Tether Invests in European Stablecoin Market
Tether has announced that it has invested in stablecoin provider StablR, focusing on the European market. The strategic move aims to increase stablecoin adoption in Europe as the MiCA regulations come into effect on December 30. StablR plans to expand its full-reserve-backed and MiCAR-compliant EURR (euro-pegged) and USDR (dollar-pegged) stablecoins on Ethereum and Solana. Tether CEO Paolo Ardiono stated that this investment demonstrates their confidence in the regulated digital asset ecosystem in Europe, while StablR CEO Gijs op de Weegh emphasized that this period ushers in a new era for stablecoins.
A New Era in Crypto ETFs
Bloomberg analysts Eric Balchunas and James Seyffart expect a surge in crypto-asset-based ETFs next year following the leadership change at the SEC. They predict Bitcoin and Ethereum paired ETFs, as well as Litecoin and HBAR funds, will be approved, while spot ETFs for Solana and XRP will follow once the new administration takes over. With the departure of current SEC Chairman Gary Gensler, who is seen as resistant to crypto investment products, optimism for broader ETF approvals has increased. Despite skepticism about investor demand for some assets, industry experts are confident that Solana and even Dogecoin ETFs could be approved by the end of 2025.
Wormhole and Nuffle Partner
Wormhole and Nuffle Labs are collaborating to expand EigenLayer’s re-staking functionality beyond the Ethereum ecosystem. The solution uses Wormhole’s messaging system and Nuffle’s NUFF protocol to allow assets to be re-staking without requiring a bridge between Layer 1 or Layer 2 blockchains. Re-staking shares the security of the staked assets, removing the need for protocols to build their own security infrastructure, improving the efficiency of proof-of-stake platforms while enabling new blockchain use cases like oracles and Layer 2 rollups. Nuffle Labs, a side initiative of the NEAR Foundation, aims to create a globally connected ecosystem for blockchain services by offering tokens generated from its modular infrastructure to EigenLayer’s actively verified services (AVSs).
Aave Considers Polygon Withdrawal
The Aave community is considering Polygon’s proposed withdrawal from its Proof-of-Stake (PoS) chain. Aave Chan founder Marc Zeller highlighted the risks posed by Polygon’s plans to rehypothecate its stable cryptocurrency reserves. Despite Aave being the largest dApp on Polygon, the withdrawal would only impact 2% of Aave’s total value. Zeller argues that the proposal is risky due to security concerns and past bridge attacks.
Bitcoin – Gold Ratio Reaches Historic Peak
Bitcoin rose to a historic peak of 37.3 against gold. This means that one Bitcoin can buy about 37 ounces of gold, above the 36.7 level of the previous bull period in 2021. Experts emphasize that this situation strengthens the adoption of Bitcoin as a store of value and its place in institutional portfolios. It is predicted that Bitcoin will continue to be adopted with the increase in ETF inflows. This could increase the momentum in the markets.
EU MP Calls for a Bitcoin Reserve
French MP Sarah Knafo suggested that the European Union should create a strategic Bitcoin reserve, taking as an example the plan of US President-elect Donald Trump. Knafo criticized plans for a digital euro (CBDC), arguing that Bitcoin would protect citizens from inflation and that it could lead to a “dystopian world” by restricting individual freedoms. The idea of the US holding seized Bitcoin assets as an investment on behalf of the public, like Knafo, finds resonance in global politics. However, although the European Central Bank’s preparations for the digital euro are ongoing, it is emphasized that a final decision will be made in 2025.
FCA Seeks Opinion to Prevent Abuse in the Crypto Market
The UK’s Financial Conduct Authority (FCA) has proposed new regulations in order to reduce abuse in the crypto asset market. It emphasized that automated processes should be established and measures against market abuse should be strengthened. In the crypto space, which is defined as a high-risk market, it is aimed to protect consumers with strong internal control systems. The FCA has set a deadline of March 14, 2025 to receive feedback from the industry and the public. This initiative aims to create a more sustainable and reliable environment in the sector.
