24H Hot Coins
1. CEX Hot Coins
CEX Trading Volume Top 10 and 24-hour Price Change:
BTC: -1.85%
ETH: -5.37%
DOGE: -10.46%
XRP: -11.18%
PEPE: -5.55%
SOL: -6.75%
BNB: -5.45%
NEIRO: -6.69%
1MBABYDOGE: +32.47%
ADA: -12.8%
24H Price Increase Ranking (Data Source: OKX):
MOVE: +1,148.72%
BABYDOGE: +32.23%
POLYDOGE: +13.21%
MILO: +4.61%
CXT: +1.65%
LEO: +1.40%
ZKJ: +1.36%
XAUT: +0.55%
2. On-chain Hot Meme Top 5 (Data Source: GMGN):
GUZUTA
SHIKOKU
MONKEY
Luigi
$DAGO
3. Today's Trending Coins
MOVE: MOVE is a blockchain project based on the Move programming language, developed by Movement Labs. It is deeply integrated with Ethereum, providing a flexible and powerful development environment. MOVE's resource-oriented programming model effectively prevents smart contract vulnerabilities, enhancing security, while its "post-confirmation" mechanism allows transaction confirmations to be completed in under a second, greatly improving user experience. Recently, the launch of Mainnet Beta and the generation and listing of the $MOVE token have attracted significant market attention, coupled with the implementation of the MoveDrop program, the project's popularity continues to rise.
BABYDOGE: A meme coin deeply tied to DOGE and concepts related to Musk. Not only has Musk-related Twitter activity fueled its rise, but it also did not experience a decline during today's earlier crash, maintaining a 24-hour increase of over 30%.
Headlines
Russian Lawmaker Proposes Establishing National Bitcoin Reserve to Combat Economic Sanctions
Russian lawmaker Anton Tkachev has proposed establishing a national Bitcoin reserve, positioning it as a tool to combat economic sanctions and ensure financial stability.
In a formal appeal to the Finance Minister, Tkachev suggested creating a Bitcoin reserve similar to traditional foreign exchange reserves. He believes that cryptocurrency has unique advantages in mitigating risks associated with sanctions, inflation, and currency volatility.
Tkachev pointed to Bitcoin's continuously rising valuation, citing its projected price of $100,000 by December 2024 as evidence of its reliability as a store of value and investment. This proposal aligns with the broader initiative by the Russian central bank to incorporate digital assets into the international payment system.
According to CoinGecko, the current total cryptocurrency market cap is $3.635 trillion, with a 24-hour decline of 7.5%, BTC market share at 53.1%, and ETH market share at 12.4%.
Additionally, Coinglass data shows that $1.711 billion was liquidated across the market in the past 24 hours, with $1.55 billion in long positions and $162 million in short positions; BTC liquidations totaled $183 million, and ETH liquidations were $240 million.
According to a post by the Movement Foundation on the X platform, Movement has opened airdrop claims.
Industry News
El Salvador Plans to Ease Bitcoin Acceptance Requirements to Unlock $3 Billion Loan
According to reports from the Financial Times citing anonymous sources, El Salvador plans to ease the mandatory requirement for local businesses to accept Bitcoin in order to secure over $3 billion in loans. Sources indicate that by shifting to a policy allowing businesses to voluntarily accept Bitcoin, El Salvador could reach a $1.3 billion loan agreement with the International Monetary Fund. The deal is also expected to unlock two additional loans, one for $1 billion from the World Bank and another for $1 billion from the Inter-American Development Bank. The Financial Times reports that to obtain the IMF loan, the country has also agreed to reduce its budget deficit, pass anti-corruption laws, and increase reserves.
Project News
The ether.fi Foundation announced that the ether.fi protocol earned $3.5 million in November, with 5% allocated to purchase 89,000 ETHFI for buyback and LP programs.
