Daily Market Update (December 27, 2024, 10:00 AM)
ChainDD's market data as of December 27 shows that the composite index and CoinMarketCap quotes:
BTC is at $98,024.83, an increase of about 4.28% in the last 24 hours;
ETH is at $3,474.95, an increase of about 2.38% in the last 24 hours;
BNB is at $706.03, an increase of about 3.02% in the last 24 hours;
DOT is at $7.45, an increase of about 2.28% in the last 24 hours;
DOGE is at $0.3313, an increase of about 3.32% in the last 24 hours.
Updates
The probability of the Federal Reserve maintaining interest rates in January next year is 87.2%
According to CME's 'FedWatch', the probability of the Federal Reserve maintaining interest rates in January next year is 87.2%, with a 12.8% chance of a 25 basis point cut. By March next year, the probability of maintaining the current interest rate is 50.6%, with a cumulative probability of a 25 basis point cut at 44.1%, and a cumulative 50 basis point cut at 5.4%.
Crypto Market Update
Two Former Executives from Cryptocurrency Exchange FTX Have Their Sentences Reduced
According to The Washington Post, two former executives of the cryptocurrency exchange FTX appear to have had their prison sentences reduced; according to the Federal Bureau of Prisons website, Ryan Salame began serving a 7.5-year sentence in October and is now expected to be released in March 2031. Caroline Ellison's expected release date is now July 2026, a few months less than her original two-year sentence. FTX filed for bankruptcy in 2022 due to questions regarding its financial condition and its relationship with sister trading firm Alameda Research, leading to a rapid withdrawal of funds by customers, similar to a bank run. Authorities later charged FTX with misappropriating customer funds for personal use, to repay loans owed to Alameda Research and for other projects. This scandal led to a stunning downfall for FTX, which was once the world's third-largest cryptocurrency exchange, and its founder, Sam Bankman-Fried (SBF). Salame was the former co-CEO of FTX’s Bahamas subsidiary, who acknowledged operating an unlicensed money transfer business in violation of campaign finance laws. Ellison, the former CEO of Alameda, pleaded guilty to charges of wire fraud, securities fraud, and money laundering in December 2022.
Cryptocurrency fraud leads to annual losses of 500 million euros in financial fraud in France
The French Financial Markets Authority (AMF) reports that cryptocurrency-related fraud is the main cause of approximately 500 million euros in annual losses for victims. French authorities are collaborating with the Paris Prosecutor's Office, the Prudential Supervision and Resolution Authority (ACPR), and the General Directorate for Competition Policy, Consumer Affairs and Fraud Control (DGCCRF) to intensify efforts against these fraudulent practices. Data shows that men under 35 are particularly vulnerable. They are impatient and lack confidence in their investment knowledge. Scammers exploit social media platforms, promising unrealistic returns to target this demographic.
BlackRock Doubles Down on Investment in IBIT Through Its Global Allocation Fund
Documents submitted by BlackRock to the U.S. Securities and Exchange Commission (SEC) show that as of October 31, its Global Allocation Fund holds 430,770 shares of the Bitcoin Spot ETF IBIT, valued at over $17 million. This is an increase of 117% compared to the 198,874 shares reported on July 31, as pointed out by a user named MacroScope on X. Furthermore, the current reported number of IBIT shares is more than ten times the 43,000 shares registered in the first quarter.
The Global Allocation Fund is a diversified investment product by BlackRock, covering stocks, bonds, and short-term securities from both U.S. and foreign markets, with a portfolio that is regularly adjusted. Although BlackRock has doubled its investment in its Bitcoin products, IBIT shares only account for 0.1% of the Global Allocation Fund's total size of $16.5 billion.
Viewpoint: Trump's Bitcoin Reserve Plan Could Become a Turning Point for the Cryptocurrency Market
Trump publicly supports the Bitcoin Reserve Plan, urging the U.S. government to accumulate Bitcoin as a strategic asset. The plan has received support from political figures including Porter and Loomis, drawing bipartisan attention. Trump's endorsement has given political momentum to this once-marginalized concept, marking a watershed moment for the cryptocurrency market.
A California Democratic Congressman and a Wyoming Republican Senator have proposed including Bitcoin as a U.S. reserve asset, partially relying on the country’s gold reserves. However, critics argue that this could reinforce the U.S. financial dominance and challenge the decentralized ethos of Bitcoin. Nevertheless, supporters believe this initiative could help address the debt crisis and foster global financial innovation.
