1. Today's Major Events
1. The U.S., U.K., and EU each have different tax rules, rates, and regulatory frameworks. U.S.: The IRS classifies cryptocurrencies as digital assets, requiring capital gains tax on sales, conversions, or using cryptocurrency to purchase goods. Mining and staking rewards and crypto salaries are taxed as income. U.K.: HMRC classifies cryptocurrencies as assets, requiring capital gains tax (CGT) on sales, exchanges, and payments, with a maximum rate of 24%. Mining and crypto salaries are also subject to income tax, and employers paying in cryptocurrency must pay National Insurance Contributions (NIC) for themselves and employees. EU: Tax policies vary significantly among countries; Germany exempts cryptocurrency held for over a year from tax, while selling within a year incurs a maximum income tax of 45%, plus a 5.5% solidarity surcharge. Spain taxes at rates of 19%-28%, while Portugal's rates range from 14.5%-53%, with a standard capital gains tax rate of 28%.
2. Binance will support the token swap of Fantom (FTM) and its rebranding to Sonic (S). On January 13, 2025, at 11:00 (UTC+8), Binance will delist all existing FTM spot trading pairs and cancel all pending FTM spot trading orders. On January 16, 2025, at 16:00 (UTC+8), Binance will open trading for S/BTC, S/BNB, S/ETH, and trading pairs with various stablecoins.
According to the official announcement from Fantom: We are enhancing Sonic through upgraded token economics, determined by four successful governance proposals on Fantom, which include an airdrop of approximately $200 million in $S.
When S goes live, the circulating supply is about 2.88 billion, with an initial total supply of 3.175 billion, allowing for migration at a ratio of 1:1.
Six months after launch, the network will utilize a unique 9-month linear burn mechanism, minting 6% of the initial total supply to extend the airdrop activities to reward users/developers.
Moreover, six months after launch, the network will begin to mint 1.5% of the initial total supply annually over six years to fund growth, destroying unused S each year to ensure effective use.
⏳ Starting four years after the release, the network will mint 1.75% annually to permanently reward validators.
All unused ecosystem growth tokens will be accounted for and burned annually.
By 2031, the maximum expansion cap for S will be 15% (excluding block rate rewards). During this period, various burning mechanisms are expected to significantly reduce expansion.
3. Binance has announced a tokenomics change for IOTA, with significant increases in IOTA's total supply and circulating supply. The Binance trading page will display risk alert pop-ups and banners. According to IOTA's official announcement, IOTA will introduce a sustainable token economic model with an annual inflation rate of 6% (767,000 IOTAs per rotation cycle).
2. Market Data
1. According to SoSoValue data, yesterday (Eastern Time December 23), Bitcoin spot ETFs had a total net outflow of $227 million, while Ethereum spot ETFs had a total net inflow of $131 million.
2. On December 24, Forbes released seven major predictions for the 2025 cryptocurrency industry, including:
1) A major country among the G7 or BRICS will establish and announce a strategic Bitcoin reserve;
2) Stablecoins will continue to grow, doubling in size to over $400 billion;
3) L2-supported Bitcoin DeFi will become a major growth trend;
4) Bitcoin ETFs will continue to surge, with new cryptocurrency-focused ETFs emerging;
5) A company among the 'Seven Sisters' of U.S. stocks will add Bitcoin to its balance sheet (beyond Tesla);
6) The total market value of cryptocurrencies will exceed $8 trillion;
7) The revival of cryptocurrency startups, with the U.S. regaining its status as a global crypto powerhouse.
3. As the holidays approach, spot prices continue to maintain sideways fluctuations. This Friday, nearly $20 billion nominal value in Bitcoin and Ethereum options will expire, accounting for nearly half of the total open interest in Deribit options. After the options expiration, a typical end-of-quarter volatility sell-off phenomenon may reappear, especially if spot prices continue to fluctuate within this range and options sellers continue to roll their short positions. Unlike those options sellers who must wait for the expiration to release collateral, call options buyers may have already rolled most of their positions early. However, if BTC can successfully break through the $100,000 mark, volatility may remain stable. Meanwhile, as BTC continues to hover below $100,000, we may also see altcoins start to gain momentum again.
4. According to Dune data, the number of votes participating in Polkadot governance each month has been trending high. When governance activity is low, the proportion of DOT votes to total supply is about 32.65%. This proportion can reach a maximum of 65.30% when governance activity is high. Although this data represents the total monthly votes (including reused DOT), rather than the unique DOT participating each month, it reflects to some extent that since the launch of OpenGov, the governance participation of DOT holders has been gradually increasing.
3. Industry-Related Knowledge
Last night, the market saw a more significant widespread increase. BTC broke through $99,000, just one step away from $100,000, and ETH also surpassed $3,500, rising over 12% from five days ago. The Bitget platform token BGB broke through $5, setting a new historical high with a 24-hour increase of 25.87%. Previously popular AI concepts also saw substantial gains, with some tokens even returning to levels before their declines.
The market is like the sea level; it appears calm from an airplane view but can be tumultuous from a small boat's perspective. Just last week, the market experienced its largest adjustment since the current bull market began, which felt like a storm to those deeply involved. Let’s review the recent trading summary from top trader Eugene Ng Ah Sio from eight hours ago (12.17-12.21) to see if it inspires us. In a bull market, we must not miss any opportunities for continuous profits. If you yearn to flip your positions, desire to make a big profit, or hope to break even, then follow the steps of Brother Du, and let’s prepare for the imminent bull market! Brother Du will do his utmost to help you realize your dreams of flipping positions in the bull market, making your investment journey easy and enjoyable!
