Today's news highlights:
Ripple has obtained final approval from the New York State Department of Financial Services for the stablecoin RLUSD.
Italy will reduce the increase in the capital gains tax on cryptocurrencies.
Microsoft shareholders voted against the Bitcoin investment proposal.
OKX will launch VIRTUAL/USDT and SUNDOG/USDT perpetual contracts.
Beam Ventures will launch the first $150 million fund focused on gaming in Abu Dhabi.
The ZK verification layer Aligned Layer has released the ALIGN token economics: 44% allocated to the community and ecosystem.
Coinbase has launched Magic Eden (ME) and will launch Gigachad (GIGA) and Turbo (TURBO).
Matrixport: Demand for Ethereum ETFs has surged, and ETH prices are expected to rise significantly in 2025.
Regulatory news.
Hui stated that the Hong Kong foreign exchange fund does not rule out individual investments involving crypto assets, but the related proportion is very small.
According to a news release from the Hong Kong government, during today's Legislative Council meeting, legislator Wu Jiezhuang questioned Secretary for Financial Services and the Treasury Christopher Hui on whether the Hong Kong government would consider including digital assets and cryptocurrencies in its financial reserves, and whether it would consider using the foreign exchange fund to continuously purchase and hold them long-term. He also asked if there was an evaluation and study on the impact of foreign countries designating Bitcoin as a strategic reserve asset on China's and Hong Kong's financial security (for example, whether it would exert pressure on the HKD system and the economic situation in Hong Kong in the long run), what the related impacts would be, and what measures the government would take in response, including whether to leverage Hong Kong's first-mover advantage and unique resource conditions in the cryptocurrency field to make strategic deployments to contribute to maintaining national financial security. Hui responded that the Hong Kong foreign exchange fund invests in a globally diversified range of asset classes and markets to diversify risk and enhance long-term returns. Although crypto assets are not the target assets for the foreign exchange fund's investments, the Monetary Authority's external investment managers also invest in a globally diversified range of asset classes and markets, and during different periods of investment operations by external managers, individual investments involving crypto assets cannot be ruled out, but the relevant proportion is very small. Additionally, Hui revealed that the Hong Kong Securities and Futures Commission announced several measures to promote the development of virtual assets in Hong Kong this October, including a rapid licensing process related to virtual asset trading platforms and establishing a consultation group for licensed platforms. The consultation group is expected to launch early next year.
MicroStrategy is expected to join the Nasdaq-100 Index on December 23.
According to Crypto Briefing, MicroStrategy is expected to join the Nasdaq-100 Index on December 23, with an official announcement scheduled for this Friday (December 13). Bloomberg ETF analyst James Seyffart stated that the ETF tracking the Nasdaq-100 Index is expected to buy $2.1 billion worth of MicroStrategy shares, accounting for about 20% of the company's daily trading volume. ETF analyst Eric Balchunas indicated that the company's weight in the Nasdaq-100 Index could also reach 0.47%, making it the 40th largest holding in the index. Seyffart noted that while joining the Nasdaq-100 Index is imminent, it will be more challenging for MicroStrategy to join the S&P 500 Index due to the company's lack of profitability. However, upcoming changes related to accounting rules for Bitcoin valuation may qualify the company for inclusion in the S&P 500 Index by 2025.
Japanese crypto exchange Coincheck will be listed on the U.S. Nasdaq today.
According to CoinDesk, Monex Group announced on December 11 that its subsidiary Coincheck Group NV has completed the listing procedures for Nasdaq in the United States. Trading began on December 11 at 12:00 PM Eastern Time, with the stock code 'CNCK'. Coincheck Group (CCG) will become the holding company of the Japanese crypto exchange Coincheck. After the listing, Monex Group will hold approximately 80% of CCG's shares, with CCG valued at around $1.6 billion (approximately 240 billion yen).
El Salvador and Argentina's regulatory bodies have signed an agreement to help develop the cryptocurrency industry in both countries.
