Из жизни альткоинов

A major player in the cryptocurrency market found itself on an unusual side of history after experiencing its largest outflows in months.

The leading asset manager BlackRock ended the inflow streak of its Bitcoin exchange-traded fund after recording a $72.7 million worth of outflow on December 20.

Largest Outflow On Record

Data showed that BlackRock Bitcoin ETF (IBIT) witnessed the largest outflow since it was launched in January this year.

According to Farside Investors, the global asset manager’s Bitcoin ETF posted an outflow of 72.7 million in December, the highest on record for IBIT. They added that this came a day after IBIT registered zero flows, making investors anxious about the exchange-traded fund.

IBIT is not alone as fellow ETF issuer Fidelity Wise Origin Bitcoin Fund (FBTC) also hit an all-time high outflow of $208.5 million on December 19, a day before IBIT hit the same ordeal.

Analysts said that the following day, December 20, FBTC recorded another outflow of about $71.9 million, making the EFT suffer a two-day outflow streak.

IBIT and FBTC are among the top performing exchange-traded funds in the United States. The ETF issuers were ranked 1 and 2 among the top 25 ETFs in terms of assets after one month in the market.

Market observers said that the US Spot Bicoin ETF market’s record-high two consecutive day outflow was fueled by the all-time high outflows experienced by BlackRock and Fidelity.

Data showed that the ETF market lost $671.9 million on December 19 and another $277 million in outflows the next day, December 20.

Some Investors Are Concerned

The massive outflows experienced by the two of the biggest ETF issuers in the US sparked concerns from crypto investors on what could be the outlook for the ETFs in the upcoming months.

However, analysts believed that the ordeal faced by BlackRock and Fidelity should not surprise traders since both international asset management firms have largely accounted for the large inflows.

Some investors are concerned that recent development in ETFs might become a turning point that could lead to substantive decrease in the institutional investors’ appetite for Bitcoin exposure.

Market observers argued that outflows might not linger, adding that after Bitcoin plummeted to $92,710 earlier, the alpha crypto has been bouncing back and moving up again.

Bitcoin’s Volume Down

Trading analysts said that Bitcoin’s market volume dipped to $59.50 billion, a 52% decline in its total volume, contradicting the bullish run enjoyed by the crypto after Donald Trump won the US election last month.

During the crypto bull run, Bitcoin reached its all-time high of $108,000 per coin in November.

In the same month, the US spot Bitcoin ETF also benefited from the crypto bull market after hitting a record-high of $6.2 billion in net inflows.

As of press time, Bitcoin is traded at $95,359 per coin, down by 1.3% in the last 24 hours, with a total market capitalization of $1.9 trillion.

Featured image from CNN, chart from TradingView

In the latest insight report by blockchain analytics firm CryptoQuant, Binance presently holds the best leverage ratio as the crypto bull run prepares to take off.

Despite a major general price crash in the past week, investors and market analysts remain expectant of massive gains by several digital assets over the next year in line with historical data. The leverage ratio of centralized exchanges presents a crucial factor ahead of this potentially highly bullish period that promises high market activity.

Related Reading: Crypto And Bitcoin Go Mainstream In 2024: Here Are 5 Major Trends Binance, OKX Present Low Leverage Ratio As Other CEXs Show Potential Liquidity Risks

In the crypto market, the leverage ratio represents how much an exchange’s open interest compares to its reserve asset. A high leverage ratio means there is more trading activity relative to reserves increasing the risk of liquidity issues in volatile market conditions. 

Assessing the leverage ratio of centralized exchanges has grown more critical following the FTX exchange collapse in 2022. A high leverage ratio was a key contributor to the exchange’s demise as there were insufficient reserve assets (zero) to back trading activity. 

Therefore, monitoring leverage ratios is crucial for assessing the financial health of exchanges. During a bull market, increased trading activity can amplify leverage risks, especially if exchanges do not adequately back their positions with reserves.

With the crypto bull run on the horizon, CryptoQuant reports Binance emerged among other exchanges with strong reserves in Bitcoin, Ethereum, and USDT relative to trading activity. 

The Malta-based exchange boasts of a low leverage ratio that has increased slightly from 12.8 in December 2023 to December 2024, despite a 2.6x increase in Bitcoin open interest (from $4.45 billion to $11.64 billion). Alongside Binance, OKX which is a relatively smaller exchange also holds a low leverage ratio indicating a conservative risk management system. 

However, other exchanges namely Gate.io, ByBit, and Derbit present significantly higher leverage ratios to the tune of 106, 86, and 32, respectively. This report indicates that Bitcoin and Ethereum’s Open Interest on these exchanges are far higher than reserves and may be liable to liquidity issues in the long run.

Crypto Market Overview 

At press time, the total crypto market is now valued at $3.26 trillion reflecting a 3.34% gain in the past day. Bitcoin remains the market leader with dominance levels of 57.1%. The premier cryptocurrency trades at $97,258 following a mild recovery from the mid-week price crash after the US Federal Reserve announced a possible reduction of its initial four planned interest rate cuts in 2025 to two citing expected elevated inflation.

The US Federal Reserve’s public consideration of reduced interest rate cuts in 2025 resulted in numerous negative effects on financial markets. Aside from a 17% price loss for Bitcoin, data from Binance exchange shows the BTC market has now developed its largest spot-perpetual price gap.

Bitcoin Spot-Perpetual Gap Falls To -$59 – What Next? 

In the past week, the Fed announced the potential reductions of its originally planned four rate cuts in 2025 to two triggering a wide-scale selloff in the global financial markets. As the total crypto market cap dipped by 17.4%, over $1.8 trillion was lost in the stock market on a single day as investors looked to offload the risky assets in their portfolio, representing the worst daily decline since March 2020.

