Trump names former football player Beau Hines as chairman of cryptocurrency committee

Bo Hines will serve on the President’s Commission on Cryptocurrencies, under the leadership of Donald Trump’s crypto and artificial intelligence mogul David Sacks, to “promote innovation and advancement of digital assets.” Donald Trump has named former college football player Bo Hines as the executive director of the new administration’s “Cryptocurrency Council.” The US president-elect posted on his Twitter account on December 22 that Bo Hines — an unsuccessful Republican candidate for the US House of Representatives in 2022 — will serve as the executive director of the President’s Digital Asset Advisory Council. Trump added that the new advisory group, dubbed the “Cryptocurrency Council,” will be led by his cryptocurrency advisor and artificial intelligence mogul David Sacks. “In his new role, Beau will work with David to drive innovation and growth in the digital assets space and ensure that industry leaders have the resources they need to succeed,” Trump wrote. In 2022, Hines ran as the Republican candidate for the North Carolina House seat, but narrowly lost to Democratic opponent Willie Nicol. Hines and other Republican candidates have received funding from the super PAC American Dream Federal Action and other pro-cryptocurrency PACs. Former FTX CEO Ryan Salame, who was sentenced to seven years in prison for crimes including illegal political contributions, reportedly donated $13.4 million to Republican candidates, including Hynes. Trump names former GP a16z as senior intelligence advisorTrump also announced the appointment of former Andreessen Horowitz (a16z) partner Sriram Krishnan as senior intelligence policy advisor to the new committee. “I am honored to serve our country and work with David Sacks to ensure America’s continued leadership in artificial intelligence,” Krishnan wrote in an X response to his nomination. The post reflects Trump’s continued support for the crypto industry. During his presidential campaign, he promised to make the United States the “world’s cryptocurrency capital,” which led him to raise millions of dollars in funding from crypto industry executives. He has appointed other pro-cryptocurrency advocates, including billionaire Elon Musk, as senior advisers. On December 4, Trump nominated Paul Atkins, a pro-cryptocurrency businessman and former commissioner of the Securities and Exchange Commission, to serve as chairman of the agency, which industry executives hope will weaken regulatory oversight of the cryptocurrency industry.

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Social Sentiment for Bitcoin Drops to 1-Year Low, Suggesting Bitcoin Breakout

Based on historical chart patterns, Bitcoin may see another week of consolidation before crossing $100,000. Social sentiment for Bitcoin has bottomed out in 2024, which could signal an imminent recovery for the world’s largest cryptocurrency above $100,000. Bitcoin ticker BTC has fallen $96,420 and is currently more than 10% below its all-time high of more than $108,300 set on Dec. 17. It was trading above $97,150 as of 12:38 UTC, according to Cointelegraph data. After a 10% consolidation, social media sentiment regarding Bitcoin has fallen to its lowest point in 2024, with the average ratio of positive to negative Bitcoin-related comments at 4:5. However, this decline in sentiment among retail investors could be a sign that a Bitcoin breakout is imminent, market intelligence platform Santiment wrote in a December 22 X post. “Vocabulary traders are now showing strong FUD, which is good news for outliers who know the market is moving in the opposite direction to retail investors’ expectations.” Other crypto analysts also expect Bitcoin’s correction below $100,000 to end. On December 20, Bitcoin’s daily chart showed three consecutive red candlesticks for the first time since the first week of November, which coincidentally preceded Donald Trump’s victory in the US election. Bitcoin fractals suggest bullish momentum, but BTC’s downtrend will continue for another week Bitcoin could be poised for a recovery by the end of 2024 based on price fractal patterns used in crypto trading to identify key support and resistance levels based on historical data, as well as potential trend reversals. Based on fractals appearing on the daily chart, Bitcoin could rise to over $100,000 in the short term, analyst Elja Boom wrote in an X-post on December 20th. However, Bitcoin’s correction could be extended for another week based on historical data, cryptocurrency analyst Rekt Capital wrote in an X-post on December 21st: “In 2017, weeks 7, 8 and 9 were also corrections. In 2021, weeks 6 and 8 were corrections. Bitcoin is currently in week 7 and slowly moving into week 8.” Nevertheless, Bitcoin’s price movement shows signs of optimism heading into 2025. According to cryptocurrency services provider Matrixport, improving macroeconomic conditions and easing of global monetary policies could push the Bitcoin price above $160,000 by the end of next year.

