Daily Market Update (December 18, 2024, 20:35)
ChainDD's market data on December 18 shows the comprehensive index compared to CoinMarketCap quotes:
BTC is priced at $104,774.33, down about 2.01% in the last 24 hours;
ETH is priced at $3,862.74, down about 3.69% in the last 24 hours;
BNB is priced at $716.98, down about 0.59% in the last 24 hours;
DOGE is priced at $0.3856, down about 5.03% in the last 24 hours;
DOT is priced at $8.23, down about 7.44% in the last 24 hours.
Crypto Market Dynamics
The Hong Kong Securities and Futures Commission quickly licenses virtual asset trading platforms
The Hong Kong Securities and Futures Commission today quickly licensed four applicants for virtual asset trading platforms. The four applicants are Cloud Account Greater Bay Area Technology (Hong Kong) Limited, DFX Labs Company Limited, Hong Kong Digital Asset Trading Group Limited, and Thousand Whales Technology (BVI) Limited. The Commission is reviewing the remaining applications under the same fast-track licensing process.
Market news: MicroStrategy's insider trading blackout period may lead to a suspension of Bitcoin purchases in January
Market news suggests that MicroStrategy (MSTR) may not sell stock or issue new convertible bonds via ATM to raise funds for Bitcoin purchases in January. This behavior may worry some long-term MicroStrategy stockholders who have been expecting the company to buy Bitcoin weekly. Researchers speculate that the so-called prohibition on issuing new convertible bonds is related to insider trading rules. Although the SEC does not prohibit insiders from trading during the earnings season and after the earnings report is released (assuming all other disclosures are up to date), many companies still set their own insider trading blackout periods as a Wall Street practice. The blackout period typically lasts two weeks to a month, with most companies resuming internal trading two days after quarterly earnings announcements.
Zhang Yiming's Cool River Venture HK Limited has obtained a type 9 asset management license from the Hong Kong Securities and Futures Commission
According to an announcement from the Hong Kong Securities and Futures Commission, Cool River Venture HK Limited, co-founded by ByteDance co-founder Zhang Yiming, has been granted a type 9 license (asset management license) to conduct asset management business in Hong Kong. Additionally, according to the Hong Kong Special Administrative Region Government Companies Registry website, Cool River Venture HK Limited was registered on May 22, 2023. Reports indicate that Cool River Venture is a private limited company, with Zhang Yiming as the sole director, and its shareholder registration is located in the Cayman Islands.
OSL: Hong Kong Legislative Council reads (Stablecoin Regulation Bill) for the first time, which will consolidate its position as a global stablecoin regulatory center
The Hong Kong Legislative Council will conduct the first reading of the (Stablecoin Regulation Bill) today, aiming to introduce a regulatory framework for fiat-backed stablecoin issuers in Hong Kong. OSL Executive Director and Head of Regulatory Affairs, Diao Jiajun, stated that Hong Kong has a clear advantage in developing stablecoins, primarily because several companies, including OSL, have become licensed entities by the Securities and Futures Commission, and the legal framework for intermediary regulation is already in place. In contrast, some Western countries are still in the discussion stage, and the U.S. currently faces many uncertainties. This legislative process will further consolidate Hong Kong's position as a global center for stablecoin development and regulation.
Coin Metrics: New technologies reshape the mining landscape after the Bitcoin halving event
According to the latest 'Network Status' report from Coin Metrics and analyst Matías Andrade, the Bitcoin halving event in 2024 has triggered significant changes in the mining industry. The report shows that after the halving, revenue per TH/s of mining power measured in BTC has sharply decreased.
However, Bitcoin prices have risen above $105,000, alleviating some shocks. Even so, profitability still lags behind the peak period before the halving, indicating that miners trying to maintain profit margins will face tough times.
Coin Metrics analysis shows that listed Bitcoin mining companies have outperformed Bitcoin's price growth, which has seen significant fluctuations. Since July, Bitcoin has risen by 54.3%, while the shares of leading mining companies have also risen significantly. Hut8, Bitdeer, and Core Scientific led the way, rising by 68%, 78.5%, and 60.2%, respectively.
Researcher Matías Andrade emphasized that maintaining a strong financial position and cutting-edge mining equipment is key to distinguishing excellent companies. Companies holding Bitcoin during the bear market have also gained financial support due to the rebound in BTC prices.
Additionally, mining hardware technology has been rapidly advancing. Andrade emphasized that miners need to keep their equipment up to date to remain competitive. Looking ahead, the report highlights the importance of miners adapting to reduced Bitcoin supply, fine-tuning operations, and utilizing cheap energy.
French lawmakers urge the EU to establish a strategic Bitcoin reserve
French MEP Sarah Knafo delivered a speech urging the EU to adopt a 'strategic Bitcoin reserve' as part of broader measures to promote financial autonomy and combat inflationary pressures. Knafo is a French local judge and a member of the Court of Auditors, with a background in public service and political consulting.
In parliamentary remarks, Knafo cited global examples, including El Salvador's early adoption of Bitcoin, as well as statements from political figures such as Trump and Federal Reserve Chairman Powell, emphasizing that the wave of institutional acceptance of Bitcoin is rising. She asserted that the EU's current financial strategy puts member states at a disadvantage in the rapidly evolving monetary landscape and criticized existing regulatory measures as overly strict.
She continued to advocate for the EU's thriving Bitcoin mining industry, stating that France's nuclear energy infrastructure could provide a competitive advantage. Knafo also discussed the necessity of adjusting current tax policies, urging legislators to 'stop taxing cryptocurrency holders' and emphasizing that holders of crypto assets take personal risks to create wealth.
He Yi: Binance Alpha will focus on supporting BNB Chain ecosystem projects in the future
During today's Binance AMA event, Binance co-founder He Yi stated that launching projects on Binance Alpha does not mean they will be launched on the Binance platform in the future, and Binance Alpha will focus on supporting BNB Chain ecosystem projects.