For the Bitcoin market, CryptoQuant analyst Darkfost reports a notable increase in selling pressure from the derivatives market, resulting in a spot-perpetual price gap of -$59.14, the largest ever in BTC history.

For context, the spot-perpetual price gap represents the difference between the price of a cryptocurrency on the spot market (where an asset is traded directly) and its perpetual futures price (contracts that speculate on an asset’s future value without expiry).

A negative gap means perpetual futures are trading at a lower price than the spot market indicating bearish sentiment in the derivatives market . Therefore, the current highly negative spot-perpetual price gap of -$59.14 suggests derivatives traders expect a short-term decline in Bitcoin’s price.

However, Darkfost notes that spot-perpetual price gaps are historically likely to reverse as markets stabilize. Therefore, extremely negative gaps such as that currently presented are often good buying opportunities as markets tend to overreact during periods of heightened uncertainty before recovery occurs.

BTC Investors Record Over $5.72 Billion Profit Amid Price Decline

In other news, crypto analyst Ali Martinez reports that the Bitcoin market witnessed over $5.72 billion in realized profit during the recent market crash. This indicates that a significant portion of Bitcoin holders were in profit ahead of the price correction, which triggered profit-taking. 

While large realized profits can signal a cautious or bearish short-term sentiment, they also suggest that bitcoin’s earlier price rally was substantial enough to benefit many investors who believe in a strong bullish structure that is sustainable in the long term.

At the time of writing, Bitcoin is valued at $97,182 with a 0.83% gain in the past day. However, the asset’s trading volume is down by $50.28% and valued at $54.23 billion.

The United States election was one of the most defining events in the crypto space in 2024. Specifically, the reelection of Donald Trump revived Bitcoin and the entire crypto market after an uninspiring second and third quarter.

One of the promises made by President-elect Trump in the run-up to the polls was the institution of a strategic Bitcoin reserve. Unsurprisingly, most of the recent crypto conversations has been around the BTC reserve and its potential impact on the US economy and the crypto landscape.

Why Should The US Establish Strategic Bitcoin Reserves?

CryptoQuant CEO and founder Ki Young Ju is the latest to weigh in on the issue of strategic Bitcoin reserves in the United States. In a post on the X platform, the crypto expert said that using the world’s largest cryptocurrency to offset the United States debt is a feasible approach.

The CryptoQuant CEO mentioned:

Over the past 15 years, $790 billion in realized capital inflows have propelled Bitcoin’s market cap to $2 trillion. This year alone, $352 billion in inflows have added $1 trillion to its market cap.

Young Ju then disclosed that the United States could trim their domestic debt (70% of the total) by 36% if the government acquires 1 million BTC by 2050 and designates the premier cryptocurrency as a strategic asset. “While the remaining 30% of debt held by foreign entities may resist this approach, the plan does not rely on settling all debt with Bitcoin, making the strategy practical,” the CryptoQuant founder added.

Young Ju believes that using a “pumpable asset” like BTC to compensate for dollar-denominated debt could face the challenge of creditors’ acceptance. However, the US instituting a strategic Bitcoin reserve could serve as a “symbolic first step” toward bringing global, nationwide legitimacy to the flagship cryptocurrency — as seen with assets like gold.

In the post on X, the CryptoQuant CEO identified old whales dumping their BTC to spite the US government as a risk that could come with establishing a strategic Bitcoin reserve. “However, if governments continue accumulating Bitcoin until 2050 and its price keeps rising, I doubt they would actually dump it,” Young Ju concluded.

BTC Price At A Glance

As of this writing, the price of BTC is hovering around the $97,000 mark, reflecting a 0.4% decline in the past 24 hours. According to data from CoinGecko, the premier cryptocurrency is down by 3.6% in the last seven days.

Президент компании Euro Pacific Capital, экономист и известный криптоскептик предложил создать криптовалюту USAcoin, заменив этим активом биткоин в качестве валюты стратегического резерва США.

Специалисты по кибербезопасности ончейн-платформы Blockaid сообщили, что почти 60% новых криптовалютных проектов, запущенных в 2024 году, оказались мошенническими.  

Bitcoin finds itself at a pivotal juncture as the market navigates uncertainty and growing doubt in the days ahead. After reaching an all-time high (ATH), the price tumbled sharply to the $92,000 level, triggering a sentiment shift from extreme bullishness to cautious optimism. This rapid correction has left many traders questioning the sustainability of Bitcoin’s recent rally and whether the market could be entering a new phase.

CryptoQuant analyst Maartunn recently highlighted compelling data that sheds light on the current state of the market. According to Maartunn, the supply held by Short-Term Holders (STH) has reached its highest level in 40 months. This is a significant development, as elevated STH holdings are often associated with market tops or potential trend shifts.

If the price holds above key support levels, it may signal a healthy correction and pave the way for a renewed rally. However, a failure to regain momentum could confirm the fears of many market participants, leading to deeper corrections and increased selling pressure. As Bitcoin hovers at this crossroads, all eyes are on the data and the market’s next move.

Uncertainty Driving The Market

Since Bitcoin hit its all-time high (ATH) at $108,300, it has experienced significant volatility, leading to growing uncertainty within the market. Some analysts are convinced that the ATH marks the peak of the current bull cycle, and they foresee no further upside for BTC in the near term. On the other hand, there are those who believe the bull run is far from over and that the recent price fluctuations are simply part of a healthy market consolidation before a potential surge.

Maartunn recently shared data on X that offers crucial insight into the current state of the market. According to Maartunn, the supply held by Short-Term Holders (STH) has reached 5,439,700 BTC, the highest level in 40 months.

