Crypto

Key Points

• Eden Gallery argued that NFT holders' losses are due to market forces, not fraud or misrepresentation.
• The gallery seeks dismissal of a class-action lawsuit by 36 NFT owners alleging fraud and unjust enrichment.
• The Meta Eagle Club NFTs, which sold for $13 million, have significantly dropped in value since their launch in 2022.
• Eden Gallery claims that the NFT market's general decline does not indicate wrongdoing on their part.
• The gallery also disputes the aggregation of claims, stating individual claims do not meet the $75,000 jurisdictional threshold.

Summary

Eden Gallery is defending itself against a class-action lawsuit from 36 NFT holders of the "Meta Eagle Club" collection, arguing that any losses incurred by the plaintiffs are due to market forces rather than fraud or misrepresentation. The gallery, in a motion to dismiss filed in a New York federal court, stated that the NFTs were a digital art product, not an investment, and that the market for NFTs has generally declined since the collection's launch in early 2022. The Meta Eagle Club NFTs, which initially sold for around $1,800 each, are now trading at about $17. The plaintiffs allege that they overpaid due to misrepresentations by the gallery and are seeking damages. However, Eden Gallery contends that the claims do not meet the necessary jurisdictional threshold for aggregation and should be dismissed. Despite a recent uptick in NFT sales, the sector remains significantly down from its peak in early 2022.

Key Points

• Dogecoin's social chatter is at a low, potentially signaling a buying opportunity according to Santiment.
• The crypto analysis firm rates Dogecoin's crowd sentiment as "bearish" with a score of 1 out of 5.
• Despite the quiet period, analysts suggest there could be significant upside if the market trends upward.
• Dogecoin has experienced a 28% drop in market cap since its peak a month ago.
• Traders and analysts are optimistic about Dogecoin's performance in 2025, predicting it could reach between $3 and $5.

Summary

The article discusses the current state of Dogecoin (DOGE), highlighting a significant decline in social media activity and sentiment around the cryptocurrency, which could present a buying opportunity for traders. According to Santiment, Dogecoin's crowd sentiment is at a near-year low, rated as "bearish" with a score of 1 out of 5. Despite this, there's an optimistic outlook for Dogecoin, with potential for substantial gains if the broader crypto market sees an upturn. Dogecoin has lost 28% of its market cap since its peak a month ago, trading at $0.34 at the time of publication. Other memecoins like Shiba Inu and Pepe have also seen declines. However, traders and analysts are hopeful, predicting Dogecoin could be among the top performers in 2025, with some even suggesting it could reach between $3 and $5 based on market indicators. This optimism comes amidst a backdrop of reduced public interest, as evidenced by a significant drop in Google searches for Dogecoin following the U.S. presidential election and the withdrawal of a lawsuit against Elon Musk related to Dogecoin price manipulation.

Key Points

• Fidelity Digital Assets predicts increased acceptance and adoption of bitcoin by nation-states, central banks, and government treasuries in 2025.
• The report suggests that not investing in bitcoin could be riskier than investing, given economic challenges like inflation and fiscal deficits.
• Political figures like Donald Trump and Cynthia Lummis have discussed establishing a strategic bitcoin reserve in the U.S., with Lummis proposing the "Bitcoin Act of 2024."
• If the U.S. adopts bitcoin, other nations might follow due to political and financial pressures.
• Countries like the U.S., China, and El Salvador are already significant holders of bitcoin, mainly through seizures and recovery from criminal activities.

Summary

Fidelity Digital Assets' recent research report highlights a pivotal year for bitcoin in 2025, predicting a surge in its acceptance and adoption by various global financial entities. The report suggests that macroeconomic issues like inflation and fiscal deficits make not investing in bitcoin riskier than investing. It points out that influential U.S. political figures, including President-elect Donald Trump and Senator Cynthia Lummis, have expressed interest in creating a strategic bitcoin reserve, with Lummis introducing the "Bitcoin Act of 2024" to the Senate. If the U.S. moves forward with this plan, it could trigger a domino effect, compelling other nations to adopt similar strategies to avoid being left behind in the global financial landscape. The report also notes that several countries, including the U.S., China, and El Salvador, already hold significant amounts of bitcoin, primarily from government seizures related to criminal activities. This trend could lead to a significant increase in bitcoin's value as more nations and institutions look to secure their financial positions through cryptocurrency.

