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    Bitcoin Surges Past $100,000 Amid Growing Momentum From Trump's Election Confirmation

    According to analyst Alex Kuptsikevich from FxPro, the cryptocurrency market is entering a phase of consolidation, characterized by robust investor sentiment and active purchasing, indicating prospects for further advancements.
    On Monday night, Bitcoin once again crossed the $100,000 threshold, marking its first return to this level in two weeks. This increase came in the wake of Congress officially certifying Donald Trump’s victory for the 2024 presidential election, paving the way for his inauguration on January 20.
    During a formal session held on Monday, Congress ratified the election outcomes for all 50 states and the District of Columbia. Vice President Kamala Harris presided over this joint session of the House and Senate.
    By 12:09 AM ET on Tuesday, Bitcoin was trading at approximately $101,775, representing a 10% increase over the preceding week. In the meantime, the overall cryptocurrency market capitalization exceeded $3.7 trillion, hitting its highest value since December 19.
    Bitcoin Set for Upward Trend If It Breaks $109K: Analyst Insight
    Alex Kuptsikevich, chief market analyst at FxPro, remarked that the crypto market's short-term gains are evolving into a consolidation phase. He stated: “The market seems to be assessing the ground beneath it and is slowly moving upwards,” further mentioning that the current sentiment index of 76, which indicates extreme optimism, signals active buying and substantial potential for additional growth.
    He highlighted that current technical indicators suggest the conclusion of a standard correction, with a renewed growth trajectory aimed at reclaiming 61.8% of the November rally. This viewpoint would gain support if Bitcoin successfully surpasses its previous peak around $109,000. Kuptsikevich anticipates that Bitcoin's ascent will intensify following its successful breach of the $100,000 mark.
    Binance Highlights Bitcoin’s Exceptional Performance Following Breakthrough Beyond $100K
    Bitcoin initially achieved the $100,000 milestone on December 5, driven by rising optimism regarding Trump's potential to implement crypto-friendly legislative changes upon taking office. Trump had pledged during his campaign to turn the US into the "crypto capital of the world."
    As of Tuesday, January 7, data from SoSoValue indicated that US-based Bitcoin spot ETFs saw net inflows reaching $987.06 million, while US spot Ether ETFs attracted $128.7 million.
    On the regulatory front, China's authorities have taken a firmer stance by extending foreign exchange regulations to encompass cryptocurrency transactions. The State Administration of Foreign Exchange (SAFE) has categorized these transactions as high-risk, advising financial institutions to vigilantly monitor all crypto-related activities.
    In a separate announcement, Binance released a report on Monday, showcasing Bitcoin as one of the leading global assets this year, second only to Nvidia. The report attributes Bitcoin's remarkable performance to several key factors, including the approval of spot ETFs, the forthcoming Bitcoin Halving, changes in monetary policy, and expectations for more favorable regulatory frameworks. Should this momentum persist leading into 2025, Bitcoin could further ascend in global asset rankings, solidifying its status as a prominent asset class.
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    Tether's Major Bitcoin Transfer: A $780 Million Move To Reserve

    Tether, the issuer of the world’s largest stablecoin, has made a significant move by transferring over 8,400 Bitcoin into its corporate reserve—marking its largest transaction in nine months.
    According to data from Arkham Intelligence, wallets identified as belonging to Tether received two separate Bitcoin transfers on December 30, amounting to approximately 7,628.9 BTC and 775.6 BTC, for a total of just under 8,404.5 BTC. This substantial transfer is valued at around $780 million, with Bitcoin trading at approximately $92,500 at the time.
    With this latest addition, Tether’s Bitcoin holdings have now reached 83,759 BTC, equivalent to close to $7.75 billion. In May 2023, the company had announced its intention to allocate up to 15% of its net realized operating profits for purchasing Bitcoin regularly.
    This latest transfer represents Tether's first substantial action since March 31, when it added about 8,888 BTC, shortly after Bitcoin had crossed the $70,000 mark for the first time and briefly exceeded its previous all-time high.
    Bitcoin has seen remarkable growth in 2024, doubling in price and currently reflecting a 108% increase for the year. However, the asset has experienced a downturn this week, dipping from its mid-December peak of approximately $108,000.
    Among privately held companies, Tether now boasts the second-largest Bitcoin holdings, surpassed only by Block.one, which has 140,000 BTC, according to data from Bitbo. Overall, when considering both private and public firms, Tether ranks third, trailing MicroStrategy, which holds a staggering 446,400 BTC.
    The rise in Bitcoin's price over the past year has heightened interest in corporate Bitcoin treasuries, with various companies announcing that they are adding the cryptocurrency to their balance sheets in hopes of boosting their stock performance.
    One of the latest companies to embrace Bitcoin, KULR Technology Group, announced on December 16 that it invested $21 million to acquire 217.18 BTC, resulting in a more than 40% increase in its stock price that day—reaching an all-time high of $4.80.
    Additionally, Quantum BioPharma, a biopharmaceutical firm, disclosed on December 20 that it purchased $1 million worth of Bitcoin and other cryptocurrencies as part of its treasury diversification strategy.
    As corporate interest in Bitcoin continues to grow, Tether’s latest transaction underscores the expanding role of cryptocurrencies in traditional financial strategies. With significant transfers like this, Tether is solidifying its position in the crypto market, while also hinting at an optimistic outlook for Bitcoin in the evolving digital finance landscape.
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    Future Challenges For Ether: Insights from 10x Research

    According to 10x Research, Ether may not be the best investment choice for the anticipated bull market in 2025, despite differing opinions among analysts.
    Markus Thielen, head of research at 10x Research, stated that Ether could potentially yield disappointing returns when compared to Bitcoin. Many analysts are still observing market trends to determine Ether's direction.
    "While we cannot disregard the potential for new catalysts, it would not be surprising if Ethereum faces challenges in producing significant rallies next year," Thielen noted in a market report released on December 30.
    Ether Labeled as a “Subpar” Medium-Term Investment
    Thielen remarked, “Although we acknowledge the volatility associated with Ethereum, we consider it a suboptimal investment for the medium term and expect ETH to lag behind BTC yet again in 2025.” He emphasized, “Our clear recommendation regarding Ethereum remains: ‘avoid.’”
    He pointed out that one critical metric to monitor in 2025 will be the trend in active validators. However, he highlighted a concerning trend as the growth rate of validators has recently turned negative, declining by approximately 1% over the last month. This raises alarms about the potential risk of validators leaving the network in increasing numbers.
    In Thielen's view, the uptick in unstaking appears “reasonable” due to a perceived lack of "real demand" for Ethereum beyond staking activities.
    Contrarily, others hold a different perspective. Tim Lowe, the Chief Business Officer at Attestant, recently indicated to Cointelegraph that the demand for Ether could surge with improved marketing strategies and a cohesive value proposition, which would naturally attract more investors over time. He believes that diversifying from Bitcoin could serve as a straightforward catalyst for Ethereum's growth.
    Ether's Relative Underperformance Against Bitcoin
    Data from CoinMarketCap reveals that while Bitcoin (BTC) has surged 121.4% since January 1, 2024, Ether only recorded a 46.3% return within the same timeframe. The launch of spot Bitcoin exchange-traded funds (ETFs) in the U.S. on January 11, 2024, was met with robust demand, propelling Bitcoin prices to new heights in the following months. In contrast, when U.S. Ether ETFs debuted in July, the response was significantly muted, resulting in a more pessimistic outlook for the asset.
    During the year, Bitcoin ETFs attracted $35.3 billion in inflows, whereas Ether ETFs garnered only $2.66 billion.
    Thielen criticized the Duncan upgrade, which occurred in March, for arriving "six months too late" as it missed the peak of the memecoin frenzy and enabled users to shift to the more cost-efficient alternative, Solana (SOL). He expressed skepticism regarding the upcoming Pectra upgrade set for early 2025.
    “Out of the 19 upgrades that have taken place, only two had a substantial positive influence on prices, and those happened during Bitcoin bull markets,” Thielen remarked. He added, “The three significant Ethereum catalysts of 2024 have mostly failed to generate value.”
    Thielen anticipates that Ether may continue to fall short against Bitcoin in 2025. However, some crypto analysts feel uncertain about Ether's price trajectory, suggesting it could either rise or fall.
    In a recent post on X, pseudonymous crypto trader Cold Blooded Schiller indicated that Ether has remained “rangebound” since December 25, suggesting two possible outcomes: an optimistic scenario where Ether experiences a "sweep and run," triggering a price surge, or a bearish scenario where it declines to the low range of December 20, potentially retesting the $3,000 mark.
    Similarly, another pseudonymous crypto trader, Dal, suggested Ether might trend in one of two directions: “If we surpass 3,554, we could see a rally back towards 4k. If we fail, a drop to 3,102 might occur,” he stated in a post on December 31.
    MN Capital founder Michael van de Poppe has a more favorable outlook on Ether, indicating potential signs of a breakout against Bitcoin in January 2025. In a post dated December 24, he mentioned, “I wouldn’t be surprised if the $ETH / $BTC ratio surpasses 0.04 in January.”
    At the point of publication, the ETH/BTC ratio, which reflects Ether’s strength relative to Bitcoin, stood at 0.03571 according to TradingView data.
    In summary, while there are varied perspectives on Ether's future performance, caution remains the primary sentiment among several analysts as we approach 2025.
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    Getting Started With Affordable Crypto Mining - Your Essential Guide

