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The U.S. Senate has passed a budget bill, narrowly avoiding what could have been the first federal government shutdown since 2019. The legislation, approved by an 85-11 margin, follows the House of Representatives' earlier approval and now heads to President Joe Biden for his signature, according to BBC.Key Highlights of the Budget Deal:The bill excludes President-elect Donald Trump’s demand to raise the federal borrowing limit, showcasing limits to his influence over Republican lawmakers.Includes $100 billion for disaster relief and $10 billion in aid for farmers.Strips provisions from earlier drafts, such as pay raises for lawmakers, healthcare reforms, and funding for infrastructure projects like the Baltimore bridge.Without this deal, millions of federal employees could have faced unpaid leave or worked without pay, with public services and assistance programs severely disrupted. The last government shutdown in 2019 lasted 35 days, the longest in U.S. history.Behind-the-Scenes NegotiationsThe legislation faced significant hurdles as it underwent intense scrutiny and revisions. The 118-page "American Relief Act, 2025" saw opposition from Trump and Elon Musk, who urged Republicans to reject earlier versions. Despite Musk’s lobbying, key Democratic provisions and Trump’s debt-limit demands were excluded from the final version.Political DynamicsSpeaker of the House Mike Johnson faced criticism from his own party over his handling of the process but expressed gratitude after the bill’s passage, calling it a setup for a "big and important new start" in January. He credited frequent communication with Trump and Musk during the negotiations for the bill’s eventual approval.Musk, who has been tapped by Trump to focus on government spending reductions, praised Johnson's leadership, describing the final bill as significantly streamlined compared to earlier drafts.Implications for the FutureThe intense negotiations signal potential legislative challenges ahead, with Republicans set to take control of both chambers of Congress in January. As Speaker Johnson and President-elect Trump prepare for their next term, the budget fight offers a glimpse of the tense policy battles to come.

According to Odaily, Glassnode recently shared insights on the X platform, noting an interesting trend in the Bitcoin market. As the market expands, the severity of Bitcoin's pullbacks during bull market uptrends has decreased. The deepest pullback in this cycle was recorded at -32% on August 5, 2024. Most corrections have only seen a decline of about 25% from previous highs. This trend reflects the demand for spot ETFs and increasing institutional interest.

According to PANews, CryptoQuant's founder and CEO, Ki Young Ju, expressed on the X platform that it is entirely feasible to use Bitcoin to repay U.S. debt if there is a consensus on Bitcoin's status. He noted that the only risk involves old Bitcoin holders selling their assets to undermine the U.S. However, he questioned whether these holders would actually sell if the U.S. government continues to accumulate Bitcoin until 2050 and its price keeps rising.

MicroStrategy CEO Michael Saylor has released a proposal titled "U.S. Digital Asset Framework, Principles and Opportunities", aiming to bolster the U.S. dollar's global dominance and solidify American leadership in the digital economy, according to TechFlow.Key Highlights of the Framework:Digital Asset Classification System:Digital goods without issuers (e.g., Bitcoin)Digital securities with issuersDigital currenciesDigital utility tokensDigital NFTsDigital asset-backed tokensCost Reductions for Compliance and Issuance:Asset issuance compliance costs are capped at 1% of assets under management.Annual maintenance costs are limited to 0.1%.Lowered issuance costs to enhance capital market access.Growth Predictions:Digital currency market expansion: From $25 billion to $10 trillion.Global digital capital market growth: $2 trillion to $280 trillion.Digital asset market (excluding Bitcoin) surge: From $1 trillion to $590 trillion.Establishing a Bitcoin Reserve:Saylor advocates for creating a U.S. Bitcoin reserve, estimating it could generate $16–81 trillion in wealth for the U.S. Treasury. This, he argues, could provide an innovative strategy to offset the national debt and strengthen the nation’s financial position.

According to PANews, the Fear and Greed Index has decreased to 73 today, down from 74 yesterday, yet it remains in the 'Greed' category. The index, which ranges from 0 to 100, is calculated based on several factors: volatility (25%), market trading volume (25%), social media trends (15%), market surveys (15%), Bitcoin's market dominance (10%), and Google search trends (10%).