Key Points

• Dogecoin (CRYPTO: DOGE) had a remarkable 250% gain in 2024, outperforming other major cryptocurrencies like XRP, Bitcoin, and Ethereum.
• The surge in Dogecoin's value was influenced by Donald Trump's crypto-friendly campaign and his subsequent election win, leading to expectations of a more favorable regulatory environment for cryptocurrencies.
• Elon Musk's involvement with Trump's campaign and the announcement of a "Department of Government Efficiency" (DOGE) initiative further boosted Dogecoin's price, although the acronym's connection to the cryptocurrency was speculative.
• Despite the price surge, Dogecoin lacks real-world utility and its value is largely driven by speculative investor sentiment rather than fundamental demand.
• While Dogecoin could potentially reach $1 per token in 2025 due to speculative frenzy, its long-term value remains uncertain due to the absence of solid fundamentals.

Summary

In 2024, Dogecoin experienced a phenomenal 250% increase in value, outpacing other prominent cryptocurrencies like XRP, Bitcoin, and Ethereum. This surge was largely attributed to Donald Trump's crypto-friendly campaign and his subsequent victory in the U.S. presidential election, which led investors to anticipate a more supportive regulatory environment for cryptocurrencies. Elon Musk, a known Dogecoin enthusiast, further fueled the rally by supporting Trump's campaign and being involved in the announcement of a "Department of Government Efficiency" (DOGE) initiative, although the connection to Dogecoin was more symbolic than substantive. Despite reaching a 52-week high of $0.47, Dogecoin's price remains well below its all-time peak, reflecting investor caution. The cryptocurrency's lack of real-world utility and its dependence on speculative trading rather than organic demand highlight its volatile nature. While there's potential for Dogecoin to hit $1 per token in 2025, its long-term value remains questionable due to the absence of solid fundamentals.

Key Points

• The crypto market has experienced a rapid shift to bearish sentiment within 24 hours, influenced by a head-and-shoulders topping pattern in Bitcoin (BTC) and the S&P 500.
• The rise in the MOVE index, which measures expected volatility in the U.S. Treasury bond market, signals tighter financial conditions and risk aversion across markets.
• Higher Treasury yields, following robust economic data, have contributed to the downturn in both BTC and the S&P 500, with BTC dropping 5% to $96,900 and the S&P 500 declining over 1%.
• The post-election market surge lost momentum in mid-December, coinciding with the bottoming out of the MOVE index, indicating a change in market dynamics.

Summary

The crypto market has seen a swift shift to bearish sentiment, driven by a head-and-shoulders topping pattern in Bitcoin and the S&P 500, which coincides with changes in market dynamics post-U.S. election. The MOVE index, which tracks expected volatility in the U.S. Treasury bond market, has been rising, signaling tighter financial conditions and triggering risk aversion across financial markets. This uptick in the MOVE index, particularly after stronger-than-expected manufacturing data, has led to higher Treasury yields, with the 30-year note reaching its highest yield since November 23, and the 10-year note since May. This has directly impacted both Bitcoin, which fell 5% to $96,900, and the S&P 500, which saw a decline of over 1%. The market's bullish trend post-election lost steam in mid-December as the MOVE index bottomed out, suggesting that the stability of the Treasury market is crucial for a bullish turnaround in risk assets. Currently, with the MOVE index on an upward trend, the completion of bearish reversal patterns in both Bitcoin and the S&P 500 seems likely.

Key Points

• Hyperliquid airdropped 28% of its HYPE token supply to early users, now worth over $7 billion, making it the most valuable airdrop in history.
• The project excluded venture capitalists (VCs) and focused on community involvement, which contributed to its success and cult following.
• The HYPE Assistance Fund, which buys back HYPE tokens, has been a significant factor in maintaining price action.
• Hyperliquid's egalitarian approach and timing during a bear market helped it stand out, but replicating this success is challenging for new projects.
• Despite its success, Hyperliquid faced security concerns with North Korea-linked hackers testing the platform.

Summary

Hyperliquid's airdrop of its HYPE token has been hailed as the most lucrative in crypto history, distributing 28% of its supply to early users, now valued at over $7 billion. The project's strategy of excluding venture capitalists and focusing on community engagement has been pivotal in its success, creating a significant demand for HYPE tokens post-launch. Analyst Jae Sik Choi highlighted the role of the HYPE Assistance Fund in maintaining price stability through daily token buybacks. However, experts caution that replicating Hyperliquid's success is not straightforward due to the unique market conditions and the project's focus on rewarding early and loyal users. Despite its achievements, Hyperliquid encountered security issues with North Korean hackers testing the platform, raising concerns about centralization and potential vulnerabilities. The platform's approach to tokenomics and its product's high throughput and low fees have set it apart from competitors, although the sustainability of such strategies remains under scrutiny.

