Daily Market Report (December 5, 2024, 10:00 AM)
ChainDD's market data on December 5 shows a comprehensive index and CoinMarketCap quotes:
BTC is reported at $95,836.61, down about 0.27%;
ETH is reported at $3641.88, up about 0.75% in 24 hours;
BNB is reported at $747.48, up about 14.85%;
DOT is reported at $9.88, down about 3.24%;
DOGE is reported at $0.4154, down about 1.78% in 24 hours.
Chain Circle Dynamics
a16z predicts 2025 crypto trends involving tokenization use cases and AI and blockchain integration.
a16z listed key areas for the cryptocurrency industry in the coming year, emphasizing that the use cases for tokenization and the integration of artificial intelligence with blockchain technology are potential growth drivers.
According to a16z's report, AI-based applications running on-chain are expected to bring at least three emerging trends across the industry: AI agent-driven wallets, decentralized autonomous chatbots, and identity verification solutions. The company believes that decentralized chatbots could be used for social media content and asset management through trusted execution environments: 'By running a set of permissionless nodes and being coordinated by consensus protocols, chatbots could even become the first truly autonomous billion-dollar entities.'
Another trend expected to emerge by 2025 relates to stablecoins. In recent months, the industry has established markets suitable for global remittances, with multiple companies and protocols launching new stablecoins pegged to the dollar. a16z predicts that starting next year, stablecoins will gradually replace everyday credit card transactions.
Additionally, as infrastructure matures, it is expected that by 2025, more 'unconventional assets' will be tokenized on-chain, enabling cross-sector tokenization. The report predicts that previously overlooked assets (such as biometric data) will generate new revenue streams.
The report states: 'Individuals can tokenize their biometric data; then they can rent this information to companies through smart contracts.' It also adds that collecting medical data through decentralized scientific protocols has become possible, allowing users to profit from previously undeveloped resources.
Government bond trading on-chain is another prospect for 2025 and beyond. Supported by institutional adoption of digital assets, the token market backed by government securities began to flourish in 2024. Looking ahead, a16z expects that the government itself will explore the benefits of issuing debt on-chain.
Coin Circle Dynamics
CryptoQuant: The 30-day demand for retail BTC investors has reached its highest level since 2020.
CryptoQuant analysts state that demand from retail Bitcoin investors is surging, with the 30-day demand for BTC retail investors reaching its highest level since 2020.
Analysts indicated that the surge in retail interest may partly explain the sustained strong demand, even as long-term holders begin to take profits. Historically, increased retail participation often signals a potential local top. However, it also highlights increased market participation, which, when combined with institutional interest, can create sustained positive momentum.
Trump confirms Paul Atkins has been nominated as SEC chairman.
According to market news, Trump has confirmed Paul Atkins has been nominated as the chairman of the U.S. Securities and Exchange Commission (SEC).
Powell: Bitcoin's competitor is gold, not the dollar.
Federal Reserve Chairman Powell stated that Bitcoin's competitor is gold, not the dollar.
Ripple: In sync with NYDFS regarding the final approval of RLUSD, the original launch date has been postponed.
Ripple officially stated: 'Despite some speculation, RLUSD did not launch as scheduled today. We are in sync with NYDFS regarding final approval and will share updates as soon as possible. We are fully committed to operating under NYDFS's oversight and adhering to the highest regulatory standards. Stay tuned for updates.'
FOX Business reporter Eleanor Terrett stated: 'Ripple's X post confirmed my report that NYDFS is ready to approve the company's new stablecoin. Additionally, two informed sources indicated that today was the expected launch day, but some last-minute developments caused the delay.'
According to previous reports from FOX Business, New York's top cryptocurrency regulator – the New York Department of Financial Services (NYDFS) – is about to approve a new stablecoin RLUSD issued by cross-border payments company Ripple.
Informed sources said that the New York Department of Financial Services has indicated to Ripple that it will approve the product, which the company plans to launch on December 4.
