Mini Program: Daily Cryptocurrency Update Summary
1. Bitcoin to gold ratio hits historic high: 1 BTC = 40 ounces of gold.
According to Cointelegraph, on December 16, as Bitcoin first broke through the $106,000 mark, the trading price of spot gold (XAU) was about $2,650, resulting in a new ATH ratio of 40 ounces of gold for each Bitcoin. Senior futures forex trader Peter Brandt emphasized the new historic record of Bitcoin to gold ratio and expressed confidence that this indicator will continue to grow. He stated: 'The next stop is 89 to 1—meaning it takes 89 ounces of gold to buy 1 Bitcoin.'
2. MicroStrategy earned a net profit of $1.54 billion last week through the sale of shares.
According to MicroStrategy's latest 8-K filing, the company announced that from December 9, 2024, to December 15, 2024, it sold a total of 3,884,712 shares under the (sales agreement), resulting in a net profit of approximately $1.54 billion (after deducting sales commissions). As of December 15, 2024, there are still approximately $7.65 billion worth of stock available for issuance and sale under the (sales agreement).
3. Microstrategy spent approximately $1.5 billion to acquire an additional 15,350 Bitcoins.
Microstrategy co-founder and executive chairman Michael Saylor stated on the X platform that MicroStrategy spent approximately $1.5 billion (at about $100,386 per Bitcoin) to acquire 15,350 Bitcoins, achieving a quarterly total return (QTD) of 46.4% and an annual total return (YTD) of 72.4%. As of December 15, 2024, MicroStrategy holds 439,000 Bitcoins, acquired at an average price of about $61,725 per Bitcoin, valued at about $27.1 billion.
4. Bitfinex report: This round of cryptocurrency bull market is expected to peak around Q3 or Q4 of 2025.
The latest report from Bitfinex Alpha states that Bitcoin has surged over 573% since the bear market low of $15,487 in November 2022, with its price up 130% year-to-date. The current bull market reflects strong institutional demand, dominated by ETF and spot accumulation. Historical data indicates that we are in the mid-cycle, with the market likely to peak around Q3 to Q4 of 2025, approximately 450 days after the halving. Indicators such as MVRV, NUPL, and bull-bear market cycle metrics suggest we are still in a bull market phase but far from a peak. The Pi cycle top and four-year moving average model predict a potential cycle top between $145,000 and $189,000. From a historical perspective, diminishing returns are mitigating the explosive growth of BTC seen in previous cycles. The report suggests that due to institutional inflows, any pullback in 2025 will remain moderate; historically, the year following a halving tends to see the strongest rebounds; cycle target: by mid-2025, the minimum price estimate is $145,000, and under favorable conditions, it could rise to $200,000.
5. Security Company: There has been a significant increase in password theft attacks targeting cryptocurrency wallets, especially against Apple macOS users.
According to Forbes, security company ESET has just released its latest threat report, which examines threat trend statistics from June to November 2024. The number of password theft attacks targeting cryptocurrency wallets has increased, with the most significant rise among macOS users. The report states: 'According to ESET's telemetry data for the second half of 2024, the number of password theft software across multiple platforms (especially Windows, macOS, and Android) has increased,' but compared to the first half of the year, the detection of password theft software targeting cryptocurrency wallets on macOS has more than doubled. Meanwhile, the number of password theft software on the Windows platform increased by 56%, while financial threats on the Android platform, including password theft malware, grew by 20%. ESET's analysis shows a surge of 127% in password theft software targeting macOS (especially targeting credentials related to cryptocurrency wallets). Security researchers noted: 'Although these threats cannot simply be classified as password theft software due to their broader functionality, they do reveal a significant upward trend in password theft activity on the macOS platform.' Geographically, ESET's analysis points out that Bitcoin and other cryptocurrency attacks targeting macOS are primarily aimed at the United States, followed by Italy, China, Spain, and Japan.
6. Hong Kong commits to implementing a cryptocurrency asset declaration framework, aiming to complete the necessary local legislative amendments by 2026 or earlier.
According to a news announcement from the Hong Kong SAR government, the Hong Kong government has committed to implementing a cryptocurrency asset declaration framework (declaration framework) to enhance international tax transparency and combat cross-border tax evasion activities. Considering the latest timeline established by the global forum, the Hong Kong government plans to complete the necessary local legislative amendments by 2026 or earlier and to begin the first automatic data exchange under the declaration framework with relevant tax jurisdictions starting in 2028.
