<h2>Security Assurances Amid Rising GateToken Value</h2><a href="https://coin360.com/review/gate-io">Gate.io</a> has strongly refuted allegations of a security breach, maintaining its operational stability and financial robustness while its native cryptocurrency,&nbsp;<a href="https://coin360.com/coin/gatechain-token-gt">GateToken (GT)</a>, soared to an all-time high. The exchange, which holds reserves exceeding $10 billion, faced swirling rumors of a hack as GateToken surged to $13.79 before settling at $12.99. The token, pivotal to the platform’s ecosystem, offers users benefits like trading fee discounts and governance participation, making its recent rally a significant market event.<figure class="image"><img alt="chart (1)_11zon.jpg" src="https://prod-coin360-cms.s3.eu-central-1.amazonaws.com/chart_1_11zon_4177896fbe.jpg"></figure>Reports of a potential exploit began circulating on social media, originating from the X account Aggrnews, which claimed that users should withdraw funds from Gate.io due to an alleged breach. The exchange swiftly responded, issuing a firm denial in a December 13 post. It assured users that all services, including deposits, withdrawals, and trading, remain unaffected. “The Gate.io security team has not detected any abnormalities, nor have any security agencies reported issues,” the post read. “Please do not believe rumors!”<figure class="image"><img alt="tweet_1867486695823941883_20241213_210602_via_10015_io_11zon.jpg" src="https://prod-coin360-cms.s3.eu-central-1.amazonaws.com/tweet_1867486695823941883_20241213_210602_via_10015_io_11zon_3f08f5c300.jpg"></figure>Kevin Lee, Chief Business Officer at Gate.io, also weighed in,&nbsp;<a href="https://x.com/kevinlee_gate/status/1867486695823941883">reiterating</a> the platform’s security and substantial reserves. Lee disclosed plans for a live session on X to directly address misinformation and reassure users. Calling the rumors “FUDs” (fear, uncertainty, and doubt), Lee criticized the spread of unverified claims, stating, “Someone is trying to ruin my Friday. Stop the FUDs.”Despite the exchange's assurances, the rumors caused unease within the crypto community. Influential X accounts with substantial followings amplified the claims, further fueling confusion. Notably, NaniXBT, one of the sources of the misinformation, later&nbsp;<a href="https://x.com/naniXBT/status/1867485513072226492">admitted</a> to sharing unverified details based on hearsay from an acquaintance. The influencer acknowledged that the claim was impulsively shared in group chats without proper vetting.<figure class="image"><img alt="tweet_1867485513072226492_20241213_211351_via_10015_io.png" src="https://prod-coin360-cms.s3.eu-central-1.amazonaws.com/tweet_1867485513072226492_20241213_211351_via_10015_io_da29dac03d.png"></figure>Gate.io’s proactive approach, bolstered by transparency and security measures, aims to quash the misinformation. Lee’s planned X Spaces session later today underscores the exchange’s commitment to maintaining user trust and countering baseless narratives. While the incident highlighted the volatility of social media-driven news, GateToken’s resilience amid the turbulence reflects a degree of confidence among market participants in the platform’s integrity and operational strength.This article has been refined and enhanced by ChatGPT.