Key Points

• Cryptocurrency is increasingly used for paying various bills, including credit cards, rent, mortgages, car payments, subscriptions, and utilities.
• Setting up a crypto wallet is the first step to paying bills with cryptocurrency, followed by purchasing cryptocurrency if you don't already own any.

Summary

Cryptocurrency is gaining traction as a practical payment method for everyday bills, mirroring the functionality of traditional currencies like the U.S. dollar. From credit card payments to utility bills, the scope of what can be paid with cryptocurrency is expanding. To utilize this payment method, one must first set up a crypto wallet, which acts as a digital bank account for cryptocurrencies. This wallet can be either hardware or software-based, and securing it with a seed phrase is crucial. If you're new to cryptocurrency, you'll need to buy some from a reputable exchange. Platforms like BitPay facilitate these transactions, allowing users to pay various bills directly from their crypto wallets. This process not only simplifies bill payments but also introduces users to the benefits of cryptocurrency, such as speed and security in transactions. However, users must be aware of the volatility and potential transaction fees associated with cryptocurrency.

Key Points

• Bitcoin price dropped below $96,000, with a potential retest of $88,000 being "highly probable."
• Increased selling pressure on Binance, with hourly net taker volume reaching a peak of -$325M.
• Market sentiment mixed with some traders predicting a dip to $88,000, while others expect a rebound by the weekend.

Summary

Bitcoin experienced a significant price drop, falling below $96,000 on January 8, following a $5,000 decline in a single day. This downturn was attributed to a spot sell-off and was exacerbated by unfavorable US macroeconomic data releases, which increased selling pressure on exchanges like Binance. The hourly net taker volume on Binance hit a peak of -$325 million, signaling strong sell-off activity. Analysts and traders are divided on the immediate future of Bitcoin's price, with some like trader Johnny predicting a further dip to around $88,000 in the coming weeks, while others like Josh Rager anticipate a potential rebound by the weekend. Despite the volatility, there are signs of solid demand for Bitcoin, as noted by CryptoQuant CEO Ki Young Ju, who highlighted the Apparent Demand indicator showing sustained interest in holding Bitcoin for the long term. This mixed sentiment reflects the complex dynamics at play in the cryptocurrency market, influenced by both macroeconomic factors and trader psychology.

Key Points

• Fidelity Digital Assets predicts increased acceptance and adoption of bitcoin by nation-states, central banks, and government treasuries in 2025.
• The report suggests that not investing in bitcoin could be riskier than investing, given current economic challenges like inflation and fiscal deficits.
• Political figures like Donald Trump and Senator Cynthia Lummis have discussed establishing a strategic bitcoin reserve in the U.S., with Lummis proposing the "Bitcoin Act of 2024."

Summary

Fidelity Digital Assets has forecasted a significant shift in the acceptance and adoption of bitcoin in 2025, driven by various global economic pressures. The research report highlights that with rising inflation, currency debasement, and increasing fiscal deficits, not allocating funds to bitcoin might pose a greater risk than investing in it. Analyst Matt Hogan from Fidelity suggests that more countries, including their central banks and sovereign wealth funds, are likely to consider strategic investments in bitcoin. The report also mentions political interest in the U.S., with President-elect Donald Trump and Senator Cynthia Lummis advocating for a strategic bitcoin reserve, although the implementation remains uncertain. Lummis introduced the "Bitcoin Act of 2024" to the Senate, which, if passed, could set a precedent for other nations to follow. Fidelity notes that countries might start accumulating bitcoin covertly to avoid influencing market prices. Currently, the U.S., China, U.K., Ukraine, Bhutan, and El Salvador are among the largest government holders of bitcoin, primarily through seizures related to criminal activities.

Key Points

• Arthur Hayes predicts a crypto peak in mid-March followed by a "severe" correction.
• Ripple and Chainlink launch RLUSD stablecoin across Ethereum and XRPL, sparking discussions on Crypto Twitter.
• CFTC Chair Behnam warns of a largely unregulated digital asset space in the US as he steps down.
• Meme coins experience significant drops, with some down over 15%, while Bitcoin only falls by 5%.
• Bitcoin ETFs see massive inflows of $1.1B in a day, yet Bitcoin's price drops, with Fidelity outpacing BlackRock.

