Sol Strategies’ Major Investment Plan for the Solana Ecosystem
Sol Strategies (formerly Cypherpunk Holdings), a publicly traded firm focused on the Solana ecosystem, has secured a C$25 million credit line to expand its SOL token investments and staking operations. As of December 2024, the company has staked 1.5 million SOL tokens (worth approximately C$450 million), of which 140,000 SOL are owned by the company. The company has drawn down C$4 million to date and plans to use the remaining funds for Solana token acquisitions and ecosystem expansion. Under CEO Leah Wald, Sol Strategies rebranded in mid-2024, divested its non-Solana investments, and has seen its share price increase by more than 2,000% in the past year. The credit facility, which carries a 5% annual interest rate, will expire in January 2027.
Canada’s New Leader Candidate Poilievre Supports Crypto and DeFi
Canada’s opposition leader Pierre Poilievre has been a strong supporter of Bitcoin and DeFi projects, seeing crypto as a tool for economic independence. Poilievre has proposed friendly regulations for blockchain companies and opposes centralized digital currencies (CBDCs). Poilievre, who invested in a Bitcoin ETF in 2022, advocates taxing crypto assets as property. Polymarket estimates Poilievre’s chances of becoming Canada’s prime minister at 89%.
Nasdaq Files for IBIT Options Contract Limit Increase
Nasdaq has filed with the SEC to increase the current 25,000 contract limit for the iShares Bitcoin Trust ETF (IBIT) to 250,000. The application, citing increasing trading volumes, aims to increase interest in Bitcoin spot ETFs. IBIT’s options reached a volume of $446 million on its first day of trading. Experts say that the low contract limit leads to imbalances such as arbitrage in the market. Bitwise’s Jeffrey Park expressed optimism that the application will be approved.
Czech National Bank Evaluates Bitcoin Reserves
Czech Central Bank Governor Aleš Michl has floated the idea of buying Bitcoin as part of a reserve diversification strategy, but said that no crypto asset purchases are planned for now. The bank aims to increase its gold reserves to 5% by 2028. In addition, new regulations have introduced a capital gains tax exemption for Bitcoin assets held for more than three years. The law aims to encourage long-term strategies for crypto investors in the Czech Republic.
Ripple and Chainlink Collaborate to Expand RLUSD’s DeFi Usage
Ripple has begun using Chainlink’s price data services to make its RLUSD stablecoin more active in DeFi protocols. RLUSD, which launched last month on Ethereum and XRP Ledger, has reached a market value of $72 million. With Chainlink’s infrastructure, RLUSD is aimed to improve risk management in DeFi applications by providing reliable pricing data. Ripple executive Jack McDonald stated that this integration will increase RLUSD’s appeal for low-cost cross-border payments and DeFi solutions.
Market Crash in China Could Increase Bitcoin Demand
It is suggested that the market crisis in China could accelerate the Bitcoin rally. While the yuan fell to its lowest level since September 2023, the CSI 300 index saw its lowest level in the same period. Capital flight is expected to be directed to alternative assets, especially Bitcoin. It is stated that the People’s Bank of China (PBOC) may directly intervene in the foreign exchange market. While Chinese bond yields are falling; that contrasts with rising yields in advanced economies and raises concerns about economic deflation.
Gemini Trust Settles $5 Million in CFTC Case
Gemini Trust Co. has settled a $5 million settlement with a CFTC lawsuit alleging that it provided misleading information about bitcoin price manipulation measures during its attempt to launch the first U.S.-regulated bitcoin futures contract in 2017. The settlement, disclosed in a consent order filed in New York, allows Gemini to settle the lawsuit without admitting or denying any liability and to avoid a trial scheduled for January 2025. The CFTC alleged that Gemini contained inaccuracies in its disclosures about its anti-manipulation measures, while the company has denied any harm or manipulation. This case is one of many filed under crypto regulations during the Biden administration, while a softer regulatory approach is expected with Donald Trump’s second term in office. Ripple CEO Brad Garlinghouse stated that he is optimistic for a friendlier crypto environment in the US during the Trump era.
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BITCOIN (BTC)
BTC is priced at $ 96,490 as of the morning hours with a 0.47% loss in value. The price has exhibited a downward movement by retreating from the strong resistance area expressed at the level of 103,631.76. The price is currently trading at 96,452.56, and this level is expected to work as a support area. Further below, the support area around 92,400 draws attention in case of further decline. In case of an upward recovery, the first resistance level is around 100,000 and then 103,631.76 could be tested again. In the current situation, the price seems to be under downward pressure and support levels should be monitored closely. If the price breaks the current support level, the downtrend is likely to gain momentum.
ETHEREUM (ETH)
ETH is priced at $ 3,366 with a 0.42% loss in value as of the morning hours. The price has started a downtrend, having pulled back from the key resistance level at 3,829.69. The price is currently trading at 3,367.61 and is approaching the support area around 3,310. Maintaining this support level is critical for the price to recover and start an upward move. The first target on the upside will be the intermediate resistance level around 3,540 again, followed by 3,829.69. However, if the 3,310 level is broken, a decline towards lower levels can be expected and the price is likely to head towards the supports in the 3,150 – 3,090 band.
RIPPLE (XRP)
XRP is traded at $ 2.32 as of the morning hours with a 2.20% gain. XRP, which broke the 2.3645 support level with a 6.15% decrease yesterday, started the new day with recoveries. At the same time, it will be important for XRP, which was rejected from the 2.3645 resistance with this rise, to break this level upwards and maintain its permanence above it in order to continue the positive trend. Then, the $ 2.4935 level can be expected to work as the next resistance. In the downward scenario, 2.2709 appears as the first support position. In case of permanence below this level, the $ 2.2305, $ 2.1950 and $ 2.16 bands appear as the region where buyers are concentrated, respectively. It will be important to closely follow the support and resistance levels for the direction.
AVALANCHE (AVAX)
AVAX is trading at $ 38.71 as of the morning hours with a 1.25% loss in value. After testing the 45.08 resistance level, AVAX, which started to decline, closed the day yesterday with a 10.99% decrease. It started the new day negatively and is moving just below the 38.84 support level. If it stays below this level, the $ 37.29 and then the $ 35.50 support zones appear as areas where buyers are concentrated. If it breaks these levels, a pullback to $33 may be seen. In a possible positive scenario, if it can hold on above $38.84; it can be expected to test the resistance levels of $40.06 and then $42.50 in upward movements. Therefore, it is important for investors to carefully monitor the identified critical support and resistance levels.
SOLANA (SOL)
SOL is priced at $ 197 levels with a 2.30% loss in value as of the morning hours. SOL, which decreased by around 7% yesterday, started the new day negatively and is moving below the $ 200 support level. If the downward movement continues, the $ 191.26 – $ 187.30 support band can be expected to work. If these levels are broken, $ 183.60 appears as the area where buyers are concentrated. In a possible positive movement, candle closings above $ 200.13 will be critical. Then, $ 205.11 – $ 208.60 can be met as a resistance zone. It is important for investors to carefully monitor the determined critical support and resistance levels.