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Why is XRP price up today?

Today’s XRP rally is unlikely to last long as the reversal pattern suggests that a 20%+ correction is in the offing. Ripple Donates $5 Million in XRP for Trump Inauguration The price of XRP has surged more than 20% in the last 24 hours, reaching $2.36 on December 21. The price increase came after cryptocurrency exchanges Coinbase and Kraken donated $1 million to Trump’s inauguration committee. Fox Business was the first to report, with a report suggesting that Ripple could be offering $5 billion in XRP to a single project. Last week, the New York Times quoted Ripple CEO Brad Garlinghouse as saying something similar. Coinbase, Kraken, and Ripple are all battling the U.S. Securities and Exchange Commission (SEC) in separate lawsuits. Trump’s re-election could raise the prospect of a friendly SEC under candidate Paul Atkins, who is known for his pro-crypto stance. XRP holders may see this as a way to resolve Ripple’s legal dispute with the SEC, which has led to the recent price spike. XRP Technicals Show More Uptrends Ahead Today’s XRP price rally coincides with a key technical support level. First, XRP’s relative strength index (RSI) briefly dipped into the oversold zone below 30 on the 4-hour chart. Second, XRP found support near the 200-4-hour moving average (200-4-hour EMA; blue wave) near $2.00. This support is connected to a horizontal support area (marked in red), which is a previous area of ​​strength accumulation. However, looking at the daily chart, the XRP price appears to have formed a descending triangle pattern, which is confirmed by the decline in the trend line and the support at the horizontal line. A descending triangle that occurs during an uptrend is called a reversal pattern. In technical analysis, this pattern is defined when the price breaks below the support of the horizontal line and falls to the highest high of the triangle. Applying the same principle to the XRP/USD chart, the December low is placed near $1.77, a 22.50% decline from current price levels. This price level is in line with the 50-day moving average (red wave). However, a break above the upper line of the triangle could cancel the bearish pattern, sending XRP price to $2.90 (December high).

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303 crypto hacks to steal $2.2 billion in 2024: Chainalysis reports

The 2024 Chainalysis cryptocrime report showed that North Korean hackers were responsible for more than 60% of stolen cryptocurrency. Hackers stole $2.2 billion in 2024 Crypto hacking remains a serious problem for the crypto ecosystem. A Chainalies report said that 303 hacking incidents occurred in 2024, resulting in $2.2 billion lost by hackers. This follows an alarming trend in 2018, 2021, 2022, and 2023, when at least $1.5 billion worth of cryptocurrency was stolen. 2024 will be the fifth time this milestone has been reached. The amount of cryptocurrency stolen in 2024 increased by 21.07% year-on-year, with 303 hacker attacks compared to 282 in 2023. Interestingly, most hacker attacks occurred between January and July 2024, with $58 billion stolen in one incident. In recent years, decentralized finance (DeFi) platforms have been the primary target of cryptocurrency hacks, as founders tend to favor rapid expansion over security. However, 2024 saw a systemic shift, with centralized platforms being targeted significantly. The most notable hacks of centralized platforms include DMM Bitcoin, where $305 million was lost, and WazirX, where hackers stole $234.9 million. The shift in strategy by hackers from DeFi to centralized services highlights the importance of protecting hacker-friendly mechanisms such as private keys. In 2024, private key compromises accounted for 43.8% of all cryptocurrency thefts. Because centralized exchanges manage large amounts of user funds, the impact of an attempted private key breach can be devastating, as demonstrated by the $305 million DMM Bitcoin hack, which occurred due to private key mismanagement and potentially resulted in the permanent suspension of stock exchange operations. To obscure the trail of transactions and make them more difficult to track, hackers often launder stolen assets through decentralized exchanges (Dexe), mining services, or mixing/bridging services. North Korean hackers are notorious for their sophisticated and relentless tactics, often using social engineering and sophisticated malware to steal millions of dollars. This is evident from the fact that North Korean hackers stole $1.34 billion across 47 incidents in 2024, up 102.88% from the $660.5 million stolen across 20 incidents in 2023. The total amount of funds stolen by North Korean hackers represents 20% of all incidents and 61% of the total amount stolen annually. The rise in cryptocurrency thefts in 2024 highlights how the sector must adapt to a changing and more complex threat environment. In addition to the increased resilience required to protect crypto assets, data sharing programs, real-time security solutions, advanced tracking tools, and targeted training can help stakeholders quickly identify and eliminate hackers and prevent major losses.

