasing its total holdings to 402,100 BTC
Base sets a new record with 8.8 million transactions per day
Sushi DAO proposes to sell all SUSHI tokens to increase liquidity
Will Pi Network launch its mainnet during the current price rally?
Cardano's Layer 2 Hydra has achieved the important milestone of 1 million TPS
The Xai gaming network has launched a program to reduce participation fees along with an Airdrop
Layer 1 Namada has officially launched its mainnet and token Airdrop
Sonic Labs is about to launch a Layer-1 blockchain with the goal of becoming the fastest EVM chain
Pantera Capital has raised $20 million to invest in TON
Coinbase, the largest exchange in the United States, is facing a wave of backlash from the crypto community after reports emerged about restricting user access to accounts through Virtual Private Networks (VPNs).
On December 2nd, Scott Shapiro - a product designer at Coinbase - warned users to avoid using VPNs when accessing their accounts. Scott explained that Coinbase's risk model considers the use of VPNs as a red flag, often associated with malicious activity, even if the user is legitimate.
Coinbase faces criticism for restricting VPN access due to security concerns
The year 2024 marked an important turning point in the crypto industry, as crypto exchanges recorded a significant increase in the average Bitcoin and USDT deposits, reflecting the strong participation of institutional investors.
According to data from CryptoQuant, the average Bitcoin deposit increased from 0.36 BTC in 2023 to 1.65 BTC in 2024, while USDT deposits soared from $19,600 to $230,000. These figures clearly demonstrate the difference between the activities of institutional and retail investors.
Binance and major exchanges see an explosion of institutional capital inflows
The U.S. Securities and Exchange Commission (SEC) has responded to its request to dismiss its amended complaint against the crypto exchanges Binance, Binance.US, and former Binance CEO Changpeng Zhao, alleging that they operated an unregistered securities exchange.
The allegation is based on the sale of 10 tokens on the secondary market through the exchange's BNB token.
SEC remains determined to pursue the lawsuit against Binance and CZ
Grayscale Investments has taken a strategic step in expanding its presence in the digital asset market by filing an application with the U.S. Securities and Exchange Commission (SEC) to convert the Grayscale Solana Trust into a spot ETF.
If approved by the SEC, this ETF will trade under the ticker GSOL on the New York Stock Exchange (NYSE), providing investors with direct access to Solana (SOL)—one of the fastest-growing and most promising blockchain platforms in the crypto ecosystem.
According to the filing, the Grayscale Solana Trust is currently the world's largest Solana-focused investment fund, managing assets worth up to $134.2 million at the time of the application.
Grayscale files with SEC for a Solana spot ETF
Crypto ETF inflows reach record highs: $6.5 billion for Bitcoin, $1.1 billion for Ether
WisdomTree files S-1 for XRP ETF with SEC amid a hot market – What's next for the price?
Bitcoin ETFs now hold more BTC than Satoshi Nakamoto in the context of 'shocking' growth
On December 5th, Ripple officially denied rumors about the launch of the RLUSD stablecoin, stating that the company is awaiting final approval from the New York Department of Financial Services (NYDFS). Ripple emphasized its commitment to complying with the highest regulatory standards throughout this process.
"Despite the speculation, we can confirm that RLUSD will not be launching today. We are currently awaiting final approval from NYDFS and will provide an update as soon as we have progress to share. Ripple remains committed to adhering to the highest regulatory standards and ensuring that every step is taken under the close supervision of NYDFS."
Ripple delays the launch of RLUSD stablecoin to meet regulatory standards
Justin Sun hints at the possibility of Ripple's RLUSD stablecoin being issued on Tron (TRX)
Stablecoins may pose risks, need for enhanced oversight: U.S. FSOC
Licensing content for AI training is the "perfect use case" for blockchain: Aptos co-founder
Pudgy Penguins to launch its own token PENGU by the end of this year – Details on the allocation
Since the end of 2023, through monitoring the local situation and social media, the Criminal Police Team - Cau Giay District Police, in coordination with units under the Ministry of Public Security and the Hanoi City Police, have uncovered a transnational fraud ring. This ring was operated by two suspects, Pho Duc Nam (alias Mr. Pips, residing in Vung Tau) and Le Khac Ngo (alias Mr. Hunter, residing in Hanoi).
The authorities have conducted emergency searches of the suspects' homes and offices. As a result, assets worth over 5,000 billion VND were seized, including 127 billion VND in cash, 306 billion VND in savings accounts, 216 kg of gold, 128 real estate properties, 30 cars, and other valuable assets.
According to information from the Hanoi People's Procuracy, the investigation revealed that in June 2019, Pho Duc Nam and Le Khac Ngo colluded to establish a financial fraud ring, operating as a securities brokerage company. They exploited international foreign exchange and securities exchanges to misappropriate the assets of their victims.
Mr. Pips arrested, over 5,000 billion VND in fraud assets seized
DEX Clipper hacked for $450,000 due to vulnerability in the withdrawal function
Crypto users lose $300,000 due to scam through fake job interview link
DMM Bitcoin Exchange Closes After Major $305 Million Hack
#9. Legal Regulations
President-elect Donald Trump has appointed Paul Atkins, a crypto supporter, as the Chairman of the U.S. Securities and Exchange Commission (SEC).
Paul Atkins was an SEC commissioner from 2002 to 2008 under President George W. Bush. According to Trump's announcement on Truth Social, Atkins will replace Gary Gensler on January 20 - who announced his resignation last month.
Atkins' appointment marks a clear shift in the SEC's approach to financial regulation. With a conservative stance, Atkins is expected to push for reduced regulatory burdens and the application of more lenient penalties for violations.
Paul Atkins will officially assume the position of SEC Chairman when Gary Gensler departs
Czech Republic Abolishes Capital Gains Tax on Bitcoin Held for Over Three Years
France Wants Bitcoin Holders to Pay Tax on 'Non-Productive Assets'
Hong Kong Racing to Implement New Stablecoin Regulatory Framework
Japan's FSA "Grills" These 5 Crypto Exchanges
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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 News Roundup" section will be updated at 9:30 AM on Sundays with a summary of the latest news on the market, please follow.
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