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Ethereum Hit Hard: $335M Liquidated In 12-Hour

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In the past 24 hours, Ethereum, the leading altcoin, experienced a 5% decline amid a broader cryptocurrency market downturn that resulted in a massive liquidation exceeding $340 million. Bitcoin spearheaded this liquidation wave, suffering a substantial $94 million loss, closely followed by Ethereum, which saw a long-term sell-off totaling $80 million. Coinglass data revealed that within the last 12 hours, liquidations exceeded $335 million, with $300 million emanating from the liquidation of long positions.

Several other altcoins, including CRO from crypto.com, Tezos [XTZ], and Toncoin [TON], recorded declines surpassing 10% in the hourly index. The upcoming events of the US Consumer Price Index [CPI] release and the Federal Reserve’s interest rate decision this week are expected to contribute to sustained market volatility. While Bitcoin’s fluctuations are causing widespread repercussions, Ethereum faces additional challenges.

ETH is confronting potential sell pressure after surpassing the $2,300 mark, warns a crypto analyst. Notably, whales have been actively capitalizing on profits, raising concerns about triggering substantial sell pressure on the second-largest cryptocurrency globally.

Ethereum Volatility To Continue

Despite maintaining a unique market position driven by an extensive developer community, widespread adoption, and a pivotal role in decentralized finance [DeFi] and various blockchain applications, Ethereum’s earlier bullish momentum is now overshadowed by the looming influence of selling pressure from significant holders.

Ethereum
Ethereum Hit Hard: $335M Liquidated In 12-Hour 2

Prominent crypto analysts such as Ali predicted that in a bearish scenario, the largest altcoin might retest the $1,555 support level, and sustained selling pressure could drive its value as low as $1,460 within the next two months. Still, overall market sentiment remains cautiously optimistic, given Ethereum’s impressive year-to-date price increase of 96.5%.

While that is happening, Tim Beiko, Ethereum’s lead developer, provided insights into upcoming developments for the network in a recently concluded community meeting. As reported by TronWeekly, Beiko highlighted the anticipated Dencun hard fork of the Goerli testnet, revealing plans for execution in January 2024, contingent on the smooth progression of preparations. Most teams involved are reportedly ready for the testnet fork trial, with plans to conduct a Goerli shadow network fork in the ensuing weeks.

Solana’s BONK Taipei Debut: Claims 3rd Memecoin Spot

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Bonk [BONK], a canine-inspired token on Solana, has recently outperformed Pepe, securing its position as the third-largest meme coin with an impressive $727 million market capitalization. Despite this accomplishment, Bonk Inu still lags behind the leading dog-themed tokens, Shiba Inu and Dogecoin, boasting market caps of $6 billion and $14.4 billion, respectively. The notable disparity underscores the significant ground Bonk Inu has yet to cover.

While Bonk Inu faces a substantial gap in market capitalization when compared to SHIB and DOGE, it has exhibited exceptional price growth, surging by more than 400% in the past month alone. This remarkable ascent has propelled Bonk Inu to reach new yearly highs, even as the Solana [SOL] token recorded a slight pullback from its peak of $65 on December 2. Despite this temporary setback for Solana, the bullish momentum and renewed interest in Bonk Inu have captured the attention of market participants.

The official handle of the memecoin project has released a blog post outlining upcoming community activities. With over 680,000 unique holders and 300+ partners and integrations, Bonk Inu has positioned itself as the social layer and utility token of Solana, ranking only below SOL and USDC in terms of usage on the platform. This distinguishes Bonk Inu from the typical dog-themed coins prevalent in the market, the team claimed in the blog.

Solana Memecoin Celebrates BONKmas

Building on the momentum of a remarkable year, BONKDAO is gearing up to celebrate its first anniversary with a special holiday event named “The 12 Days of BONKmas.” This celebration will showcase featured Bonk partners and products, potentially marking the inaugural release of a future rewards program for engaged Bonk ecosystem supporters.

In a noteworthy development, Bonk has secured a listing on ACE, one of Taipei’s major cryptocurrency exchanges, coinciding with the commencement of Blockchain Week in the nation. Further updates on this listing are eagerly anticipated.