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Crypto × AI: Top AI Cryptocurrencies to Watch in 2024, According to MEXC

The intersection of cryptocurrency and artificial intelligence is no longer a distant dream but already a reality. Projects such as $GOAT, $ACT, and $AI16Z have launched AI agent tokens, marking groundbreaking progress in the integration of cryptocurrency and AI. Top venture capital firms such as Y Combinator and a16z have recognized the huge potential of this integration and predict that it will see significant growth by 2025. What are AI agents in cryptocurrency? AI agents are intelligent autonomous systems that can perceive, learn, and make decisions. In the dynamic cryptocurrency world, AI agents have emerged as key catalysts for market innovation and efficiency. These intelligent agents go far beyond just algorithmic tools to provide comprehensive and accurate market insights and decision support to investors, financial institutions, and blockchain projects. Here’s how AI agents are changing the cryptocurrency landscape: Smarter Trading and Market Prediction : AI agents can analyze market data in real time to identify trends, optimize and implement trading strategies, and predict cryptocurrency price fluctuations. Fraud detection and security: These systems can monitor blockchain transactions to detect and prevent anomalous activity, improving the overall security of the network and protecting investor assets. Simplified blockchain usage: AI agents simplify wallet management, transaction approvals, and interaction with smart contracts, making blockchain easier to use. AI agents as KOLs: AI agents can act as KOLs, interacting with a global audience 24/7 and providing insights based on verified data. Best AI Agent Crypto Projects to Watch on MEXC The AI ​​agent ecosystem is evolving rapidly, and MEXC was the platform for the early release of numerous AI agent tokens. Below is a list of standout projects launched on MEXC. AI Agent Meme Tokens: ACT: Listed on October 24th and has achieved an impressive 3,078% rise since listing, bringing its market cap to over $500 million. AI Prophecy is a decentralized research laboratory focused on multi-human, multi-AI dynamics. Its core mission is to democratize AI knowledge and make it easily accessible to everyone. GOAT: Listed on October 13th and reached a peak of 3,805% growth, becoming one of the most followed tokens in its category. It was created by the semi-autonomous AI Truth Terminal, incorporating a Bitcoin investment from A16z Venture Capital. The name “GOAT” reflects the connection to the goat, a symbol of resilience, courage, and freedom. FARTCOIN: Explosive gains, reaching 11,757% shortly after launch. Humorous token designed to combine entertainment and blockchain to appeal to a wide range of meme enthusiasts. AVAAI: Listed on November 16th, rose to a peak of 377% after MEXC’s launch. AI AGENT FRAMEWORK TOKENS: AI16Z: listed on December 13th, grew 43% after listing. ELIZA: listed on November 19th, grew an astounding 387%. ZEREBRO: listed on November 17th, grew an astounding 540% after listing. ARC: listed on December 11th, peaked at 1,590%. A PLATFORM FOR CREATING AND ISSUING AI AGENTS: Crypto: listed on May 15th, peaked at 4,867% with a market cap of $2.94 billion. Virtuals Protocol is dedicated to supporting democratic AI-powered games, acting as a library of game AI and a marketplace connecting AI contributors and game developers. CLANKER: Listed on November 27th and achieved a 180% increase since listing. GRIFAIN: Listed on December 10th and reached a peak of 758%. VVAIFU: Listed on November 18th and achieved a 380% increase since listing. Why trade AI agent tokens on MEXC? The AI ​​agent sector is growing rapidly and MEXC is empowering traders to capitalize on this trend through early listing, wide token access and trader-friendly terms. This makes MEXC the platform of choice. Benefits for Early Starters MEXC pioneered the listing of AI agent concept tokens, giving traders early access to innovative projects before they are available on other platforms. Notable early listings such as ACT, GOAT, FARTCOIN, and VIRTUAL give users a head start in this emerging market, unlocking high growth opportunities from the get-go. Diverse and Trendy Listings With a listing of over 3,600 tokens and frequent daily additions, MEXC offers unparalleled access to trending tokens in the market, ensuring traders stay ahead of evolving market opportunities. Competitive Trading Conditions MEXC offers a seamless, cost-effective trading experience backed by extremely low fees and robust liquidity. Spot trading fees are just 0.05% for makers and takers.Maker futures trading fees are as low as 0%.With a trading depth of over $100 million, liquidity ensures smooth, reliable trading even during times of high demand. The convergence of cryptocurrency and artificial intelligence is driving transformative change in digital finance, and AI agent tokens are at the forefront of this evolution. By being the first to list the AI ​​AGENT token, MEXC will give traders exclusive early access to innovative projects, helping them stay ahead of the curve in this dynamic and fast-growing market. As the AI ​​agent ecosystem continues to grow, integrating AI technology into blockchain applications will likely redefine the market, and platforms like MEXC will be key drivers of this transformation. Risk Warning: The cryptocurrency information provided in this article is for market analysis purposes only and does not represent the official views or investment advice of MEXC. Due to the volatility of the cryptocurrency market, investors are advised to carefully evaluate market fluctuations, project fundamentals, and potential risks. Please consider financial risks before making any trading decisions.

