Today's news tips:
Ripple receives final approval from New York State Department of Financial Services for stablecoin RLUSD
Italy to scale back cryptocurrency capital gains tax increase
Microsoft Shareholders Vote Against Bitcoin Investment Proposal
OKX will launch VIRTUAL/USDT and SUNDOG/USDT perpetual contracts
Beam Ventures to launch first $150 million gaming-focused fund in Abu Dhabi
ZK verification layer Aligned Layer announces 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: Ethereum ETF demand surges, ETH price expected to rise significantly in 2025
Regulatory news.
Chen Haolian: The Hong Kong Monetary Authority does not rule out individual investments involving crypto assets, but the relevant proportion is very small.
According to the Hong Kong government's news release, during today's Legislative Council meeting, member Wu Jiezhuang asked Secretary for Financial Services and the Treasury Chen Haolian 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, assessing the impact of foreign countries classifying Bitcoin as a strategic reserve asset on China's and Hong Kong's financial security (for example, whether it could pressure the HKD system and Hong Kong's economic conditions in the long run), and if so, what the impacts would be, and what measures the government would take in response, including whether it would leverage Hong Kong's first-mover advantage and unique resource conditions in the cryptocurrency field to make strategic deployments to contribute to national financial security. Chen Haolian replied that the Hong Kong Monetary Authority invests in a diversified range of global asset classes and markets to diversify risks and enhance long-term returns. Although crypto assets are not targeted investment assets of the foreign exchange fund, the Monetary Authority's external investment managers also invest in diversified global asset classes and markets, and in the different investment operations of external managers, individual investments involving crypto assets cannot be ruled out, but the relevant proportion is very small. In addition, Chen Haolian revealed that the Hong Kong Securities and Futures Commission published several measures to promote the development of virtual assets in Hong Kong in October this year, including a fast licensing process for virtual asset trading platforms and establishing advisory groups for licensed platforms. The advisory groups are expected to be launched 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 set for this Friday (December 13). Bloomberg ETF analyst James Seyffart stated that the ETF tracking the Nasdaq 100 index is expected to purchase $2.1 billion worth of MicroStrategy shares, accounting for about 20% of the company's daily trading volume. ETF analyst Eric Balchunas noted that the company's weight in the Nasdaq 100 index could also reach 0.47%, becoming the 40th largest holding in the index. Seyffart remarked that while joining the Nasdaq 100 index is imminent, joining the S&P 500 index will be more challenging due to MicroStrategy's lack of profitability. However, upcoming changes in accounting rules related to 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 US Nasdaq today.
According to CoinDesk, Monex Group announced on December 11 that its subsidiary Coincheck Group NV has completed the procedures for listing on the US Nasdaq. Trading began on December 11, Eastern Time, under 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 a market value of around $1.6 billion (approximately 240 billion yen).
El Salvador signs an agreement with Argentine regulators to help both countries develop the cryptocurrency industry.
According to CoinDesk, Salvador's main cryptocurrency regulator, Juan Carlos Reyes, chairman of the National Digital Assets Commission (CNAD), and Roberto Silva, chairman of the Argentine Securities Commission (CNV), signed an agreement on Tuesday aimed at promoting cooperation in cryptocurrency regulation between the two countries. Reyes stated in an interview: 'In terms of international cooperation, CNAD has two core objectives. First, to share our expertise with international partners to help them leverage the benefits of well-regulated industries. Secondly, to expand our regulatory company's influence internationally through 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 remarkable adoption rate.' Although the specific details of the agreement have not been disclosed, Reyes stated on LinkedIn that the agreement aims to enable regulatory agencies in both countries to share knowledge and experience, promoting crypto innovation. He wrote: 'The joint efforts of El Salvador and Argentina will lay the groundwork for greater regional cooperation, fostering a favorable environment for the development of the digital asset industry.'
Ripple receives final approval from the New York State Department of Financial Services for stablecoin RLUSD.
Ripple CEO Brad Garlinghouse announced on X platform: 'We have received final approval from the New York State Department of Financial Services (NYDFS) for the stablecoin RLUSD. Information about exchanges and partners will be announced shortly—just a reminder: Ripple will be the first to announce when RLUSD officially goes live.'
Italy will scale back the increase in capital gains tax on cryptocurrencies.
According to Reuters, Italy's ruling party stated on Tuesday that, following criticism from affected industries and internal debates within the Minister of Economy's party, Italy will scale back its plans to increase capital gains tax on cryptocurrencies. In a statement, coalition party members Giulio Centemero and Deputy Minister of Finance Federico Freni said, 'During parliamentary work, the scale of tax increases will be significantly reduced.' Previously, according to the budget expected to be approved by parliament by the end of December, the Ministry of Finance planned to increase the capital gains tax rate on cryptocurrencies like Bitcoin from 26% to 42%. However, the coalition party stated that this move could promote the development of the shadow economy. On Tuesday, Centemero and Freni said, 'Do not hold prejudices against cryptocurrencies.' Political insiders indicated that the government might even decide to maintain the 26% tax rate.