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BITCOIN (BTC)
BTC is priced at $ 103,420 as of the morning hours, losing 2.50% in value. After testing the resistance at 107,793, it exhibited a downward movement due to selling pressure and is currently trading at 103,503. In this pullback, the price is moving towards the short-term support levels of 104,088 and 102,626. These levels are critical areas where the price can react, and if it cannot hold, the downward movement can be expected to continue. In this case, the price may retreat to 100,643, which is a lower support level. In a deeper downside scenario, the 98.257 and 93.283 levels, which are strong buy zones, stand out as critical support points. The 93.283 area in particular could be an important reversal zone, as it was previously a demand area where the price received a strong buyer reaction. In case of an upward recovery, the first resistance is at 104.088, and if a permanent move is seen above this level, the price may move towards the 107.793 resistance again.
ETHEREUM (ETH)
ETH is priced at $ 3835 as of the morning hours with a 1.48% loss in value. After testing the red resistance area in the 4,040 region, it retreated with selling pressure and is currently trading at 3,834 levels. This pullback has accelerated the downward movement of the price following the rejection in the resistance area. The price is currently approaching the short-term support levels of 3,829 and 3,777. Maintaining these levels may allow the price to recover and pave the way for the continuation of the upward movement. If the 3,777 level is broken, the downward movement can be expected to continue and the next support levels are 3,671, 3,613 and below 3,443, respectively. The 3,443 level in particular stands out as an important demand area where strong buying reactions have previously occurred. In order for the upward movement to strengthen again, the price must first hold above 3,829 and then break the 4,040 resistance and maintain its persistence above it. If this scenario occurs, the price can be expected to move towards 4,100 levels again.
RIPPLE (XRP)
XRP is priced at $ 2.51 with a 2.18% gain as of the morning hours. Testing the $ 2.7280 levels with a 3.35% increase yesterday, XRP ended its 3-day rising streak today and started the day negative. For XRP, which is moving just above the $ 2.4970 level, which is an important support level, if it breaks this support level and remains below it, the 2.3110 level can be expected to work as the next support. Below this level, deeper sales may be encountered and a drop to the $ 1.9570 levels may be observed. Therefore, it will be important for investors to trade according to support and resistance levels.
AVALANCHE (AVAX)
AVAX is priced at $ 46.70 as of the morning hours with a 2.61% loss in value. After being rejected from the strong resistance at 54.43, it continues its downward movement and is currently trading at 46.62 levels. In the current pullback, the price has approached the 45.80 level, one of the important support areas. This level is a critical short-term support point, and if the price holds here, the possibility of recovery may increase and an upward movement may begin again. However, if the 45.80 support is broken, the decline may deepen and the price may retreat to 42.56, 41.59 and below 39.94 levels, respectively. In particular, the 41.59 and 39.94 USDT levels stand out as strong support areas where buyers have stepped in in the past. In a deeper downside scenario, the 37.67 and 32.95 levels should be followed as main support points. For an upward recovery, the price should hold above 45.80 and then target the 50.00 psychological level and the 54.43 resistance. In particular, breaking the 54.43 USDT level may cause the uptrend to regain momentum.
SOLANA (SOL)
SOL is priced at $215.78 with a 3.33% loss in value as of the morning hours. It continues its downward movement after being rejected from the red resistance zone at 230.89 and is currently trading at 215.74 levels. In this pullback, the price has approached the 215.27 support level and this level stands out as a critical area. If this support level is broken, the price may decline to 205.00 with increasing selling pressure. This level stands out as a support area where buyers can re-enter the game. In a deeper decline scenario, the 195.00 area marked with the green zone below the 205.00 support should be monitored as a strong demand area. This area is a critical area where the price has shown a strong recovery in the past and is important in terms of limiting declines. If these levels are also lost, the price may decline to the support zone at 183.38. In an upward recovery scenario, the first resistance zone is at 225.21. If a permanent move is seen above this level, the price may accelerate towards the resistance zone at 230.89 again. Breaking this level may enable the price to enter an uptrend and strengthen the upward movement.