    Have you ever dreamed of diving into the world of cryptocurrency mining without needing to invest in expensive hardware? You're in luck! Here are some accessible ways to jump into crypto mining without straining your wallet—or your electrical system.
    Key Points to Consider:
    Cloud Mining provides an opportunity to mine cryptocurrency by renting computing power online, though it may involve upfront expenses and potential hidden costs. Budget Hardware Options, such as lower-end GPUs or gaming computers, can enable you to start mining without a hefty investment. When choosing what cryptocurrency to mine, consider options that utilize energy-efficient algorithms like Proof of Stake (PoS) to minimize hardware demands. For newcomers, USB miners and browser-based mining can serve as budget-friendly introductions to the mining space. While the perception of crypto mining often involves sophisticated setups and high electricity bills, there are practical ways to participate in this exciting field without going broke. Let's delve into the actual costs and explore strategies to make the process more affordable.
    What Are the Costs of Crypto Mining?
    With the steep costs of electricity and high-end hardware, mining Bitcoin (BTC) these days isn’t as straightforward as it once was. The potential for profit largely hinges on your equipment and geographical situation. To get started, you’ll typically need specialized gear such as general-purpose graphics processing units (GPUs) or application-specific integrated circuits (ASICs). Basic mining rigs can set you back around $1,500, and professional-grade models might surpass $10,000.
    Speaking of electricity, mining is energy-intensive. On average, it requires approximately 266,000 kilowatt-hours (kWh) to mine a single BTC. Fortunately, some miners are transitioning to renewable energy sources, such as solar or hydro power, to help decrease their costs and lessen their environmental impact.
    The electricity costs to mine one BTC can vary significantly, ranging from $13,300 to $133,000 based on your home electricity rates. In some locations, profitability is nearly impossible, while in others, you might still see a return on your investment.
    To analyze your potential earnings, online mining calculators can help assess your specific hardware configuration and energy expenses. You can also input custom hashrates if your hardware isn’t already listed.
    Affordable Crypto Mining Solutions
    Cloud Mining
    For those who prefer not to invest in hardware, cloud mining offers a cost-effective alternative. This involves renting computational power from mining farms via online platforms, allowing you to avoid the expenses associated with equipment ownership.
    Benefits include no noisy machinery, minimal electric bills, and no technical troubles. However, beware of initial costs and potential hidden fees within contracts. It's equally vital to thoroughly check the credibility of service providers before committing.
    USB Miners
    Think Bitcoin mining is reserved for those with significant investments? Think again! A USB Bitcoin miner is a small and affordable device that makes mining accessible to everyone.
    While these devices have a significantly lower capacity compared to high-end ASICs, they allow newcomers to get involved without excessive financial commitment. Pairing a USB miner with a mining pool can facilitate participation in the network for transaction validation at a minimal cost.
    For example, the GekkoScience Compac F is a USB Bitcoin miner with a hashrate of about 200 gigahashes per second (GH/s), available for around $120 to $150 depending on the retailer. However, proper setup—including cooling, power management, and reliable software—is essential for optimal operation and to prevent overheating.
    Gaming PCs
    If you own a decent gaming PC, you already have a great foundation for crypto mining. You can start with your existing setup and invest in upgrades as necessary.
    Affordable GPU options like the Nvidia GeForce GTX 1660 Super, AMD Radeon RX 570, or AMD Radeon RX 560 range from $500 to $1,500 and can offer solid performance at a lower price point.
    For your CPU, budget-friendly options like the Intel Pentium G4560 or AMD Ryzen 3 1200 work well for mining. With the correct configuration, you can enter crypto mining without overspending.
    Pool Mining
    Another economical option is pool mining, where you collaborate with other miners instead of financing your own costly equipment. Joining pools like CGMiner, BFGMiner, or EasyMiner allows you to share rewards based on the work performed collectively.
    While convenient, be aware that pool fees may eat into your earnings, and the payouts could be minimal depending on your contribution to the overall mining effort.
    Browser-Based Mining
    Browser-based mining represents a novice-friendly method by utilizing your web browser to mine small amounts of crypto while you navigate the internet. While it's unlikely to transform you into a millionaire, it doesn't require expensive setups. Websites like CryptoTab let you leverage your computer's processing power effortlessly.
    Some sites may employ embedded mining scripts that take advantage of visitors' computing resources to mine in the background; however, this can decelerate browsing speed and yield minimal profits compared to traditional mining.
    Which Cryptocurrency Is More Cost-Effective to Mine?
    The requirements for mining can differ widely between various cryptocurrencies due to their distinct algorithms and network complexities, which impact the computational power and energy demands.
    For budget-conscious miners, targeting cryptocurrencies that employ efficient mechanisms like Proof of Stake (PoS) is advisable. PoS does not involve traditional mining; instead, you can stake coins to help secure the network and earn rewards, making it a more environmentally friendly option.
    Considerations and Challenges in Budget Mining
    While pursuing low-cost crypto mining might seem less risky, several challenges can arise, including the specter of scams and market volatility. Hidden expenses like electricity and maintenance can quickly erode potential profits.
    Regulatory considerations are another aspect. Since local laws regarding crypto mining may be ambiguous, it’s prudent to consult with a tax expert to ensure compliance with relevant tax regulations and accurate reporting of earnings.
    Most miners may require several years to recover their initial investments, and the rapid obsolescence of mining hardware can significantly hinder return rates.
    Overall, while mining can still be prosperous with budget-friendly apparatuses, comprehensive planning, ongoing investment, and an informed grasp of market trends are vital for achieving long-term success.
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    WazirX (WRX) Suffers A 50% Drop Following Binance Delisting And New Investigation Orders