According to PANews, the Federal Reserve confirmed a long-anticipated policy shift this week, significantly impacting the markets. Market participants now expect a rate cut of approximately 40 basis points by December 2025, leading to a rise in U.S. Treasury yields. Earlier this week, Bitcoin fell from its all-time high, continuing its decline during European trading on Friday, nearing $95,000. This follows Bitcoin's recent peak of over $108,000. The downturn in the cryptocurrency market has affected altcoins like Ethereum and Dogecoin more severely. Additionally, U.S. exchange-traded funds (ETFs) directly investing in Bitcoin ended a 15-day streak of inflows, recording an outflow of $680 million, highlighting a shift in market sentiment. With Christmas approaching, the market is expected to be relatively calm next week, though some significant data releases could still influence it. However, due to thin liquidity, market volatility might increase. Key points to watch in the upcoming week include the U.S. December Conference Board Consumer Confidence Index on Monday at 23:00 (UTC+8) and the initial jobless claims for the week ending December 21 on Thursday at 21:30 (UTC+8). For the U.S. dollar, the Federal Reserve's overall hawkish stance suggests it will maintain its strength, despite potential volatility due to low trading volumes during the holiday period. Any market turbulence during the holidays is more likely to impact U.S. stocks and bonds negatively. The Fed's hawkish position has not been well-received on Wall Street, and with U.S. Treasury yields continuing to rise, sell-offs may intensify.

According to CoinMarketCap data, the global crypto market cap is $3.41T, a 6.60% increase over the last day.Bitcoin (BTC) has traded between $92,233 and $99,541 over the past 24 hours. As of 09:30 AM (UTC) today, BTC is trading at $98,448, up by 3.46%.Most major cryptocurrencies by market cap are trading higher. Market outperformers include DF, ZEN, and COW, up by 98%, 51%, and 49%, respectively.Top stories of the day:U.S. Inflation Eases to 2.4% in November, Below ExpectationsSEC Commissioner Hester Peirce Signals Optimism for Ethereum ETF Staking Under New LeadershipU.S. Avoids Government Shutdown as Senate Passes Budget DealMicroStrategy CEO Proposes U.S. Digital Asset Framework and Bitcoin ReserveFederal Reserve's Shift Impacts Markets, Bitcoin Experiences DeclineSenator Lummis Advocates Strategic Bitcoin Reserve for Debt RepaymentFed's Goolsbee Predicts Inflation to Reach 2% Amid Temporary Fluctuations Quantum BioPharma Invests $1 Million in Cryptocurrency Fear And Greed Index Drops To 73 Indicating Continued GreedFederal Reserve's Williams Indicates Potential for Further Rate CutsMarket movers:ETH: $3468.78 (+5.45%)XRP: $2.3069 (+5.54%)BNB: $679.71 (+5.58%)SOL: $195.28 (+6.80%)DOGE: $0.33627 (+14.01%)ADA: $0.9582 (+15.72%)TRX: $0.2514 (+4.97%)AVAX: $41.07 (+12.67%)LINK: $23.9 (+11.21%)TON: $5.533 (+12.62%)

According to Odaily, data from CryptoSlam reveals that Ethereum NFT sales experienced a 76% increase in volume last week, reaching $201 million. This figure represents 66% of all NFT sales over the past seven days. In comparison, Bitcoin-based NFTs generated $40 million in sales, while Solana-based collectibles accounted for $29 million. The combined weekly trading volume for Mythos Chain, Immutable, Polygon, and BNB Chain amounted to $25.9 million. This week's trading volume surpassed the September record of $296 million, a month when digital collectibles saw their lowest monthly trading volume since 2021.

According to PANews, the Hong Kong Stock Exchange has released its 2024 review, highlighting significant growth in the virtual asset sector. The market for exchange-traded products (ETPs), including ETFs and leveraged and inverse products, has expanded, with the average daily trading volume reaching 18.7 billion yuan by the end of November, marking a 34% increase compared to the same period in 2023. This year, Hong Kong saw the listing of its first covered call options ETF and Asia's first virtual asset spot ETF, enhancing the diversity of ETP products and boosting market liquidity, leading to the listing of 36 new ETFs. Additionally, the Hong Kong Stock Exchange has announced plans to digitize and automate the physical subscription and redemption mechanism for ETPs to improve market efficiency and stimulate continued growth in secondary market activities. The exchange has also introduced the Hong Kong Stock Exchange Virtual Asset Index Series, providing a reliable benchmark price for the rapidly emerging asset class of virtual assets, supporting Hong Kong's development as a leading digital asset hub.

On Dec 21, 2024, 09:06 AM(UTC). According to Binance Market Data, BNB has dropped below 680 USDT and is now trading at 679.799988 USDT, with a narrowed narrowed 5.62% increase in 24 hours.

According to BlockBeats, data from Coinglass reveals that the cryptocurrency market witnessed liquidations totaling $118 million over the past 12 hours. Of this amount, long positions accounted for $43.14 million, while short positions saw liquidations amounting to $73.84 million.