Solana
Solana's BONK Taipei Debut: Claims 3rd Memecoin Spot 4

Bonk’s recent gains can be attributed to various factors, including its listing on prominent centralized exchanges such as Binance and KuCoin. Additionally, futures data indicates a substantial increase in open interest over the past month, signifying heightened trading activity in Bonk derivatives and contributing to the token’s overall volatility.

Binance Faces Legal Hurdles: Analysts Weigh In On BNB’s Future

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Binance, one of the leading global crypto exchanges, is currently navigating legal challenges. Despite the hurdles, market analyst Ali suggests that the platform may emerge even more resilient in the face of adversity. Investors, however, are advised to keep a close eye on BinanceCoin (BNB) as it forms a descending triangle on the weekly chart, signaling a potential shift in market dynamics.

Ali has pointed out the descending triangle pattern on the BNB weekly chart, which indicates a period of consolidation and potential trend reversal. The descending triangle is a technical pattern characterized by lower highs and a horizontal support level. In the case of BNB, the triangle formation suggests a tightening range of price action, and analysts are keenly observing the $260 level for a potential breakout.

For investors, a close above $260 could signal a bullish breakout, potentially leading to a renewed uptrend for BinanceCoin. However, until such confirmation occurs, a cautious approach is advisable.

Despite a 3.60% dip in the last 24 hours and a CoinMarketCap ranking of #4 with a market cap of $36 billion, Binance Coin has seen a 16/30 (53%) positive trend over the past month. With a 24-hour trading volume of $675 million, the cryptocurrency’s short-term future remains uncertain.

BNB 7D graph coinmarketcap 2
CoinMarketcap

According to CoinCodex’s Binance Coin price prediction, a potential 11.88% increase is anticipated, pushing the value to $268.64 by December 14. However, technical indicators currently suggest a bearish sentiment, with a Fear & Greed Index reading of 74, indicating a state of greed among investors.

Implications and Scrutiny on Binance’s Activities by DOJ

Adding to Binance’s challenges, the United States Department of Justice (DOJ) recently unveiled an extensive monitorship over the exchange’s operations. The unsealed compliance commitments on December 8 reveal a substantial government oversight, drawing comments from John Reed Stark, a former Securities and Exchange Commission (SEC) official.

Stark labeled the compliance commitments as a “consulting firm’s wish list” and believed that these obligations might lead to the platform’s shutdown. The 11-page document outlines Binance’s commitment to cooperate with authorities, providing access to a broad range of information, including details about former employees, agents, intermediaries, and various business partners.

The DOJ’s criminal division will closely monitor Binance’s activities, focusing on areas such as money laundering, asset recovery, national security, counterintelligence, and export control. Nevertheless, the unfolding legal developments add an additional layer of uncertainty to Binance’s future, prompting investors to remain vigilant in the coming weeks as events continue to unfold.

Related Reading | Crypto AML Rules Scrapped From US Defense Bill

Crypto Market Volatility: Bitcoin & ETH Declines While Altcoins Shine

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Bitcoin (BTC) and Ethereum (ETH) faced a sudden downturn, wiping out all gains from the past week. However, the crypto market showcased resilience through impressive performances by various altcoins, maintaining their upward trajectory.

According to Santiment, the crypto market experienced its swiftest drop in the last four months, triggering mild concerns among traders. The prevalent “buy the dip” sentiment suggests a degree of overeagerness and FOMO (Fear of Missing Out) at these lower price levels.

Among the top 20 cryptocurrencies, Avalanche (AVAX) emerged as the standout performer, witnessing a remarkable 55% surge over the week, reaching a peak of $37.33. Despite a modest 8.80% increase in the last 24 hours, AVAX continues to exhibit robust performance, currently trading at $35.25.

AVAX 7D graph coinmarketcap
Source: CoinMarketcap

Cardano (ADA) maintained the second position in the top performers’ list, with gains of 34%, respectively, over the past week. ADA is presently trading at $0.5546, showing a 5.46% decrease in price and a 28.40% drop in trading volume in the last 24 hours.