 

STH Supply typically rises during bullish periods as short-term investors accumulate Bitcoin in anticipation of price gains. This sharp increase indicates that the multi-year downtrend in STH supply has come to an end, signaling a potential shift in market dynamics.

For many analysts, this is a bullish signal, as it suggests that short-term holders are positioning themselves for further price appreciation. However, the uncertainty remains, as the broader market still faces periods of volatility, and BTC must overcome key resistance levels to confirm that the rally is indeed sustainable. The data from Maartunn points to the potential for continued bullish sentiment, but it is clear that Bitcoin’s future direction is not yet set in stone.

BTC Weekly Close  

Bitcoin is currently trading at $97,000 after several days of intense volatility and uncertainty. As the weekly close approaches, the $97K level has become crucial for determining the next direction of price action.

 If Bitcoin manages to hold above this key level by the end of the week, it could signal the confirmation of a bullish continuation, with a potential massive rally on the horizon. The ability to maintain this support would likely ignite renewed buying pressure, propelling Bitcoin toward higher price targets.

On the other hand, if Bitcoin fails to hold above $97K and closes the week below this threshold, the market may face a deeper correction. This could bring the price back to test lower demand zones, potentially leading to further downside risk in the coming weeks. 

The next few days are critical, as the weekly close could set the tone for Bitcoin’s near-term price action, with analysts closely monitoring whether this support level holds firm. As market sentiment remains undecided, a decisive move above or below $97K will provide key insights into Bitcoin’s future direction.

Featured image from Dall-E, chart from TradingView 

Генеральный директор компании ARK Invest заявила, что ее прогноз цены биткоина в $1 млн остается неизменным, так как первая криптовалюта уже заслужила статус актива с уникальным балансом спроса и предложения.  

A crypto analyst has shared a Dogecoin price chart over a daily time frame, highlighting key price levels to watch out for as the meme coin attempts to recover towards the coveted $1 milestone. Although the Dogecoin price has seen significant volatility and declines recently, the crypto analyst remains confident in the memecoin’s bullish outlook.

Dogecoin Price Path To $1: Key Targets 

According to TradingView crypto analyst, ‘TheHunters_99,’ Dogecoin was previously trading within a defined price channel, consolidating after experiencing a significant price increase earlier in November. This prolonged consolidation triggered a significant price crash for Dogecoin, pushing it back to previous lows.

Nevertheless, recent price action has seen Dogecoin successfully break out of its narrow price channel, indicating renewed bullish momentum. The TradingView analyst has presented a price chart revealing Fibonacci extension levels as key markers to monitor closely for Dogecoin’s next potential moves towards $1. 

Fibonacci levels are indicators widely used to identify possible resistance and support zones for cryptocurrencies. The analyst highlighted the 1 Fibonacci level at $0.5 as his first price target for Dogecoin. At the 1.618 Fibonacci level, the next target is the $0.70 price level, which the analyst believes Dogecoin could potentially rise to, representing almost double its current market value. 

The third significant target lies between $1 and $1.1 at the 2.618 Fibonacci level. This key price point could mark Dogecoin’s surge to a psychological level, where most investors could initiate profit-taking. 

The fourth and last price target highlighted by the analyst is the 4.236 Fibonacci level below $1.7. This price is more of an ambitious long-term target, considering Dogecoin’s value is below $0.4. Reaching this key target would signify an exponential rally for Dogecoin, representing a staggering 400% rise from current levels.

Although the TradingView analyst’s projected price targets look promising, he has highlighted critical support zones for Dogecoin. The chart shows multiple support zones below the price level at $0.297, serving as a safety net for Dogecoin if it experiences another price pullback. 

Currently, Dogecoin is seeing renewed momentum, as its price has gained 10% in the last 24 hours, according to CoinMarketCap. As of writing, the meme coin is trading at $0.34, having previously declined by 15.4% over the past week.  

Historical Trends Hint At 400% Rally For Dogecoin

While the Dogecoin price has witnessed significant bearish momentum recently, analysts still express optimism about its bullish price potential. Crypto analyst KrissPax on X (formerly Twitter) has shared a price chart, predicting a massive surge for Dogecoin.

According to KrissPax, Dogecoin’s Relative Strength Index (RSI) dropped below 40 on the daily timeframe in early September this year. Following this decline to near-oversold levels, the meme coin experienced a price rally, soaring over 400%. 

The analyst has revealed that Dogecoin‘s current RSI set-up has just dipped below 40 again, indicating a potential repeat of historical trends. If the RSI behaves similarly to past performance, it could signal the start of another bullish price rally for Dogecoin. In this case, KrissPax projects that the meme coin could potentially surpass previous highs to reach $0.6. 

Featured image from Mashable, chart from TradingView

This is the year of memecoins. Popular meme coins like DOGE, BONK, Pepe and FLOKI have managed to garner a lot of attention. Even newer memecoins such as Wall Street Pepe and Flockerz have also left a mark in the market in just a few days.

Overall, it was a good year for meme coins every year. But the one name that stands out the most with experts speculating whether it can be the next 100x token or not is Solaxy ($SOLX).

For those who don’t know, Solaxy is developing a revolutionary layer-2 solution for Solana and $SOLX is its native currency. Solana is already a popular exchange network, and it is the only one that can compete with Ethereum at the moment. In fact, recently it overtook Ethereum as the exchange with the highest number of developers.

However, more demand brings more traffic which leads to congestion and slow transactions. This is where the layer-2 protocol steps in. Now let’s see whether $SOLX has what it takes to be the next 100x token.

Can It Really Be the Next 100x Token?

