Sonic Labs Launches Sonic Gateway
Sonic Labs has launched Sonic Gateway, which enables 1:1 conversion of FTM tokens on Ethereum to S tokens on the Sonic blockchain. The Gateway also supports bridging transactions with Euro Coin (EURC), USD Coin (USDC), and Wrapped Ethereum (WETH). Sonic, which launched its mainnet on December 13, is an EVM-compatible blockchain capable of processing 10,000 transactions per second and block finalization in under a second. Sonic’s native token, S, shares the same 3.175 billion supply as Fantom’s FTM token, with 190.5 million S tokens reserved to incentivize ecosystem participation. Sonic Gateway ensures security with network validators and a fail-safe mechanism. It also offers a Fast Lane option for faster transactions for an additional fee.
Do Kwon’s Extradition Appeal Rejected
The Constitutional Court of Montenegro has rejected Do Kwon’s appeal against a Supreme Court ruling that gave the Minister of Justice the authority to issue an extradition order. The appeal had previously delayed the extradition proceedings; now the decision is in the hands of Justice Minister Bojan Božović. Kwon’s extradition process has been marred by months of legal complications, with initial rulings in favor of the United States being overturned in South Korea. The process has sparked political controversy in Montenegro over allegations that the prime minister supported extradition to South Korea due to his financial ties, and the final decision and date have yet to be determined.
Shiba Inu Metaverse Launched on Christmas Day
Shiba Inu Metaverse officially launched on Christmas Day, offering users early access to a new virtual world powered by the Shibarium blockchain. The platform allows users to own digital land, create avatars, and organize events, while emphasizing creativity and decentralized ownership. Drawing inspiration from innovators like Netflix and Apple, the project aims to revolutionize online interaction by merging the virtual and real worlds. While the platform is currently available, it is still evolving, encouraging users to explore, build, and shape its future.
New Regulation on Crypto Asset Transactions in Turkey
The new regulation, published in the Official Gazette of the Republic of Turkey on December 25, aims to increase oversight of crypto asset transactions. According to the regulation, which will enter into force on February 25, 2025, crypto asset service providers will be required to share user identity information with authorized institutions for transactions exceeding 15,000 Turkish lira. This measure was introduced to prevent money laundering and the financing of terrorism. Within the scope of the regulation, risky transactions can be stopped, thus minimizing the risks that may arise due to insufficient user information. The Capital Markets Board (SPK) received 47 license applications during this regulatory process, which will be valid until August 2024. The new regulation is a continuation of the legislative amendment that entered into force on July 2 and provides a legal framework for crypto asset service providers in Turkey.
Russia Begins Using Bitcoin in International Trade
Russia is expanding the use of Bitcoin and other crypto assets in order to bypass Western sanctions and provide flexibility in international trade. According to the statement by Finance Minister Anton Siluanov, companies in the country can now use digital currencies in foreign trade payments. With the legal regulations made this year, the use and mining of crypto assets were made legal. Siluanov stated that such transactions have started within the framework of the “experimental regime” for the use of Bitcoins produced in Russia in foreign trade transactions and that they expect this to increase further in 2025. Crypto assets have been shown to be a solution to the difficulties experienced in transactions with major trading partners such as China and Turkey due to local banks’ hesitation towards Western regulators.
Addresses Accumulating Bitcoin Acquired 225,280 BTC in December
Addresses accumulating Bitcoin (BTC) showed high demand in December, acquiring a net 225,280 BTC. This represents a monthly increase of 82.6%. During the same period, the amount of BTC available for sale on exchanges and ETFs decreased by approximately 590,000. This amount decreased sharply, especially on December 22-23. The supply on over-the-counter (OTC) trading desks decreased from 421,000 BTC to 403,000 BTC. The liquidity inventory ratio decreased from 12 months to 5.5 months, indicating that demand is absorbing the selling pressure. Bitcoin whales sold 8,600 BTC in December, while new investors absorbed the supply. Short-term holders accumulated 641,789 BTC during the year, bringing their total holdings to 3.81 million BTC.
