Bitcoin surpasses $44,000 with intense market activity
Bitcoin (COIN:BTCUSD) briefly surpassed the $44,000 mark on
Wednesday for the first time since December 10, reaching $44,164 on
Bitstamp before dropping slightly. This rise triggered significant
liquidations in the market, with approximately $160 million in
digital asset liquidations in the last 24 hours. Much of these
liquidations, approximately $100 million, came from short
positions, indicating a bullish sentiment in the market. During an
intense hour of trading in the US on December 20, only Bitcoin
recorded $50 million in liquidations, primarily from short
positions. In the last 24 hours, Solana (COIN:SOLUSD) and Avalanche
(COIN:AVAXUSD) tokens have risen by 10.2% and 8.6%,
respectively.
Stacks (STX) appreciates after positive comments from Tim Draper
Stacks (COIN:STXUSD), the token of the Stacks Network,
experienced a more than 28% increase in the last 24 hours following
optimistic comments from investor Tim Draper. Draper expressed
enthusiasm for Stacks, a Layer 2 network that facilitates smart
contracts on Bitcoin, highlighting its importance in the growth of
Bitcoin usage for significant applications. Since the beginning of
the year, the value of STX has risen from $0.21 to $1.52, reaching
the highest level since February 2022. This increase follows the
development of Bitcoin-based NFT projects and a significant
increase in capital locked in Stacks, reflecting growing interest
in integrating Bitcoin with smart contract technology.
NEAR Protocol and Mina register gains with strategic partnerships
In addition to Stacks, NEAR Protocol (COIN:NEARUSD) saw an
increase of over 20% in the last 24 hours, reaching $3.02, driven
by significant partnerships, including collaborations with Polygon
Labs and Eigen Labs. The partnership with Polygon focused on
enhancing zero-knowledge proofs, while the alliance with Eigen Labs
aimed to improve the efficiency of Ethereum rollups. These
strategic initiatives contributed to the asset’s upward trend.
Another standout token is Mina (COIN:MINAUSD), which also recorded
an increase of almost 20%, with the price reaching $0.923000,
following a leadership overhaul at the Mina Foundation and plans to
move to Switzerland. The company is preparing for future
innovations, including the launch of zero-knowledge smart
contracts, known as zkApps.
Impressive growth of Injective (INJ) in the DeFi market
Another significant growth is notable in the native token of
Injective (COIN: INJUSD), an AI-focused DeFi protocol, reinforcing
the upward trend of AI in the DeFi market. INJ recorded a
substantial increase of 12% in the last 24 hours and nearly 190% in
the last month, trading at $40.86. With a 560% increase in the past
6 months, it signals the transformative potential that AI has in
the DeFi market and the valuation of related assets.
BlackRock advances plans for Bitcoin ETF with SEC discussions
BlackRock (NYSE:BLK), a global leader in asset management, is
intensifying efforts to launch a Bitcoin ETF (COIN:BTCUSD), meeting
again with the SEC on December 19. The proposal aims to trade the
ETF on Nasdaq under Rule 5711(d). The latest meeting, which
included representatives from BlackRock and Nasdaq (NASDAQ:NDAQ),
discussed the suitability of listing criteria. This move by
BlackRock signals a potential advancement in institutional adoption
of Bitcoin.
Ark Invest resumes selling Coinbase shares as prices surge
On December 19, Ark Invest, led by Cathie Wood, sold a
significant amount of Coinbase (NASDAQ:COIN) shares valued at $5.5
million, split between its Innovation ETF and Next Generation
Internet ETF. The sale comes as Coinbase shares reach yearly highs,
marking a 66% increase in the last month and a 342% increase
year-to-date. Ark also sold shares of Robinhood (NASDAQ:HOOD),
totaling $1.6 million, amid the launch of Robinhood’s
cryptocurrency trading app in the European Union. Robinhood’s
shares also rose but remain below their peak in August 2021.