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Crypto Biz: Coinbase vs. BiT Global – Over $1 Billion wBTC Dispute

This week, Crypto Biz covers Coinbase’s controversial delisting of wBTC, Deutsche Bank Blockchain, USDT in Europe, repaying FTX creditors, BVNK’s US launch, and more. Coinbase’s decision to delist wrapped Bitcoin (wBTC) has sparked major controversy and prompted a $1 billion lawsuit from BiT Global Digital Limited, the co-manager of wBTC’s reserves. In November, Coinbase announced plans to delist wBTC from its platform, citing violations of undisclosed listing standards. The decision was criticized by BiT Global Digital Limited, a Hong Kong-based cryptocurrency exchange that has partnered with BitGo to store wBTC’s Bitcoin reserves since August. BiT Global argued that with this move, Coinbase wanted to promote its competing product, Coinbase Wrapped BTC (cbBTC), which was launched on September 12 and has since become one of the most popular Bitcoin wrappers with total sales of approximately US$1.4 billion. Following the delisting, BiT Global filed a lawsuit against Coinbase on December 13, seeking more than $1 billion in damages. The lawsuit accuses Coinbase of anti-competitive conduct, including attempting to monopolize the wrapped Bitcoin market under the Sherman Act, engaging in predatory conduct aimed at undermining wBTC’s market position, and making false statements implying that wBTC did not meet listing criteria. Coinbase’s general counsel Paul Grewal defended the company’s actions a few days later, saying that assets that do not meet the listing criteria will be delisted. The latest development in the case emerged on December 17 after Coinbase filed a response to a lawsuit highlighting the risks associated with cryptocurrency entrepreneur Justin Sun, including allegations of financial misconduct and regulatory investigations. The exchange’s response supported the assumption that there were no technical reasons for the token delisting. In X, users were reminded that Coinbase itself was under numerous investigations. On December 18, a federal judge sided with Coinbase and refused to issue an injunction to block the token delisting. Judge Araceli Martínez-Holguín said BiT Global’s legal team had not demonstrated “immediate and irreparable harm” in their arguments. But the decision appears to be just the beginning of a new legal battle. This week on Crypto Biz, we also cover Deutsche Bank’s blockchain, USDT trading in Europe, repaying FTX creditors, and BVNK’s US expansion. Deutsche Bank builds L2 blockchain on Ethereum Germany’s largest financial institution, Deutsche Bank, is reportedly developing its own Layer 2 (L2) blockchain on Ethereum using ZKsync technology to address compliance challenges associated with the use of public blockchains in regulated finance. According to Bloomberg, the L2 solution, part of Project Dama 2, is designed to improve transaction efficiency, ensure regulatory protections and integrate directly with Ethereum. Project Dama 2 is an initiative of the Monetary Authority of Singapore’s Project Guardian, which brings together 24 financial institutions to explore tokenizing blockchain-based assets. Tether USDT trading continues across Europe despite Coinbase delisting European cryptocurrency exchanges continue to support Tether’s USDt stablecoin after Coinbase announced it would delist it for European customers to comply with upcoming regulatory requirements. Major exchanges including Binance, Crypto.com and Kraken have maintained trading support for Tether’s USDt-USDT ticker at a drop of $0.9988 after Coinbase delisted the stablecoin in December. 13. Other platforms such as KuCoin, MEXC, and Bitget also offer stablecoins to European users, but the full implementation of the Crypto Asset Market Regulation (MiCA) is looming on December 30th. Coinbase has designated USDT as a MiCA-restricted stablecoin, but European authorities have not made a clear statement on whether USDT should be considered non-compliant with local laws. Kraken and BitGo will help distribute first FTX payments in 2025 Representative debtors in the bankruptcy case of the insolvent cryptocurrency exchange FTX announced that a restructuring plan that will allow them to repay customers will come into effect in January. 3. In a Dec. 16 announcement, FTX said it had established a timeline for the initial distribution of funds to the exchange’s users, more than two years after the company filed for Chapter 11 bankruptcy protection. According to FTX Debtors, the first group of creditors can expect repayment within 60 days starting Jan. 3, 2025, subject to certain conditions. The debtors said cryptocurrency companies BitGo and Kraken will help distribute the repayments to FTX users. Other groups of customers expecting repayments will be announced “in due course,” the exchange said. BVNK Raises $50M to Expand into U.S. Stablecoin Market Stablecoin infrastructure company BVNK has completed a $50 million Series B funding round led by Haun Ventures and plans to expand into the U.S. The new capital will be used to expand BVNK’s operations to San Francisco and New York City, according to a Dec. 17 announcement. London-based BVNK is currently valued at around $750 million. The company’s U.S. branch will develop local banking infrastructure and work on obtaining an operating license to serve local businesses. Participants in the round included Coinbase Ventures, Scribble Ventures, DRW VC, and existing investors Avenir and Tiger Global.