At this stage, it’s hard to say whether $SOLX can be a 100x token but there are signs that show that it has massive potential.

The biggest reason is that Solaxy solves a lot of pain points:

• Due to heavy traffic, Solana’s performance has been taking a serious hit. Solaxy fixes this issue by implementing offloading processing to reduce the burden on Solana’s layer 1, thereby speeding up transactions.
• Solana’s layer 1 struggles with scalability whereas Solaxy uses transaction bundling to enable scalability while keeping costs low and output high.

Solaxy does not completely overwrite Solana. It simply takes the best features from the network, fixes its shortcomings, and creates a powerful new product.

Another reason why we think that Solaxy might be the next 100x token is that it has irked a lot of interest since the beginning of its presale. In just the first week of its presale, it crossed more than $3 million in sales.

Many experts have also predicted its success. Once the presale ends (which will probably happen in 2025), analysts predict that the token will experience its first price surge, which is likely to be around 20x as per current market conditions. This number will eventually grow bigger as the year rolls depending on how well the token can hold the hype.

The year 2026 might not be very promising for the token. Experts are predicting a market crash which might cause the value of $SOLX tokens to dip. But again, who has seen what’ll happen a year later? For now, there’s certainly a possibility for $SOLX to be the next 100x token.

Ethereum is regaining its footing in the market with a strong recovery, drawing attention as it moves toward the critical $3,659 resistance level. This surge comes after a period of consolidation, during which ETH stabilized and built bullish momentum. Optimism is rising, bolstered by improving market conditions and growing confidence in Ethereum’s potential for further gains. 

The current price action underscores Ethereum’s resilience, as buyers seize opportunities to regain control and challenge key technical levels. As Ethereum gears up for this significant milestone, a break above $3,659 could ignite another phase of upward strength.

Analyzing Ethereum’s Current Trajectory: Recovery Or Resistance? 

Ethereum’s price is currently making strides toward the $3,659 mark following a robust rebound near the $3,051 support zone. This recovery highlights a significant shift in momentum, with buyers stepping in to drive the price higher after a period of bearish pressure.

The bounce near $3,051 serves as a critical turning point, showcasing the strength of this support level and the increasingly bullish sentiment in the market. As ETH approaches the $3,659 resistance, monitoring the token’s ability to sustain this upward trajectory is important. A successful breach could pave the way for more gains and reaffirm ETH’s resilience in the face of recent challenges. 

Although ETH is currently trading below the 100-day Simple Moving Average (SMA), the recent rebound suggests growing bullish pressure. A decisive move above the SMA could further strengthen Ethereum’s recovery, setting the stage for a potential test of higher resistance levels.

Furthermore, the Relative Strength Index (RSI) indicates that Ethereum may be poised for further upward movement. The RSI line, which had recently dipped into the oversold zone, is now attempting to climb toward the critical 50% threshold. This shift suggests a possible reversal in market sentiment, with buyers gradually regaining control after a period of bearish dominance. A successful rise above 50% would reinforce the case for sustained bullish momentum, potentially driving ETH higher as market confidence builds.

Key Resistance Levels To Watch As ETH Gains Momentum

As ETH continues its recovery, attention now turns to key resistance levels that could define its short-term trajectory. The first key resistance is $3,659, a pivotal level that could confirm ETH’s upside strength and attract increased buying interest if breached. Beyond this, $4,100 serves as the next resistance, which may drive ETH toward the $4,863 mark, reinforcing its recovery and signaling continued upward potential.

However, failure to overcome these resistance levels could stall ETH’s rally and invite renewed bearish pressure. Furthermore, a rejection at $3,659 or $3,870 might lead to a period of consolidation or even a pullback, testing the strength of lower support levels.

Recent price action in the past two days saw the Dogecoin price breaking below supports at both $0.4 and $0.3 in quick succession to eventually reverse after a quick break below $0.27 in the past 24 hours. Since then, the meme coin appears to be gaining momentum, with a little-known yet significant indicator pointing to at least a 100% increase from this point. According to technical analysis by crypto analyst Trader Tardigrade, the recent decline has seen Dogecoin enter the Gaussian Channel.

The Significance Of The Gaussian Channel For The Dogecoin Price

The Gaussian Channel is a comparatively less known technical indicator. However, it is a powerful indicator that identifies areas of price support and resistance by plotting two curves derived from normal distribution to identify regions where a cryptocurrency’s price is trading at extreme highs or lows relative to its recent range.

In the case of Dogecoin, technical price analysis of the daily candlestick timeframe shows that the meme coin is now interacting with the Gaussian Channel. 

According to a chart shared on social media platform X by crypto analyst Trader Tardigrade, Dogecoin has been trading above the Gaussian Channel since the middle of October on the daily timeframe. Interestingly, a detailed look into the price chart shows that the mid-band of the Guassian Channel served as a support level during a minor correction. At this time, Dogecoin was trading around $0.1, before eventually bouncing at the mid-band to reach a peak around $0.48 on December 3.

Since then, however, Dogecoin has faced resistance, with a notable decline in the past 24 hours. This decline has now seen the Dogecoin price return to the midband of the Gaussian Channel. With this in mind, Tardigrade’s post on X suggests that the supportive nature of the Gaussian Channel could act as a launchpad for Dogecoin’s next rally.

Momentum Builds Following The Recent Crash

Dogecoin’s dramatic decline below $0.27 to reach a low of $0.2663 marked a significant shift in market sentiment, and buyers appear to have seized on the low price as a strong reentry point. Interestingly, this price point is situated at the Gaussian Channel, further proving the usefulness of this indicator. 