Circle: Plans to Launch New Version of Cross-Chain Transfer Protocol CCTP V2 in Early 2025
Stablecoin issuer Circle announced on the X platform that it plans to launch a new version of the cross-chain transfer protocol, CCTP V2, in early 2025, initially supporting Ethereum, Base, and Avalanche, with more chains to follow. The new version of CCTP will support:
- Faster cross-chain USDC transfers;
- Low-latency settlements (in seconds rather than minutes);
- All cross-chain transactions will be guaranteed by Circle.
Investment and Financing
Bitcoin Mining Company Arkon Energy's Nscale Raises $155 Million, Led by Sandton Capital Partners
Bitcoin mining company Arkon Energy's European AI cloud company Nscale has completed a $155 million financing round, led by Sandton Capital Partners, with participation from Kestrel, Bluesky Asset Management, and Florence Capital, to support its growth plans in Europe and North America.
Nscale is set to officially launch in May 2024. The company offers GPU cloud services based on AMD hardware, particularly AMD's Instinct M1300X accelerators, as well as AMD MI250 GPUs and Nvidia's A100, H100, and V100 GPUs. Nscale operates a 60MW data center in Glomfjord, Norway, previously owned by Arkon.
The company claims to have expanded its greenfield data center capacity in Europe and North America from 300MW to 1.3GW, with plans to develop 120MW by 2025. Nscale announced it will launch a public cloud service in the first quarter of 2025, allowing developers to access purpose-built inference and training solutions in a flexible development environment.
Nscale previously acquired high-density modular data center and AI data center solution provider Kontena. Arkon had previously collaborated with Kontena to deploy two mining containers at Arkon's Glomfjord site.
Many crypto companies have at least partially shifted towards AI, including CoreWeave, Core Scientific, Hut 8, TeraWulf, and Applied Digital (formerly known as Applied Blockchain).
Bitcoin lending platform Lava has completed a $10 million Series A financing round, with participation from Khosla Ventures and Founders Fund. According to Lava founder and CEO Shehzan Maredia, the platform allows users to borrow against Bitcoin collateral, with the slogan "Save with Bitcoin, Spend in Dollars."
Riot Platforms Plans to Issue Convertible Preferred Notes to Raise $500 Million for BTC Purchases
According to official news, Nasdaq-listed Bitcoin mining company Riot Platforms announced plans to raise $500 million through the issuance of convertible preferred notes, intending to use the net proceeds from this offering to purchase additional Bitcoin and for general corporate purposes.
Web3 social protocol Candao has secured a $25 million token investment commitment from Rollman Management Digital to further develop its technology and business.
Candao combines decentralized social networks with Web3 tools, allowing users to earn rewards, collaborate, and co-create within a community-driven ecosystem. Candao enables the tokenization and seamless exchange of assets such as intellectual property, real estate, fandom, and personal skills. The CDO-Chain, a native L2 network developed by Candao, serves as the core infrastructure of the Candao ecosystem, designed to handle all transactions related to data ownership, asset management, and user activities within the protocol.
RMD (Rollman Management Digital) is led by Victor R. Ch. Rollman, founder of Rollman Capital, Rollman Mining, and Rollman Management.
Voices
Conservative political activist Charlie Kirk posted on X: “Chuck Schumer is trying to convince Democratic activist Lauren McFerran to be reappointed as chair of the National Labor Relations Board. This is a big deal; if successful, the first two years of President Trump's term will have a Democratic chair of the NLRB. We need every Republican senator.”
Elon Musk commented: “The current government is doing everything possible to hinder government efficiency, but the Department of Efficiency (DOGE) is unstoppable.”
Analysis: Bitcoin May Need Time to Stabilize Above $100,000
On Tuesday, Bitcoin briefly fell below $95,000, while small digital asset indices dropped over 10%, marking one of the largest declines this year.
On December 5, Bitcoin reached an all-time high of $103,800 but has struggled to maintain above six figures since then. According to CoinGecko, the entire cryptocurrency market has shrunk by about $250 billion in the past 24 hours.
Charlie Morris, Chief Investment Officer at ByteTree Asset Management, wrote in a report: “Big round numbers are real and often take time to overcome. The $100,000 level is a number we should get used to, but unless capital flows can surge from now on, we will spend time at this level.”
