Recap: Bitcoin Gains, Token ETFs, Global Crypto Updates

Recap: This week, the cryptocurrency world witnessed several significant developments across various sectors, from Bitcoin’s continued rise to advancements in blockchain ecosystems. Here’s a categorized overview of the latest news:

Bitcoin Gains and Market Trends

Source | CNBC

1. Bitcoin’s Remarkable November
   Bitcoin saw its second-best month of 2024 in November, with optimism growing for a strong December. Analysts noted that Bitcoin outperformed other cryptocurrencies, with a 37% market cap growth compared to 16% for large-cap coins and 10% for mid- and small-cap coins.
2. Future Predictions
   According to market data, Bitcoin has a 50-50 chance of reaching $100,000 by the end of 2024, with some traders even speculating a rise to $150,000. However, historical trends suggest potential corrections of up to 30%, emphasizing the need for risk management.
3. Major Bitcoin Options Expire
   Over $13.6 billion in Bitcoin options expired on Friday. This event could significantly impact Bitcoin’s price in the short term, depending on market sentiment.
4. Switzerland Explores Bitcoin Mining
   Swiss authorities are investigating Bitcoin mining as a way to balance the energy grid and utilize surplus or renewable energy. This highlights Bitcoin’s potential role in sustainability and energy efficiency.
5. Marathon Digital Adds to Bitcoin Holdings
   Mining giant Marathon Digital added 703 BTC to its reserves, bringing its total holdings to 34,797 BTC, worth approximately $3.3 billion.
6. National and Governmental Adoption
   • Russia officially recognized Bitcoin and other cryptocurrencies as legal property.
   • Brazil plans to establish a sovereign Bitcoin reserve worth $18 billion by acquiring 180,000 BTC.
   • The U.S., China, and the U.K. collectively hold 463,109 BTC, amounting to 2.34% of the current supply.

Ethereum and Layer 2 Ecosystems

Source | Medium 

1. Ethereum Layer 2 Breakthrough
   Ethereum’s Layer 2 networks hit an all-time high of $51.5 billion in Total Value Locked (TVL), marking a 205% growth over the past year. This underscores the ecosystem’s rapid expansion and its ability to improve Ethereum’s scalability.
2. Base and Uniswap Record Milestones
   • Base, a Layer 2 network on Ethereum, set a new transaction-per-second (TPS) record of 106 and surpassed $10 billion in TVL.
   • Uniswap achieved a historic $38 billion trading volume across major Layer 2 networks, including Base, Arbitrum, and Optimism.
3. Optimism Enhances Capabilities
   Optimism integrated Chainlink’s SCALE service into its main network, providing developers with faster and more secure solutions.

Regulation and Legal Developments

Source | bankinfosecurity

1. Tornado Cash Sanctions Overturned
   A U.S. court ruled that sanctions imposed on Tornado Cash, a privacy tool on blockchain, were illegal. This decision reignites debates about privacy and regulation in the crypto space.
2. Hong Kong’s Financial Innovations
   • The Hong Kong Monetary Authority announced support for tokenized bond issuance, a move aimed at promoting financial innovation and boosting the digital economy.
   • Plans are underway to offer tax exemptions for crypto profits to attract hedge funds and private equity investments.
3. U.K.’s Crypto Regulation Plans
   The United Kingdom revealed a roadmap to formally regulate the cryptocurrency industry by 2026, aiming to integrate traditional finance with crypto assets for economic growth.

Technological Advancements and Ecosystem Growth

Source | TheCryptoTimes

1. Bitwise’s ETF Application
   Bitwise applied to the SEC for an ETF featuring 10 cryptocurrencies, including Bitcoin, Ethereum, Solana, XRP and Cardano. Approval could pave the way for wider institutional adoption.
2. Justin Sun Invests in Trump’s Crypto Project
   TRON founder Justin Sun became the largest investor in President-elect Donald Trump’s crypto venture, contributing $30 million.

Notable Market Dynamics

Source | criptotendencia

1. Tether’s Activity and Decisions
   • Tether minted $15 billion worth of USDT in November, raising speculation about fresh capital inflows into the market.
   • The company announced it would stop supporting its EURT stablecoin, allowing redemptions until November 2025.
2. Individual Investor Trends
   Data reveals that individual investors are yet to experience “FOMO” (Fear of Missing Out), suggesting the current rally might still be in its early stages.
3. Ethereum Price Speculation
   If Ethereum reaches $4,000, short positions worth $835 million could be liquidated, potentially causing significant price swings.

Global Developments and Adoption

Source | cryptonewsz

1. Vancouver Considers Bitcoin Reserves
   Vancouver’s mayor proposed adopting Bitcoin as a reserve asset to protect purchasing power and embrace financial innovation. A council vote is scheduled for December 11.
2. Trump Administration’s Crypto Moves
   Reports suggest that Donald Trump’s transition team is pushing for clearer crypto regulations, possibly shifting oversight to the Commodity Futures Trading Commission (CFTC).
3. U.K. and Crypto Integration
   The U.K. Treasury aims to create a hybrid financial system blending traditional finance with crypto assets to foster innovation.

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This week underscored the growing maturity of the cryptocurrency sector, marked by increased adoption, regulatory clarity, and technological advancements. This article is not Financial Advice and you should always DYOR. Check out our blog. We publish some pretty cool stuff on Crypto.

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 Whether you’re a trader, or enthusiast, these developments signal exciting times ahead for the crypto world.