At the time of writing, Dogecoin is trading at $0.34, having increased by 27% in the past few hours after bouncing up at $0.2663. The quick rebound suggests that market participants are positioning for another rally, with the Gaussian Channel acting as a prime indicator for this price action.

If the momentum continues to sustain itself, a breakout above the channel’s upper boundary could signal the start of another strong rally. According to Trader Tardigrade’s prediction, this could send Dogecoin on a 100% rally to $0.69. In this case, an imporant level to watch will be $0.355, which is the upper boundary of the Gaussian Channel. 

Bitcoin has faced a rollercoaster of price action over the past few days, hitting an all-time high last Tuesday before succumbing to a sharp 15% correction. The recent volatility has sparked a mix of uncertainty and opportunity among market participants. Despite the downturn, BTC remains a focal point for investors, with eyes on whether it can reclaim its bullish structure.

Top analyst Maartunn highlighted a critical development on CryptoQuant, revealing a $1.24 billion USDC inflow to spot exchanges—the largest single transaction in over six months. This substantial movement of stablecoins suggests renewed interest and potential buying pressure for BTC. Historically, such significant inflows often precede a surge in demand as traders position themselves to capitalize on lower prices.

With BTC trading near pivotal support levels, market sentiment hangs in the balance. The massive USDC inflow could signal that smart money is preparing for a rebound, potentially setting the stage for BTC to reclaim its bullish trajectory. However, lingering uncertainties in the broader market make this a decisive moment for BTC’s price action. Will the influx of capital propel Bitcoin back toward new highs, or is a deeper correction on the horizon? The coming days will be critical in shaping the narrative.

Whales Prepare For The Next Leg Up

Bitcoin’s whale activity has surged in recent days, coinciding with a period of market sentiment that remains balanced between bullish and bearish forces. As BTC experiences an acclimatization phase, it continues to hold key demand levels while testing its ability to break through significant supply zones. The tug-of-war between bulls and bears is evident, but the stage appears set for notable price action in the coming days.

Top analyst Maartunn recently shared critical data on X, highlighting a $1.23 billion USDC inflow to spot exchanges—the largest single transaction recorded in over six months. This influx of stablecoins is a strong indicator of whales’ strategic movements, signaling a potential rise in demand for BTC. Historically, such inflows are associated with whales positioning themselves to accumulate during moments of market uncertainty or consolidation.

This activity suggests that smart money is preparing to capitalize on current price levels, leveraging stablecoins to buy BTC and possibly fueling a fresh rally. If the inflow translates into significant buying pressure, the perfect conditions for a demand rise and price increase could materialize.

While Bitcoin’s price currently navigates a neutral sentiment landscape, the actions of whales may tip the scales. A sustained push above resistance levels could confirm a bullish trend, while failure to do so would leave BTC range-bound in the short term. The next few days are pivotal for Bitcoin’s trajectory.

Bitcoin Holding Crucial Liquidity Levels  

Bitcoin is currently trading at $98,520, showing a solid bounce from recent local lows at $92K. The price structure remains bullish above this level, signaling potential for continued upward momentum. BTC’s ability to hold above the $92K mark suggests strength, with the possibility of pushing toward new all-time highs in the near future.

However, there is still a crucial level to watch. If Bitcoin fails to break above $100K in the coming days, the situation could quickly turn unfavorable. A failure to surpass this resistance zone could lead to a correction, as the market might view this as a sign of weakening bullish momentum. In such a scenario, BTC could retest lower levels, creating uncertainty and shifting market sentiment toward caution.

The outlook remains positive as long as BTC maintains its position above key support. A successful breakout above $100K would likely reignite bullish enthusiasm and propel Bitcoin to new heights. However, losing this critical price zone would require reevaluating the market’s trajectory, with potential downside risks in play. The next few days are critical in determining whether Bitcoin will continue its upward climb or face a potential setback.

Featured image from DALL-E, chart from TradingView

The Australian Securities and Investments Commission’s (ASIC) most recent action against Binance Australia marks a significant advancement in cryptocurrency regulation. The cryptocurrency community is in disbelief over this case, which will likely have a lasting impact on how digital currencies are governed in Australia and other nations.

The Regulatory Measures Of ASIC

The main Australian financial regulator, ASIC, has become more vigilant in monitoring the cryptocurrency industry. The recent prosecution against Binance Australia is part of a broader effort to enforce compliance with contemporary financial norms.

The commission has accused Binance of violating several laws related to counter-terrorism financing (CTF) and anti-money laundering (AML). This action demonstrates ASIC’s commitment to safeguarding investors from potential cryptocurrency risks and upholding the financial system’s integrity.

Implications For Binance Australia

This regulatory decision could have significant effects on Binance Australia. The business may face hefty fines, operational limitations, or even the suspension of its Australian operating license. Such outcomes could impact Binance’s brand and investor confidence internationally and its operations in the region.

ASIC’s Deputy Chair, Sarah Court, criticized Binance’s compliance systems as “woefully inadequate,” stating that many clients suffered significant financial losses due to the lack of appropriate consumer protections.

The ongoing legal proceedings could result in substantial penalties, declarations, and adverse publicity orders against Binance Australia. Such outcomes may adversely affect Binance’s brand reputation and investor confidence in Australia and internationally.

This case serves as a clear warning to all cryptocurrency exchanges about the critical importance of adhering to legal requirements and implementing robust compliance procedures to protect investors and maintain market integrity.

Broad Effects On Crypto Regulation

This historic case is likely to set a precedent in cryptocurrency regulation. Authorities closely monitor Australia’s actions worldwide, which may influence how cryptocurrencies are regulated globally. If ASIC’s prosecution is successful, it could encourage other regulators to target cryptocurrency exchanges that operate similarly within their jurisdictions. Supporters argue that the development and stability of the cryptocurrency market depend on a more consistent and stringent regulatory environment, which this case might help establish.

