At the Bitcoin MENA 2024 conference in Abu Dhabi, Anthony Scaramucci, founder of SkyBridge Capital, predicted that China will rejoin the Bitcoin mining sector and may integrate this digital asset into its national reserves by the end of 2025. Before imposing a ban in 2021, China was the leading country in Bitcoin mining, contributing over 65% of global hashpower. Nevertheless, Scaramucci noted that about 10% of global Bitcoin mining activity is still taking place in China, despite strict regulations.

Cardano (ADA) has maintained a stable price range for most of December. However, the past week marked a significant decline with a decrease of over 17%. Selling pressure from large investors (whales) and increased profit-taking activities have pushed ADA below the $1 threshold, raising the risk of maintaining low prices in the short term.
The main reason for the price drop
1. Increased profit-taking activity from large investors

Toni Wahrstätter, a researcher at the Ethereum Foundation, has called for caution and patience in expanding Ethereum's gas limits, highlighting the technical challenges the network is facing.
This call comes amid a lively discussion in the Ethereum community about the possibility of raising the gas limit – a change that could enhance network performance while simultaneously posing risks to stability and security.

In the past 24 hours, the cryptocurrency market has experienced significant volatility as the price of Bitcoin (BTC) dropped more than 6%, hitting a daily low of around $94,725. This decline also dragged the altcoin sector down, with the TOTAL2 index losing more than 15%, equivalent to $258 billion. The total cryptocurrency market capitalization has decreased by over 7%, hovering around $3.58 trillion on Tuesday morning (10/12) during early trading sessions in Asia.

Former CEO of Binance, Changpeng Zhao (CZ), stated that China has the potential to become one of the leading countries in building a strategic Bitcoin reserve. This statement was made at the Bitcoin MENA conference in Abu Dhabi on December 9, when Zhao analyzed the future of cryptocurrency in the national reserve strategy of major countries.
Smaller countries lead the way, China could quickly follow

The current downward momentum has raised concerns in the crypto market, making the maintenance of an upward trend for altcoins increasingly dependent on market demand and upcoming network development events.
Below are three notable altcoins this week. These altcoins are preparing for important events that could significantly impact their price volatility.
Render (RNDR)
Render's price is currently struggling around the support level of $9.88 – a critical level to maintain the recent upward trend. If it successfully closes above this level, the price will continue to maintain an upward trend and aim for the next resistance at $11.32. Otherwise, RNDR may correct downward.

Cult, a promising cryptocurrency developed by the founding team of the Milady NFT project, officially launched on Thursday. Immediately, this coin created a frenzy in the market, with a fully diluted value (FDV) surpassing 600 million USD.

CULT 4-hour price chart
The notable launch of Cult
This memecoin, developed on the Ethereum platform, saw its FDV peak at 845 million USD shortly after its launch, before stabilizing at around 640 million USD at the current time, due to token price fluctuations following the initial growth.

As Bitcoin (BTC) recorded a weekly closing above 100,000 USD for the first time since its inception, the altcoin market also began to accelerate. The total market capitalization of altcoins has increased by over 80% in the past five weeks, reaching approximately 1.57 trillion USD on the morning of December 9, 2024.
Organizations issuing spot Ethereum ETFs, led by BlackRock's ETHA, have attracted the highest inflow of capital since their launch, with over 836 million USD. This further reinforces expectations for a strong price breakout of altcoins in the near future.

According to historical data, Cardano (ADA) is approaching an overvaluation zone after recording an impressive 180% increase over the past month. While many investors expect the upcoming altcoin season to continue driving prices up, on-chain indicators are signaling that ADA may face a correction before establishing a new peak.
The MVRV Long/Short Difference indicator signals bearish pressure.

Despite the ongoing price consolidation, XRP, the native token of Ripple Labs, has attracted significant attention from experts as well as whales/institutions. Today, December 8, 2024, a cryptocurrency expert posted on X (the successor of Twitter) and made a bold prediction that has garnered widespread attention from crypto enthusiasts.
In a post on X, followed by a chart, the expert noted that for others, XRP seems overbought, but for me, it appears undervalued after breaking out of a multi-year symmetrical triangle price action pattern. Additionally, he predicts that XRP's cautious target is $8.40, while its optimistic target is $48.12.