Microsoft shareholders voted against the Bitcoin investment proposal.
According to Jin10 reports, voting results show that Microsoft's major shareholders opposed the company's Bitcoin investment proposal on Tuesday. Earlier, the Microsoft board urged shareholders to reject a recommendation from the National Center for Public Policy Research suggesting that the company invest 1% of its total assets in Bitcoin to hedge against inflation. At the annual meeting, MicroStrategy chairman Michael Saylor delivered 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 perpetual contracts for VIRTUAL/USDT and SUNDOG/USDT.
OKX announces that it will officially launch VIRTUALUSDT and SUNDOGUSDT perpetual contracts today from 6:00 PM to 6:15 PM (UTC+8) on the web, app, and API. Among them, trading for VIRTUALUSDT will open at 6:00 PM, while SUNDOGUSDT trading will open at 6:15 PM. Users can participate in trading across multiple platforms.
Beam Ventures will launch its first $150 million fund focused on gaming in Abu Dhabi.
Beam Foundation announces the launch of its first venture fund focused on gaming, Beam Ventures, 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 and support the development of early-stage Web3 gaming and AI startups, while also contributing to building a thriving gaming ecosystem in Abu Dhabi.
ZK verification layer Aligned Layer announces ALIGN token economics: 44% allocated to community and ecosystem.
Based on EigenLayer, the ZK verification layer Aligned Layer announces that its first product, Proof Verification Layer, has entered the mainnet Beta phase and released the $ALIGN token plan. Additionally, Aligned released detailed information about the $ALIGN token, with a total supply of 10 billion tokens, and an initial circulating supply of 30%. The token will be used to pay for verification fees (on-demand or subscription model) and for dual staking to secure the network. The token distribution is 44% for community and ecosystem, 10% for foundation, 23.5% for team, and 22.5% for investors. The Aligned team 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, it was reported that the decentralized ZK proof verification layer Aligned Layer completed a $20 million Series A financing round, led by Hack VC.
Circle and Binance establish a strategic partnership to accelerate the adoption of USDC and cryptocurrencies.
According to Binance's official blog, Binance and Circle 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, allowing users to trade, save, and pay more easily, while also adopting USDC for corporate financial operations. Circle will provide Binance with technology, liquidity, and tools to enhance user trust and innovation, with both companies collaborating to promote the practicality and innovation of stablecoins in the global financial system.
ME had a significant premium due to delays in its listing on the South Korean exchange, which has now mostly disappeared.
As the listing time for Magic Eden's ME token on the South Korean exchange Upbit was postponed to 9:30 AM today, ME surged to 19,600 KRW ($13.71) shortly after opening on Upbit, leading to a significant premium of this token compared to other mainstream platforms. This premium has now mostly disappeared, with ME currently priced at 9,929 KRW (approximately $6.94) on Upbit, and $6.97 on Binance.
Coinbase has listed Magic Eden (ME) and will list Gigachad (GIGA) and Turbo (TURBO).
According to an official announcement, Coinbase will add support for Gigachad (GIGA) on the Solana network (SPL tokens) and Turbo (TURBO) on the Ethereum network (ERC-20 tokens), with trading for the aforementioned tokens expected to start at or after 1:00 AM Beijing time on December 12, 2024, if liquidity conditions are met. 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 funding round led by former Bridgewater executives.
According to The Block, digital asset holding company COSIMO announced that it is raising $25 million, with this round of financing led by Des Mac Intyre, co-founder of Eolas Capital and former executive at Bridgewater Associates. COSIMO announced that this financing aims to integrate its various cryptocurrency investment, custodial, consulting, and brokerage services into 'a unified and forward-looking brand.' The company will now be named COSIMO Digital. Over the past ten years, COSIMO has expanded into multiple subfields of cryptocurrencies and aims to become a strong competitor to Galaxy Digital, a cryptocurrency management and service provider, but with the difference that COSIMO has operations in both the US and Europe. In its early days, COSIMO invested in startup cryptocurrency companies using special purpose vehicles (SPVs) in 2014 and expanded into cryptocurrency venture capital 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 a basket of staking rewards from blockchains such as 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 completed $15 million in seed round financing, led by Hack VC.
According to The Block, crypto AI startup Exabits has completed a $15 million seed round financing, valued at $150 million, led by Hack VC, with several other investors participating, though specific names were not disclosed. Exabits co-founder Hoansoo Lee stated that Exabits began fundraising in July this year and completed this round in October. He declined to comment on the structure of this round of financing but stated that a token will be launched in the future. This seed round financing brings Exabits' total fundraising to $20 million. Exabits is a crypto AI startup focused on GPU tokenization, which previously underwent an undisclosed Pre-Seed financing round, followed by another undisclosed strategic financing round led by Portal Ventures, totaling about $5 million.
Opinions.