What To Expect Next For Australia’s Crypto Regulation

This lawsuit will likely significantly impact how cryptocurrencies are regulated in Australia in the future. According to industry analysts, ASIC will continue enhancing its regulatory framework to address the challenges posed by virtual currencies.

Cryptocurrency exchanges may face stricter AML and CTF regulations, improved customer due diligence, and greater operational transparency as part of additional compliance obligations. These measures aim to protect investors, prevent illegal activities, and ensure the sustainable growth of the Australian cryptocurrency market.

Furthermore, ASIC’s case against Binance Australia is a landmark moment in cryptocurrency regulation. It highlights the increasing need for robust regulatory frameworks to manage the rapidly evolving world of digital currencies. The outcome of this case will be closely observed by regulators, investors, and cryptocurrency enthusiasts, as it has the potential to reshape the trajectory of cryptocurrency regulation in Australia and beyond.

Featured image from DALL-E, chart from Tradingview.com

Crypto analyst TradinSides has revealed that the recent XRP crash to $2 could have ended the bearish 2nd wave. With that out of the way, the crypto analyst mentioned the factors that could drive the wave 3 impulsive move to the upside. 

XRP Price Crash Ends Bearish 2nd Wave

In a TradingView post, TradingSides stated that the XRP price retest of the $2 level could be the end of the second wave in the Elliot Wave of XRP’s bullish cycle. With Wave 2 likely done, Wave 3’s impulsive move to the upside will take place anytime from now. The crypto analyst outlined five factors on which this bullish potential is based. 

First, the analyst cited the recent launch of Ripple’s RLUSD as one of the factors that could drive the Wave 3 move for the XRP price. The stablecoin launch has undoubtedly provided a bullish outlook for XRP, especially considering how its price surged following the RLUSD launch on December 17. 

Another factor that the crypto analyst listed is Donald Trump’s embrace of altcoins. The US president-elect has already declared his pro-crypto stance and is expected to create a regulatory-friendly environment for these altcoins once he takes office on January 20. The XRP price could make significant gains on the back of this event, as Ripple was one of the major crypto donors to Donald Trump’s campaign and his incoming inauguration. 

TradinSides also listed the appointment of pro-crypto Paul Atkins as another factor that provides bullish potential for the XRP price. Atkin’s administration is expected to end the Commission’s regulation-by-enforcement approach to the crypto industry.  

This could lead to the SEC dropping its appeal against Ripple, another factor the crypto analyst mentioned could provide a major boost for the XRP price. Lastly, the analyst outlined the approval of the XRP ETFs as a factor that could drive XRP’s third wave to the upside. 

Analysis Of Higher Timeframes

In an X post, crypto analyst Egrag Crypto provided an in-depth XRP price analysis based on the higher timeframes. For the yearly candle, the analyst noted that a close above $1.99 would be a game-changer. He added that the $1.99 target marks the 2017-yearly candle body closure, and a close above that would be a historical moment for XRP. 

 While analyzing the six-month chart, Egrag Crypto stated that the XRP price is now steadier, with lower risk and more stable growth than in the 2017 cycle. He predicts that XRP will experience more sustainable price growth this time around. 

For his 3-month chart analysis, Egrag Crypto stated that the Relative Strength Index (RSI) in this timeframe still has plenty of room to expand. He added that the XRP price has already crossed the 70 mark, which is “extremely bullish,” and that the crypto still has two more bullish targets at 87 and 96.

Lastly, for the 2-month timeframe, the crypto analyst stated that the XRP price is above the Equilibrium. The last time this happened, XRP saw a massive 13x price increase. In line with this, the analyst remarked that a rally to $13 looks “super easy” to reach. 

At the time of writing, the XRP price is trading at around $2.36, up over 4% in the last 24 hours, according to data from CoinMarketCap. 

Featured image from The Giving Block, chart from TradingView

The United Arab Emirates (UAE) recently witnessed its Bitcoin holdings reach an impressive $40 billion, marking a significant milestone in the country’s cryptocurrency journey. This investment surge aligns with a global bull market that has reignited interest in digital assets. The implications of this growth are profound as the UAE continues to position itself as a hub for blockchain innovation and cryptocurrency adoption.

UAE’s Unprecedented Increase In Bitcoin Holdings

• Institutional and Government Investments

Major organizations and the UAE government have played a pivotal role in increasing the country’s Bitcoin holdings. Substantial investments from private companies and sovereign wealth funds have bolstered confidence in the cryptocurrency sector. These deliberate actions align with the UAE’s broader strategy to embrace technological advancements and diversify its economy.

• Strategic Initiatives in the Crypto Space

To support the growth of its cryptocurrency industry, the United Arab Emirates has implemented several strategic initiatives. Regulatory frameworks like the Dubai Multi Commodities Center’s (DMCC) Crypto Center have created a favorable environment for blockchain and cryptocurrency enterprises to flourish. These efforts have attracted numerous blockchain startups and established businesses, further boosting the nation’s Bitcoin holdings.

Market Sentiment

Market participants are optimistic about the growing Bitcoin investments in the United Arab Emirates, as reflected in discussions on TradingView. Traders highlight the strategic timing of these transactions, which aligns with favorable market conditions. Positive opinions dominate the conversation, showcasing confidence in the UAE’s cryptocurrency policies.

Driving Factors Behind The Bull Season

• Global Economic Trends

Global economic developments have significantly influenced the current bull market. Factors such as low interest rates, macroeconomic uncertainty, and inflation concerns have driven investors to adopt Bitcoin as a hedge. The UAE’s proactive embrace of Bitcoin aligns with these broader economic shifts.