CFTC Commissioner: The new CFTC chairman will set an agenda, establish new rules, and suspend enforcement actions.
FOX Business reporter Eleanor Terrett posted on X: 'U.S. CFTC Commissioner Caroline D. Pham is one of the candidates for the new chairperson, noting that under new leadership, pausing enforcement actions from the Biden era is an issue on the table.'
Pham recently stated, 'The outlook for next year is optimistic, as the new leadership in Washington allows the CFTC chair to leverage this power to set the agenda, establish new rules, and pause enforcement actions.'
In November, cryptocurrency trading volume surpassed $1 trillion for the first time, with monthly spot trading volume on CEX growing by 128%.
In November, cryptocurrency trading volume surged to an all-time high, with trading volumes in centralized spot and derivatives exchanges surpassing $1 trillion for the first time.
According to data compiled by CCData, total trading volume doubled last month. 'This sentiment is reflected in increased interest in assets like XRP, which has historically faced stricter regulatory scrutiny,' said Jacob Joseph, a senior research analyst at CCData. 'Institutions have also shown optimism, with CME's trading volume significantly increasing over the past month, and substantial funds flowing into spot Bitcoin ETFs.'
Monthly spot trading volume on centralized exchanges grew by 128%, reaching $3.43 trillion, marking the second-highest level since May 2021. CCData's data shows that derivatives trading volume surged by 89%, reaching $6.99 trillion, surpassing March's historical peak. This data does not include trading volume from DeFi platforms.
As traders flock to altcoins, trading volume on many South Korean spot cryptocurrency exchanges (such as Upbit) has surged. Additionally, CME's total trading volume grew by 83%, reaching $245 billion, setting a historical high.
Robinhood will enter the Asian market in 2025, headquartered in Singapore.
Robinhood Markets Inc. CEO Vlad Tenev stated that the company will enter the Asian market next year, with Singapore as its local base in the region. 'We plan to serve customers across Asia soon,' Tenev said on Wednesday during the company's investor day in New York.
Looking ahead, Citigroup analyst Christopher Allen wrote in a report that Robinhood 'has been approved to expand its product offerings in the UK and announced plans to establish an Asia-Pacific office in Singapore and obtain brokerage licenses in the region.'
Meitu Inc. liquidates Bitcoin and Ethereum, realizing profits of approximately $79.63 million.
Meitu Inc. announced that the group will start selling its purchased cryptocurrencies on the market from November 2024. As of December 4, 2024, the group has sold all its purchased cryptocurrencies (a total of approximately 31,000 units of Ethereum and 940 units of Bitcoin, with total cash proceeds of approximately $100 million and $80 million respectively).
The group has realized significant gains from the cryptocurrency sales, with profits amounting to approximately $79.63 million (equivalent to about 571 million RMB). The board intends to use about 80% of its net proceeds from the sale for special dividends, while the remaining net proceeds from the sales will be used as general working capital to expand the group's imaging and design product business, which is primarily subscription-based. Looking forward, the group will focus more on the development of its core imaging and design product business to create better business performance in the future.
Referring to previous announcements, which disclosed that the group purchased a total of about 31,000 units of Ethereum and 940 units of Bitcoin under the cryptocurrency investment plan in March and April 2021, with total cash consideration of approximately $505 million and $495 million respectively. Unless otherwise defined in this announcement, the terminology used in this announcement has the same meanings as defined in previous announcements.
The board announced on December 4, 2024, that Meitu Investment sold a total of approximately 15,703.94 units of Ether and 470.19 units of Bitcoin on the market, with total cash proceeds of approximately $55.49 million and $44.85 million respectively. According to the cryptocurrency sales (including the previous sale in November 2024 and the above-mentioned sale on December 4, 2024), the group has sold a total of about 31,000 units of Ethereum and 940 units of Bitcoin, with total cash proceeds of approximately $100 million and $80 million.