Matrixport: Ethereum ETF demand surges, ETH price expected to rise significantly in 2025.
According to Matrixport data, there has been a significant increase in demand for Ethereum ETFs recently, with total net inflows reaching $1.8 billion over the past 12 days, and no single day of net outflows has occurred. Among these, three days saw single-day inflows exceeding $500 million. Adjusted for market capitalization, this is equivalent to nearly $1.2 billion of daily inflows for Bitcoin. Analysts pointed out that this capital flow may reflect a reallocation or expansion of investment direction, coinciding with the start of the new fiscal year for US mutual funds on December 1, and also reflects market optimism for 2025. If this demand continues, the price of Ethereum in 2025 could rise significantly.
Goldman Sachs CEO: Will consider participating in cryptocurrency trading if regulations change.
According to Reuters, Goldman Sachs Group CEO David Solomon stated in an interview regarding whether Goldman Sachs could start trading cryptocurrencies that regulatory changes would be needed to allow the bank to do so. Solomon said, 'You need to ask this question to the regulators. Currently, as a regulated banking institution, we are not allowed to hold cryptocurrencies like Bitcoin; we provide advice to our clients around these technologies and these issues and will continue to do so, but from a regulatory standpoint, our ability to act in these markets is extremely limited.'
Important data.
Binance's pre-market trading for USUAL surpasses $0.8, rising 36.5% in 24 hours.
According to Binance's pre-market data, the Usual token USUAL has surpassed $0.8, rising 36.5% in 24 hours, currently priced at $0.805, with a peak of $0.822.
The total net inflow of Bitcoin spot ETFs yesterday was $440 million, continuing a 9-day net inflow.
According to SoSoValue data, yesterday (Eastern Time, December 10), the total net inflow of Bitcoin spot ETFs was $440 million. Yesterday, Grayscale's ETF GBTC had a single-day net outflow of $62.82 million, with GBTC's historical net outflow currently totaling $20.911 billion. Grayscale's Bitcoin mini trust ETF BTC had a single-day net inflow of $6.4161 million, with the historical total net inflow of the Grayscale Bitcoin mini trust BTC currently at $901 million. The Bitcoin spot ETF with the highest single-day net inflow yesterday was BlackRock's ETF IBIT, with a net inflow of $296 million, and its historical total net inflow has reached $35.058 billion. Following this was Fidelity's ETF FBTC, with a single-day net inflow of $210 million, and its historical total net inflow has reached $12.102 billion. As of the time of writing, the total net asset value of Bitcoin spot ETFs is $107.763 billion, with an ETF net asset ratio (market cap as a percentage of total Bitcoin market cap) reaching 5.65%, and the historical cumulative net inflow has reached $34.353 billion.
A whale took profits of over $3 million from clearing 1.2 million WIF purchased 11 months ago.
According to Lookonchain monitoring, three hours ago, a whale deposited all 1.2 million WIF ($3.47 million) into Coinbase. This whale purchased 1.2 million WIF 11 months ago for $393,000 and is now up over $3 million.
Galaxy Digital associated address withdrew 523,000 UNI from Binance, worth $8.45 million.
According to on-chain analyst @ai_9684xtpa, one hour ago, a Galaxy Digital associated address withdrew 523,000 UNI (worth $8.45 million) from Binance, with an acquisition cost of $15. Over the past month, UNI rose from $9.3 to $15.5, an increase of 66%, performing well as a leader in the DeFi sector; this morning it retraced to $14 due to BTC's drop but has quickly rebounded to $15.47.
A whale has accumulated 801 BTC from Binance over the last 17 hours, worth approximately $77.55 million.
According to Spot On Chain monitoring, a new whale has accumulated 801 BTC from Binance at an average price of $96,815 over the last 17 hours, worth approximately $77.55 million.
Riot Platforms bought 705 BTC (approximately $68.45 million) in the past three hours.
According to Lookonchain monitoring, Bitcoin mining company Riot Platforms bought 705 BTC (approximately $68.45 million) in the past three hours. Previously, on December 9, it was reported that Riot Platforms plans to privately issue $500 million in convertible senior bonds, with funds used for acquiring Bitcoin among others.
Raydium's monthly trading volume has exceeded Uniswap for the second consecutive month.
According to Cointelegraph, based on a Messari report from December 10, the monthly trading volume of Raydium, a decentralized exchange (DEX) in the Solana ecosystem, has exceeded Uniswap for the second consecutive month. In November, Raydium's monthly trading volume was approximately 30% higher than Uniswap, reaching about $30 billion. Ryan Watkins, co-founder of Syncracy Capital, mentioned in a post on the X platform on November 17 that Raydium had previously surpassed Uniswap by a smaller margin in October, with about a 10% higher trading volume. The Messari report stated, 'Raydium's success is largely attributed to its dominant position within the Solana ecosystem,' and added that this DEX continues to account 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 accounting for a historic high of 65% of Raydium's monthly trading volume in November.