    The value of WazirX (WRX) plummeted by over 50% after Binance disclosed its decision to delist the token. Simultaneously, the Delhi High Court mandated a new investigation concerning the hacking incident involving the exchange.
    Key Points
    The price of WazirX (WRX) has experienced a significant drop of over 50%, igniting discussions within the market. Binance recently announced the removal of the WRX token from its platform, in addition to two other cryptocurrencies. The Delhi High Court has instructed a fresh investigation into the hack case involving WazirX, leading to heightened speculation in the market. The WRX token's value saw a staggering decline after Binance, one of the world's leading cryptocurrency exchanges, declared its intention to delist the token. This downturn is further compounded by the legal challenges faced by WazirX, as the Delhi High Court has called for an additional investigation related to the hacking incident that resulted in a substantial loss of funds. In a recent ruling, the court dismissed the Delhi Police’s earlier report, which claimed there was insufficient evidence for a criminal examination of the case.
    WazirX Confronts Serious Challenges Amid New Legal Developments
    In light of the recent legal developments, WazirX, the Indian cryptocurrency exchange, is grappling with significant challenges as the Delhi High Court has called for a renewed investigation. The court has dismissed a status report by Delhi Police regarding the hacking incident at WazirX, indicating that a deeper inquiry is necessary. This decision follows a petition submitted by Advocate Jaivir Bains, advocating for a criminal probe into the breach.
    It is essential to note that while the Delhi Police had previously indicated that no actionable case existed, Justice Sanjeev Narula has requested a new status report by February 13, 2025. The court's ruling implies that WazirX has not been fully exonerated, leaving its management subject to ongoing scrutiny. These recent legal developments have ignited conversations and debates within the cryptocurrency community.
    Moreover, this hacking incident is considered one of the year's largest cryptocurrency frauds, with approximately $230 million reportedly siphoned off from WazirX, causing widespread concern across the cryptocurrency landscape.
    Major Decline in WRX Value Following Binance's Delisting Announcement
    WazirX has encountered another setback with Binance’s official announcement to delist WRX tokens along with two other cryptocurrencies. Following this news, the price of WRX experienced a dramatic decline of 52.65%, reaching $0.1132 after an intraday peak of $0.2494. The trading volume for WRX also plummeted by nearly 19%, totaling approximately $21.87 million.
    Binance's decision is part of an extensive review process aimed at ensuring compliance with "high standards" and industry regulations. The exchange has decided to remove Kaon (AKRO), Bluzelle (BLZ), and WRX from its platform. Consequently, trading for the AKRO/USDT, BLZ/BTC, BLZ/USDT, and WRX/USDT pairs will officially cease on December 25.
    As WazirX continues to navigate these turbulent waters, the implications of these developments on the broader cryptocurrency market remain to be seen. Stakeholders and traders alike will be keenly observing how this situation unfolds in the coming weeks
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    Bitget Partners With TRON: A $10M Investment To Boost Ecosystem Growth

    Victoria, Seychelles - December 19, 2024 – Bitget, a premier cryptocurrency exchange and Web3 entity, has announced a strategic partnership with the TRON blockchain, which includes a significant investment of $10 million in TRX, the platform's utility token. This collaboration aims to enhance TRON's growing significance and market authority in the realm of on-chain global payments, expanding its diverse applications within the blockchain ecosystem, which encompasses centralized exchanges (CEX), decentralized finance (DeFi), and other innovative decentralized applications.
    TRON is recognized as one of the most trusted Layer 1 networks for developers, institutions, and everyday users worldwide. It has established itself as the go-to protocol for the on-chain settlement of USDT payments, boasting over 278 million user accounts and a robust reputation for facilitating quick, low-cost transactions. To date, TRON has processed an impressive average of over $10 billion in daily on-chain transactions and has generated more than $1 billion in total protocol revenue, showcasing its substantial adoption and utility in the real world.
    With a rapidly expanding user base and over 9 billion transactions processed since its inception, TRON remains one of the most widely embraced blockchains worldwide. This partnership underlines the shared vision of both organizations to make blockchain technology more accessible and affordable for users everywhere.
    About Bitget
    Founded in 2018, Bitget is regarded as the world's foremost cryptocurrency exchange and Web3 platform. Catering to over 45 million users across more than 150 countries and regions, Bitget is dedicated to enabling smarter trading through its pioneering copy trading feature and various other trading solutions. Users can enjoy real-time updates on Bitcoin prices, Ethereum prices, and other cryptocurrency valuations. Previously known as BitKeep, the Bitget Wallet is a premier multi-chain crypto wallet that offers a wide range of Web3 solutions, including wallet functionality, token swaps, NFT marketplace access, and DApp browsing.
    Bitget is leading the charge in cryptocurrency adoption through strategic alliances, including its role as the Official Crypto Partner of LALIGA, the world’s premier football league, in the Eastern, Southeast Asian, and Latin American markets. The platform is also a global partner of Turkish national athletes Buse Tosun Çavuşoğlu (Wrestling world champion), Samet Gümüş (Boxing gold medalist), and İlkin Aydın (Volleyball national team), inspiring the global community to embrace the future of cryptocurrency.
    About TRON DAO
    TRON DAO is a community-governed decentralized autonomous organization committed to accelerating the decentralization of the internet through blockchain technology and decentralized applications (dApps).
    Established in September 2017 by H.E. Justin Sun, the TRON blockchain has undergone substantial growth since its MainNet launch in May 2018. As of late 2024, TRON supports the largest circulating supply of USD Tether (USDT) stablecoin, surpassing $60 billion. It has also recorded over 279 million total user accounts on the TRON blockchain, more than 9 billion total transactions, and over $24 billion in total value locked (TVL), as documented by TRONSCAN.
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    Extended Partnership Between Formula 1 & Crypto.com Until 2030

    Formula 1 and Crypto.com, founded by Kris Marszalek, have announced the continuation of their prominent partnership until 2030, as stated in a press release on December 19.
    Ongoing Collaboration Between Crypto.com and Formula 1
    In the recent Thursday announcement, the two organizations revealed their plans for the next five years, which will include creating exciting and exclusive experiences for fans at various key races. The collaboration has been in place since 2021, marking an important milestone in both entities' journeys.
     
     
    Emily Prazer, the Chief Commercial Officer of Formula 1, expressed her enthusiasm: “We have deeply valued our collaboration with Crypto.com since 2021, and with this extension, they will become one of our longest-standing partners. Our sport has evolved significantly during this period, and we are thrilled to have them continue their journey with us until 2030. We eagerly anticipate their engagement with fans through various race activations.”
    Both organizations have witnessed remarkable growth since the inception of their partnership; Formula 1 has garnered an impressive 1.5 billion viewers for its Grands Prix events, whereas Crypto.com now serves over 100 million users globally.
    Steven Kalifowitz, the Chief Marketing Officer of Crypto.com, remarked, “Formula 1 was among our first global sports partnerships and played a crucial role in establishing Crypto.com as the most recognized cryptocurrency brand worldwide.”
    “Optimism about the future of crypto remains high,” he added. “We can assure everyone that cryptocurrency is here to stay, and we’re thrilled to maintain our momentum alongside Formula 1.”
    Significant Meetings and Future Projects
    This ongoing collaboration arrives at an important juncture for Crypto.com, which is preparing to unveil enhanced offerings as part of its latest initiative, Roadmap 2025.
    Recently, the crypto firm gained attention when its CEO, Kris Marszalek, visited the Mar-a-Lago estate of President-elect Donald Trump for a meeting.
    The two figures reportedly deliberated on establishing a federal bitcoin reserves as well as creating a more crypto-friendly regulatory environment.
    In a December 16 post on X, Marszalek shared a photo of himself alongside Trump, captioning it: “Honored to have a seat at the table.”
    Trump, who introduced his family’s cryptocurrency platform, World Liberty Financial, earlier this year, has consistently promised to implement supportive regulations for cryptocurrencies upon re-entering the Oval Office next month.
    “We will have regulations,” Trump emphasized at the Bitcoin 2024 Conference this past summer, assuring attendees, “but from now on, the rules will be crafted by those who support your industry rather than those who oppose it.”
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    Trump Meets With Crypto.com CEO As Company Withdraws SEC Lawsuit