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Will Bitcoin Price Crash Again?

Bitcoin price has fallen to as low as $95,000, but data suggests the correction may be largely over. Bitcoin’s price correction to $98,137 BTC continued on December 19th, resulting in the largest drop in the fourth quarter on BTC’s daily chart and the biggest drop since August 5th. While the crypto asset briefly regained positions above $100,000, the formation of an apparent bearish engulfing pattern opened the opportunity for further correction. Bitcoin rally to be “most volatile cycle” in 2024 Bitcoin’s bearish reaction stemmed from caution over Fed Chairman Jerome Powell’s suggestion that the Fed will only cut interest rates by 50 basis points in the entirety of 2025, lowering previous expectations from four rate cuts to two. This development sparked speculation about further declines in risk assets such as cryptocurrencies, but Glassnode suspected this would not be the case based on the evolving nature of BTC in this cycle. The on-chain analytics platform said that since BTC’s first bull run in 2012, the severity of down periods in bull cycles has decreased and market capitalization has increased. Bitcoin’s largest decline in 2024 was 32%. For comparison, 2021 was 63%, 2017 was 36%, 2013 was 71%, and 2011 was 49%. Glassnode said, “This may reflect the large demand generated by spot ETFs and growing interest from institutional investors.” Bitcoin should therefore essentially avoid a stronger correction as the consolidation period evolves. Bitcoin is testing key support at $99,000 and $97,000 Since hitting an all-time high of $108,366 on December 17, BTC has fallen to $98,744. Glassnode founder Rafael Schultze-Kraft identified this price range between $99,000 and $97,000 as the strongest support zone based on Bitcoin’s cost-based distribution. Cost-based distribution helps investors evaluate where the total supply is being purchased and most distributed among various price ranges. Bitcoin researcher Axel Adler Jr. noted that similar price ranges have important implications. The researcher said: “The next important support level is $97.9k, held by the cohort that has been holding the coin for a week to a month.” From a technical perspective, Bitcoin’s bull market structure remains intact on both the medium-term and long-term charts. Combining support levels derived from on-chain with market analysis, a common value between $97,500 and $95,500 was determined. In this price range, a fair value gap (FVG) was detected for the first time since October, along with a possible retest of the 50-day EMA level. 12. Additionally, $95,000 is also a key base support for trend continuation. Considering that the daily candle closes will push the price below $95,000, the chances of Bitcoin dropping to $90,000, where a key liquidity zone is set, will increase significantly. However, the immediate focus of most traders will be on Bitcoin’s reaction between $100,000 and $95,000.