Katie Stockton, a technical analyst at Fairlead Strategies LLC, suggested in a report that a “neutral short-term bias” should be adopted after Bitcoin failed to hold above $100,000.
SBF is Writing a Memoir in Prison and Documenting Life Behind Bars
Former cryptocurrency billionaire SBF, currently serving a 25-year sentence for fraud at the Brooklyn Metropolitan Detention Center (MDC), has begun writing his memoir. According to leaked chapters, perhaps due to SBF not fully adjusting to his new reality, his work carries a unique tone reminiscent of Jane Goodall's accounts of life with chimpanzees or Victorian anthropologists observing foreign cultures.
For example, SBF wrote, “Most people become introverted,” referring to other inmates. “They will fight over a banana.” Other chapters focus on more mundane matters, such as his struggle to secure a pillow. “I lost my pillow tonight. So tonight I’m using a towel and my prison uniform to support my head. It’s not working well; my neck is already hurting.”
It is reported that SBF also criticized the prison for lacking clocks, leading to a loss of sense of time, and detailed his experience of trading with inmates for a temporary pillow. Meanwhile, he mentioned that he meets with a legal assistant daily and keeps in touch with his lawyer father via video. SBF's diary describes prison culture from an observer's perspective, reflecting his struggles to adapt to his new life and profound reflections on freedom and identity.
Bitfinex Report: BTC Consolidating in the $100,000 Range, but Market Shows Signs of Stabilization
Bitfinex published an analysis stating that last week, Bitcoin reached an all-time high, first breaking the $100,000 mark and hitting a peak of $104,000. This marked a 111% increase from the summer low of below $50,000. However, after the rebound, there was a significant 14.84% pullback, including a rapid 10% drop within just eight minutes, marking the largest pullback from the current historical high since the sell-off before the U.S. elections. This pullback triggered over $1.1 billion in liquidations, with $419 million in Bitcoin long positions, highlighting the market's leverage levels.
Despite the market's volatility, signs of stabilization are emerging. Realized profit metrics peaked at $10.5 billion daily but have since dropped to $2.5 billion, alleviating selling pressure. Futures funding rates have also normalized, indicating a decrease in speculative leverage. Although ETF inflows slightly slowed over the weekend, they remain a key source of support amid long-term holders taking profits. As Bitcoin consolidates above $100,000, the mid-term outlook remains bullish, with the potential for further increases as funding rates normalize and selling pressure eases, provided ETF inflows continue to rise.
Additionally, the Federal Reserve is assessing potential policy shifts the new government may undertake, while the economy remains supported by a resilient labor market and stable consumer demand. However, the uneven recovery across sectors suggests a need for cautious optimism.
QCP Capital stated in an official Telegram post: “For ETH and BTC, $4,000 and $100,000 are key support/resistance lines. Last week, after both major coins broke these key levels, today the overall market is showing low-level consolidation.
From the perspective of the highest open interest (OI) expiration on December 27, 2024, these key levels correspond to the strike prices with the most open interest: ETH-27DEC24-4000 (90,000 contracts) and BTC-27DEC24-100000 (16,000 contracts). Therefore, if spot prices rise, will market makers push for further increases to hedge, potentially creating a squeeze effect? We tend to believe this scenario is unlikely to occur.
Today, we observed that some holders closed their long positions on BTC-27DEC24-100k-C and may roll these positions to strike prices of $130,000-$150,000 in March 2025. This indicates sufficient top gamma supply in the market.
Moreover, the funding rates for Deribit perpetual contracts remain relatively stable, while the funding rates on major exchanges are slightly above normal, further reducing the likelihood of sharp price increases. Although we still hold a structurally bullish view, the spot market may maintain range-bound consolidation during the holiday period. Historically, ETH typically does not reach new highs before January in halving years. This market sentiment is also reflected in the options market, where ETH risk reversals only begin to lean towards bullish options after January.”
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