ADA 7D graph coinmarketcap 4
Source: CoinMarketcap

Polkadot (DOT) secured the third position, showing a gain above 16% in their weekly chart. Meanwhile, DOT is at $6.69, experiencing a 5.81% price decrease and a 14.67% surge in trading volume within the same period.

DOT 7D graph coinmarketcap
Source: CoinMarketcap

Other popular altcoins, including Hedera (HBAR), NEAR Protocol (NEAR), and Solana (SOL), reported gains in their weekly charts, with HBAR up by 10%, NEAR by 9%, and SOL showing an 8% increase, according to data from CoinMarketCap.

Bitcoin (BTC) & Ethereum (ETH) Weekly Review

On December 5th, Santiment reported Bitcoin reaching $44,000, continuing its climb. The resurgence of 100+ BTC wallets correlated closely with this price surge. Over the past four weeks, 48 of these whale wallets have returned since a significant drop-off on November 9th.

As of the latest update, Bitcoin’s price stands at $42,434, accompanied by a 24-hour trading volume of $48.62 billion. The market capitalization of Bitcoin is $828.54 billion, with a market dominance of 51.68%. BTC has experienced a -3.07% decrease in price over the last 24 hours.

BTC 7D graph coinmarketcap 14
Source: CoinMarketcap

Moreover, Coincodex predicts that Bitcoin will rise by 4.17% and reach $43,846 by December 15, 2023. The Fear & Greed Index stands at 74 (Greed), indicating a neutral sentiment. Bitcoin recorded 15/30 (50%) green days with 6.82% price volatility over the last 30 days.

On December 7th, Santiment highlighted Ethereum’s climb to $2,349, its highest level since June 2022. The positive trend of non-exchange whale wallets accumulating wealth and exchange whale wallets having less sell-off power bodes well for Ethereum’s continued ascent.

As of now, the current Ethereum price is $2,251.70, with a 24-hour trading volume of $19.50 billion. Ethereum’s market capitalization is $271.05 billion, and its market dominance is 16.91%. Over the past 24 hours, the price of ETH has witnessed a 3.80% decrease.

ETH 7D graph coinmarketcap 16
Source: CoinMarketcap

Coincodex’s current Ethereum price prediction anticipates a 7.51% rise, reaching $2,420.98 by December 15, 2023. The Fear & Greed Index is at 74 (Greed), indicating a neutral sentiment. Ethereum recorded 18/30 (60%) green days with 5.68% price volatility over the last 30 days.

Related Reading |  Crypto AML Rules Scrapped From US Defense Bill

Crypto AML Rules Scrapped From US Defense Bill

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The US government has opted to eliminate two crypto-related provisions from the National Defense Authorization Act (NDAA), a pivotal legislative framework that delineates the allocation and utilization of the defense department’s budget.

The two provisions were aimed at addressing the anti-money laundering (AML) challenges posed by digital currencies, especially the use of anonymous transactions. The first provision would have required the US Treasury Secretary to work with other regulators to establish a risk-based examination and review system for crypto activities of financial institutions.

The second provision would have mandated producing a report on the volume and nature of digital currency transactions linked to sanctioned entities and other countries’ regulatory approaches. The report would have also included recommendations for legislation or regulation relating to the technologies and services.

Crypto Amendments From Previous Bills

The crypto provisions were derived from two previous bills that were introduced in 2022: the Digital Asset Anti-Money Laundering Act and the Responsible Financial Innovation Act.

The former bill sought to enhance the AML and counter-terrorism financing (CTF) framework for digital assets, while the latter bill aimed to prevent another FTX-style incident where the exchange was accused of facilitating illegal trades and market manipulation.

The amendments were proposed by a group of senators, including Cynthia Lummis, Elizabeth Warren, Kirsten Gillibrand, and Roger Marshall. The removal of the crypto provisions from the NDAA comes when the US government is increasingly concerned about the illicit use of digital assets for money laundering and terrorist financing.

