Lutnic and Cantor Fitzgerald Negotiate for a 5% Stake in Tether
Cantor Fitzgerald manages the bulk of Tether’s $133 billion reserves, while last year it acquired a 5% stake in the stablecoin issuer, a deal that positions Tether at $12 billion. Cantor CEO Howard Lutnick has been tapped to be Donald Trump’s presidential commerce secretary and is seen as a potential ally in navigating regulatory challenges for Tether. While Tether has been under scrutiny over allegations of illegal activity, the company says no such investigations exist. Tether made $7.7 billion in profits in the first nine months of the year, driven by rising treasury yields. Lutnick said he would step down from his position at Cantor if confirmed to comply with government ethics rules.
Crypto Liquidations Surpass $500 Million
In the last 24 hours, crypto liquidations exceeded $500 million, affecting 197,551 investors. $380 million of the liquidations came from long positions, while $120 million came from short positions. Bitcoin led the way with $70.4 million in liquidations, followed by Ethereum with $43.4 million and Dogecoin with $35.3 million. Bitcoin fell 1.4% to $96,256 after reaching $99,320 on November 22. This decline followed a significant rally that saw Bitcoin approach $100,000 from $75,000 on November 6 following the US presidential election.
Trump Nominates Pro-Crypto Scott Bessent for Treasury Secretary
President-elect Donald Trump has nominated former Soros Capital Management CIO and hedge fund manager Scott Bessent as Treasury Secretary. Bessent, who has praised cryptocurrencies as a symbol of freedom, aligns with Trump’s pro-crypto stance by highlighting their role in attracting young investors. If confirmed, Bessent would be the first openly gay US Treasury Secretary. Trump’s administration is shaped by pro-crypto figures, including the Department of Government Efficiency (DOGE), led by Elon Musk and Vivek Ramaswamy.
New Rule Requires Facility Registration for Bitcoin Miners in Texas
The Texas Public Utilities Commission (PUCT) has introduced a rule requiring Bitcoin miners in the ERCOT region to register their location, ownership, and energy demand information within one day of connecting their facilities to the grid. Annual renewals are due by March 1. The regulation aims to ensure efficient management of the grid, as mining activity in Texas has increased following China’s mining crackdown in 2021. Miners could face fines of up to $25,000 per day for non-compliance. Texas Senator Ted Cruz vows to make his state a “Bitcoin haven,” aiming to provide a favorable regulatory environment to attract miners and innovators.
VanEck’s Bitcoin Target Is $180,000
VanEck reaffirmed his $180,000 price target for Bitcoin on bullish signals such as high funding rates, relative unrealized profit (RUP), and increasing retail investor interest. The investment firm noted that sustained funding rates above 10% and RUP values of 0.54 indicate that the bull market is in its early stages. While Coinbase’s rising app store rankings indicate increasing retail investor interest, it remains below speculative highs from 2021. Given that Bitcoin is trading around $100,000 and benefiting from a pro-crypto regulatory environment and institutional interest, VanEck believes the market could see significant gains before it reaches its peak.
UK to Introduce Comprehensive Crypto Regulations in 2025
The UK will introduce a comprehensive crypto regulatory framework in early 2025, focusing on issues such as stablecoins, staking, and digital asset services. The framework aims to accommodate the unique characteristics of cryptocurrencies by introducing specific rules to ensure the value stability of stablecoins and clear guidelines to support staking activities. The initiative aligns with global efforts such as the European Union’s MiCA regulation and the upcoming pro-crypto administration in the US. With these regulations, the UK aims to attract investment, stimulate economic growth, and remain competitive in the digital asset sector.
Half of Record $8.2 Billion Fines in SEC Cases Come from Terraform Case
The SEC filed a record $8.2 billion in fines in 2024, 26% fewer than the previous year. $4.5 billion of those fines came from the Terraform Labs case related to the Terra/Luna collapse in 2022, the largest monetary fine in SEC history. Other cases, such as Silvergate Capital and BarnBridge DAO, were also significant. The SEC has distributed $345 million to victimized investors this year, bringing its total to $2.7 billion since 2021. Critics argue that while high fines are a deterrent, they may not address deeper systemic problems in financial markets.
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BITCOIN (BTC)
BTC is priced at 98,070 with a 0.20% gain as of the morning hours. The price is currently trading at 98,100 levels and has been going through a consolidation process in recent periods. In upward movements, the 100,000 level draws attention as a psychological resistance. At the same time, the red zone indicated in the chart shows that this level is a resistance area. If this resistance area is broken, the price can be expected to gain new momentum and continue its upward movement. When looking at the support levels, the green zone below the price stands out as a strong support area. This region is supported by the level of 93,283, and the possibility of a fall to this region can be evaluated in any pullback. If this support zone is broken, the price may decline to the level of 86,628.
ETHEREUM (ETH)
ETH is priced at $3387 with a 0.78% gain as of the morning hours. The price is currently trading at 3,387 levels and is observed to be in a movement towards the upper resistance zone. In the continuation of the upward movement, the 3,400 level is seen as a significant resistance. A break above this resistance level may allow the price to advance to higher levels. In downward movements, the first support level is 3,248. In the event of a movement below this level, the 3,175 and lower support zones can be tested. A pullback to the main support zone at 2,819 can be expected if the selling pressure increases.
RIPPLE (XRP)
XRP is priced at $1.4640 with a 2.17% gain as of the morning hours. The price is currently trading at 1.4666 levels and is showing upward momentum. The 1.5227 level draws attention as a significant resistance point. If a close occurs above this level, it is seen that the price has the potential to rise towards the next resistance level of 1.6300. In downward movements, the 1.2775 level stands out as the first support level. If this support level is broken, the price is likely to retreat towards 1.2025 and then 1.0180. In addition, the 0.8398 and 0.7398 levels should be monitored as main support areas.
AVALANCHE (AVAX)
AVAX is priced at $41.70 with a 0.78% loss in value as of the morning hours. When the 4-hour chart is examined, the 39.87 level stands out as an important support area for AVAX, which is making lower peaks. If this level is broken, the price is likely to fall to the next demand zone of 37.75 – 36.56. In case of a deeper correction, the 33.04 level should be monitored as a critical support. In upward movements, the first important resistance is at 41.78. If this level is exceeded, the price can be expected to rise to the range of 44.20 – 45.27.
SOLANA (SOL)
SOL is priced at $261.39 with a 0.25% increase in value as of the morning hours. SOL, which saw its all-time high last week, continues its rise by receiving support from the support zone of 248.13 – 243.68 after being rejected at 264 levels. It may retest the level of 259.94, which it tested before, in upward movements. However; when the 4-hour chart is examined, 248.13 and 243.68 should be monitored as important support levels in SOL downward movements. If it remains below these levels, there is a possibility that the price may retreat to the next strong support zone of 233.34. In the current situation, the 4-hour candle closings at the levels of 259 and 248 will be critical in determining the direction. Therefore, it is important for investors to carefully monitor the determined critical support and resistance levels.