    In a noteworthy development in the cryptocurrency realm, Crypto.com has decided to withdraw its lawsuit against the U.S. Securities and Exchange Commission (SEC) on the same day that its CEO, Kris Marszalek, met with President-elect Donald Trump at his Mar-a-Lago estate. This meeting underscores the increasingly close relationship between politicians and the cryptocurrency industry, a relationship that could significantly affect how cryptocurrencies are regulated in the United States.
    On December 16, Marszalek posted on X about his trip to Florida, where he and Trump reportedly discussed ambitious proposals, including a national Bitcoin (BTC) reserve, valued at $106,444. They also touched on potential appointments related to the cryptocurrency sector within Trump's administration.
    This meeting is particularly significant as it coincided with Crypto.com’s decision to roll back its legal battle against the SEC. On December 16, the exchange filed documents in the U.S. District Court for the Eastern District of Texas, officially dismissing the case with prejudice—a legal term that prevents the case from being brought back to court.
    Previously, after receiving a Wells notice—which serves as a forewarning of potential enforcement actions—Marszalek indicated that the company would take legal action to protect the future of cryptocurrency. However, the firm later revealed that its decision to withdraw the lawsuit was motivated by a desire to collaborate with the incoming administration to craft a regulatory framework favorable to the industry.
    Since winning the presidential election on November 5, Trump has shown intentions to appoint individuals aligned with pro-cryptocurrency views. Notably, he had launched his own digital asset endeavor called World Liberty Financial prior to the election, signaling an interest in the burgeoning financial technology landscape.
    In addition to discussions with Marszalek, Trump also conferred with Coinbase CEO Brian Armstrong in November about key personnel choices. Following these interactions, Trump announced the appointment of David Sacks, a former PayPal COO, as his “AI and crypto czar,” along with former SEC commissioner Paul Atkins as his choice for the SEC chair.
    These developments reflect a potentially transformative period for cryptocurrency regulation in the U.S. With the new administration seemingly open to working collaboratively with the industry, there is hope for a clearer regulatory landscape. This could lead to increased innovation and investment in the crypto space, but it will also be crucial for all stakeholders to ensure that regulatory measures protect consumers while fostering growth.
    The coming months will be pivotal in shaping how the cryptocurrency market operates in the U.S. and whether it can foster a safer, more robust environment for investors and companies alike.
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    LastPass Hackers Steal $5.4 Million From Users Just Days Before Christmas

    The white hat organization Security Alliance (SEAL) has warned users of LastPass to promptly relocate their cryptocurrency if their private keys have been stored on the platform since December 2022 or before.
    In a recent turn of events, the infamous LastPass hackers have potentially spoiled the holiday season for 40 more victims by misappropriating $5.36 million worth of assets from LastPass users—merely eight days prior to Christmas.
    LastPass experienced a significant data breach in December 2022, when cybercriminals managed to extract a backup of user vault data from its encrypted storage.
    As of September, it was reported that over $35 million in cryptocurrency had already been stolen. When considering the latest theft of $5.36 million alongside a prior incident from October 25 involving $4.4 million, the total amount stolen nears $45 million.
    The latest incident involved the stolen funds being converted into Ether (ETH), currently trading at $3,948.70, and was sent to various instant exchange platforms, according to blockchain investigator ZachXBT, who shared the news with his 48,400 Telegram followers on December 17.
    ZachXBT provided on-chain evidence of the latest LastPass-related thefts through the crypto scam reporting site Chainabuse.
    This serves as a critical reminder that any private keys or seed phrases stored in the LastPass password manager prior to 2023 are vulnerable, as emphasized by the white hat hacker group SEAL in a post on X on December 16, stating:
    "Transfer your assets before hackers take them for you."
    In addition to cryptocurrencies, a considerable amount of non-crypto funds has also been lost, with estimates indicating that approximately $250 million was stolen in May due to "tens of thousands of thefts," as noted by blockchain investigator Tay on X.
    Both SEAL and Tay are part of a broader community of crypto advocates urging former LastPass users to transfer their assets out of LastPass before it becomes too late.
    December: A Time for Increased Cyber Threats
    The recent surge in LastPass hacking incidents coincides with a rise in scams as the Christmas season approaches.
    The blockchain security firm Cyvers has pointed out that "hacker season" is officially here, advising everyone to be cautious and not trust anything that appears excessively festive. They also warned users not to disclose their two-factor authentication (2FA) codes and to steer clear of public Wi-Fi networks.
    In a similar alert, Meta, the parent company of social media platforms such as Facebook, Instagram, and WhatsApp, has issued warnings to its users regarding various scam campaigns aimed at holiday shoppers. These campaigns include fraudulent promotions for Christmas gift boxes, fake holiday decoration sales, and counterfeit retail coupons.
    Scammers within the cryptocurrency sphere may be attempting to recover losses incurred earlier this year, particularly after phishing-related thefts decreased by 53% month-over-month in November, totaling $9.3 million.
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    Double Spending Attack

    Double spending poses a significant challenge in the world of digital currencies and cryptocurrencies. It refers to the risk that a single digital token can be utilized more than once, undermining the fundamental concept of money as a scarce and non-reproducible resource. This problem is particularly pronounced in decentralized systems that lack a central authority to oversee transactions.
    Grasping the Concept of Double Spending
    To fully comprehend double spending, it’s crucial to understand the mechanics of digital currencies. Unlike physical currency, which has a concrete form and cannot be split or duplicated, digital currencies exist solely as data. This characteristic introduces vulnerabilities, allowing individuals to attempt utilizing the same digital coins in multiple transactions.
    For example, suppose Bob possesses 1 Bitcoin (BTC) and wishes to spend it. He might initiate two distinct transactions—one directed to Alice for an online service and another to Charlie for a different service—broadcasting both to the network. If the network fails to recognize that both transactions refer to the same Bitcoin, it may accept both, allowing Bob to effectively double spend.
    Techniques Leading to Double Spending
    Several well-known methods can result in double spending:
    Race Attack: In a race attack, the attacker transmits two conflicting transactions to different nodes at the same time. If one of these transactions reaches a merchant slightly quicker, it may be processed before the other transaction is flagged as invalid. For instance, if Bob sends one transaction to Alice and another to Charlie before either has been confirmed, he might manage to keep his Bitcoin if one transaction gets accepted first.
    Finney Attack: A Finney attack occurs when the attacker pre-mines a block that includes a transaction spending specific coins. The attacker then might attempt to make a purchase using those same coins while simultaneously broadcasting the pre-mined block to the network. If executed successfully, the pre-mined block invalidates the original transaction, as the network accepts the mined block first. For example, if Bob pre-mined a block that sent 1 BTC to an exchange and then made a legitimate transaction elsewhere, he could mislead the vendor into believing the transaction was valid while still retaining control of the coins.
    Vector76 Attack: This attack merges aspects of the race and Finney attacks. The attacker disseminates multiple transactions to various nodes, using transactions from a previously mined block to create confusion within the network. This complexity increases the likelihood of deceiving nodes into validating conflicting transactions without proper checks.
    Historical Instances of Double Spending
    While theoretical examples help clarify how double spending could occur, real-life incidents showcase its potential dangers:
    Bitcoin's 2010 Incident: In 2010, a flaw in the Bitcoin protocol became apparent, allowing users to generate more Bitcoin than what was actually available. This vulnerability enabled double spending, ultimately leading to a temporary halt in the Bitcoin network and raising significant concerns among users. This incident underscored the need to address potential weaknesses in the system.
    Nakamoto's Intent: Satoshi Nakamoto, the anonymous inventor of Bitcoin, specifically designed the system to thwart double spending by employing a decentralized ledger known as the blockchain. Transactions are validated through collective agreement among network participants prior to their inclusion in the chain, thereby reducing the risk of double spending.
    Protections Against Double Spending
    The cryptocurrency landscape has adopted several strategies to effectively counter double spending:
    Consensus Mechanisms:
    Proof of Work (PoW): Used by Bitcoin, this mechanism requires participants (miners) to solve complex mathematical challenges to add blocks to the blockchain. The difficulty of this process serves as a deterrent to quick double spending, as an attacker must outpace the entire network to succeed. Proof of Stake (PoS): In PoS systems, validators stake their assets to gain the privilege of adding blocks to the blockchain. This method also helps prevent double spending by aligning the interests of participants with the security of the network. Transaction Confirmation: Every transaction is confirmed by multiple nodes within the network. The greater the number of confirmations a transaction receives, the more secure it is against double spending attacks. Many exchanges advise waiting for several confirmations (typically six) before considering a Bitcoin transaction secure.
    Timestamp Protocols: Blockchain technology timestamps each transaction, maintaining a chronological record that prevents alterations to previous states of the ledger. Once a transaction is recorded, modifying it becomes exceptionally difficult, providing a safeguard against double spending attempts.
    Node Validation: Full nodes validate all transactions independently, ensuring a consistent view of legitimate transactions across the network. This distributed validation means that no single entity can engage in double spending undetected.
    Conclusion
    Double spending continues to be one of the most significant obstacles in the cryptocurrency space, primarily due to the digital nature of these assets. Nevertheless, advancements in blockchain technology, particularly consensus mechanisms and transaction verification processes, have effectively reduced this risk. Historical incidents serve as crucial reminders of the importance of maintaining the integrity of cryptocurrency systems. As the industry evolves, continuous improvements in transaction security and verification will enhance protections against double spending, promoting greater confidence in digital currencies and facilitating their wider acceptance in the global economy.
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    51% Attack