Summary

Today's crypto market took an unexpected turn with Bitcoin experiencing a 5% drop, influenced by strong economic data that contradicted expectations of Federal rate cuts. Arthur Hayes, a notable figure in the crypto community, has shifted his stance, now predicting a market peak in mid-March before a significant correction, influenced by anticipated dollar liquidity increases in 2025. Ripple and Chainlink's collaboration to launch RLUSD, a stablecoin, across Ethereum and XRP Ledger has caught the attention of Crypto Twitter, potentially reshaping DeFi. Meanwhile, CFTC Chair Rostin Behnam's departure highlighted the regulatory challenges in the crypto space, noting a large portion remains unregulated. Meme coins like Dogecoin and others saw double-digit drops, far exceeding Bitcoin's decline, indicating heightened volatility in this sector. Despite Bitcoin's price drop, Bitcoin ETFs attracted a staggering $1.1 billion in a single day, with Fidelity's fund outperforming BlackRock's, raising questions about the relationship between ETF inflows and Bitcoin's market price.

Key Points

• The Crypto Accounting Academy has been recognized as a CPE Sponsor by NASBA.
• Students can earn up to 20.4 CPE credits through the course, aiding in CPA licensure and other certifications.

Summary

The Crypto Accounting Academy, a course by The Accountant Quits, has been officially recognized as a Continuing Professional Education (CPE) Sponsor by the National Association of State Boards of Accountancy (NASBA). This acknowledgment places the course on the NASBA CPE Registry, highlighting its commitment to delivering high-quality education in the web3 accounting sector. The course offers students the chance to earn up to 20.4 CPE credits, which are crucial for maintaining CPA licensure and other professional certifications. The accreditation reflects the course's adherence to the Statement of Standards for Continuing Professional Education Programs (2024) and aims to educate accountants on blockchain's impact on accounting practices. This recognition comes at a time when the American Institute of Certified Public Accountants and NASBA are proposing changes to the Uniform Accountancy Act, introducing new pathways for CPA licensure.

Key Points

• Bitcoin hit six figures in 2024, marking a significant milestone for the cryptocurrency.
• The introduction of spot Bitcoin ETFs and the halving event contributed to Bitcoin's 119% rise in value.
• President-elect Trump's pro-crypto stance and suggestion of a Bitcoin reserve could increase demand.
• Analysts predict Bitcoin could reach $150,000 to $200,000 in 2025, with some like Cathie Wood forecasting even higher values by 2030.

Summary

The cryptocurrency market, particularly Bitcoin, experienced a remarkable year in 2024, with Bitcoin reaching six figures and doubling in value for the second consecutive year. This surge was fueled by several key events including the introduction of spot Bitcoin ETFs and the halving event, which reduced the supply growth of new Bitcoins. Despite these gains, the potential for further growth remains strong, driven by President-elect Donald Trump's positive stance on cryptocurrency. Trump's vision of the U.S. becoming the "crypto capital of the planet" and his proposal for a government Bitcoin reserve could significantly boost demand. Analysts are optimistic, with projections suggesting Bitcoin could hit $150,000 to $200,000 in 2025, and some like Cathie Wood predicting even higher values by 2030. However, the volatile nature of Bitcoin means that while the potential for high returns exists, so does the risk of significant fluctuations, making it a speculative investment not suitable for all investors.

Key Points

• Ripple President Monica Long believes an XRP ETF could soon be approved in the U.S. due to favorable crypto regulations.
• Ripple's new RLUSD stablecoin is expected to expand its presence on more exchanges soon.
• Bitwise, Canary Capital, WisdomTree, and 21Shares have filed for XRP ETFs, with decisions pending.
• Speculation suggests a Trump administration could benefit U.S.-based crypto companies like Ripple.
• XRP prices have surged over 300% since Trump's win, driven by optimism in U.S. crypto policies.

Summary

Ripple President Monica Long expressed optimism about the potential approval of an XRP exchange-traded fund (ETF) in the U.S., citing favorable crypto regulations. She anticipates that more crypto spot ETFs will emerge this year, with XRP likely following Bitcoin and Ether. Ripple's new RLUSD stablecoin, launched on Ethereum and XRP Ledger, is set to expand its reach on more exchanges soon, enhancing its role in Ripple's payment and money businesses. Several asset managers, including Bitwise, Canary Capital, WisdomTree, and 21Shares, have filed for XRP ETFs, although no decisions have been made yet. The crypto community speculates that a Trump administration could favor U.S.-based crypto firms like Ripple, which has already seen a surge in local business deals post-election. XRP's price has significantly outperformed other major cryptocurrencies, rising over 300% since Trump's win, fueled by expectations of a positive shift in U.S. crypto policy.

