Headlines
▌Do Kwon Extradited to the United States
According to Bloomberg, the Prime Minister of Montenegro, Milojko Spajic, stated on Tuesday that Montenegro has completed the extradition of Terraform Labs co-founder Do Kwon and handed him over to the United States. He posted on the X platform that this extradition demonstrates our firm commitment to international justice and the rule of law. Do Kwon is facing dual prosecution in New York and Seoul for the $40 billion loss caused by the 2022 TerraUSD Altcoin collapse. Previously, he was arrested in Montenegro using a forged passport. In April this year, Terraform Labs and Do Kwon were found to be involved in fraud in a civil lawsuit filed by the U.S. Securities and Exchange Commission (SEC), and Terraform has agreed to pay a $4.5 billion settlement.
▌Ethereum May Outperform Bitcoin in 2025
Steno Research stated in a report on Sunday that Bitcoin's price is expected to rise from around $94,000 to at least $150,000 next year, while ETH's price will more than double from $3,400 to at least $8,000. That is, the ETH/BTC exchange rate will rise from the current 0.0357 to 0.06 within the next 12 months, similar to the price trend of the previous cycle, with Altcoins becoming the focus of attention. Analyst Mads Eberhardt wrote, "This expectation is partly based on the argument that a victory for Donald Trump in the U.S. presidential election would be more favorable for Altcoins than for Bitcoin." The report states that Bitcoin's market share is expected to drop from the current around 56.6% to 45%. The total value locked (TVL) of decentralized applications is expected to reach a new high of $300 billion next year, which, if the forecast is correct, further supports the argument for the rise in Altcoin prices.
Market
As of the time of writing, according to Coingecko data:
BTC's latest trading price is $93,805.13, with a daily change of +1.9%;
ETH's latest trading price is $3,347.65, with a daily change of +0.7%;
BNB's latest trading price is $706.55, with a daily change of +0.7%;
SOL's latest trading price is $190.99, with a daily change of +1.7%;
DOGE's latest trading price is $0.3189, with a daily change of +2.4%;
XRP's latest trading price is $2.10, with a daily change of +3.3%.
Policy
▌Hong Kong Legislative Council Member Wu Jiezhong: The HKSAR Government Can Consider Establishing a DAO Licensing System Modeled on the Securities Industry
Wu Jiezhong, a member of the Hong Kong Legislative Council and the Web3 and Virtual Asset Development Forum Committee, stated that the Hong Kong High Court heard the world's first lawsuit involving a decentralized autonomous organization (DAO) this August. The U.S. and Abu Dhabi already have relevant legal frameworks to regulate DAOs. Since DAOs do not have legal entities, he suggested that the HKSAR government can consider establishing a DAO licensing system modeled on the securities industry, requiring licensed DAOs to clarify the internal individual relationships and must appoint a responsible officer (RO) to ensure that the licensed company complies with the regulator's regulations and maintains the company's daily operations.
Blockchain Applications
▌Phala Network Founder: eve Will Reference aiPool and Introduce a Fourth-Generation Token Issuance Model
Phala Network founder Marvin Tong posted on his social media platform that eve will reference aiPool and introduce a fourth-generation token issuance model. The token distribution arrangement of the new model is as follows: 65% of the new tokens will be distributed proportionally to the confirmed contributors on the whitelist. 20% of the new tokens will be used to create a liquidity pool with SPORE on Metaora/Raydium, and the LP will be burned to lock in the value. 10% will be held by the new AI agent for its initial operations and autonomy. 5% will be sent to the wallet of the parent company AI as profit sharing.
▌Trader Eugene: PENGU is Basically a Replica of APE
Trader Eugene posted on the X platform that PENGU is basically a replica of APE, except that it has a functioning team that knows how to execute the project under the Luca Netz, and it has an important upcoming catalyst, which is the launch of Abstract Chain in January. Eugene stated, "I like the fact that we have already run a complete airdrop fractal, so early participants have basically completely exited this phase, so now we can get proper price discovery in 2025."