    What is a 51% Attack?
    A 51% attack occurs when a single entity or group gains control of more than 50% of a blockchain network's total hashing power (in Proof of Work systems) or voting power (in Proof of Stake systems). This control allows the attacker to manipulate the blockchain in various ways, including:
    Double Spending: The ability to spend the same cryptocurrency more than once by reversing transactions in blocks they control. Blocking Transactions: Preventing other participants from confirming transactions. Stealing Rewards: Taking over the mining rewards for newly created blocks. Examples of 51% Attacks
    Bitcoin Gold (BtG): In 2018, Bitcoin Gold, a fork of Bitcoin, suffered a 51% attack that resulted in over $18 million worth of double-spent transactions. The attackers were able to mine several blocks within a short time frame, allowing them to perform double spending and undermine the trust in the network.
    Ethereum Classic (ETC): In January 2019, Ethereum Classic experienced a 51% attack that led to over $1 million in double-spent transactions. The attackers gained control over the network's mining power, which allowed them to reorganize the blockchain and spend the same coins multiple times.
    Vertcoin (VTC): Vertcoin faced a similar situation in 2019 when attackers took control of the network. The attackers initiated a 51% attack and were able to perform double spending, resulting in a significant loss of confidence in the network.
    Why Are 51% Attacks Difficult to Execute?
    While theoretically possible, conducting a 51% attack comes with significant challenges:
    Cost: Gaining over 50% control over a network like Bitcoin would require an enormous amount of computational power, making it financially impractical for most attackers, especially given the current mining difficulty. Recognition and Response: If an attack is detected, the community can quickly respond by forking the blockchain or implementing changes to the consensus mechanism, which could effectively negate the attack's impact. Reputation: Any entity that successfully executes a 51% attack would risk damaging their reputation significantly, which could lead to the devaluation of the cryptocurrency they control. Mitigation Strategies
    Several strategies can help protect against 51% attacks:
    Increasing Hash Power: Encouraging more participants to join the network can help distribute hashing power more evenly, making it harder for any single entity to gain control. Implementing PoS (Proof of Stake): Switching to or incorporating proof-of-stake mechanisms can reduce the likelihood of such attacks, as controlling voting power is different from controlling mining power. Regular Audits: Conducting regular security audits and promoting transparency within the network can help identify any weaknesses before they are exploited. Conclusion
    While a 51% attack poses a significant theoretical risk to blockchain networks, real-world executions are infrequent and often met with swift community responses. Understanding the implications and mechanics behind such attacks is crucial for anyone involved in cryptocurrency and blockchain technology.
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    The Rise Of Complex Scam Strategies In DeFi Rug Pulls

    As the cryptocurrency market continues to flourish, recently achieving a staggering market capitalization of $3.89 trillion, the decentralized finance (DeFi) sector has seen a significant rise in rug pull incidents—deceptive schemes that exploit investors.
    On November 14, reports indicated an alarming record of 31 rug pull occurrences in just one day, culminating in total monthly losses surpassing $15 million. This highlights the increasingly advanced tactics employed by fraudsters within the DeFi space.
    Although many of these scams involved relatively modest amounts—typically under $100,000—the overwhelming frequency and growing complexity pose serious risks to the integrity of the DeFi ecosystem.

     
    The Evolving Nature of Crypto Scams
    Allen Zhang, the co-founder and CTO of Web3 cybersecurity firm GoPlus, explained that the most common form of rug pull today is the “honeypot token” scheme, discovered in over 5,688 tokens since November. He noted that contemporary scammers have refined their approach by utilizing advanced multi-wallet control strategies, complicating risk assessment based solely on wallet distribution.
    According to Michael Heinrich, co-founder of Web3 infrastructure provider 0G Labs, today’s rug pulls have transformed from basic theft strategies into a more elaborate psychological manipulation. Scammers now employ professional marketing tactics that rival those of legitimate startups.
    “We observe intricately designed narratives aimed at deceiving unsuspecting investors,” he remarked. He pointed out that the absence of strict Know Your Customer (KYC) protocols allows malicious developers to launch and promote fake tokens without revealing their identities, making it challenging for authorities to track them down.
    A case in point is the recent launch of the Peanut (PNUT) memecoin. In the first week after its November 1 release, PNUT experienced a staggering 161-fold increase in price, attracting the attention of scammers who created fake versions of the token. These fraudsters successfully executed a rug pull, absconding with over $103,000.
    Moreover, the use of front-running bots—applications that monitor the transaction pool to identify potential targets—has become a particularly insidious trend. Zhang indicated that criminals are beginning to develop automated strategies specifically designed to exploit these front-running tools, creating a competitive dynamic between token issuers and automated trading mechanisms.
    Steven Walbroehl, co-founder and CTO of Web3 security firm Halborn, emphasized that front-running bots significantly contribute to rug pull scams, especially during token launches. “They often initiate a cycle of hype and demand, quickly executing buy orders to outpace legitimate investors,” he stated.
    Consequently, security firms must perform more in-depth analyses that extend beyond simple concentration metrics, integrating more sophisticated indicators of suspicious activities.
     