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Bitcoin Reserve Bill Could End Cryptocurrency’s Four-Year Bull Run

Bitcoin Reserve Bill Could End Cryptocurrency’s Half-Life. How different is this four-year cycle? With speculation growing that new President Donald Trump will sign an executive order mandating a Bitcoin reserve on day one, or pass legislation to create a reserve during his term, many are wondering what the move could be. Will it lead to a cryptocurrency supercycle? Since Wyoming Senator Cynthia Lummis introduced the Bitcoin Reserve Act earlier this year, states like Texas and Pennsylvania have introduced similar proposals. Russia, Thailand, and Germany are considering their own proposals, and the pressure is mounting. If governments compete to protect their Bitcoin reserves, will we see a four-year cycle in cryptocurrency prices (often referred to as Bitcoin halvings)?Iliya Kalchev, an analyst at cryptocurrency exchange Nexo, believes that “the Bitcoin Reserve Act could be a turning point for Bitcoin, signaling its ‘acceptance as a legitimate global financial instrument. ” ” Every Bitcoin revolution has a narrative that tries to push the idea that “this revolution is different.” Things haven’t gotten any better. The cryptocurrency space has yet to have a pro-crypto US president who controls the Senate and Congress” Lummis’ proposed Bitcoin Act of 2024 would allow the U.S. government to use BitcoinBitcoins Stocks fall $98,275 Collect 1 million Bitcoins by buying 200,000 BTC per year for five years and holding them for at least 20 years as a reserve asset in their place. Strike founder and CEO Jack Mallers believes Trump has “the ability to use an executive order to buy Bitcoin in one day,” though he cautioned that it would not be the same as buying 1 million Bitcoins. Dennis Porter, co-founder of the Satoshi Action Fund, a non-profit organization that supports U.S. pro-Bitcoin policy bills, also believes that Trump’s investigation into Bitcoin’s strategic reserve in an executive order. So far, the Trump administration has not directly confirmed the claims about the executive order, but when Trump was asked on CNBC whether the US would create a BTC reserve similar to oil reserves (which would be legal), he replied: “Yes, I think so. Yes.” BREAKING: Ohio Lawmakers Pass Bitcoin Reserve Bill, Allowing States to Buy Bitcoin However, executive orders are not permanent because they can be overturned by future presidents. The only way to ensure long-term stability for strategic Bitcoin reserves is to pass legislation with majority support. With Republicans in control of the House and holding a slim majority in the Senate, Bitcoin advocates on Trump’s team have a strong base to push through Lummis’ bill. However, a handful of Republican supporters could veto the bill amid growing anger over the government’s handover of government assets to Bitcoin supporters. ‘Stop comparing this cycle to the previous cycle ‘ Earlier this month, Alex Krüger, an economist and founder of digital asset advisory firm Asgard Markets, said the poll results made him believe “Bitcoin is in a supercycle.” He believes Bitcoin’s unique situation can be compared to that of gold, when former US President Richard Nixon took the United States off the gold standard, ending the Bretton Woods system, and the price of Bitcoin went from $35 per ounce in 1971 to $850 in 1981. Kruger did not rule out the possibility that Bitcoin could experience a market crash similar to previous crashes. However, he urged crypto investors to “stop comparing this crash to previous crashes” because this time is different. Trump’s actions so far are a sure sign that good governance will continue to advance. He nominated Paul Atkins to chair the Securities and Exchange Commission after Gary Gensler resigned. He also nominated pro-cryptocurrency Scott Bessent as Treasury Secretary, and he appointed former PayPal CEO David Sacks as intelligence and cryptocurrency czar, responsible for dealing with the cryptocurrency industry. The supercycle theory is not very productive However, the “this cycle is different” theme has been present in all Bitcoin bull runs in the past, always supported by stories of global adoption. During the 2013-2014 bull market, the supercycle theory was supported by the idea that Bitcoin would gain global attention as an alternative to fiat currencies. In the 2017-2018 cycle, the rapid price appreciation was seen as a sign of mainstream adoption and the beginning of mainstream acceptance of Bitcoin, and corporate interest is growing. In the 2020-2021 cycle, technology companies such as MicroStrategy, Square, and Tesla will enter the Bitcoin market, believing that many technology-related companies will follow. However, in each cycle, the supercycle narrative failed to materialize, ultimately causing prices to collapse and eliminating its supporters as they entered a bear market. Su Zhu, co-founder of Three Arrows Capital, is a prominent proponent of the 2021 supercycle theory. He believes that the cryptocurrency market will remain in a bull market without a bear market, and that Bitcoin will eventually reach a peak of $5 trillion. 3AC of course borrowed money, as if the supercycle theory was true, and was eventually liquidated, the cryptocurrency’s market cap dropping by almost 50% after the news broke, a collapse that saw providers including Voyager Digital, Genesis Trading, and BlockFi go bankrupt and face financial difficulties. Therefore, supercycles are a bad idea worth betting your life savings on. Chris Burniske, partner at investment firm Placeholder and former head of blockchain products at ARK Invest, also believes that Bitcoin’s supercycle is a myth. “The Superloop is a very ambitious idea.” However, the US election results provide a strong and promising precedent for Bitcoin, thanks to the support of the US President, who seems to be keeping his pro-crypto promises, including never selling US Bitcoin in the form of a currency. global domino effect possible If the Bitcoin Ban Act passes, it could spark a global race to stockpile the currency, with other countries trying not to be left behind. In 2016, attorney George S. Georgiades, who moved from advising Wall Street firms on finance to working with the cryptocurrency industry, told Cointelegraph that the implementation of the Bitcoin Reserve Act “will mark a turning point in the Bitcoin adoption landscape,” and that it…