https://x.com/naniXBT/status/1867485513072226492

Humanoid robot intercepts breach with glowing digital shields_11zon.webp

Gate.io Denies Hacking Rumors, Token Reaches New Peak

<h2>Developer Shift Highlights Solana’s Ascent</h2><a href="https://coin360.com/coin/solana-sol">Solana</a> has overtaken&nbsp;<a href="https://coin360.com/coin/ethereum-eth">Ethereum</a> in a surprising turn of events, drawing 7,625 new developers to its ecosystem in 2024. This surge marks the first time since 2016 that Solana has onboarded more developers than Ethereum, which attracted 6,456 during the same period. The findings, published in a December 12&nbsp;<a href="https://www.developerreport.com/developer-report?s=developer-report">report</a> by Electric Capital, also revealed an 83% spike in activity across Solana’s network compared to last year, solidifying its position as a rapidly growing hub for blockchain innovation.<figure class="image"><img alt="new devs.jpg" src="https://prod-coin360-cms.s3.eu-central-1.amazonaws.com/new_devs_b98745c33d.jpg"></figure>This shift is particularly notable given Ethereum’s long-standing dominance as the global leader in total developer activity. Despite a 17% decline in monthly active Ethereum developers, now at 6,244, Ethereum remains the largest ecosystem for overall developer engagement across continents, including Asia, Europe, and North America. Solana’s growth, however, has been fueled by a rising wave of interest in Asia, where the majority of its new contributors are based. The ecosystem’s appeal has been further bolstered by its dynamic support for artificial intelligence tokens, with 206 listed projects collectively valued at over $5 billion.<figure class="image"><img alt="total developer activity.jpg" src="https://prod-coin360-cms.s3.eu-central-1.amazonaws.com/total_developer_activity_86624fe334.jpg"></figure>Solana’s competitive momentum wasn’t confined to developer numbers. On March 18, the network outpaced Ethereum in transaction activity, driven by a frenzy for Solana-based memecoins. Later in the year, on October 28, Solana eclipsed Ethereum again by generating higher daily network fees over a 24-hour period. These milestones underscore Solana’s ability to challenge Ethereum in key performance metrics, even if its overall ecosystem size has yet to rival its older counterpart.Electric Capital’s report highlighted broader trends across the crypto space. A total of 39,148 developers joined the industry this year, reflecting a 7% decline from 2023 and a significant drop from the 77,000 peak in 2022. The data paints a picture of a maturing market, with more targeted, sustainable growth in key regions. Notably, Asia emerged as a major hub, hosting one in three crypto developers worldwide and leading the global push for blockchain innovation. India’s pivotal role in onboarding new talent has further cemented Asia’s position at the forefront of the crypto revolution.Globally, the report emphasized the expanding geographical distribution of developer activity. Africa and South America both saw notable increases in engagement, while Asia, Europe, and North America retained their prominence as crypto powerhouses. The rise of layer-2 networks, particularly within Ethereum’s ecosystem, also stood out. Layer-2 developer growth surged by 64% since 2021, with protocols like Eigenlayer driving a 167% spike in monthly activity, making it the fastest-growing developer ecosystem of 2024.The interplay of regional strengths also reflects how blockchain use cases are evolving across time zones.&nbsp;<a href="https://coin360.com/glossary/stablecoin">Stablecoin</a> transactions, for instance, showed steady growth during Asian, European, and African daylight hours, while&nbsp;<a href="https://coin360.com/nft">NFT</a> trading saw peak activity during America’s workday, aligning with minting peaks in Asia. This synchronized global activity underscores the crypto market’s resilience and adaptability, even as it matures into a more complex, interconnected ecosystem.This article has been refined and enhanced by ChatGPT.