On Dec 21, 2024, 07:36 AM(UTC). According to Binance Market Data, Bitcoin has crossed the 99,000 USDT benchmark and is now trading at 99,049.351563 USDT, with a narrowed 1.03% increase in 24 hours.

According to PANews, U.S. Senator Cynthia Lummis has emphasized the purpose of a strategic Bitcoin reserve as a means to 'clearly and strategically repay the government debt looming over every American.'

According to Cointelegraph, Ethereum's price is currently experiencing challenges in maintaining levels above $4,000, as noted by a crypto analyst. The digital currency has repeatedly surpassed this psychological barrier, peaking at $4,077 on December 6, but has struggled to sustain this price, based on CoinMarketCap data. The pseudonymous crypto trader, Rekt Capital, highlighted in a December 20 market report that Ethereum is likely to remain range-bound between two significant psychological levels. The $3,000 mark has emerged as a crucial support level, a price point last reached on November 9. Prior to this, Ethereum had been trading below $3,000 since August 3. Rekt Capital suggests that Ethereum might consolidate between $3,000 and $4,000 in the near term. However, there is a possibility of a short-term dip of over 10% from its current price of $3,466, potentially nearing the $3,000 region. Rekt Capital also mentioned the potential for Ethereum to form a bottom around this area, which could lead to the development of a right shoulder in an inverse head-and-shoulders pattern. This pattern is typically a reversal indicator, suggesting a possible change in trend direction. Analysts have pointed to factors such as the decreasing supply of Ethereum on exchanges and the rising inflows into spot Ether exchange-traded funds (ETFs) as potential drivers for strong price momentum. On December 17, Cointelegraph reported that data from CryptoQuant, an on-chain market intelligence firm, indicated that Ethereum balances on exchanges had reached an 8.5-year low of 9.2 million ETH, marking a nearly 10% decrease over the past year. Meanwhile, some analysts remain optimistic about the growing momentum of spot Ether ETF inflows, which could potentially outperform Bitcoin ETFs by 2025. Spot Ether ETFs have accumulated approximately $2.43 billion since their launch in the United States on July 23, according to Farside data. Analysts anticipate this upward trend to persist into 2025, particularly if regulators permit the funds to generate yields from staking. Asset manager VanEck has projected that Ethereum's spot price could reach $6,000 by the fourth quarter of 2025. When spot Ether ETFs were introduced in July, there was initial optimism that Ethereum might mirror Bitcoin's performance following the launch of spot Bitcoin ETFs in January. However, the comparatively weak initial inflows have tempered expectations of Ethereum surpassing its all-time high and reaching $5,000 by the end of the year.

On Dec 21, 2024, 05:51 AM(UTC). According to Binance Market Data, BNB has crossed the 690 USDT benchmark and is now trading at 690.469971 USDT, with a narrowed 2.70% increase in 24 hours.

On Dec 21, 2024, 05:47 AM(UTC). According to Binance Market Data, Bitcoin has crossed the 98,000 USDT benchmark and is now trading at 98,164.023438 USDT, with a narrowed 1.26% increase in 24 hours.

On Dec 21, 2024, 05:47 AM(UTC). According to Binance Market Data, Ethereum has crossed the 3,500 USDT benchmark and is now trading at 3,507.25 USDT, with a narrowed 4.17% increase in 24 hours.

According to BlockBeats, on December 21, monitoring by Trader T revealed that BlackRock's IBIT ETF experienced a net outflow of $72.84 million the previous day. This marks the fourth instance of a net outflow for the ETF in its 239 days since inception.

According to PANews, a new bill regulating stablecoin issuers has been submitted to Hong Kong's Legislative Council for review. This follows the introduction of a licensing system for virtual asset trading platforms. Hong Kong legislator Ng Kit Chuang emphasized that stablecoins are a fundamental part of virtual asset infrastructure, serving not only as investment tools but also facilitating cross-border payments. Ng noted that the current regulatory proposal suggests issuers should deposit reserve assets with Hong Kong banks, which may not align with local regulations of certain coin issuers. Efforts are underway to communicate with the government and industry stakeholders to find a compromise, such as establishing mutual recognition contracts or notes between jurisdictions. This approach aims to ensure that assets do not need to be physically held in Hong Kong while still providing protection for Hong Kong citizens.

According to BlockBeats, on December 21, Nate Geraci, President of The ETF Store, announced on social media that the S-1 amendment for the Nexo 7RCC Spot Bitcoin and Carbon Credit Futures ETF has been submitted. As the name suggests, this ETF comprises 80% Bitcoin and 20% carbon credit futures. The SEC has approved the 19b-4 filing, and the ETF is expected to launch soon.