Headline
▌Do Kwon extradited to the US
According to Bloomberg, Montenegro's Prime Minister Milojko Spajic stated on Tuesday that Montenegro has completed the extradition of Do Kwon, co-founder of Terraform Labs, to the US. He posted on the X platform that this extradition demonstrates our firm commitment to international justice and the rule of law. Do Kwon faces dual lawsuits in New York and Seoul for causing $40 billion in losses due to the collapse of the TerraUSD stablecoin in 2022. He was previously arrested in Montenegro for using a forged passport. In April of this year, Terraform Labs and Do Kwon were found liable for fraud in a civil lawsuit filed by the US Securities and Exchange Commission (SEC), and Terraform has agreed to pay a $4.5 billion settlement.
▌Ethereum's performance in 2025 may surpass that of Bitcoin
Steno Research stated in a report on Sunday that Bitcoin's price is expected to rise from about $94,000 to a minimum of $150,000 next year, while ETH's price is expected to more than double, rising from $3,400 to at least $8,000. That is, the ETH/BTC exchange rate is expected to rise from the current 0.0357 to 0.06 within the next 12 months, similar to the price trends of previous cycles, with altcoins becoming the focus of attention. Analyst Mads Eberhardt wrote, 'This expectation is partly based on the argument that Donald Trump's victory in the US presidential election is more favorable for altcoins compared to Bitcoin.' The report indicates that Bitcoin's market share is expected to drop from the current approximately 56.6% to 45%. The total value locked (TVL) in decentralized applications is expected to reach a new high of $300 billion next year, which, if correct, further supports the argument for rising altcoin prices.
Market
As of press time, according to Coingecko data:
The recent trading price of BTC is $93,805.13, with a daily fluctuation of +1.9%;
The recent trading price of ETH is $3,347.65, with a daily fluctuation of +0.7%;
The recent trading price of BNB is $706.55, with a daily fluctuation of +0.7%;
The recent trading price of SOL is $190.99, with a daily fluctuation of +1.7%;
The recent trading price of DOGE is 0.3189 yuan, with a daily fluctuation of +2.4%;
The recent trading price of XPR is $2.10, with a daily fluctuation of +3.3%.
Policy
▌Hong Kong Legislative Council member Wu Jiezhuang: The SAR government may reference the securities industry to establish a DAO licensing system
The chairman of the Hong Kong Legislative Council, Wu Jiezhuang, stated that the Hong Kong High Court heard the world's first lawsuit involving decentralized autonomous organizations (DAOs) this August. Currently, the US and Abu Dhabi have relevant legal frameworks regulating DAOs. Since DAOs do not have legal entities, it is suggested that the Special Administrative Region government may reference the licensing system in the securities industry to establish a DAO licensing system, requiring licensed DAOs to clarify internal relationships and appoint responsible persons (RO) to ensure that licensed companies comply with regulatory agency requirements and maintain daily operations.
Blockchain Applications
▌Phala Network founder: eve will reference aiPool, introducing a fourth-generation token issuance model
Phala Network founder Marvin Tong stated on his social platform that eve will reference aiPool and introduce a fourth-generation token issuance model. The new model's token distribution arrangement is as follows: 65% of the new tokens will be allocated proportionally to whitelist contributors based on their confirmed contributions. 20% of the new tokens will create a liquidity pool with SPORE on Metaora/Raydium and burn LP to lock value. 10% will be held by new AI agents for their initial operations and autonomy. 5% will be sent to the parent company's AI wallet as profit sharing. 10% will be held by new AI agents for their initial operations and autonomy. 5% will be sent to the parent company's AI wallet as profit sharing.
▌Trader Eugene: PENGU is basically a replica of APE
Trader Eugene stated on the X platform that PENGU is basically a replica of APE, just with a normally functioning team that knows how to execute projects under Luca Netz, and has an upcoming important catalyst, the Abstract Chain launching in January. Eugene said, 'I like the fact that we have run a complete airdrop fractal, and early participants have basically fully exited this stage, so now we can have proper price discovery in 2025.'
