Avalanche9000 Upgrade Now Live
Avalanche aims to reduce the cost and simplify the process of launching altnet blockchains with the highly anticipated Avalanche9000 upgrade. Notable improvements include ACP-77, which removes the requirement for validators to verify the main chain, and ACP-125, which lowers the C-Chain base fee from 25 nAVAX to 1 nAVAX. This is the largest upgrade for the network to date and is expected to enable the launch of multiple Layer 1 blockchains. Additionally, the Avalanche Foundation recently raised $250 million to support the development of the network.
Ripple Launches RLUSD on December 17
Ripple has announced its stablecoin, RLUSD, which will launch on December 17. RLUSD, which was recently approved by the NYDFS, is described as an “institutional-grade” asset focused on trust, utility, and compliance. The stablecoin will be tradable on platforms like MoonPay, Bitso, and CoinMENA. Ripple also added prominent names like Raghuram Rajan and Kenneth Montgomery to its advisory board. Following this announcement, the XRP price hit a multi-day high of $2.48, up from $2.38 prior to the news.
FTX Distributions Begin January 3
FTX customers will begin receiving bankruptcy distributions through Kraken and BitGo. The bankruptcy plan will go into effect on January 3, 2025, with the first distributions expected to be made within 60 days, and payments will also be made in stablecoins. Under the plan, approved by Justice John Dorsey in October, 98% of creditors will receive at least 118% of their claims in cash. However, some creditors have criticized the fact that payments are based on the 2022 dollar value. FTX filed for bankruptcy in 2022, and CEO Sam Bankman-Fried was sentenced to nearly 25 years in prison for fraud and conspiracy.
Exodus Receives NYSE American Approval
Crypto wallet company Exodus Movement (EXOD) has received approval to list on the NYSE American exchange as of Dec. 18. The listing, which was delayed in May due to SEC investigations, is seen as a sign of the changing regulatory stance following Trump’s election victory. Exodus CEO JP Richardson said the listing will increase the company’s visibility and improve liquidity for shareholders. Exodus stock, which is currently trading on OTC Markets, rose 10.5% following the news, but gave back some of those gains.
$3.2 Billion Inflows into Crypto Investment Products in 10th Week
With its 10th consecutive week of inflows, crypto investment products have reached total inflows of $44.5 billion in 2024. These products, which have raised $20.3 billion in the last 10 weeks alone, accounted for 45% of total inflows for the year. Bitcoin-focused products led the way with $2 billion in inflows, while short Bitcoin products also saw interest, recording inflows of $14.6 million. Total assets under management hit record levels; investor interest reflects the market’s growth potential.
SoftBank to Invest $100 Billion in US AI
SoftBank CEO Masayoshi Son will announce a $100 billion investment plan in US AI infrastructure during his meeting with Trump. The investment aims to create 100,000 new jobs over the next four years, spanning semiconductor manufacturing, data centers and energy infrastructure. The investment will come from the existing SoftBank Vision Fund and new projects. Son says his ultimate goal is artificial superintelligence, and plans to raise another $100 billion for a chip startup to rival Nvidia.
MicroStrategy Buys Another 15,350 Bitcoins
MicroStrategy bought another 15,350 BTC for $1.5 billion between Dec. 9 and 15, bringing its total reserve to 439,000 BTC. The company, which had an average purchase cost of $61,725, has spent about $27.1 billion on Bitcoin investments to date. MicroStrategy, which holds 2.1% of the Bitcoin supply, added 39% of its total reserve in the last six weeks. The company continues to buy Bitcoin as it plans to raise $42 billion in capital through equity and debt.
South Korea Stock Exchange Chairman: “Crypto Market Must Be Institutionalized Rapidly”
South Korea Stock Exchange Chairman Jeong Eun-bo stated that the crypto market must be institutionalized rapidly, otherwise the country will fall behind in international competition. Emphasizing that the trading volume of the crypto market exceeds the volume of the local stock exchange, Eun-bo advocates for speeding up regulations. However, South Korea’s failure to approve Bitcoin spot ETFs and postponing regulations until 2025 are slowing down the sector. The president stated that the uncertainty of the regulations will weaken the country in global markets.
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BITCOIN (BTC)
BTC is priced at $ 106,580 as of the morning hours with a 0.50% gain in value. It has exceeded the 104,088 level and reached the 106,463 level. Breaking the 107,793 resistance is critical for the continuation of the upward movement, and if this level is exceeded, the price can be expected to advance towards the 110,000 level. However, in case of rejection from the resistance, the price can retreat to the 104,088 and then 102,626 levels. In a deeper correction, the 100,643 and 98,257 levels should be followed as support.
ETHEREUM (ETH)
ETH is priced at $4013 with a 0.68% gain as of the morning hours. This area, marked in red on the chart, stands out as a critical area where the price has been tested and rejected several times before. If the price breaks this resistance and maintains its stability above it, the upward momentum may strengthen and the price may move towards levels of 4,080 and above. However, if this area is rejected, the probability of a downward correction will increase. In a possible pullback, the first support level is at 3,829. If this level cannot be maintained, the price may pull back to levels of 3,777 and 3,671, respectively. The level of 3,613 in particular stands out as a strong horizontal support, and this area stands out as a critical area where buyers can re-enter the picture. In deeper declines, the 3,443 level should be followed as the main support area.
RIPPLE (XRP)
XRP is priced at $ 2.4860 as of the morning hours with a 0.15% increase in value. Closing yesterday with a 1.52% increase, XRP started the new day positively and is moving just below the resistance level. If the positive trend continues in XRP, it will be important to break the $2.4935 level first and maintain it above it. For XRP, which has not been able to break this level for 6 days, the next resistance levels above this level can be met at $2.6169 and $2.6747. In case of possible negative movement, 2.3645 is our first support level, while 2.2305 maintains its position as the next critical support level in case of selling pressures below this level. Therefore, it is important for investors to carefully monitor the identified critical support and resistance levels.
AVALANCHE (AVAX)
AVAX is priced at $ 48.82 as of the morning hours with a 0.10% loss in value. Closing yesterday with a 3.51% decrease, AVAX started the new day with minor pullbacks. If the possible negative movement continues for AVAX, which is active in the support area, the $ 48.25 level appears as the critical support area. If this level is broken and remains below, the selling pressure will deepen and a decline to the 45.08 – 44.10 area may be observed. In a possible positive movement, support can be obtained from the $ 48.25 level and an increase to the $ 50.05 level can be expected. If this level is broken, the $ 52.45 and then the $ 55.83 levels can be met as resistance. It is important for investors to carefully monitor the identified critical support and resistance levels.
SOLANA (SOL)
SOL is priced at $213.65 with a 1.08% loss in value as of the morning hours. Closing yesterday with a 3.60% decrease, SOL started the new day negatively. For SOL, which is moving below the support level of $214.70, if it stays below this level, the $208.60 – $205 band appears as the critical support zone. In a possible positive movement, it will be important to first rise above $ 214.70 and make positive closings there. Then, the $ 222 – $ 226.51 band can be met as a resistance zone. If these levels are broken and maintained, an increase up to $ 233.34 can be expected. It will be important for investors to carefully monitor the identified critical support and resistance levels.