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Executives Heading to Blockchain Gaming Companies Ahead of 2025 AAA Launch

The fourth annual survey conducted by the Blockchain Gaming Association shows a rise in C-suite executives, but other executives are on the decline. As the popularity of the blockchain gaming industry grows, the top gaming executives are increasingly prominent, according to data from the Blockchain Gaming Association’s fourth annual survey. The 2024 survey collated and analyzed data from 623 survey respondents from the Web3 gaming industry, and is the group’s largest survey to date. The respondents ranged from C-level executives to professional sports players. While many things have remained the same since the 2021 annual survey, including trust issues and user experience as key factors hindering adoption, the 2024 survey shows that significant growth at the management level and the influx of gaming talent are ahead of industry experience. According to a report detailing the findings, 73.2% of respondents held senior management positions. “Senior leadership is at an all-time high, with 46.7% of respondents holding founder, director or C-level positions – the highest proportion in four years.” A growing C-suite The report says the concentration of senior positions in the industry reflects “consolidation,” noting that funding is increasing and prices are slowing following the so-called “crypto winter” of non-fungible tokens (NFTs). Life. However, the influx of talent from outside is one of the reasons why the leadership ranks have changed. More than half (52.5%) of respondents said that gaming is their area of ​​expertise. This figure has increased significantly in 2023 (34.2%) and 2022 (39.2%). Those who considered themselves blockchain or cryptocurrency experts dropped to just 10.8%, down from 21% in 2022 and 2023 and 27.4% in 2021. The Web3 gaming world is poised to enter the AAA gaming market by 2025, with Ubisoft, Square-Enix, CCP and others launching competitors and mainstream demand. Static population The blockchain gaming industry is likely to face many challenges as it pushes into AAA territory by 2025. The survey showed that respondents aged 18 to 24 years old made up only 6.1% of all respondents. This is consistent with the idea that Web3 is already so pervasive that it is difficult to develop future talent or attract young people. The team also wrote: “Gender diversity remains a challenge.” Nearly 82% of respondents were male, and the number increased significantly at the highest levels of employment. “Among the CEOs, founders, directors and C-level executives surveyed, 87.2% were male, while only 12.5% ​​were female. This is a higher proportion of men compared to the overall survey population.”

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Bybit to cease crypto services in France in January 2025

Due to increasing regulatory pressure, Bybit will cease offering withdrawal and storage services to French users on January 8, 2025. Global cryptocurrency exchange Bybit said it will cease withdrawal and storage services for French users starting at 8 a.m. (UTC) on January 8, 2025, due to increased scrutiny by French financial authorities. The company advises affected users to withdraw funds before the deadline to avoid problems with bank access and money transfers. Bybit plans to transfer unclaimed assets over $10 in USD to the French-licensed cryptocurrency custodian Coinhouse. Users will need to complete a verification process through Coinhouse to regain control. For accounts with less than 10 USDC, Bybit will charge a termination fee equal to 10 USDC, which will be deducted from the available funds. The move reflects the increasing regulatory pressure facing global cryptocurrency exchanges as regulators in many jurisdictions seek to impose stricter controls on cryptocurrencies. What happens after the deadline? Bybit said that Coinhouse transactions will begin after January 8, 2025, and that withdrawals will be suspended during this period, which is expected to last until January 16, 2025. French users with verified Coinhouse accounts will see their funds on January 16 if their account information matches their identity and Bybit information. Users without a Coinhouse account in the country must register and complete a thorough know-your-customer (KYC) verification process to access their funds. Asset management and maintenance feesBybit explained that there are no fees for converting assets to USDC or transferring funds to Coinhouse. However, unverified Coinhouse accounts will be subject to a maintenance fee of 0.16% of the asset value or 1 USDC per month (whichever is higher) until the KYC verification is successful. The maintenance fees “will be charged monthly, payable on the first day of each month,” the announcement said, but the first payment will be made on the day the assets are transferred to Coinhouse. Users with verified Coinhouse accounts that match their Bybit identity will not be charged on the day of the asset transfer. They will “see their assets reflected in their accounts immediately after the transaction.” France Strengthens Cryptocurrency LawsFrance has strengthened the legal framework for cryptocurrency service providers and strengthened consumer protection and financial stability. In December 2022, the French Senate’s Finance Committee announced that it would accelerate the licensing process for cryptocurrency companies to eliminate the option to operate crypto financial services without authorization until 2026. The move is partly a response to the global financial market turmoil and aims to end the option to operate without authorization from the French Financial Supervisory Authority.

