Daily Market Data (December 22, 2024, at 20:25)
ChainDD's market data on December 22 shows that the comprehensive ChainDD index is quoted alongside CoinMarketCap:
BTC is priced at $96,929.76, down about 1.23% in the last 24 hours;
ETH is priced at $3,381.81, down about 1.49% in the last 24 hours;
BNB is priced at $665.41, down about 1.16% in the last 24 hours;
DOGE is priced at $0.3214, down about 3.89% in the last 24 hours;
DOT is priced at $7.07, down about 4.27%.
Crypto Circle Dynamics
Foreign media: The UAE holds Bitcoin valued at $40 billion.
Binance co-founder CZ shared reports from CryptoDNES on the X platform: 'Currently, the UAE holds Bitcoin valued at $40 billion. The UAE is actively creating a favorable environment for cryptocurrency development through initiatives such as the Dubai Multi Commodities Centre's cryptocurrency hub. These strategic measures have encouraged the flourishing of local and international blockchain startups, steadily increasing the country's Bitcoin reserves.'
Michael Saylor: The upcoming accounting rules effective next year may allow MicroStrategy to meet the S&P 500 profit requirements.
MicroStrategy Chairman Michael Saylor did not explicitly state whether the company could be included in the S&P 500 during a recent interview, but he indicated that, given the optimistic outlook on Bitcoin, MicroStrategy could report billions of dollars in quarterly net income next year due to the increase in the value of its Bitcoin holdings. The accounting rule changes effective in 2025 may enable MicroStrategy to meet the profit requirements for joining the S&P 500.
It is reported that MicroStrategy's traditional software business (its main business before it started purchasing Bitcoin in large quantities in 2020) is relatively small, with an estimated valuation of only about $1 billion. Moreover, this business is in a loss position according to 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 holdings from the current undervalued amount 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 UK's first digital securities sandbox participants 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 been announced to receive preliminary approval are (expected) 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 the support of companies such as Nomura's Laser Digital and Standard Chartered's Zodia Custody.
Like the EU's DLT pilot regime, the DSS plan relaxes the requirement that exchanges and central securities depositories must always be separate (which can sometimes be impractical for DLT).
The Central Bank of Russia has announced the business model for the digital ruble, and local banks have expressed dissatisfaction due to concerns over deposit outflows and high deployment costs.
The Central Bank of Russia recently shared its Central Bank Digital Currency (CBDC) business model. By the end of 2025, all digital ruble transactions will be free, with the first banks and merchants expected to launch on July 1. The central bank plans to earn fees by operating the system.
Meanwhile, at a hearing held last week in the Russian State Duma, the Russian Banking Association (ABR) expressed dissatisfaction. They are concerned about potential deposit outflows and high deployment costs. It is reported that the Central 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 about 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 Office, issued a stern warning about potential conflicts within the agency following Trump's victory. Stark recently posted on X, stating: 'With the sudden promotions of a series of 'lame duck' officials, SEC Chairman Gary Gensler has begun a deep state purge. Gensler's actions are not only disgraceful but shocking.'
Stark accused Gensler of promoting five senior officials in the SEC enforcement division to ensure his influence after leaving, four of whom have extensive experience in crypto enforcement. He called these moves unprecedented and noted that such promotions typically last for ten years, not one month. Stark explained that these are career civil service positions, meaning the new government cannot easily cancel them.
Stark stated: 'SEC Chairman Gary Gensler is clearly trying to manipulate the SEC enforcement division after his departure.' He added that these promotions were conducted quietly, without public announcements or press releases.
Looking ahead, Stark predicts that a conflict will brew between the incoming Trump administration and those appointed by Gensler: 'The orders sent to the new SEC Chairman Paul Atkins from the White House and the crypto czar are undoubtedly to clean house, take names, and immediately order the permanent cessation of all SEC investigations, lawsuits, appeals, and rule-making related to cryptocurrency.'