On November 15, the Financial Services Committee of the US House of Representatives held a hearing to examine the illegal activities within the crypto ecosystem. The hearing also discussed how the exchanges and decentralized finance (DeFi) platforms comply with the existing AML and CTF regulations.

The US is not the only country grappling with the crypto AML issues. Several other jurisdictions, such as the European Union, the United Kingdom, and Australia, have recently introduced or proposed stricter crypto transaction and service provider rules.

Related Reading | Polygon’s Price Surge: Analysts Bullish on MATIC as Key Support Levels Fuel Optimism

Crypto Regulation Lags Behind Due To FCA’s Lack Of Expertise, Says UK Audit Office

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The UK’s Financial Conduct Authority (FCA) is facing criticism from the National Audit Office (NAO) for its slow and ineffective regulation of the cryptocurrency industry.

The NAO issued a report named “Financial services regulation: adapting to change” on Dece­mber 8, 2023, accusing the FCA of being sluggish and unresponsive to the emerging risks and challenges posed by digital assets.

The report pointed out that the FCA took nearly three years to enforce action against illegal crypto ATM operators, which allow users to buy and sell digital currencies with cash. The FCA shut down 26 crypto ATMs in July 2023 as part of a coordinated investigation with other agencies.

While the FCA has required crypto-asset firms to comply with anti-money laundering regulations since January 2020, and began supervision work including engaging with unregistered firms, it did not begin taking enforcement action against illegal operators of crypto ATMs until February 2023, the NAO stated.

FCA Lacks Crypto Skills And Resources

The report also blamed the FCA’s delay in registering crypto firms under money laundering regulations on the lack of crypto skills and resources within the regulator. The FCA has only approved 41 out of the 300 digital asset firm applications that have applied for regulatory approval since January 2020.

According to the report, a deficiency in expertise related to digital currencies resulted in a delay for the FCA to register firms dealing with these assets under money laundering regulations.

The report acknowledged that the FCA had taken some steps to improve its digital asset regulation, such as releasing a “finalized non-handbook guidance” for digital asset firms to comply with the new crypto promotion rules that came into effect.

The new rules aim to prevent digital asset firms from misleading customers about the benefits and risks of using digital currencies and require them to display clear and prominent risk warnings.

The report concluded that the FCA needs to adapt to the changing digital asset landscape and enhance its capacity and capability to regulate the industry effectively and efficiently.

The report also urged the FCA to be more proactive and agile in responding to the evolving virtual currencies market and technology and to engage with the public and the industry to raise awareness and understanding of digital assets.

Related Reading | Polygon’s Price Surge: Analysts Bullish on MATIC as Key Support Levels Fuel Optimism

MicroStrategy’s Bitcoin Surge Defies Traditional Markets: Report

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MicroStrategy, the tech powerhouse renowned for its Bitcoin-friendly stance, has witnessed an unprecedented surge in its shares (MSTR), attributed to its strategic adoption of Bitcoin (BTC) since August 2020. This move has positioned the firm’s shares at remarkable heights, surpassing major financial benchmarks.

In a recent X post, Michael Saylor, the founder and chairman of MSTR, presented a chart that demonstrated the remarkable success of the company since the implementation of their Bitcoin strategy. The chart showed that the value of MSTR shares has exceeded the performance of Bitcoin and other traditional assets such as the S&P 500, Nasdaq, Gold, Silver, and bonds.

MicroStrategy has solidified its position as the largest non-crypto holder of BTC, amassing approximately 174,530 BTC through continuous acquisitions. The firm has retained its considerable Bitcoin holdings, refusing to part ways with them.

Blockstream CEO Adam Back drew attention to the increasing Bitcoin per share ratio within MicroStrategy, prompting experts to recognize the company’s upward trajectory regarding MSTR price performance. Back even urged investors to consider “buying MSTR using BTC” given this trend.

MicroStrategy Emphasized Bitcoin Standard

Saylor stressed the importance of transitioning to the “Bitcoin standard.” He compared the performance of MicroStrategy shares with Bitcoin and other traditional financial assets, highlighting Bitcoin’s superior resilience and growth.

