Headlines
▌Do Kwon was extradited to the United States
According to Bloomberg, Montenegro's Prime Minister Milojko Spajic stated on Tuesday that Montenegro has completed the extradition of Terraform Labs co-founder Do Kwon to the United States. He posted on platform X that this extradition demonstrates our firm commitment to international justice and the rule of law. Do Kwon is facing dual lawsuits in New York and Seoul due to the $40 billion loss caused by the collapse of the TerraUSD stablecoin in 2022. Previously, he was arrested in Montenegro for using a forged passport. In April, Terraform Labs and Do Kwon were found liable for fraud in a civil lawsuit filed by the U.S. Securities and Exchange Commission (SEC), with Terraform agreeing to pay $4.5 billion in settlement.
▌Ethereum's performance in 2025 may outperform Bitcoin
Steno Research reported on Sunday that it expects Bitcoin's price 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 over the next 12 months, similar to price trends in previous cycles, with altcoins becoming the focus. Analyst Mads Eberhardt wrote: 'This expectation is partly based on the argument that Donald Trump winning the U.S. presidential election is more favorable for altcoins compared to Bitcoin.' The report states that Bitcoin's market share is expected to decline from the current approximately 56.6% to 45%. It is expected that the TVL of decentralized applications will reach a new high of $300 billion next year, which, if correct, further supports the argument for rising altcoin prices.
Market
As of the time of writing, according to Coingecko data:
BTC recent transaction price is $93,805.13, with a daily change of +1.9%;
ETH recent transaction price is $3,347.65, with a daily change of +0.7%;
BNB recent transaction price is $706.55, with a daily change of +0.7%;
SOL recent transaction price is $190.99, with a daily change of +1.7%;
DOGE recent transaction price is 0.3189 yuan, with a daily change of +2.4%;
XPR recent transaction price is $2.10, with a daily change of +3.3%.
Policy
▌Hong Kong Legislative Council member Wu Jiezhuang: The SAR government can refer to the securities industry to establish a DAO licensing system
Hong Kong Legislative Council, Web3, and Virtual Asset Development Forum Committee Chairman Wu Jiezhuang stated that the Hong Kong High Court heard the world's first lawsuit involving a decentralized autonomous organization (DAO) this August. Currently, the U.S. and Abu Dhabi have relevant legal frameworks regulating DAOs. Since DAOs do not have legal entities, it is suggested that the SAR government refer to the licensing practices of the securities industry to establish a DAO licensing system, requiring licensed DAOs to clarify internal individual relationships and establish responsible personnel (RO) to ensure that licensed companies comply with regulatory requirements and maintain daily operations.
Blockchain applications
▌Phala Network founder: eve will refer to aiPool, introducing a fourth-generation token issuance model
Phala Network founder Marvin Tong posted on his social platform stating that eve will refer to aiPool, introducing a fourth-generation token issuance model. The new model's token distribution is as follows: 65% of the new tokens will be distributed proportionally based on the confirmed contributions of whitelist contributors. 20% of the new tokens will create liquidity pools with SPORE on Metaora/Raydium and burn LPs to lock in value. 10% will be held by new AI agents for their initial operation and autonomy. 5% will be sent to the parent company's AI wallet as profit sharing.
▌Trader Eugene: PENGU is essentially a copy of APE
Trader Eugene posted on platform X that PENGU is essentially a copy of APE, only it has a properly functioning team that knows how to execute projects under Luca Netz, and there is an important upcoming catalyst, which is the launch of Abstract Chain in January. Eugene stated: “I like the fact that we have run the entire airdrop fractal, and early participants have basically fully exited this phase, so we can now achieve proper price discovery in 2025.”
Cryptocurrency
▌QCP: Bitcoin's upward momentum weakens at year-end; institutional allocation may be key in 2025
QCP Capital pointed out that as the year-end approaches, BTC's momentum has noticeably weakened, with upward movement limited by selling pressure. Since December 19, there has been a net outflow of $1.8 billion from spot ETFs, and MicroStrategy's BTC purchasing volume has significantly slowed. Looking ahead to 2025, key catalysts may emerge in January, as institutions will readjust asset allocation, and it is expected that the institutional allocation ratio of Bitcoin will increase, solidifying market dominance, stabilizing spot volatility, and driving growth in demand for downside protection.
▌CryptoQuant: Binance's stablecoin reserves hit a new high of $31 billion, indicating rising buying pressure
CryptoQuant contributor Darkfost posted that Binance's stablecoin reserves reached $31 billion on December 11, 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 remain around $30 billion, suggesting that investors are still actively engaged in the market, likely maintaining strong buying pressure.
▌Montenegro's Prime Minister: Welcomes legitimate cryptocurrency, AI, and other sector entrepreneurs, with zero tolerance for fraud
Montenegro's Prime Minister Milojko Spajic posted on platform X that: “Our country welcomes innovative and legitimate cryptocurrency, artificial intelligence, and other tech entrepreneurs, but we have zero tolerance for fraud.” Previously, Bloomberg reported that Montenegro's Prime Minister Milojko Spajic stated that the extradition procedures for Do Kwon to the U.S. have been completed. Milojko Spajic claimed that this extradition demonstrates a firm commitment to international justice and the rule of law.
▌The US dollar records its best annual performance since 2015
The USD further rose on the last trading day of 2024, reaching its highest level since November 2022. The New Zealand dollar and Australian dollar underperformed compared to other currencies. The Bloomberg Dollar Index rose by 0.4%, with an annual increase of nearly 8%, marking the best annual performance since 2015, due to the robust U.S. economy and the expectation that the tax cuts and tariff policies of incoming President Donald Trump would keep interest rates high.
Important economic dynamics
▌Fed's Daly: Cryptocurrencies should not be equated with gold, far from becoming 'currency'
San Francisco Fed President Daly stated that cryptocurrencies should be considered an independent asset class rather than being equated with gold, and that cryptocurrencies are complex and not ready to become 'currency'. 'I think cryptocurrencies are complex, and we need to provide services that truly interpret what it means for everyone. 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 holds value or sometimes depreciates. 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's an asset like gold.'
▌The Federal Reserve's probability of maintaining interest rates in January is 88.8%
According to CME's 'FedWatch', the probability of the Federal Reserve maintaining interest rates in January is 88.8%, with an 11.2% probability of a 25 basis point cut. The probability of maintaining the current rate until March is 47.1%, the cumulative probability of a 25 basis point cut is 47.7%, and the cumulative probability of a 50 basis point cut is 5.3%.
▌Offshore RMB against the USD fell 151 points compared to last Friday's New York closing
Offshore RMB (CNH) against the USD reported 7.3152 yuan at 05:59 Beijing time, down 151 points from last Friday's New York closing, trading overall in the range of 7.2978-7.3195 yuan for 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. As a stablecoin pegged to the USD, 1 RLUSD equals 1 USD. Each RLUSD maintains a 1:1 peg. These collateral assets are either USD deposits or cash equivalents.
Disclaimer: Golden Finance, as a blockchain information platform, provides articles for informational reference only and does not constitute actual investment advice. Everyone should establish a correct investment philosophy and raise awareness of risks.