    Advances in Scam Detection and Prevention
    In response to the rampant rise in memecoin scams, the blockchain security community is launching a robust counteroffensive. Security research entity Anaxi Labs, in collaboration with Carnegie Mellon University's CyLab, has developed algorithms to improve blockchain transparency and simplify its components.
    Kate Shen, co-founder of Anaxi Labs, expressed optimism about the potential advancements in blockchain security. With venture capital firm Andreessen Horowitz launching its inaugural major in-house product, Jolt, earlier this year, she remarked, “[Jolt’s] aim is to provide streamlined, quicker, and more auditable tools compared to the current developer environment, which can be labor-intensive and prone to security issues.”
    Furthermore, GoPlus has rolled out the SafeToken Protocol, offering standardized templates designed to minimize the chances of rug pulls caused by malicious coding. “By supplying these secure templates, we’re establishing a safer groundwork for token launches within the Web3 ecosystem,” Zhang highlighted.
    Beyond targeted solutions, Nanak Nihal Khalsa, co-founder of the Web3 security protocol Holonym, suggested that crypto wallets should incorporate automated code-scanning tools when users engage with contracts. “These issues cannot be resolved at the user level but can be addressed at the wallet level,” he advised.
    Addressing Psychological Manipulation
    Rug pulls often involve sophisticated psychological tactics. Ben Caselin, Chief Marketing Officer at digital asset trading platform VALR, noted that many crypto traders have accepted the volatile nature of these markets, viewing their activities as gambling. “They invest in numerous low-market-cap tokens, hoping that one or two might pay off quickly,” he explained.
    This environment creates ideal conditions for scams, where investors, driven by the fear of missing out (FOMO) and the promise of fast profits, become easy targets. Heinrich observed that today’s scammers excel at crafting extremely professional facades. “I receive at least one email each week from an ‘investment fund’ expressing interest in my project,” he revealed.
    The impact of social media and influencer marketing is undeniable; fake endorsements, fabricated success stories, and coordinated campaigns have become standard tools for fraudsters. “Scammers launch FOMO campaigns on social media, exploiting impulsive behaviors among investors. Alarmingly, some repeat the same tactics across multiple projects, refining their strategies to ensnare the next batch of victims,” Shen warned.
    Recognizing Alerts and Risks
    Traders can identify potential rug pulls by noting several red flags. One significant indicator is “token concentration.” Khalsa emphasized that scammers can create a facade of distribution by controlling multiple wallets that appear independent. “The more centralized the token supply, the higher the risk and impact of a potential rug pull,” he noted.
    Scam projects frequently promote tokens with low liquidity, facilitating centralized holders in executing rug pulls. Initiatives with limited community distribution are particularly vulnerable, as broader token dispersion helps mitigate manipulation risks.
    While it’s easy to mask a centralized token supply to look distributed—like splitting funds across several wallets controlled by one person—common users typically fail to detect these deceptions. Shen stated that resources like Etherscan and Token Sniffer can help flag projects dominated by a few wallets.
    Although it’s impossible to eliminate all risks, Khalsa believes educational efforts, technological advancements, and a shared sense of accountability can significantly reduce them.
    As the DeFi landscape continues to evolve, it’s more important than ever for investors to remain vigilant, educate themselves on potential scams, and utilize available tools to safeguard their investments.
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    Grayscale Unveils New Investment Funds For Lido And Optimism

    Grayscale Investments has recently introduced two new investment funds targeting the governance tokens of Lido and Optimism, according to an announcement made on December 12. This addition enhances Grayscale’s growing range of single-asset cryptocurrency investment products.
    The Grayscale Lido DAO Trust and Grayscale Optimism Trust provide investors with access to the native tokens of Ethereum’s top liquid staking token (LST) protocol and one of its widely utilized layer-2 (L2) scaling solutions, respectively.
    “Lido is playing a significant role in making staking more accessible on Ethereum, while Optimism is essential for Ethereum’s ability to scale and remain competitive against newer, faster layer 1 blockchains,” stated Rayhaneh Sharif-Askary, Grayscale’s head of product and research.
    These trusts aim to give investors access to protocols that enhance Ethereum’s efficiency, security, scalability, and broader adoption within the decentralized finance (DeFi) ecosystem, according to Sharif-Askary.
    Lido functions as an LST protocol that creates tradeable tokens symbolizing claims on a pool of staked Ether (ETH). It currently boasts nearly $40 billion in total value locked (TVL), making Lido the largest DeFi protocol by TVL, as per DefiLlama data.
    On the other hand, Optimism is a notable L2 network, holding around $800 million in TVL, also according to DefiLlama. Its technological framework is utilized by other L2s, including Coinbase’s Base and Uniswap’s Unichain, forming a network of interconnected L2s that Optimism refers to as the “superchain.”

    Expanding Portfolio of Cryptocurrency Investment Funds
    These newly launched funds are available exclusively to qualified investors and further build upon Grayscale’s suite of single-asset cryptocurrency investment offerings.
    In October, Grayscale also established an investment fund centered around Aave’s governance token (AAVE).
    Additionally, the company has included 35 new altcoins, such as Dogecoin (DOGE), Worldcoin (WLD), Pyth (PYTH), and Rune (RUNE), to its list of assets currently “under consideration” for future investment opportunities.
    Earlier, in August, Grayscale rolled out three trusts focused on the native tokens of various protocols, such as Sky (formerly MakerDAO), Bittensor, and Sui.
    As of December 11, Grayscale stands as the world’s largest crypto fund manager, overseeing nearly $35 billion in assets. The firm is particularly recognized for its Bitcoin (BTC) and Ethereum (ETH) exchange-traded funds (ETFs), which include the Grayscale Bitcoin Trust (GBTC) and Grayscale Ethereum Trust (ETHE).
    Furthermore, U.S. regulators are deliberating the potential approval of the Grayscale Digital Large Cap Fund (GDLC), which encompasses a diverse range of cryptocurrencies and may transition into an ETF format.
    In summary, Grayscale’s latest offerings reinforce its leadership in the cryptocurrency investment space, catering to the evolving needs of investors interested in becoming part of the DeFi landscape through Lido and Optimism.
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    UK's Financial Watchdog Restricts Access To Pump.fun For Residents

     
    The Financial Conduct Authority (FCA) has prohibited the operation of Pump.fun for UK users, cautioning against unauthorized financial services and potential scams.
    On December 3, the FCA issued a warning regarding the Solana-based meme coin launchpad, Pump.fun, which has been identified as operating without the necessary authorization.
    Access to Pump.fun has now been blocked for individuals in the UK following this warning.
    FCA Highlights Concerns: Are UK Users in Danger of Losing Their Investments?
    In a public statement released on December 3, the FCA asserted:
    “This firm may be providing or promoting financial services or products without our permission. We advise against engaging with this firm and urge caution due to potential scams.”
     
     
     
    The regulatory body expressed concerns that Pump.fun might be aiming its services at UK residents without proper authorization to do so.
    The platform, which enables users to create and trade Solana tokens without requiring coding skills, has acknowledged that users residing in the UK can no longer utilize its services.
    Those attempting to access Pump.fun from the UK receive a warning on the website regarding restricted access.
    “Restricted jurisdiction. Our systems have identified that you are in the United Kingdom,” the message stated. “In compliance with UK laws and regulations, this site is currently unavailable to users located in the United Kingdom.”
    “If you have coins stored in your private wallet, please follow this link to withdraw your assets,” it continued.
    As of now, Pump.fun has not made any comment regarding the FCA's warning on its official X profile or Telegram channel.
    According to UK regulations, businesses offering cryptocurrency-related services must register with the FCA if they fall under the country's money laundering legislation.
    The FCA has highlighted that customers using unauthorized platforms like Pump.fun face the risk of losing their investments with minimal recourse available.
    The regulator has underscored the absence of financial protections for users, emphasizing the challenges they may encounter in reclaiming their funds should issues arise.
    Is Pump.fun's Success Viable Amidst Ongoing Controversies?
    Since its inception in January, Pump.fun has been embroiled in various controversies.
    In May, the platform rolled out a livestreaming feature for meme coin creators following a troubling incident where a user set themselves on fire while promoting a token.
    However, the new livestreaming feature incited further outrage as it was employed for shocking stunts, some of which included threats to animal welfare and a staged suicide.
    In October, the platform faced substantial criticism after child sexual abuse material was detected on its site, revealing significant flaws in its moderation systems.
    In response to these incidents, Pump.fun has opted to completely eliminate its livestreaming feature.
    Regardless of these issues, Pump.fun accounted for a staggering 62% of all transactions on the Solana network in November, according to on-chain data from Dune Analytics.
    Nevertheless, the platform's ethical and legal challenges raise considerable questions regarding its long-term sustainability.
    Registered as Baton Corporation Ltd. in the UK, Pump.fun reportedly has employees operating out of London amid ongoing internal controversies.
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    Record-Breaking Inflows For U.S. Spot Ether ETFs: A Turning Point For Investor Interest