According to CoinDesk, Salvador's main cryptocurrency regulator, the National Digital Assets Commission (CNAD) chairman Juan Carlos Reyes and Argentina's Securities Commission (CNV) chairman Roberto Silva signed an agreement on Tuesday aimed at promoting cooperation between the two countries in cryptocurrency regulation. Reyes stated in an interview, 'In terms of international cooperation, CNAD has two core objectives. The first is to share our expertise with international partners to help them leverage the benefits of well-regulated industries. The second is to expand our regulatory company's influence internationally by establishing strategic partnerships with countries around the world. This historic agreement with Argentina is significant due to the country’s pioneering reputation in innovative technologies and its impressive adoption rates.' Although the specific details of the agreement have not been disclosed, Reyes stated on LinkedIn that the aim is to allow the two regulatory bodies to share knowledge and experiences to foster crypto innovation. He wrote, 'The joint efforts of El Salvador and Argentina will lay the foundation for greater regional cooperation, promoting a favorable environment for the development of the digital asset industry.'
Ripple has obtained final approval from the New York State Department of Financial Services for the stablecoin RLUSD.
Ripple CEO Brad Garlinghouse announced on the X platform: 'We have obtained final approval from the New York State Department of Financial Services (NYDFS) for the stablecoin RLUSD. Listing information for exchanges and partners will be announced soon — just a reminder: Ripple will be the first to announce when RLUSD officially launches.'
Italy will reduce the increase in the capital gains tax on cryptocurrencies.
According to Reuters, Italy's ruling party stated on Tuesday that it will reduce its plans to increase the capital gains tax on cryptocurrencies after criticism from affected industries and internal debates among party members. Members of the ruling coalition party, Giulio Centemero and Deputy Minister of Finance Federico Freni, stated in a press release: 'During parliamentary work, the extent of the tax increase will be significantly reduced.' Previously, according to the budget expected to be approved by parliament at the end of December, the Ministry of Finance intended to raise the capital gains tax rate on cryptocurrencies such as Bitcoin from 26% to 42%. However, the coalition party indicated that this move could foster the development of the shadow economy. On Tuesday, Centemero and Freni stated: 'Do not hold a bias against cryptocurrencies.' Political sources indicated that the government may even decide to maintain the 26% tax rate.
Microsoft shareholders voted against the Bitcoin investment proposal.
According to Jin Shi reports, voting results show that Microsoft’s major shareholders voted against the company’s Bitcoin investment proposal on Tuesday. Microsoft's board had previously urged shareholders to reject a proposal from the National Center for Public Policy Research, suggesting that the company invest 1% of its total assets in Bitcoin as a hedge against inflation. At the annual meeting, MicroStrategy chairman Michael Saylor gave a three-minute speech attempting to persuade Microsoft shareholders to support the proposal. His company has invested billions of dollars in Bitcoin. Data shows that Microsoft’s largest shareholders are institutional investors, including Vanguard and BlackRock.
Project updates.
OKX will launch VIRTUAL/USDT and SUNDOG/USDT perpetual contracts.
OKX announced that it will officially launch the VIRTUALUSDT and SUNDOGUSDT perpetual contracts today from 6:00 to 6:15 PM (UTC+8) on its web, app, and API platforms. The VIRTUALUSDT contract will open for trading at 6:00 PM, and the SUNDOGUSDT contract will open for trading at 6:15 PM. Users can participate in trading through multiple platforms.
Beam Ventures will launch the first $150 million fund focused on gaming in Abu Dhabi.
Beam Foundation announced the launch of Beam Ventures, the first venture fund focused on the gaming sector in Abu Dhabi, with a fund size of $150 million, aimed at accelerating the development of promising founder projects and promoting Abu Dhabi as a global gaming hub. The fund plans to attract top talent through its accelerator program, support early-stage Web3 gaming and AI startups, and contribute to building a thriving gaming ecosystem in Abu Dhabi.
The ZK verification layer Aligned Layer has released the ALIGN token economics: 44% allocated to the community and ecosystem.
Based on EigenLayer, the ZK verification layer Aligned Layer announced that its first product, the Proof Verification Layer, has entered the mainnet Beta phase and released the $ALIGN token plan. Additionally, Aligned has released detailed information about the $ALIGN token, with a total supply of 10 billion tokens, and an initial circulating supply of 30%. The tokens will be used to pay verification fees (on-demand or subscription model) as well as for dual staking to ensure network security. The token distribution is 44% for the community and ecosystem, 10% for the foundation, 23.5% for the team, and 22.5% for investors. The Aligned team has stated that more products will be launched in the future, including the Proof Aggregation Layer and zk-powered bridging services, and they have collaborated with over 30 projects to promote the application and development of zk technology. Previously, the decentralized ZK proof verification layer Aligned Layer completed a $20 million Series A financing, led by Hack VC.