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Abundant space pushes Bitcoin price to all-time high – analysts say $115K is behind

Bitcoin surged above $107,700, while some analysts predicted a short-term price rally. On December 16, Bitcoin extended its weekly rally to hit an all-time high above $107,700. The surge in Bitcoin prices came amid rising space volumes and a rebound in Coinbase’s stock during the US session. After explosive price action during the week, strong selling was seen in the US session, with Binance spot prices rising and KuCoin futures contract volume increasing on Tuesday, December 12. On the 15th, traders pushed BTC prices to the buy wall between $103,000 and $104,000. In addition to spot sales, positive news about MicroStrategy and Semler Scientific buying new Bitcoins made headlines earlier in the day. Semler Scientific sold 211 BTC for $21.5 million at $101,890 per coin, and MicroStrategy acquired 15,350 BTC for $1.5 billion at $100,386 per coin. According to independent market analyst Willy Woo, more than $3 billion has been added to the Bitcoin network every day for the past 30 days, a data point that shows the current unbridled demand for BTC among market participants. Large daily flows into Bitcoin exchange-traded funds (ETFs) are a constant catalyst for Bitcoin’s rise to new all-time highs. ETF outflows reached $2.17 billion in the week ended Dec. 12, bringing the total to $114.97 billion, according to SoSoValue. According to independent Bitcoin researcher and investor Timothy Peterson, the price of Bitcoin may reach $115,000 based on ETF flows.

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Bitcoin Breaks Barrier: Network Hashrate Tops 800 EH/s as Bitcoin Seeks New Price Highs

According to the latest statistics, Bitcoin’s network hashrate is over 800 exahashes per second (EH/s) based on the 7-day simple moving average (SMA). The network’s computing power has reached a record 805 EH/s. Bitcoin Hashrate Hits Record 805 EH/s Over the weekend, Bitcoin (BTC) comfortably hovered above the $100,000 mark, playfully hitting a new all-time high on Sunday afternoon. In addition to these price fluctuations, Bitcoin’s network hashrate peaked at 805 EH/s on December 14, 2024. As of 2:45 PM Eastern Time on December 15th, the network is performing at 799 EH/s. Today, the network is running fast at 799 EH/s, but let’s rewind a year. Back then, it was 293 EH/s lower, at 506 EH/s. It’s a fun comparison. Today’s best mining machines can generate about 473 terahashes per second (TH/s), which translates to just 0.000473 EH/s. Now, in theory, if all miners decided to buy just this one type of high-performance machine, it would take about 619,241 machines to increase the network’s hashrate by the 293 EH/s we’ve seen this year. Currently, the network is running at 799 EH/s, or just under 800 EH/s, which translates to 800 trillion hashes per second. At such a high hash rate, block intervals pass faster than the expected 10 minutes, averaging 9 minutes and 34 seconds. This speed means that the difficulty adjustment scheduled to take place within just a few hours today is expected to increase by 4.4%. This increase will make it 4.4% harder for miners to find gold in blocks. With Bitcoin’s hash rate continuing to rise and BTC dancing at record prices, we are witnessing a network that is not only surviving, but thriving through growth. This increase shows that the mining community is buzzing with activity and quickly adapting to new challenges. What about the future? More innovation, more competition and an increasingly tightly networked digital economy. But can this upward trend be sustained or is it destined for a sharp correction in the near future? Only time will tell.

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