Market Recap
FTX Announces Distribution
Market Recap: FTX plans to distribute $12 billion in cryptocurrencies in early 2025. This move could boost market liquidity.
Record Investment in Digital Assets
Investors poured $3.2 billion into digital assets this week, marking 10 straight weeks of inflows. The total for 2024 has reached $44.5 billion, hinting at a strong year for digital assets.
TRON’s USDT Transactions
TRON set a record with $587.2 billion in monthly USDT transfers. This growth highlights its rising dominance in stablecoin transactions.
Regulatory and Institutional Developments
Bitcoin Mining Revenue
Bitcoin mining revenue hit $47.6 million daily, the highest in years. This surge suggests a new growth phase for miners.
Source | CryptoQuant
FASB New Guidelines
The Financial Accounting Standards Board introduced clearer accounting rules for digital assets. These updates aim to simplify compliance and improve financial insights for investors.
Bitcoin’s Long-Term Performance
Over the past decade, Bitcoin delivered a staggering 26,931% return, far surpassing gold and the S&P 500.
CyberKongz Receives SEC Notice
The SEC issued a Wells Notice to CyberKongz, raising concerns about potential actions against blockchain games using tokens.
Innovations and Institutional Moves
Deutsche Bank’s Blockchain Move
Deutsche Bank is building a layer-2 blockchain on Ethereum. This step reflects a major push toward decentralization.
Source | Deutsche Bank
Bitwise Launches SOL Staking ETP
Bitwise introduced a Solana staking product in Europe with a 6.48% annual yield. This move supports institutional adoption of Solana.
Bitcoin Funding Rate Analysis
Analysts found no evidence of a bubble or overvaluation in Bitcoin’s funding rates.
Jerome Powell on Bitcoin
Federal Reserve Chairman Jerome Powell clarified that the Fed cannot own Bitcoin. This stance negatively impacted market sentiment.
Market Reactions and Economic Policies
U.S. Stock Market Crash
The U.S. stock market lost $1.5 trillion in value. This shift could drive more investors to Bitcoin.
Source | Heatmaps
SEC Prepares for Shutdown
The SEC is gearing up for a possible government shutdown. This situation could affect crypto markets and investor rights.
Hong Kong Approves Crypto Platforms
Hong Kong approved four platforms for crypto trading, signaling a friendlier approach to digital currencies in the region.
MetaMask’s Payment Card
MetaMask expanded its crypto payment card pilot in the U.S., enabling easier cryptocurrency use in daily transactions.
Market Fluctuations and Strategy
Bitcoin Price Drop
Bitcoin’s price dropped from $108,000 to $95,000, causing panic. Analysts, however, see this as a healthy correction.
Federal Reserve Policy Impact
The Fed’s cautious stance and slower rate cut predictions created market uncertainty. This contributed to Bitcoin’s decline.
Institutional Response
Despite the drop, major players like BlackRock continued buying Bitcoin. Mining firms like Marathon Digital also increased their holdings.
Market Strategy
Avoid leveraging, prepare for further corrections, and focus on long-term investments to navigate volatility.
This week’s crypto market saw corrections, regulatory updates, and institutional movements. For more insights, visit Millionero’s blog. When ready, trade on Millionero’s spot and perpetual markets. Always do your own research (DYOR) before making decisions.