    In an impressive display of market enthusiasm, U.S. Spot Ether exchange-traded funds (ETFs) amassed a staggering $332.9 million in daily inflows on November 29. This remarkable total surpassed the previous record of $295.5 million set on November 11, highlighting an increasing appetite among investors for Ether-based investment vehicles.
    Leading this growth, BlackRock, the largest asset manager globally, was instrumental in driving these inflows, contributing a notable $250.4 million. This influx of capital coincided with a significant rise in Ether's price, which climbed 1.88% to reach $3,662 on the same day, as reported by CoinMarketCap.
    Nate Geraci, president of the ETF Store, pointed out that BlackRock’s iShares Ethereum Trust (ETHA) has experienced substantial success, attracting over $2 billion in inflows since its inception on July 23. This surge in investment is indicative of a trend where Ether ETFs have begun to outperform Bitcoin ETFs in daily inflows for the first time ever.
    On that notable day, Spot Bitcoin ETFs recorded $320 million in inflows, trailing slightly behind their Ether counterparts. Ethereum Vibin, a crypto analyst, acknowledged this historical shift on X, declaring it “a significant moment” in the investment landscape, as ETH ETF inflows began to outpace BTC ETF inflows. Furthermore, Felix Hartmann, the founder of Hartmann Capital, suggested that these trends reflect Wall Street's increasing engagement in the so-called “alt rotation.”
    The recent performance of Ether ETFs signifies a broader trend of improved outcomes compared to Bitcoin ETFs. Between November 22 and 27, Spot Ether ETFs witnessed net inflows of $224.9 million, while Bitcoin ETFs experienced a modest $35.2 million, hindered by outflows on November 25. The strengthening sentiment around Ether is also attributed to a favorable ruling for its decentralized finance (DeFi) ecosystem by a U.S. court, further boosting investor confidence.
    Crypto trader Pentoshi expressed optimism on X, stating, “Flows are finally picking up, and sellers are being absorbed. It only takes time.”
    Ethereum Reclaims Leading Position as the Top Blockchain for Tether
    In another notable development, Ethereum has once again become the primary blockchain for Tether (USDT), surpassing Tron with a total supply of $60.3 billion. This resurgence in dominance follows a 9.3% increase in ETH-based USDT over the past week, while Tron saw a contraction of 1.5%, reducing its supply to $58.1 billion. This marks Ethereum's first return to the top since August 2022.
    Overall, the USDT supply across all platforms has reached a historic peak of $132.9 billion, representing a bullish signal for the cryptocurrency market as a whole. Stablecoins like Tether serve a critical role in providing liquidity for trading and facilitating capital movement throughout the ecosystem.
    The resurgence of Ethereum can be attributed to its growing acceptance among financial institutions for the tokenization of assets tied to the U.S. dollar. Meanwhile, Tron continues to thrive in high-inflation regions due to its low fees and rapid transaction capabilities, allowing users to save effectively with USDT.
    The gap between Ethereum and Tron further widened on November 21, when Tether minted $2 billion USDT on Ethereum, in stark contrast to the $1 billion generated on Tron. Other notable blockchains in the USDT supply standings include BNB Chain ($4.58 billion), Arbitrum ($3.09 billion), and Avalanche ($1.31 billion).
    This recent activity signals a turning point for both Ether and the broader cryptocurrency market, showcasing a renewed investor interest that could shape the landscape in the months to come.
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    UK Plans to Launch Comprehensive Crypto Regulatory Framework by Early Next Year, Says Economic Secretary

    The United Kingdom is gearing up to roll out an all-encompassing regulatory framework for its cryptocurrency industry at the start of next year.
    During a recent conference in London, Tulip Siddiq, the Economic Secretary to the Treasury, announced that the proposed framework will integrate regulations governing stablecoins—digital currencies linked to stable assets like the U.S. dollar—and staking services into a cohesive regulatory structure.
    “Addressing everything in one go simplifies the process and makes more logical sense,” Siddiq remarked.
    Major Changes Ahead for Stablecoins
    Under the new regulations, stablecoins will no longer be categorized under the current payments services framework. Siddiq emphasized that this existing classification does not adequately accommodate the evolving applications of stablecoins.
    This regulatory initiative comes as the UK aims to enhance its competitive edge against the United States, where the newly elected administration of President-elect Donald Trump is actively engaging with crypto businesses.
    Industry Hesitation Due to Legislative Delays
    The delay in legislative action has caused some crypto firms to reconsider their investments in the UK, especially with the European Union's Markets in Crypto-assets (MiCA) regulation set to be implemented by the end of this year.
    The industry has also advocated for staking services—where users lock up their tokens to aid blockchain activities—to be exempt from designation as collective investment schemes, which would subject them to stricter regulatory oversight. Siddiq supported this viewpoint, asserting the government's commitment to clarify the legal status of staking.
    “At the Tokenisation Summit, I expressed my view that it’s illogical for staking services to be managed in this manner,” she stated. “We will address this matter appropriately.”
    In October, Dante Disparte, Circle’s global head of policy, indicated that the UK is expected to finalize its framework for stablecoins within a few months. “I believe we are looking at a timeline of months, not years,” he noted regarding the forthcoming stablecoin regulations.
    A Contrasting Landscape in the US
    Importantly, the stablecoin sector, currently valued at over $140 billion, remains largely unregulated in the United States. Recently, Senators Cynthia Lummis and Kirsten Gillibrand collaborated to introduce a new bill aimed at establishing regulatory guidelines for stablecoins.
    The proposed legislation would impose reserve and operational obligations on payment stablecoin issuers, necessitating the establishment of subsidiaries devoted to stablecoin issuance. The bill categorizes payment stablecoins as digital assets pegged to the U.S. dollar that are intended for payment or settlement purposes.
    Issuers would be required to offer conversion to dollars, and these digital assets would not be classified as securities. Only non-depository trust companies registered with the Federal Reserve Board or depository institutions authorized as national payment stablecoin issuers would be eligible, with oversight from both state and federal regulatory bodies.
    As the UK moves towards clearer regulations, the crypto industry watches closely, anticipating significant changes that may better support innovation and investment in the sector.
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    The Future of SEC Lawsuits: A Shift After Gensler's Departure

    With the impending departure of SEC Chair Gary Gensler in January, many legal actions against cryptocurrency firms in the United States are anticipated to "quietly fade away," as suggested by Pantera Capital, a prominent crypto asset management firm.
    During a recent panel discussion held at the North American Blockchain Summit in Dallas, Texas, Katrina Paglia, Pantera's chief legal officer, expressed optimism about upcoming changes in the regulatory landscape. She stated, “What we’re likely to witness are several settlements coming through."
    Paglia indicated that while the SEC might choose to dismiss some claims entirely, she believes it's improbable. “I don’t see that happening,” she remarked, noting that it would be an unusual leap for the commission.
    Instead, she predicted there will be settlements that include language along the lines of "neither admit nor deny." “They’re going to quietly resolve things. The defendants will likely compensate the SEC in some manner,” she added.
    According to Paglia, this approach allows the SEC to convey a sense of resolution while validating the resources it has invested in these investigations. Such outcomes would be advantageous for the agency in terms of accountability.
    On November 21, the SEC confirmed Gensler's resignation, who will officially step down on January 20. Paglia expressed hope that certain Wells notices—formal warnings of potential legal action from the SEC—might similarly "just fade away," suggesting that the agency will reassess its focus on specific entities.
    She highlighted a potential shift towards more lenient actions from the SEC, saying, “We hope to see some no-action letters issued by the SEC.” A no-action letter essentially indicates that the agency will not pursue legal action against an entity provided it follows a proposed course of action.
    In addition, there are rumors that SEC Commissioner Hester Peirce may oversee crypto regulation until a new chair is appointed, which could lead to the recommendation of more no-action letters. Paglia concluded her insights by suggesting that meaningful changes could materialize as early as January or February, sparking a slowdown in the current wave of litigation.
    Under Gensler’s leadership, the SEC has actively pursued legal actions against a plethora of notable cryptocurrency firms, including Ripple, Coinbase, Binance, Kraken, Uniswap, OpenSea, Consensys, Crypto.com, and Robinhood. As the regulatory climate evolves, many stakeholders await further developments with cautious optimism.
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    Kraken's Appeal Denied: Judge Upholds SEC's Allegations of Unregistered Securities Sales