Ripple obtains license from the Central Bank of Ireland for
European expansion
Ripple Markets Ireland Limited, a subsidiary of Ripple
(COIN:XRPUSD), has obtained a license from the Central Bank of
Ireland as a Virtual Asset Service Provider (VASP). This
authorization allows Ripple to offer digital asset transfer and
exchange services, as well as custody services in Ireland. The
license is a strategic step for Ripple’s expansion in the European
Union, especially with the impending implementation of the Markets
in Crypto-Assets Regulation (MiCA) next year. This milestone also
reinforces Ireland and the EU’s commitment to developing the
digital asset and fintech industry.
Ondo Finance launches US Treasury tokens on the Solana blockchain
Ondo Finance, specializing in real-world assets (RWA), expanded
its offering of US Treasury-backed tokens to the Solana blockchain.
Including integrations with DeFi protocols like Orca and Raydium,
Ondo now offers its US dollar yield token (USDY) and a tokenized
version of BlackRock’s short-term US Treasury fund on Solana. The
expansion comes at a time when the tokenization of US Treasury
bonds is gaining popularity, with a significant increase in market
capitalization of these offerings.
EthereumPOW opts for complete decentralization
The development team of EthereumPOW, a proof-of-work (PoW) based
Ethereum fork, announced the dissolution of its centralized
structure in favor of full decentralization. This transition marks
the shift to decentralized governance and PoW consensus, with the
core team being dissolved. The network’s servers will be
transferred to OneDAO on the Harmony blockchain, which will provide
transitional maintenance until long-term partnership
consolidations. The decision aims to revitalize the Ethereum Fork,
preserving the PoW model after the main Ethereum network switched
to a more energy-efficient proof-of-stake model. The
decentralization decision follows initial adoption difficulties of
the forked ETHW token (COIN:ETHWUSD), including a lack of support
from major entities like Grayscale.
Shiba Inu and D3 launch “.shib” domain for Web3 expansion
The Shiba Inu team (COIN:SHIBUSD), in partnership with D3, is
preparing to launch a “.shib” Internet domain to strengthen its
presence in the Web3 space with digital identities. They intend to
apply for the .shib domain with ICANN, the global authority for
Internet domains, in the next registration window. The initiative
aims to make Shiba Inu one of the first Web3 networks to have its
own DNS namespace, expanding its ecosystem beyond the ShibArmy
community. This significant step also aligns the network with
revenue generation potential and digital identities within its
decentralized ecosystem.
Epic Games reintegrates blockchain games with AO rating
The Epic Games Store updated its policy to allow blockchain
games classified as “Adults Only” (AO) due to their use of
blockchain or NFT technology. This change comes after
blockchain-based games like “Gods Unchained” and “Striker Manager
3” were removed from the store due to the AO rating. Epic Games
spokesperson Brian Sharon clarified that the prohibition of content
such as pornography, gambling, and hate remains, but blockchain
games classified as AO solely due to blockchain use are now
exceptions to the rule. Unlike Steam and Itch.io, which allow AO
games but not blockchain games, the Epic Games Store now accepts
blockchain games with this rating.
Binance strengthens security with completed SOC 2 Type II audit
Binance, one of the largest cryptocurrency exchanges, completed
a SOC 2 Type II compliance audit to enhance cryptocurrency
security. Conducted by A-LIGN, the audit thoroughly assessed
Binance’s system protection and data security areas. Binance’s
recent audit not only confirmed the effectiveness of its security
measures but also highlighted its commitment to creating and
maintaining a secure environment for the protection of digital
assets and personal data of its customers.