Have you ever only listened to suggestions that are similar or supportive of your original thoughts and ignored dissenting opinions from others? Perhaps everyone has encountered this situation at some point, and some people frequently face such cases. In psychology, this emotional phenomenon is scientifically termed "CONFIRMATION BIAS."

In this section 7, we will talk about a type of mindset that causes people to value the assets they own higher than their actual value or the value they are willing to pay if they do not own them. This is a form of cognitive bias, in psychological development, they will feel the pain of loss much more than the joy of gain, even though the values gained and lost are equivalent. The characteristic of this effect is based on the ownership of the asset. And the name of this effect is "Endowment Effect".

The U.S. November non-farm payroll data exceeded expectations, but also showed a rising unemployment rate, which could create pressure for the Federal Reserve (Fed) to cut interest rates at the meeting later this month.
According to analysts, the possibility of interest rate cuts will boost investment demand for Bitcoin. Although stock prices have fallen, Bitcoin may still benefit from this policy change, with experts stating that interest rate cuts could pressure the dollar and benefit assets like Bitcoin.

Standard Chartered forecasts that the price of Bitcoin (BTC) could reach $200,000 by the end of 2025, thanks to the increase in investments from institutions and regulatory changes, which are expected to bolster Bitcoin's position as a mainstream asset.
In a recent report, this bank noted that the strong growth of Bitcoin, surpassing the $100,000 mark this year, is mainly due to a record influx of investment from institutions, and they predict a clear path for sustainable growth in the future.

According to Glassnode data, the fair market cap of Ethereum (ETH) has just reached a new all-time high of $243.45 billion, following a significant downturn from August to November this year. This development occurred as ETH's price surpassed the $4,000 mark.

Based on historical data, increasing fair market cap is a precursor to bullish trends. Therefore, this milestone could pressure pessimistic traders regarding ETH's price action.

Binance News
Binance has unveiled its latest service for the decentralized finance (DeFi) space with on-chain yields through Babylon Bitcoin Staking.
The announcement states that this initiative aims to provide users with a safe, transparent, and efficient way to earn rewards from the amount of Bitcoin they hold. The minimum registration amount is 0.05 BTC and the maximum is 5 BTC per account.

From the observation that Bitcoin is likely to peak at $130,000 to P2P.org integrating with the TON blockchain, here are some notable news in the crypto market.

Bitcoin has seen a surge, setting an ATH price around $104,000. This increase is attributed to strong buying momentum in both the spot and perpetual markets, indicating that investors continue to ‘HODL’, anticipating an even bigger boom cycle.

Uniswap has long played a key role in driving activity on the Ethereum mainnet. However, as Uniswap decides to move to its own blockchain, Unichain, validators on Ethereum may face a significant revenue loss, estimated to be around 400 to 500 million USD per year.

Uniswap's move to Unichain: A major challenge for Ethereum validators
Justin Bons, founder and chief investment officer of Cyber Capital, has warned that the departure of key protocols like Uniswap from Ethereum could undermine one of the core values of this platform: its ability to function as a deflationary currency. Currently, Uniswap's common router accounts for up to 14.5% of gas fees on Ethereum; this figure is equivalent to 1.6 billion ETH being burned.

The "Fear and Greed" effect, on Binance there is a feature that indicates the market's greed and fear index. So have you ever explored what greed and fear are? Today I was asked by a new participant in the market, so I wrote this article.
Let's start with the concept, what is greed? and what is fear? How does its behavior occur? What are its impacts?

Privacy-focused cryptocurrency Monero (XMR) has surged to over $212.41 early today, setting the highest price since May 2022.
At the time of writing, the price of XMR has slightly decreased from the local high and is fluctuating around $203.36, up nearly 20% in a day and 28% in a week.

XMR 4-hour price chart | Source: Tradingview
The rise of XMR comes as the anonymous coin sector in general has heated up this week, with the entire portfolio increasing by more than 12% in just the past 24 hours.