7. Hong Kong media: Chinese investors flock to Ethiopia for cryptocurrency mining, with participation from Bitmain.
According to Hong Kong media reports, mainland virtual currency funds are setting their sights as far as Ethiopia, mainly due to the rich hydropower resources there, with the cost of electricity being only two to three dimes per kilowatt-hour. In recent years, many Chinese companies have flocked to Ethiopia to establish mining sites for Bitcoin, Ethereum, and Litecoin, among others. It is reported that Bitmain, which engages in the research and production of mining machines, is also involved in the Ethiopian mining business, with its website showing that Baohui Phase 1 is located in Ethiopia with a total capacity of 150 megawatts. Currently, there are more than 20 mining sites in Ethiopia, most of which are operated with investments from Chinese companies, and most mining machines are also produced by Chinese companies, including Antminer and Avalon miner produced by Bitmain. Experts estimate that Ethiopia has become an emerging hub for mining globally, currently accounting for about 2.5% of the Bitcoin network's computing power, with further increases expected in the future.
8. EY global blockchain leader: The blockchain industry will welcome an accelerated revolution and a brighter outlook in 2025.
Paul Brody, global blockchain leader at EY, stated that 2024 will be a breakthrough year for blockchain. The process of transitioning to regulatory approval, public blockchains, and legitimate digital assets was originally gradual, but it has now turned into a sprint. In terms of regulation, the U.S. is expected to accelerate significantly and may surpass other parts of the world in embracing and expanding digital assets. Paul Brody's article stated: '2024 is an extraordinary year for blockchain. We are not changing direction, but we are beginning to move forward at a faster pace. Looking ahead to 2025, the industry will welcome an accelerated revolution and a brighter outlook.'
9. The UK FCA has released a plan for cryptocurrency market transparency, calling for industry feedback.
The UK's Financial Conduct Authority (FCA) released discussion paper DP24/4 to initiate a public consultation, proposing plans to improve cryptocurrency market transparency, including strengthening disclosure and market abuse regulation systems, and requiring authorized trading platforms to share information to prevent fraud and promote good practices. The new framework will cover trading activities, stablecoin regulation, and asset custody, with a draft expected to be published in 2025 and implemented in 2026. The document calls for industry feedback to help formulate fair and balanced cryptocurrency rules, with a feedback deadline of March 14, 2025. It also reminds investors that crypto assets remain insufficiently regulated and carry high risks, with funds potentially being unprotected.
10. The chairman of the Korea Exchange calls for the institutionalization of cryptocurrency to seize international competitive advantage.
According to the Daily Economic News, Korea Exchange (KRX) Chairman Jeong Eun-pyo stated that South Korea should quickly incorporate cryptocurrency into its financial system to overcome regulatory barriers and maintain international competitiveness. He noted that since Donald Trump was elected president of the United States, the daily trading volume of the South Korean cryptocurrency market has surpassed 200 trillion won (approximately $14 billion). Jeong emphasized at the recent World Federation of Exchanges (WFE) summit that ignoring the virtual currency market will affect the profitability of exchanges. He also criticized the current attitude of viewing virtual currencies as speculative assets, warning that this could lead South Korea to fall behind in international competition. Despite the rapid growth of the cryptocurrency market in South Korea, no cryptocurrency companies are currently listed on KRX, and enterprises cannot purchase cryptocurrencies using their balance sheets, while regulators have yet to approve the launch of a Bitcoin spot ETF. He called for South Korea to seize the opportunity to institutionalize the cryptocurrency market to create new value and enhance international competitiveness.
11. Ripple will launch its stablecoin RLUSD on December 17, followed by monthly verifications.
According to The Block, Ripple's USD-pegged stablecoin is set to be released on December 17. Ripple stated in a statement on Monday: 'RLUSD will start listing on global exchanges tomorrow. Each RLUSD token is fully backed by USD deposits, U.S. government bonds, and cash equivalents.' An independent auditing firm will be responsible for creating proof of RLUSD's reserve assets to enhance transparency. These proofs will be published monthly. Ripple CEO Brad Garlinghouse stated in the statement on Monday: 'Ripple made an early decision to launch our stablecoin under the New York Department of Financial Services (NYDFS) limited-purpose trust company charter, which is widely regarded as the world's leading regulatory standard. As the U.S. moves toward a clearer regulatory direction, we expect stablecoins like RLUSD to see broader adoption.' Ripple also stated that the stablecoin will initially be offered on Uphold, MoonPay, Archax, and CoinMENA, with listings expected in the coming weeks on platforms such as Bitso, Bullish, Bitstamp, Mercado Bitcoin, Independent Reserve, and Zero Hash.
12. The U.S. SEC has issued a Wells notice to cryptocurrency investment company Unicoin.
According to Fortune, the U.S. Securities and Exchange Commission (SEC) has issued a Wells notice to cryptocurrency investment company Unicoin, accusing it of fraud, misconduct, and the sale of unregistered securities. Unicoin's main product is a cryptocurrency backed by physical assets such as real estate. The SEC's action aims to prevent its planned initial coin offering (ICO). Unicoin stated it will contest the SEC legally.
Article reposted from: Jinshi Data