According to Saylor’s shared chart, since August 2020, MSTR has surged by a staggering 385%, surpassing Bitcoin’s impressive 274% surge. These figures stand head and shoulders above the S&P 500 and Nasdaq, which have only seen 37% and 31% growth during the same period.

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On the other hand, traditional assets like gold, silver, and bonds have declined, presenting a bleak picture on the financial charts. Saylor’s affirmation that “Bitcoin is stronger” echoes this narrative, further cementing the cryptocurrency’s prominence.

At the time of reporting, Bitcoin’s price stands at $43,617, reflecting a minor 0.48% decline in the last 24 hours but boasting a substantial 10.50% surge over the past week.

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Source: TradingView

The anticipation for a spot Bitcoin ETF approval by the United States Securities and Exchange Commission (SEC) has significantly contributed to Bitcoin’s market value. This anticipation has further fueled MicroStrategy’s surge in the financial markets, consolidating the company’s position amidst the cryptocurrency’s burgeoning influence.

Shiba Inu Burn Over 8.5 Billion SHIB Tokens, Fueling Burn Rate Surge

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In an incendiary turn of events, Shiba Inu’s weekly burn rate has soared exponentially, witnessing a staggering increase as billions of SHIB tokens met their fiery fate. Over the past seven days, a mind-boggling total of 8,531,983,464 SHIB tokens were consigned to the burned across 58 transactions, amounting to $85,319. This marked an unprecedented 1,517.48% surge in the weekly burn rate.

The surge in incineration is a striking leap from the preceding week, where slightly over half a billion SHIB tokens were burned. The monumental rise to approximately 8.5 billion SHIB tokens denotes a seismic 17-fold escalation, predominantly attributed to a substantial burn orchestrated by the Shiba Inu developers in the recently concluded week.

Notably, the SHIB team executed a historic inaugural burn on Shibarium, transferring 8.24 billion SHIB tokens to dormant wallets in a record-breaking transaction worth $75,412. Simultaneously, the daily SHIB burn rate has surged by an astronomical 543.5%, with 148,026,556 SHIB tokens amounting to $1,514 going up in smoke across 34 transactions within the last 24 hours.

Despite this burning frenzy, SHIB is trading at $0.00001009, reflecting a recent 1.81% decline in the last 24 hours and an impressive 18.88% surge over the past week.

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Source: TradingView

Shiba Inu’s Resilience And Resistance

Meanwhile, in a recent X post, renowned crypto analyst Ali Shiba Inu’s performance has witnessed a notable upswing of 55% in the last three months. Furthermore, the SHIB has demonstrated remarkable stability during the recent altcoin season. However, it is worth noting that SHIB would likely encounter formidable resistance in the immediate future. This is since nearly 90,000 addresses currently hold over 422 trillion SHIB at $0.000016.

Recent events have brought attention to significant transfers involving Shiba Inu within 24 hours, further stoking interest and speculation in the cryptocurrency community. According to Whale Alert, unidentified whale wallets transferred a staggering 4,218,953,460,450 SHIB, totaling $43,372,951. This comes after a transfer on December 8, in which a sum of 4,238,953,460,450 SHIB, worth $42,219,976, was transferred between wallets. These transfers have sparked additional curiosity and interest within the crypto sphere.

Tether Launches New Policy To Boost Stablecoin Security And Adoption

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Tether, the leading provider of stablecoins, has announced a new policy that aims to improve the security and reliability of its tokens. The policy, which was announced on December 9, 2023, will freeze wallets that are associated with sanctioned persons or entities on the OFAC SDN List.

Tether’s Wallet-Freezing Policy

The OFAC SDN List is a list of individuals and entities that are subject to U.S. sanctions and whose assets are blocked by the U.S. government. The new policy will enable it to freeze wallets that are added to the list, as well as wallets that were previously added but not frozen.

The policy is a voluntary and proactive measure that will help it work more closely with global regulators and law enforcement agencies. The policy is also a continuation of its previous decision to introduce sanctions controls for wallets on its platform.