Cryptocurrency
▌QCP: Bitcoin's upward momentum weakens toward year-end, outlook for institutional allocation in 2025 may be key
QCP Capital pointed out that as the year-end approaches, the momentum of BTC has significantly weakened, with upward limitations due to selling pressure. Since December 19, there has been a net outflow of $1.8 billion in spot ETF, and the purchasing volume of BTC by MicroStrategy has notably slowed. Looking ahead to 2025, key catalysts may emerge in January as institutions readjust their asset allocations, with an expected increase in Bitcoin's institutional allocation ratio, consolidating market dominance, stabilizing spot volatility, and driving demand for downside protection in the market.
▌CryptoQuant: Binance's stablecoin reserves hit a new high of $31 billion, indicating rising buying pressure
CryptoQuant contributor Darkfost stated that Binance's stablecoin reserves reached $31 billion on December 11, setting a historical high. Notably, Binance's stablecoin reserves were only $7 billion in June 2023, having grown nearly fivefold since then. An increase in stablecoin reserves typically indicates rising buying pressure. Current reserves are around $30 billion, suggesting that investors remain actively engaged in the market and may continue to exert strong buying pressure.
▌Montenegro Prime Minister: Welcomes entrepreneurs in legitimate cryptocurrency, AI, and other fields, zero tolerance for fraud
Montenegro Prime Minister Milojko Spajic stated on the X platform: 'Our country welcomes innovation and legitimate cryptocurrency, artificial intelligence, and other technology entrepreneurs, but we have zero tolerance for fraud.' Previously, Bloomberg reported that Montenegro Prime Minister Milojko Spajic stated that the extradition procedures for Do Kwon to the US have been completed, and Milojko Spajic stated that this extradition indicates a firm commitment to international justice and the rule of law.
▌The US dollar recorded its best annual performance since 2015
The US dollar further rose on the last trading day of 2024, reaching the highest level since November 2022. The New Zealand dollar and Australian dollar lagged behind other currencies. The Bloomberg Dollar Index rose 0.4%, with an annual increase of nearly 8%, marking the best annual performance since 2015, as the US economy remains robust and incoming President Donald Trump's tax cuts and tariff policies are expected to keep interest rates high.
Important Economic Dynamics
▌Federal Reserve's Daly: Cryptocurrencies should not be conflated with gold and are far from becoming 'money'
San Francisco Federal Reserve President Daly stated that cryptocurrencies should be viewed as an independent asset class rather than being typically conflated with gold, and that cryptocurrencies are complex and not yet ready to be considered 'money'. 'I think cryptocurrency is a complex thing, and the service we need to provide for everyone is to truly interpret what it means, and once we do that, we can define it,' Daly said on a podcast. 'It can be a currency, a medium of exchange, or a stock, an asset that can sometimes hold value or depreciate. We just need to define these terms.' 'So I don't think it's like gold,' Daly added. 'It sometimes has gold-like characteristics, but I don't think it is an asset like gold.'
▌The probability of the Federal Reserve keeping interest rates unchanged in January is 88.8%
According to CME's 'FedWatch', the probability of the Federal Reserve keeping interest rates unchanged in January is 88.8%, with an 11.2% probability of a 25 basis point rate cut. The probability of maintaining current rates unchanged until March is 47.1%, the cumulative probability of a 25 basis point rate cut is 47.7%, and the cumulative probability of a 50 basis point rate cut is 5.3%.
▌Offshore RMB against the US dollar fell 151 points compared to last Friday's New York close
Offshore RMB (CNH) against the US dollar reported 7.3152 yuan at 05:59 Beijing time, down 151 points compared to last Friday's New York close, trading overall in the 7.2978-7.3195 yuan range during the day.
Golden Encyclopedia
▌What is Ripple Labs' RLUSD stablecoin?
RLUSD is a stablecoin developed by Ripple Labs, the organization behind the XRP cryptocurrency. RLUSD, or Ripple Labs USD, aims to provide a stable digital currency for transactions and trading. As a stablecoin pegged to the US dollar, 1 RLUSD equals 1 dollar. Each RLUSD maintains a 1:1 peg. These collateral assets are either dollar deposits or cash equivalents.
Disclaimer: Golden Finance, as a blockchain information platform, publishes articles for informational reference only and does not constitute actual investment advice. Everyone should establish the correct investment philosophy and must enhance their risk awareness.