    In a significant ruling, a federal judge in California has denied the cryptocurrency exchange Kraken's request to appeal a previous decision that allows a lawsuit from the U.S. Securities and Exchange Commission (SEC) to move forward. The judge determined that Kraken's appeal would serve only to prolong the case.
    Judge William Orrick issued an order on November 18, dismissing Kraken’s motion for an interlocutory appeal. He stated that the SEC had sufficiently established claims that the crypto assets traded on Kraken qualified as investment contracts under the Howey test, thereby falling under the jurisdiction of securities regulations.
    Orrick explained his decision, noting, "I do not believe that certifying this appeal would materially expedite the resolution of the litigation." He emphasized that, while the SEC's allegations seem plausible, only the discovery process will reveal whether Kraken's transactions genuinely satisfied all the elements outlined in the Howey test.
    In September, Kraken sought Orrick's permission to contest an earlier ruling from August, which rejected its attempt to dismiss the SEC's case. The exchange argued that there existed "substantial ground for difference of opinion" regarding securities laws that a higher court might clarify, potentially leading to an early resolution of the dispute.
    Kraken raised questions about the interpretation of investment contracts, particularly pertaining to agreements that lack formal contracts or post-sale obligations, and whether the Howey test necessitated investment in a company.
    However, Judge Orrick countered this by pointing out that Kraken had failed to reference any cases since the Howey ruling that supported the idea that contractual formalities or post-sale duties were required to define an investment contract. He noted, "Numerous courts have tackled these issues and have ruled against Kraken's perspective."
    This ruling follows the SEC's request earlier in November to dismiss three of Kraken's defenses, asserting that established laws clearly define what constitutes investment contracts and provided Kraken with adequate notice regarding the regulations.
    The SEC initiated legal action against Kraken in November 2023, claiming that the exchange neglected to register as an exchange, broker, dealer, and clearing agency.
    As of now, Kraken's legal representatives have not responded to requests for comments made outside regular business hours.
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    Cryptocurrency Market Capitalization Soars To $3.1 Trillion, Approaching France's GDP

    The cryptocurrency market has recently achieved a significant milestone, reaching a staggering market capitalization of $3.12 trillion. If it were considered a nation, it would rank as the eighth largest globally in terms of GDP, trailing behind the United States, China, Germany, Japan, India, the United Kingdom, and France.
    As of November 11, the overall crypto market value surged by 7% within just 24 hours, primarily driven by a remarkable rise in Bitcoin, which jumped to $89,500.
    In addition to the overall market growth, Bitcoin's individual market capitalization now exceeds $1.77 trillion, surpassing the GDP of Spain according to data from the International Monetary Fund. The last time the total crypto market capitalization reached the $3 trillion mark was on November 15, 2021, shortly after Bitcoin had peaked at its previous all-time high of $69,000 during the 2020-2021 bull run. This data is provided by CoinGecko, which tracks over 15,000 digital currencies across nearly 1,150 exchanges.
    At present, the total market capitalization of cryptocurrencies has surpassed that of tech giant Microsoft, and it is rapidly approaching the valuations of Nvidia and Apple, which are the two most valuable companies globally, as per Google Finance data.
    This recent Bitcoin price rally has also resulted in its market capitalization exceeding that of silver once again as of November 11.
    Markus Thielen, founder of 10x Research, shared his insights with Cointelegraph, stating that he anticipates Bitcoin's dominance in the market will remain formidable as the total crypto market cap inches closer to the $4 trillion threshold. “We expect Bitcoin’s dominance to hold strong, with the current market rally predominantly focused on Bitcoin, but also extending to Ethereum and Solana," he noted.
    Thielen confidently predicted a Bitcoin price of $100,000 by the end of the year, which would elevate its market capitalization to nearly $2 trillion.
    However, not all analysts share Thielen's outlook. Rachael Lucas, a cryptocurrency analyst at BTC Markets, suggested to Cointelegraph that a potential rally toward a $4 trillion market capitalization would likely stem from a significant upswing in altcoins, likely reducing Bitcoin's overall dominance during that period.
    Thielen also mentioned that while some Solana-based tokens may outperform the overall market, many assets that excelled during the 2020-2021 bull cycle could underperform in the current climate.
    Currently, Bitcoin is valued at $89,478, marking an 11% increase over the past 24 hours and positioning it just below the $90,000 milestone.
    This bullish sentiment hints at an exciting time ahead for the cryptocurrency market, as investors and analysts continue to monitor price movements and market dynamics.
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    Trump's Election Victory Isn't The Sole Factor Behind Bitcoin's Surge, Says Executive

    The recent increase in Bitcoin's value cannot be solely attributed to Donald Trump’s election win in the United States, according to Jesse Myers, co-founder of Onramp Bitcoin. He emphasized that the primary driver of Bitcoin's price rally could be the aftermath of the recent halving event rather than political changes.
    In a post shared on X on November 11, Myers explained, “If you’re curious about the current dynamics surrounding #Bitcoin… Yes, the incoming administration appears to be more favorable toward cryptocurrency, offering a recent incentive. However, that is not the central narrative here.”
    He pointed out that we are now six months past the latest halving, which occurred in April when Bitcoin’s block rewards were reduced from 6.25 BTC to 3.125 BTC. This reduction means that mining each new block has become more challenging, leading to diminished rewards.
    Myers elaborated that the implications of this halving have resulted in a significant supply shock: "Current supply levels fail to meet the rising demand at the current pricing, necessitating a restoration of the equilibrium between supply and demand."
    The introduction of Bitcoin exchange-traded funds (ETFs) this January has further intensified this demand. On November 11 alone, U.S. Bitcoin ETFs experienced a remarkable influx, acquiring approximately 13,940 BTC in a single day, contrasting sharply with a mere 450 BTC that were mined.
    “To rectify the imbalance, prices must escalate, which could lead to a cycle of enthusiasm and potentially create a bubble, but that’s the nature of the market,” he added.
    Myers acknowledged that while it may sound irrational to predict a consistent and predictable bubble every four years, the unique nature of Bitcoin, with its supply halving every four years, produces this phenomenon. “A post-halving bubble is a typical outcome,” he stated, recalling similar occurrences after the halvings in 2012, 2016, and 2020. He confidently predicted that this cycle would unfold again, driving prices substantially higher.
     

     
    Onchain analyst James Check shared similar observations, likening Bitcoin's market capitalization to that of gold, which has gained about $6 trillion in value over the past year, albeit with a continuous influx of hundreds of billions worth of new and recycled supply.
    In contrast, Bitcoin's market cap currently stands at $1.6 trillion, which he classified as “extremely scarce,” especially considering that many holders have faced significant market turmoil previously. He anticipates further price increases.
    On November 12, financier Anthony Scaramucci expressed similar thoughts, advising potential investors who might feel they've missed the opportunity to buy Bitcoin, “It may seem like it’s too late, but it’s not. We are still in the early stages.”
    Scaramucci is optimistic that the U.S. will develop a strategic reserve of Bitcoin, a move he expects other nations to follow, along with institutional investors and asset managers.
    As of now, around 94% of all Bitcoin that can ever exist is already in circulation or has been lost, which leaves approximately 1.2 million BTC remaining to be mined, intensifying the pressure on supply and demand.
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