Tether’s CEO, Paolo Antonio, said that the policy is a strategic decision that reflects their commitment to maintaining the highest safety standards for the stablecoin ecosystem. He said that the policy would prevent the potential misuse of the tokens and promote a safer and more positive use of stablecoin technology.

Tether’s Role In the Stablecoin Ecosystem

Stablecoins are pegged to a fiat currency or a basket of assets, such as the U.S. dollar or gold. They are designed to provide stability and liquidity in the volatile and fragmented cryptocurrency market.

Tether is the most popular and widely used stablecoin, with a market capitalization of over $90 billion as of December 10, 2023. Tether’s tokens, which are backed by reserves of U.S. dollars and other assets, are used for various purposes, such as trading, remittance, payment, and hedging.

The new policy has received mixed reactions from the cryptocurrency community. Some have praised Tether for being proactive and responsible, while others have criticized this stablecoin for being opaque and untrustworthy.

Martin Folb, a cryptocurrency influencer who goes by the alias MartyParty, said he supports this initiative and believes it will benefit the stablecoin ecosystem. He said that the policy would bring in the U.S. Stablecoin Act, a proposed legislation that would regulate stablecoins and protect consumers.

Folb said that the Stablecoin Act would create a level playing field for stablecoins and foster global adoption. He said that Tether is leading the way for stablecoins and setting an example for other providers.

Related Reading | Polygon’s Price Surge: Analysts Bullish on MATIC as Key Support Levels Fuel Optimism

XRP’s Future Soars As Analysts Forecast Bullish Trajectory 

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In a recent development, renowned crypto analyst Ben Armstrong recently revealed compelling insights into the anticipated trajectory of XRP in a YouTube video. Amid palpable excitement within the XRP community, Armstrong outlined a detailed analysis, balancing optimism with caution about the coin future.

Addressing the volatility in price movements, Armstrong passionately expressed his bullish outlook on XRP’s potential, attributing it to resolving the SEC lawsuit against Ripple Labs. He hailed the lawsuit’s conclusion as a pivotal victory for crypto’s autonomy, emphasizing Ripple’s resilience and influential role in the industry.

Previously impeding the coin’s potential in the last bull cycle, the resolved SEC lawsuit now offers an unobstructed path for Ripple to soar in the expected market upswing. The long wait endured by the dedicated Ripple community might culminate in substantial gains as the coin reclaims its spotlight in the crypto sphere.

Armstrong’s Positive Outlook On XRP’s Future

The once-doubtful SEC lawsuit now signifies a turning point in Armstrong’s optimism toward Ripple’s native coin. He envisions the coin’s prominence in the impending bull run, deeming it an opportune time for accumulation and a chance for both experienced and new investors to capitalize on potential gains.

In line with Armstrong’s positive outlook, crypto analyst AJ mirrors optimism by projecting coin value within a $6 to $11 range for the upcoming bullish cycle. Nevertheless, AJ highlights the considerable ascent XRP must undertake to meet the speculated market cap required for these valuations, indicating impending hurdles.

While Armstrong and AJ have outlined promising forecasts for XRP’s future, they remain aware of crypto market volatility and uncertainties. They acknowledge potential challenges such as regulatory hurdles or growth alignment with the broader market. Nevertheless, they believe in XRP’s potential to reach the $5 mark.

The fervent resurgence of coin extends beyond individual projections, showcasing the unwavering support and anticipation within the community. With Ripple poised to redefine its role and solidify its position in the crypto market, investors eagerly await the forthcoming bullish cycle.

XRP is trading at $0.6566, with a 24-hour trading volume reaching $1,410,710,630. Over the last 24 hours, the price has declined by 4.09%, while over the past 7 days, the price surged by 4.23%.

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Source: TradingView

As the crypto landscape continues to evolve, these forecasts present a spectrum of possibilities for XRP, offering investors a comprehensive outlook while emphasizing the market’s unpredictability and speculative nature. As XRP gears up for a potentially transformative journey, the crypto community remains prepared for an exhilarating road ahead.