Circle and Binance have established a strategic partnership to accelerate the adoption of USDC and cryptocurrencies.
According to Binance's official blog, Binance and Circle have announced a strategic partnership to expand the adoption of the USDC stablecoin and support the global digital asset and financial services ecosystem. Binance will integrate USDC into its products and services, enabling its users to trade, save, and pay more easily, while also using USDC for corporate financial operations. Circle will provide Binance with technology, liquidity, and tools to enhance user trust and innovation, and the two companies will work together to promote the utility and innovation of stablecoins in the global financial system.
ME had previously generated a significant premium compared to other mainstream exchanges due to delays in its listing on the Korean exchange; the premium has now largely disappeared.
With the launch of Magic Eden's ME token on the Korean exchange Upbit delayed until this morning at 9:30 AM, ME surged to 19,600 KRW ($13.71) after opening on Upbit, leading to a significant premium compared to other mainstream platforms. The premium has now largely disappeared, with ME currently quoted at 9,929 KRW (approximately $6.94) on Upbit, and at $6.97 on Binance.
Coinbase has launched Magic Eden (ME) and will launch Gigachad (GIGA) and Turbo (TURBO).
According to the official announcement, Coinbase will increase support for Gigachad (GIGA) on the Solana network (SPL tokens) and for Turbo (TURBO) on the Ethereum network (ERC-20 tokens). If liquidity conditions are met, trading for these tokens will begin at or after 1:00 AM Beijing time on December 12, 2024. The GIGA-USD and TURBO-USD trading pairs will be launched in phases.
Financing news.
Digital asset holding company COSIMO is raising $25 million in a round led by former Bridgewater executives.
According to The Block, digital asset holding company COSIMO has announced that it is raising $25 million in a round led by Des Mac Intyre, co-founder of Eolas Capital and former executive at Bridgewater Associates. COSIMO announced in a statement that this funding aims to consolidate its various cryptocurrency investment, custody, consulting, and brokerage services into 'a unified and forward-looking brand.' The company will now be named COSIMO digital, and over the past ten years, COSIMO has expanded into multiple cryptocurrency subfields and aims to become a strong competitor to the cryptocurrency management and service provider Galaxy Digital, but unlike Galaxy, COSIMO has operations in both the U.S. and Europe. In its early days, COSIMO invested in startup cryptocurrency companies using special purpose vehicles (SPVs) in 2014, and expanded into the cryptocurrency venture capital space in 2017. The COSIMO X fund launched in 2019 currently manages approximately $21 million in assets. The company has also launched COSIMO Y, a hedge fund built around staking rewards from a basket of blockchains including Avalanche, Cardano, Celestia, Ethereum, Near, Polkadot, and Solana. Additionally, COSIMO established Fortuna, a digital asset custody company licensed by the Central Bank of Ireland to operate in 27 EU countries.
Crypto AI startup Exabits has completed a $15 million seed round financing, led by Hack VC.
According to The Block, crypto AI startup Exabits has completed a $15 million seed round financing, valuing the company at $150 million, led by Hack VC, with several other investors participating, though their specific names have not been disclosed. Exabits co-founder Hoansoo Lee stated that fundraising began in July this year and completed this round in October. He declined to comment on the structure of this round but mentioned that a token will be launched in the future. This seed round financing brings Exabits' total funding to $20 million. Exabits is focused on GPU tokenization in the crypto AI space and had previously undergone an undisclosed Pre-Seed round of financing followed by a strategic financing round led by Portal Ventures, with both rounds totaling around $5 million.
Opinions.
Matrixport: Demand for Ethereum ETFs has surged, and ETH prices are expected to rise significantly in 2025.
According to data from Matrixport, the recent demand for Ethereum ETFs has significantly increased, with a total net inflow of up to $1.8 billion over the past 12 days, and no single day of net outflow was observed. Among these, three days saw single-day inflows exceeding $500 million. Adjusted for market capitalization, this is equivalent to nearly $1.2 billion in daily inflows for Bitcoin. Analysis indicates that this flow of funds may reflect a reallocation or expansion of investment directions, coinciding with the new fiscal year for U.S. mutual funds starting on December 1, and also reflects market optimism for 2025. If this demand continues, Ethereum's price in 2025 could rise significantly.