• Technological Advancements

Advancements in blockchain technology have also contributed to Bitcoin’s rise. Scalability, security, and user experience improvements have enhanced its appeal to institutional and individual investors. The UAE’s focus on technological innovation has enabled it to capitalize on these developments, further increasing its Bitcoin holdings.

Future Consequences For The UAE And Global Market

• Economic Impacts

The surge in Bitcoin holdings may have profound economic implications for the UAE. As a leading crypto-friendly nation, the UAE benefits from increased technological innovation, job creation, and financial inclusivity. Cryptocurrency investments could also support economic diversification, reducing reliance on oil revenues.

• Market Predictions

Analysts predict that the UAE’s Bitcoin holdings will continue to grow, driven by favorable regulatory environments and strategic investments. The country is a model for others with its proactive approach to cryptocurrency adoption. The UAE’s success in this domain may encourage further institutional investments and contribute to the broader acceptance of Bitcoin globally.

Featured image created with DALL-E, chart from Tradingview.com

In a rather unseemingly fashion, Bitcoin’s (BTC) journey to a new all-time high at $108,268 was followed by an estimated 17% decline pushing the asset’s price to a local bottom of $92,281.

This heavy price decline has been attributed to the recent policy announcement by the US Federal Reserve which adopted another 25 basis point rate cut at its latest FOMC meeting. While interest rate cuts are bullish signals to the crypto market, the Fed also revealed intentions to reduce its initially projected four rate cuts in 2025 from four to just two, triggering a wide-scale offload of risky assets by investors. 

As expected, the significant decline in BTC’s price prompts questions over the asset’s future, especially in regards to the ongoing crypto bull run.

There’s Nothing To Fear Yet, Analyst Says

In an X post on December 20, popular crypto market expert Burak Kesmeci shared that Bitcoin remains far from a bear market, indicating the asset is yet to hit the bull cycle top. Using four critical simple moving averages, SMA21, SMA50, SMA200, and SMA365, Kesmeci has drawn important insight into Bitcoin’s current market status. 

To begin, the analyst notes the premier cryptocurrency has dipped below its SMA21 at $99,565. However, this development bears little impact on Bitcoin’s immediate future as the SMA21 can be easily influenced by any price breakout.

On the other hand, the SMA50 currently at $91,803, has a significant influence on Bitcoin’s short-term price momentum. If the market bulls are able to retain a daily or weekly close above the price level, it spells a good omen for price appreciation.

Notably, BTC has been on an upward trend since early October. During this period, the maiden cryptocurrency has risen from $60,200 to above $108,000. Commenting on the viability of this uptrend, Kesmeci states that Bitcoin’s distance from its SMA200 and SMA365 indicates the asset’s bullish structure remains intact.

This is because the bottom of any long-term trend in the Bitcoin market is determined when the price breaks below any of both SMAs. In conclusion, Kesmeci tells BTC investors there is nothing to fear despite the price fall over the past week. The analyst states that recorrections of even 20% and 30% are normal based on historical data of any previous bull run.

 

Bitcoin Price Overview

At the time of writing, Bitcoin trades at $97,354 following a mild recovery from its earlier decline over the past day. Meanwhile, the asset’s daily trading volume has gained by 7.35% and is valued at $103.92 billion. 

There is no question that the cryptocurrency industry witnessed explosive growth in 2024, with the flagship cryptocurrency Bitcoin continuing to lead the market. Data shows that the total market capitalization of the crypto industry has more than doubled over the past year.

While it has been challenging to find a common theme for how the market has improved in 2024, it is easy to point out the different aspects of growth in the digital asset industry this year. A prominent blockchain firm has identified five trends that reflect the shift experienced in the crypto market in the past 12 months.

5 Trends In The Crypto Space In 2024

In its latest weekly report, market intelligence platform IntoTheBlock explained the five major on-chain trends that reflect the growth of the cryptocurrency industry in the past year. It’s been all (or mostly) fireworks for the digital asset market, specifically Bitcoin, in 2024.

Firstly, IntoTheBlock pointed to the growth and the rising dominance of Bitcoin in the crypto market, especially after the approval of spot exchange-traded funds in the United States. As a result, the premier cryptocurrency’s market share hit its highest level in over three and a half years.

The crypto analytics firm highlighted that Trump’s success in the presidential elections also played a role in driving higher the value of Bitcoin. All in all, Bitcoin’s dominance has now moved from under 50% to 59% year-to-date.

Like Bitcoin, the meme coin market also witnessed unprecedented growth in 2024, with its aggregate market capitalization surging by over 400%. IntoTheBlock specifically mentioned the introduction of Solana-based launchpad Pump.fun, which catalyzed a meme coin explosion in the Solana ecosystem.

However, this meme coin trend on the Solana network left a negative impact on the Ethereum ecosystem and ETH’s price performance in 2024. With meme coins shifting to Solana and non-fungible tokens (NFTs) not making a strong return this bull cycle, there was a decline in Ethereum network fees, leading to less ETH being burnt.

Furthermore, decentralized finance (DeFi) saw a resurgence in 2024, as fresh capital flowed into various protocols and projects. As less value was lost to hacks and exploits and regulatory pressure was reduced in 2024, the aggregate market cap of the DeFi sector hit its highest since early 2022.

Finally, IntoTheBlock noted that new projects that were pioneered during the last bear market saw remarkable growth in 2024. For instance, restaking projects and basis trading protocols were some of the highlights in the crypto space in the past year.

Total Crypto Market Cap

As of this writing, the total cryptocurrency market capitalization stands at around $3.49 trillion. According to data from TradingView, the crypto market cap has increased by more than 105% year-to-date.

