Headlines
▌BTC has fallen below $96,000.
Market data shows BTC has fallen below $96,000, currently reported at $95,963.33, with a 24-hour decline of 0.94%. The market is highly volatile, please ensure risk control.
▌Federal Reserve's Goolsbee: Inflation rate is still expected to reach 2%.
Federal Reserve's Goolsbee stated that the inflation rate is still expected to reach 2%, and today's data shows that the recent inflation surge is merely a 'bump.' He indicated that his prediction is that the interest rate path in 2025 will be slightly lower. In the next 12 to 18 months, interest rates may decline significantly.
Market Data
As of the time of writing, according to Coingecko data:
The recent trading price of BTC is $97,368.45, with a daily change of +0.3%;
The recent trading price of ETH is $3,468.03, with a daily change of +1.4%;
The recent trading price of BNB is $682.60, with a daily change of +2.2%;
The recent trading price of SOL is $195.01, with a daily change of -0.2%;
The recent trading price of DOGE is ¥0.3276, with a daily change of +3.4%;
The recent trading price of XPR is $2.27, with a daily change of -1.3%.
Policy
▌Republicans in the U.S. have launched Plan C to avoid a government shutdown.
Republicans in the U.S. House of Representatives are looking for ways to avoid a government shutdown, and their second funding proposal was rejected on Thursday night. There are only a few hours left until Friday's deadline. House Speaker Johnson stated earlier on Friday that Republicans have reached Plan C to avoid a government shutdown and plan to vote soon. Senate Republicans witnessed the failure of two proposals to fund the government until Christmas in the House, calling it a 'chaotic farce' and a 'debacle.' Incoming Senate Majority Leader John Thune (Republican) remarked as he left the Capitol, 'I think we are back to square one.'
▌The Japanese Liberal Democratic Party is promoting cryptocurrency tax reform, proposing a separate tax of 20%.
On December 20, news from Coinpost reported that the Web3 working group of the Japanese Liberal Democratic Party's Digital Society Promotion Headquarters, led by member Akihisa Shiozaki, stated that the party's Policy Research Council formally approved an emergency proposal (regarding the conversion of crypto assets into beneficial national economic assets) on the 19th. The report pointed out that under the current tax system, income from cryptocurrency trading is generally classified as miscellaneous income and is subject to comprehensive taxation at a maximum rate of 55% (combined income tax and residence tax), which is harsher than in other countries. In light of these points, and whether crypto assets should be viewed as financial assets for public investment, the following should be considered: change the classification of gains and losses from crypto asset trading to a 'declaration separation tax' system at a 20% tax rate; allow losses in crypto asset income to be carried forward for offsetting (usable within the next 3 years); apply the 'declaration separation tax' system to crypto derivatives trading as well.
Blockchain Applications
▌Saga will launch Vaults 2.0 in 2025.
On December 20, news broke that the modular blockchain Saga tweeted that it will launch Vaults 2.0 in 2025. Vaults 2.0 will provide features for unstaking and restaking; introduce new LP rewards for staking and providing liquidity on Saga Uniswap to maximize returns; wallet staking and LPing bonuses. LPing rewards will be earned based on fees generated, liquidity provided, and tokens held.
▌Mantle Network will launch ZK Validity Rollup through Succinct SP1.
On December 20, news broke that the modular L2 network Mantle announced a partnership with ZK proof startup Succinct to launch a ZK Validity Rollup testnet through Succinct SP1 in Q1 2025, marking Mantle's transition from the current Optimistic Rollup model to the ZK Validity Rollup model. Mantle stated, 'With the ZK Validity Rollup, finality time can be reduced from 7 days to 1 hour, making the Mantle Network economically closer to Ethereum L1, thus achieving better exchange market price differences, lower slippage, and better money markets.'
Cryptocurrency
▌Trump crypto project WLFI increases its holdings by 759 ETH.
According to ARKM monitoring, the Trump crypto project WLFI spent 2.5 million USDC to exchange for 759 ETH just 6 minutes ago.
▌French regulators authorize BPCE subsidiary to conduct cryptocurrency business.
The French financial market regulator Autorité des Marchés Financiers (AMF) has approved French bank BPCE to conduct cryptocurrency business. According to the official notice released by AMF on December 20, BPCE's cryptocurrency subsidiary Hexarq has been authorized as a crypto asset service provider (CASP). With this approval, Hexarq is officially authorized to provide a range of crypto services, including custody of cryptocurrencies and buying, selling, and trading cryptocurrencies for euros.
▌Digital banking and blockchain platform Metallicus acquires Bonifii, connecting over 70 credit unions to the Metal blockchain.
Digital banking and blockchain platform Metallicus announced the acquisition of fintech service company Bonifii, which is a credit union service organization (CUSO) connected to 70 credit unions. This acquisition brings the total number of Metallicus's credit union partners to over 80, more than 16 of which have already utilized Metal blockchain technology. Prior to the acquisition, Bonifii had raised about $20 million in several rounds of early investment and seed funding. Details of Metallicus's financial status seem to have not been made public, with CoinMarketCap reporting the market capitalization of the Metal blockchain at $13.65 million.
Important Economic Dynamics
▌U.S. stock markets open lower across the board; cryptocurrency concept stocks fall collectively.
U.S. stock markets open lower across the board, with the Dow down 0.36%, Nasdaq down 0.94%, and S&P 500 down 0.57%. Cryptocurrencies have dropped significantly, and related concept stocks have collectively fallen. Coinbase, Bit Digital, and Canaan Creative are down over 3%, while MicroStrategy has fallen over 2%.
▌Today's Fear and Greed Index has dropped to 73, still rated as Greed
Today's Fear and Greed Index has dropped to 73, still rated as Greed. Note: The fear index threshold is 0-100, including indicators: volatility (25%) + market trading volume (25%) + social media heat (15%) + market surveys (15%) + Bitcoin's proportion in the overall market (10%) + Google Trends analysis (10%).
Jinse Encyclopedia
▌What is a Rollup?
Rollup is a method of processing transactions on Layer 2 protocols that can free up valuable space on the underlying layer. Rollup folds transactions on the second layer one by one, sometimes folding dozens of times, then rolls them up together and sends the data back to Layer 1. There are mainly two types of Rollups: optimistic and zero-knowledge (ZK) proofs. Optimistic Rollup is a fairly straightforward term. It means that the Rollup operates on an 'optimistic' approach, assuming transactions are valid unless a validator proves otherwise. Only in cases of disputes will they check the validity of transactions. ZK Rollup proves transactions without revealing any transaction data. Hence, it is called 'zero-knowledge.' ZK Rollup provides instant finality as cryptographic proofs guarantee data validity. In many ways, Rollup is to your standard blockchain transaction what Calzone is to a regular pizza slice. By rolling up, you can pack in more.
Disclaimer: Jinse Finance, as a blockchain information platform, publishes articles for informational reference only and does not constitute actual investment advice. Everyone should establish a correct investment philosophy and must enhance risk awareness.
