The year 2024 is witnessing significant changes in the cryptocurrency market, as coins and altcoins become hot topics not only within the tech community but also attracting the attention of investors and businesses worldwide.
1. New FASB Market Value Accounting Rule
Starting today, companies in the US can determine the value of Bitcoin assets based on actual market value, after the FASB's market value accounting rule takes effect. This is a significant step that could drive the acceptance of Bitcoin in business, helping them to more accurately reflect the value of their assets. However, this rule does not apply to NFTs and other digital assets.
2. Price Volatility of Bitcoin and Altcoins
The price of Bitcoin has experienced significant fluctuations, surpassing $106,000 before stabilizing around $104,500. This volatility is influenced by factors such as Fed rate predictions and the demand disparity between exchanges. Other cryptocurrencies like Ethereum and XRP also face many challenges, while Solana has recorded significant success in revenue and dominates a large portion of Layer 1 fees.
3. Developments in the Traditional Market
Meanwhile, rising yields on US government bonds could cause volatility for risk assets, prompting investors to be cautious. Many macroeconomic events and token unlocks are expected to occur in December, adding further pressure to the market.
4. Launch of Ripple USD Stablecoin (RLUSD)
Ripple has just announced that its new stablecoin, Ripple USD (RLUSD), will begin global trading on December 17, after receiving approval from the New York Department of Financial Services. Backed 1:1 by USD deposits and short-term government securities, RLUSD aims to support global payments as a corporate-managed stablecoin.
Currently, RLUSD will be available on major cryptocurrency platforms such as Uphold and MoonPay, with many other exchanges waiting to list it in the future in various regions. Ripple intends to integrate RLUSD into their electronic payment protocol in early 2025 to improve cross-border payment capabilities.
5. Development and Management Strategy of Ripple
Ripple has also appointed key figures to its advisory board, including former regulatory officials, to guide the development of this stablecoin ensuring compliance and stability. These developments highlight Ripple's strategy to position RLUSD as a key player in the changing landscape of digital payments and stablecoins.
These moves not only reflect the strength of the cryptocurrency market but also open up new possibilities for the widespread application of blockchain technology in modern economic life.
