Daily Market Report (December 22, 2024, 20:25)
ChainDD's market report on December 22 shows that the comprehensive DD index and CoinMarketCap quotes:
BTC is priced at 96,929.76 USD, down about 1.23% in 24 hours.
ETH is priced at 3,381.81 USD, down about 1.49% in 24 hours.
BNB is priced at 665.41 USD, down about 1.16% in 24 hours.
DOGE is priced at 0.3214 USD, down about 3.89% in 24 hours.
DOT is priced at 7.07 USD, down about 4.27% in 24 hours.
Crypto Circle Dynamics
Foreign media: The UAE holds 40 billion USD worth of Bitcoin.
Binance co-founder CZ shared a report from CryptoDNES on the X platform: "Currently, the UAE holds 40 billion USD worth of Bitcoin. The UAE is actively creating a favorable environment for the development of cryptocurrencies through initiatives such as the cryptocurrency center in Dubai Multi Commodities Centre. These strategic measures have encouraged the flourishing of local and international blockchain startups, leading to a steady increase in the country's Bitcoin reserves."
Michael Saylor: Upcoming accounting rules may allow MicroStrategy to meet S&P 500 profitability requirements.
MicroStrategy Chairman Michael Saylor did not explicitly state whether the company might be included in the S&P 500 during a recent interview, but he mentioned that given the optimistic outlook on Bitcoin, MicroStrategy could report quarterly net income in the billions next year due to the increase in Bitcoin holding value. The accounting rule changes coming into effect in 2025 may allow MicroStrategy to meet the profitability requirements for joining the S&P 500.
It is reported that MicroStrategy's traditional software business (its main business before it began purchasing Bitcoin in large quantities in 2020) is small, with a valuation of only about 1 billion USD. Additionally, this business is in a loss position under GAAP (Generally Accepted Accounting Principles), making it difficult to meet the inclusion requirements for the S&P 500 index. The upcoming accounting rules will adjust the company's Bitcoin holding value from the current undervaluation to fair market value, potentially leading to significant net income growth when Bitcoin prices rise. However, the S&P Global Index Committee decides on S&P 500 index members by invitation, reviewing profitability, market capitalization, and other factors.
The first participants in the UK's digital securities sandbox have received preliminary approval.
The UK's Financial Conduct Authority (FCA) opened the Digital Securities Sandbox (DSS) for applications at the end of September, relaxing certain rules for DLT market infrastructure. The two entities that have announced preliminary approval are (expectedly) the Central Securities Depository (CSD) Montis (owned by Archax) and ClearToken, which plans to operate as a central clearinghouse for crypto and tokenized assets. ClearToken has received support from companies such as Nomura's Laser Digital and Standard Chartered's Zodia Custody.
Similar to the EU's DLT pilot regime, the DSS plans to relax the requirement that exchanges and central securities depositories must always be separate (which is sometimes impractical for DLT).
The Bank of Russia announced the digital ruble business model, and local banks expressed dissatisfaction due to concerns over deposit outflows and high deployment costs.
The Bank of Russia recently shared its business model for the central bank digital currency (CBDC). By the end of 2025, all digital ruble transactions will be free, with the first banks and merchants expected to go live on July 1. The central bank plans to earn fees by operating the system.
Meanwhile, at a hearing in the State Duma of Russia last week, the Association of Russian Banks (ABR) expressed dissatisfaction. They are concerned about potential outflows of bank deposits and the high deployment costs. It is reported that the Bank of Russia does not intend to limit the amount of CBDC held.
According to Info24, ABR Chairman Anatoly Kozlachkov stated that the setup cost for each bank is approximately 100 million rubles (1 million USD), while some banks have a capital of only 3 million USD.
Former SEC Official: Gary Gensler is trying to manipulate the SEC enforcement division after leaving office.
John Reed Stark, former head of the SEC's Internet Enforcement Division, issued a stern warning about potential conflicts within the agency following Trump's election victory. Stark recently stated on X: "With a series of 'lame duck' officials suddenly promoted, SEC Chairman Gary Gensler has begun a deep state purge. Gensler's actions are not only shameful but also shocking.
Stark accused Gensler of promoting five senior officials in the SEC enforcement division to ensure his influence after he leaves, four of whom have extensive experience in cryptocurrency enforcement. He called these moves unprecedented and noted that such promotions usually last for ten years, not one month. Stark explained that these are career civil service positions, meaning the new government cannot easily dismiss them.
Stark stated: "SEC Chairman Gary Gensler is clearly trying to manipulate the SEC enforcement division after leaving office." He added that these promotions were carried out quietly, without public announcement or press release.
Looking ahead, Stark predicts a brewing conflict between the incoming Trump administration and those appointed by Gensler: "The orders issued by the White House and the crypto czar to the new SEC Chairman Paul Atkins are undoubtedly to clean house, take names, and immediately order the permanent cessation of all SEC investigations, lawsuits, appeals, and rule-making related to cryptocurrencies."