Cryptocurrencies
▌QCP: Bitcoin's Year-End Upward Momentum Weakens, Institutional Allocation May Become Key in 2025
QCP Capital pointed out that as the year-end approaches, BTC's momentum has clearly weakened, with its upward movement limited by selling pressure. Since December 19, there has been a net outflow of $1.8 billion from spot ETFs, and MicroStrategy's BTC purchases have slowed significantly. Looking ahead to 2025, the key catalyst may appear in January, as institutions will rebalance their asset allocations, and the proportion of institutional Bitcoin allocations is expected to increase, consolidating its market dominance, stabilizing spot volatility, and driving growth in demand for downside protection.
▌CryptoQuant: Binance Stablecoin Reserves Hit a New High of $31 Billion, Indicating Rising Purchase Pressure
CryptoQuant contributor Darkfost wrote that Binance's stablecoin reserves reached a new high of $31 billion on December 11. It is worth noting that Binance's stablecoin reserves were only $7 billion in June 2023, and have since grown by nearly five times. An increase in stablecoin reserves usually indicates rising buying pressure. The current reserves of around $30 billion suggest that investors remain actively engaged in the market and may be maintaining strong buying pressure.
▌Prime Minister of Montenegro: We Welcome Legal Cryptocurrency and AI Entrepreneurs, with Zero Tolerance for Fraud
Montenegrin Prime Minister Milojko Spajic posted on the X platform, "Our country welcomes innovative and legal cryptocurrency, artificial intelligence, and other tech entrepreneurs, but we have zero tolerance for fraudulent behavior." Previously, Bloomberg reported that Prime Minister Milojko Spajic stated that the extradition of Do Kwon to the U.S. has been completed, and Milojko Spajic said this extradition demonstrates the country's firm commitment to international justice and the rule of law.
▌The US Dollar Records Its Best Annual Performance Since 2015
The US dollar further appreciated on the last trading day of 2024, reaching its highest level since November 2022. The New Zealand dollar and Australian dollar underperformed other currencies. The Bloomberg Dollar Index rose 0.4%, with an annual gain of nearly 8%, the best annual performance since 2015, as the US economy remained robust and the incoming President Donald Trump's tax cuts and tariff policies were expected to keep interest rates high.
Important Economic Dynamics
▌Fed's Daly: Cryptocurrencies Should Not Be Equated with Gold, and Are Still Far from Becoming "Currency"
San Francisco Fed President Daly stated that cryptocurrencies should be viewed as a separate asset class, rather than being equated with gold as is often the case, and that cryptocurrencies are highly complex and not yet ready to become "currency". "I think cryptocurrencies are a complex thing, and the service we need to provide for everyone is really to interpret what it means, and once we do that, we can define it," Daly said in a podcast. "It can be a currency, it can be a medium of exchange, it can be a stock, an asset to store value or sometimes depreciate." "So I don't think it's like gold," Daly added. "It has some gold-like properties at times, but I don't think it's a gold-like asset."
▌The Probability of the Fed Keeping Rates Unchanged in January is 88.8%
According to the CME "Fed Watch", the probability of the Fed keeping rates unchanged in January is 88.8%, and the probability of a 25 basis point rate cut is 11.2%. By March, the probability of keeping the current rate unchanged is 47.1%, the probability of a cumulative 25 basis point rate cut is 47.7%, and the probability of a cumulative 50 basis point rate cut is 5.3%.
▌Offshore renminbi against the US dollar fell 151 points from the New York close last Friday
Offshore renminbi (CNH) against the US dollar was reported at 7.3152 at 05:59 Beijing time, down 151 points from the New York close last Friday, and traded in the range of 7.2978-7.3195 during the day.
Jinse Finance
▌What is Ripple Labs' RLUSD stablecoin?
RLUSD is a stablecoin developed by Ripple Labs, the organization behind the XRP cryptocurrency. RLUSD, or Ripple Labs USD, is intended to provide a stable digital currency for trading and transactions. As a stablecoin pegged to the US dollar, 1 RLUSD is equivalent to 1 US dollar. Each RLUSD is maintained at a 1:1 peg. These collateral assets are either US dollar deposits or cash equivalents.
Disclaimer: Jinse Finance, as a blockchain information platform, the articles published are for information reference only and not as actual investment advice. Please everyone establish the correct investment concept and must raise risk awareness.