Bitcoin-Linked Investment Funds Launch in Israel
Israel is taking a significant step in the crypto investment world by launching six Bitcoin-linked investment funds as of December 31. The funds, offered by Migdal Capital Markets, More, Ayalon, Phoenix Investment, Meitav and IBI, have received approval from the Israel Securities Authority (ISA). The funds, which will initially operate with a single transaction per day, are expected to gain continuous transaction capabilities in the future. This step reflects Israel’s confidence in crypto asset investments, while also revealing its efforts to align with global trends.
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BITCOIN (BTC)
BTC is priced at $98,158 as of the morning hours, down 1.26%. The price rose following the reaction it received from the previous support level, but retreated before reaching the 102,000 – 104,000 resistance zone. The current price action indicates that it may be in a short-term consolidation phase. In upward movements, the price can be expected to test the resistance levels in the 102,000 – 104,000 region. A close above this level could open the door for the price to rise towards the 106,000 – 108,000 range. However, it should be noted that selling pressure may increase in this area. In the downside scenario, there is a possibility that the price may fall back to the 96,800 – 95,600 support area. A move below this level could cause the price to fall to the 92,290 and lower support at 90,757. These support levels stand out as areas where buyers can concentrate.
ETHEREUM (ETH)
ETH is priced at $ 3431 with a 1.91% gain as of the morning hours. Ethereum is consolidated at the level of 3,429. It has made an upward move with the reaction from the previous strong support area of 3,345 – 3,285, but has not been able to overcome the 3,443 resistance. This area is critical for the direction of the price. In an upward movement scenario, if the price breaks the 3,443 level, the next target will be the 3,613 and then the 3,829 resistance areas. Closing above these levels may allow the price to enter a stronger uptrend. In a downward scenario, there is a risk that the price may return to the 3,345 – 3,285 support area. If this support level is broken, the lower 3,050 level may come to the agenda. It should be carefully monitored whether the receivers will be activated again in this area.
RIPPLE (XRP)
XRP is traded at $ 2.2507 with a 2% loss as of the morning hours. The $ 2.2305 level stands out as a critical support zone. In possible negative movements, candle closings below this level may cause the price to decline to $2.1960, $2.1585 and $2.0741 levels, respectively. In a stronger selling pressure, the $1.9579 level can be considered a support area where buyers are concentrated. In upward movements, if the price can stay above the $2.2305 level, a recovery towards the $2.3645 and $2.4935 levels, respectively, may be seen. The RSI is seen to be at 47 levels, indicating that the market is indecisive. Therefore, it is important for investors to pay attention to the support and resistance zones determined by taking into account volume and momentum.
AVALANCHE (AVAX)
AVAX is priced at $ 39.30 as of the morning hours with a 2.39% loss in value. Closing yesterday with a 2.42% decrease, AVAX seems to have broken the $ 40 support level by starting the new day negatively. If the possible negative trend continues, the $ 37.26 level is an important support. Below this level, a decline may occur to the $ 36.41 and $ 35.55 levels. Although this region is a region where buyers are concentrated, if these levels are broken, selling pressure may continue to the $33 level. In possible upward movements, breaking the $40 level and maintaining stability above it will be important. Then, the $42 – $50 – $44 band resistance zone may be encountered. Above these levels, the $45.08 and $48.08 levels appear as the next resistance levels to be broken. It will be important for investors to carefully monitor the identified critical support and resistance levels.
SOLANA (SOL)
SOL is priced at $ 194.80 as of the morning hours with a 1.33% gain in value. SOL, which closed yesterday horizontally positive, seems to have started the new day negatively. SOL, which tried to break the $ 200.13 resistance many times as of yesterday, showed negative movement by being rejected with selling pressure. If the possible negative movement continues, 191.26 is an important support position. Candle closings below this level may lead to a decline to $183.60 and then $177, and these levels can be expected to act as support. For a possible positive movement, breaking the $200.13 level and maintaining stability above it will be important. Then, the $205 – $208.55 band and $214.72 levels can be met as the next resistance levels. It will be important for investors to carefully monitor the identified critical support and resistance levels.