Celsius liquidates $250 million in crypto assets in 30 days
Celsius, a now-defunct cryptocurrency platform, liquidated
digital assets worth $250 million in the last 30 days. Of this
total, $243 million came from the sale of Ether (COIN:ETHUSD),
accounting for 97% of the selling activity. Additionally, the
company transferred over 10,000 ETH, valued at approximately $24
million, to Coinbase (NASDAQ:COIN) and FalconX platforms. Celsius
also sold more than $3 million in stablecoins and tokens of other
cryptocurrencies. This move may be related to the need to
capitalize the MiningCo, a Bitcoin mining company (COIN:BTCUSD),
and may have influenced the recent behavior of ETH prices.
Atomic Wallet launches $1 million bug bounty program after hack
Following a $100 million hack in June, Atomic Wallet initiated a
$1 million bug bounty program to identify security vulnerabilities.
Inviting ethical hackers globally to analyze its source code, the
program offers up to $100,000 for critical vulnerabilities. With
rewards ranging from $500 to $10,000 for other bugs, it aims to
strengthen security and prevent future threats. This initiative
follows a class-action lawsuit against Atomic Wallet for the June
incident, which affected 5,500 users.
UK launches regulatory sandbox for digital securities
The UK Treasury has released a regulatory framework for a
Digital Securities Sandbox, allowing testing of new technologies in
the financial sector. This regulated environment, under the
Financial Services and Markets Act, aims to facilitate innovation
and address regulatory challenges in the cryptocurrency industry.
The sandbox will enable testing of distributed ledger technology
and digital assets, such as central securities depositories and
trading platforms, with rules expected to take effect on January 8,
2024.
South Korea-US regulatory meeting: Focus on crypto
The governor of the Financial Supervisory Service of South
Korea, Lee Bok-hyeon, plans to meet with Gary Gensler, chairman of
the US Securities and Exchange Commission (SEC), in Washington D.C.
next month. The meeting, the first between the two, will focus on
cryptocurrency regulation, an increasingly important issue for both
countries. This meeting comes as South Korea has developed consumer
protection legislation in the cryptocurrency market, set to take
effect in July 2024. The initiative is a response to fraud in the
sector, including the collapse of the Terra-Luna ecosystem, which
heavily impacted South Korean cryptocurrency investors.
Additionally, the South Korean Supreme Court recently confirmed a
10-year sentence for a cryptocurrency fraudster who accumulated
$153 million over ten years. CEO Ko deceived 5,400 investors
through the fake QRC Bank. The decision includes a fine of nearly
$1 million, considering the severity of the crimes and their impact
on victims, many of whom were elderly and economically
vulnerable.
China is developing strategies to boost the Web3 industry
The Chinese Ministry of Science and Technology announced plans
to release a strategic document focused on Web3, aiming to clarify
the future direction of the industry. This document will address
topics such as inheritance, innovation, security, and government
responsibilities. Additionally, the ministry intends to enhance
interdepartmental collaboration to drive Web3 innovations,
bolstering research and talent in the sector. Despite the ban on
cryptocurrencies, China shows growing interest in Web3 development,
including NFTs and decentralized applications (dApps), and has
implemented blockchain pilot initiatives in various areas, from
energy to copyrights and trade finance.
IOSCO provides guidance for DeFi regulation
The International Organization of Securities Commissions
(IOSCO), which regulates most of the world’s securities markets,
published policy recommendations for decentralized finance (DeFi).
IOSCO advises governments to identify responsible parties for
innovative financial applications in DeFi and to apply or adapt
traditional financial regulations to the sector. The organization
emphasizes the importance of clearly defining responsibilities and
the applicability of existing laws to ensure regulatory compliance
in the DeFi ecosystem.
Impact of Trump’s election disqualification on the valuation of his
NFTs
The Colorado Supreme Court’s decision to exclude Donald Trump
from the 2024 elections has affected the value of his NFT
collections. The first series dropped by 11% to 0.1505 ETH ($333),
while the second series increased by 4% to 0.03450 ETH ($76).
Trading volume also suffered, with declines of 68% and 12%,
respectively. This marks another episode where political events
influence the Trump NFT market.
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