Goldman Sachs CEO: Will consider participating in cryptocurrency trading if regulations change.
According to Reuters, Goldman Sachs CEO David Solomon stated in an interview that the firm would need to change regulations to allow trading in cryptocurrencies. Solomon said, 'You need to ask the regulators this question. Currently, as a regulated bank, we are not allowed to hold cryptocurrencies such as Bitcoin; we provide advice to clients around these technologies and issues and will continue to do so, but from a regulatory perspective, our ability to act in these markets is extremely limited.'
Important data.
The pre-market trading of Binance's USUAL token has surpassed $0.8, up 36.5% in 24 hours.
According to pre-market data from Binance, the Usual token USUAL has surpassed $0.8, up 36.5% in 24 hours, now quoted at $0.805, with a peak of $0.822.
The U.S. Bitcoin spot ETF had a total net inflow of $440 million yesterday, continuing nine days of net inflows.
According to SoSoValue data, yesterday (Eastern Time December 10) the total net inflow for Bitcoin spot ETFs was $440 million. Yesterday, Grayscale's ETF GBTC had a single-day net outflow of $62.82 million, with a historical net outflow of $20.911 billion for GBTC. Grayscale's Bitcoin mini-trust ETF BTC had a single-day net inflow of $6.4161 million, with a historical total net inflow of $901 million. The Bitcoin spot ETF with the highest single-day net inflow yesterday was BlackRock's ETF IBIT, with a single-day net inflow of $296 million, bringing IBIT's historical total net inflow to $35.058 billion. The second highest was Fidelity's ETF FBTC, with a single-day net inflow of $210 million, bringing FBTC's historical total net inflow to $12.102 billion. As of the time of publication, the total net asset value of Bitcoin spot ETFs was $107.763 billion, with an ETF net asset ratio (market capitalization relative to Bitcoin's total market capitalization) of 5.65%, and a historical cumulative net inflow of $34.353 billion.
A whale has liquidated 1.2 million WIF, purchased 11 months ago, with profits exceeding $3 million.
According to Lookonchain monitoring, three hours ago, a whale deposited a total of 1.2 million WIF (valued at $3.47 million) into Coinbase. This whale acquired the 1.2 million WIF 11 months ago at a cost of $393,000 and is now profiting over $3 million.
Addresses associated with Galaxy Digital have withdrawn 523,000 UNI from Binance, valued at $8.45 million.
According to on-chain analyst @ai_9684xtpa monitoring, an hour ago, a Galaxy Digital-associated address withdrew 523,000 UNI from Binance (valued at $8.45 million), with an acquisition cost of $15. In the past month, UNI has surged from $9.3 to $15.5, an increase of 66%, performing well as a leader in the DeFi sector; this morning it fell back to $14 due to a Bitcoin dip but quickly rebounded to $15.47.
A whale has accumulated 801 BTC from Binance over the past 17 hours, valued at approximately $77.55 million.
According to Spot On Chain monitoring, a new whale accumulated 801 BTC from Binance over the past 17 hours at an average price of $96,815, valued at approximately $77.55 million.
Riot Platforms has purchased 705 BTC in the past 3 hours, approximately $68.45 million.
According to Lookonchain monitoring, Bitcoin mining company Riot Platforms purchased 705 BTC (approximately $68.45 million) in the past 3 hours. Previously, on December 9, it was reported that Riot Platforms plans to privately issue $500 million in convertible senior notes, with funds used for the acquisition of Bitcoin and other assets.
Raydium's monthly trading volume has exceeded Uniswap for the second consecutive month.
According to Cointelegraph, based on a Messari report dated December 10, the monthly trading volume of Solana's decentralized exchange (DEX) Raydium has exceeded Uniswap for the second consecutive month. In November, Raydium's monthly trading volume was approximately 30% higher than that of Uniswap, totaling around $30 billion. Ryan Watkins, co-founder of Syncracy Capital, mentioned in a post on the X platform on November 17 that Raydium had previously outperformed Uniswap in October by a small margin, with trading volume about 10% higher. The Messari report states, 'Raydium's success is largely attributed to its dominance in the Solana ecosystem,' adding that this DEX consistently accounts for over 60% of daily DEX trading volume on that Layer 1 blockchain network; notably, meme coin trading has become a significant driver of Raydium's trading volume, with meme coins reaching a historic high of 65% of Raydium's monthly trading volume in November.