Key Points

• Nation-states, central banks, and government treasuries are expected to establish strategic positions in Bitcoin by 2025, according to Fidelity Digital Assets.
• Not allocating Bitcoin could pose greater risks to nations than making an allocation, due to issues like inflation and fiscal deficits.
• The success of spot Bitcoin and Ether ETFs suggests a mainstream adoption of digital asset products in 2025.
• Tokenization is predicted to be the "killer app" of 2025, with onchain value expected to double.

Summary

Fidelity Digital Assets has forecasted a significant shift in the crypto market by 2025, with nation-states and financial institutions increasingly adopting Bitcoin into their strategic reserves. Analyst Matt Hogan from Fidelity suggests that not investing in Bitcoin could become riskier for countries facing economic challenges like inflation and fiscal deficits. The report highlights the potential for countries to follow the example set by Bhutan and El Salvador, which have already seen substantial returns from their Bitcoin investments. Hogan also anticipates that if the U.S. moves forward with its Bitcoin reserve plans, other nations might secretly accumulate Bitcoin to avoid driving up prices. Additionally, the success of Bitcoin and Ether ETFs is expected to pave the way for more structured digital asset products in traditional finance. Tokenization is highlighted as a major trend, with its onchain value projected to double by the end of 2025, indicating a broader acceptance and integration of blockchain technology in financial services.

Key Points

• The incoming Trump administration’s crypto regulations and the US Federal Reserve’s monetary policy are key factors influencing Bitcoin's price.
• Bitcoin could see a liquidity boost of over $612 billion in Q1 2025, potentially offsetting regulatory delays.
• Arthur Hayes predicts a Bitcoin rally due to increased liquidity, but also anticipates a correction due to regulatory disappointments.

Summary

The article discusses the potential impact of the incoming Trump administration's crypto regulations and the US Federal Reserve's monetary policy on Bitcoin's price trajectory. Arthur Hayes, co-founder of BitMEX, suggests that despite potential regulatory delays, Bitcoin could benefit from an influx of over $612 billion in new liquidity in the first quarter of 2025. This liquidity could mitigate investor concerns over delayed crypto regulations. However, Hayes also warns of a possible correction in Bitcoin's price due to disappointment over the slow implementation of pro-crypto policies by the Trump administration. Despite these concerns, some analysts remain optimistic, predicting Bitcoin could reach above $150,000 by late 2025, driven by a significant increase in global money supply. The article also notes that institutional investors might help Bitcoin surpass the $100,000 mark before Trump's inauguration, although sustaining such levels would depend on various factors including actual regulatory implementation and Federal Reserve policies.

Key Points

• Dogecoin (DOGE) led losses among major cryptocurrencies, dropping 10% as Bitcoin (BTC) fell to nearly $96,000 due to economic data affecting U.S. treasury yields.
• Crypto-tracked futures saw a significant liquidation of $560 million, reflecting high market volatility at the year's start.
• The drop in crypto prices mirrored losses in U.S. stocks, influenced by stronger-than-expected U.S. economic data, including job openings and service sector performance.
• Market analysts view the current dip as a temporary setback, with optimism for future growth due to historical trends and a potentially more crypto-friendly U.S. administration.
• QCP Capital warns of a volatile January due to the U.S. Treasury debt ceiling reinstatement, which could lead to market turbulence.

Summary

The cryptocurrency market experienced significant losses, with Dogecoin (DOGE) leading the decline by dropping 10% as Bitcoin (BTC) fell to nearly $96,000. This downturn was triggered by fresh U.S. economic data that caused treasury yields to soar, impacting not just crypto but also U.S. stocks. The Institute for Supply Management (ISM) reported stronger-than-expected service sector performance, and U.S. job openings exceeded forecasts, leading to a sell-off in Treasury securities and a rise in the 10-year Treasury yield to its highest since May. This economic backdrop resulted in a $560 million liquidation in crypto-tracked futures, highlighting the market's volatility. Despite the immediate negative sentiment, market observers like Vince Yang from zkLink remain optimistic, citing historical trends and a potentially more favorable U.S. administration. However, Singapore-based QCP Capital anticipates a turbulent January due to the U.S. Treasury debt ceiling reinstatement, which could further stir market volatility.