The United Arab Emirates (UAE) recently witnessed its Bitcoin holdings reach an impressive $40 billion, marking a significant milestone in the country’s cryptocurrency journey. This investment surge aligns with a global bull market that has reignited interest in digital assets. The implications of this growth are profound as the UAE continues to position itself as a hub for blockchain innovation and cryptocurrency adoption.

Unprecedented Increase in Bitcoin Holdings in the United Arab Emirates

• Institutional and Government Investments

Major organizations and the UAE government have played a pivotal role in increasing the country’s Bitcoin holdings. Substantial investments from private companies and sovereign wealth funds have bolstered confidence in the cryptocurrency sector. These deliberate actions align with the UAE’s broader strategy to embrace technological advancements and diversify its economy.

Related Reading: Strategic Bitcoin Reserve Bill Introduced By Ohio State Lawmaker

• Strategic Initiatives in the Crypto Space

To support the growth of its cryptocurrency industry, the United Arab Emirates has implemented several strategic initiatives. Regulatory frameworks like the Dubai Multi Commodities Center’s (DMCC) Crypto Center have created a favourable environment for blockchain and cryptocurrency enterprises to flourish. These efforts have attracted numerous blockchain startups and established businesses, further boosting the nation’s Bitcoin holdings.

Market Sentiment

Market participants are optimistic about the growing Bitcoin investments in the United Arab Emirates, as reflected in discussions on TradingView. Traders highlight the strategic timing of these transactions, which aligns with favorable market conditions. Positive opinions dominate the conversation, showcasing confidence in the UAE’s cryptocurrency policies.

Driving Factors Behind the Bull Season

• Global Economic Trends

Global economic developments have significantly influenced the current bull market. Factors such as low interest rates, macroeconomic uncertainty, and inflation concerns have driven investors to adopt Bitcoin as a hedge. The UAE’s proactive embrace of Bitcoin aligns with these broader economic shifts.

Related Reading: Bitcoin Legal Tender In Thailand? Here’s What’s Happening

• Technological Advancements

Advancements in blockchain technology have also contributed to Bitcoin’s rise. Scalability, security, and user experience improvements have enhanced its appeal to institutional and individual investors. The UAE’s focus on technological innovation has enabled it to capitalize on these developments, further increasing its Bitcoin holdings.

Future Consequences for the UAE and the Global Market

• Economic Impacts

The surge in Bitcoin holdings may have profound economic implications for the UAE. As a leading crypto-friendly nation, the UAE benefits from increased technological innovation, job creation, and financial inclusivity. Cryptocurrency investments could also support economic diversification, reducing reliance on oil revenues.

• Market Predictions

Analysts predict that the UAE’s Bitcoin holdings will continue to grow, driven by favorable regulatory environments and strategic investments. The country is a model for others with its proactive approach to cryptocurrency adoption. The UAE’s success in this domain may encourage further institutional investments and contribute to the broader acceptance of Bitcoin globally.

Featured image was created with DALL.E, chart was from Tradingview.com

Cathie Wood, CEO of ARK Invest, has reiterated her optimistic outlook on Bitcoin (BTC) in a recent interview with Bloomberg, suggesting that significant political and regulatory changes could propel the cryptocurrency to new heights. 

Bitcoin To Exceed $1 Million By 2030?

With the election of Donald Trump, Wood anticipates a surge in private-company acquisitions that have been hindered by a “regulatory red tape,” which she believes will unlock substantial opportunities for investors and venture capitalists.

During her interview, Wood highlighted that alterations at the Federal Trade Commission (FTC) are likely to revitalize merger-and-acquisition activity, paving the way for what she terms “liquidity events.” 

This shift could lead to a more dynamic market environment where strategic buyers can actively assess and bid for innovative companies, ultimately enhancing price discovery. 

“M&A has been prevented by the FTC. That is going to change,” Wood asserted, emphasizing that these developments could significantly alter the financial landscape.

In her continued advocacy for Bitcoin, Wood reiterated a bold prediction: the cryptocurrency could surpass $1 million by 2030. This assertion is grounded in the coin’s recent price rally, which has seen Bitcoin climb to over $108,000. 

Wood attributes this growth not only to market dynamics but also to the inherent scarcity of Bitcoin, which is capped at a total supply of 21 million coins. 

She draws a stark contrast between Bitcoin and gold, noting that while increased gold prices typically lead to higher production rates, Bitcoin’s fixed supply ensures that its scarcity will only intensify over time. “It is becoming even more scarce than gold,” she stated, reinforcing her belief in Bitcoin’s unique value proposition.

Wood Highlights Musk’s Role In Overcoming Regulatory Hurdles

Wood’s investment philosophy has garnered both acclaim and criticism, particularly regarding her high-risk bets on emerging technologies.

Her ARK Innovation exchange-traded fund (ETF), valued at $6.7 billion, has experienced significant volatility, reflecting the challenges and rewards associated with investing in disruptive sectors. Nonetheless, Wood’s predictions for both Bitcoin and Tesla have proven prescient, yielding considerable returns for investors.

Additionally, Wood expressed confidence in Elon Musk’s new initiative focused on streamlining government operations, aptly named the Department of Government Efficiency (DOGE). She believes Musk’s experience with regulatory hurdles positions him uniquely to effect meaningful change in governmental structures. 

“He just knows he can change the world faster than he already has if he got some of those obstacles out of the way,” Wood remarked, suggesting that Musk’s influence could lead to a more favorable environment for innovation.

At the time of writing, Bitcoin is trading at $97,268, down 4% on a weekly basis.

Featured image from DALL-E, chart from TradingView.com