Robot leaps across hexagonal nodes labeled 7,625 Developers

Robot leaps across hexagonal nodes labeled 7,625 Developers_11zon.webp

Solana Overtakes Ethereum in AI Tokens and Developer Growth

<h2>ASIC Cracks Down on Non-Compliant Practices</h2>The Australian Securities and Investments Commission (ASIC) has imposed a $5 million fine on Bit Trade, the operator behind the cryptocurrency exchange&nbsp;<a href="https://coin360.com/exchange/kraken">Kraken</a>, for failing to meet regulatory obligations. The penalty,&nbsp;<a href="https://asic.gov.au/about-asic/news-centre/find-a-media-release/2024-releases/24-274mr-kraken-crypto-exchange-operator-to-pay-8-million-following-asic-enforcement-action/?data=87satcrypto9y22newsgte76w">announced</a> in a Dec. 12 statement, follows a federal court ruling that found the company in breach of Australia’s design and distribution obligations (DDO). The violations stemmed from Bit Trade’s “margin extension” product, introduced in October 2021, which was offered to over 1,100 Australian customers.This product allowed users to extend trading limits with repayments in digital assets, such as&nbsp;<a href="https://coin360.com/coin/bitcoin-btc">Bitcoin</a>, or traditional fiat currencies. However, the court determined that the offering fell under the classification of a credit facility, requiring a target market determination (TMD) under the DDO framework. Bit Trade’s failure to implement a TMD resulted in significant compliance breaches. The court also noted that while the product generated more than $7 million in fees and interest, trading losses exceeded $5 million, with one customer reportedly losing over $4 million.Justice Nicholas, who presided over the case, criticized Bit Trade for prioritizing revenue over regulatory compliance. He observed that the company only addressed its compliance shortcomings after ASIC’s intervention. Highlighting the severity of the breach, he ordered Bit Trade to pay an AUD 8 million penalty—equivalent to $5 million—and cover ASIC’s legal expenses.ASIC Chair Joe Longo underscored the importance of TMDs in protecting consumers and promoting responsible marketing of financial products. He stressed that this case marks the first penalty issued for a TMD violation, setting a precedent for the digital assets industry. Longo remarked that digital asset firms must design and market their products responsibly to meet legal standards and safeguard Australian consumers.The ruling sends a strong message to cryptocurrency operators about the consequences of neglecting regulatory obligations. Justice Nicholas’s remarks and ASIC’s decisive action highlight the growing scrutiny on digital asset firms as regulatory authorities enforce stricter compliance measures in the sector.This article has been refined and enhanced by ChatGPT.

Robot in web of regulations spun by kraken [regulation]

Robot in web of regulations spun by kraken [regulation]_11zon.webp

Kraken Operator Bit Trade Fined $5M for Regulatory Breaches

<h2>Galaxy Digital, Dragonfly, and ParaFi Lead $250M Investment</h2><a href="https://coin360.com/coin/avalanche-avax">Avalanche</a> has locked in a $250 million fundraising round, propelling the blockchain network toward its ambitious Avalanche9000 upgrade. The deal,&nbsp;<a href="https://x.com/avax/status/1867199983721529659">announced</a> on December 12, 2024, involves&nbsp;<a href="https://coin360.com/coin/avalanche-avax">AVAX</a> tokens bound by a vesting or lock-up period, with prominent backing from Galaxy Digital, Dragonfly, and ParaFi Capital. A broader coalition of over 40 investors participated, including notable firms like SkyBridge, SCB Limited, Hivemind, and Morgan Creek Digital. These funds will primarily facilitate the deployment of Avalanche9000, set to redefine efficiency in decentralized finance (<a href="https://coin360.com/glossary/decentralised-finance">DeFi</a>) and blockchain infrastructure.<figure class="image"><img alt="tweet_1867199983721529659_20241213_004517_via_10015_io_11zon.jpg" src="https://prod-coin360-cms.s3.eu-central-1.amazonaws.com/tweet_1867199983721529659_20241213_004517_via_10015_io_11zon_b7a875049c.jpg"><figcaption>Source: Avalanche/ X</figcaption></figure>Emin Gün Sirer, Avalanche's co-founder, underscored the alignment between the network’s vision and its backers. He emphasized the importance of fostering a robust ecosystem to drive innovation. Jason Urban of Galaxy Digital called Avalanche “essential to the future of this industry,” while ParaFi Capital's founder, Ben Forman, highlighted its capabilities in on-chain institutional finance, noting its "fast transaction finality" and "high throughput." For investors, the deal reaffirms confidence in Avalanche's ability to lead the next wave of blockchain evolution.<div class="page-break" style="page-break-after:always;">&nbsp;</div><h2>Avalanche9000: Cutting Costs and Scaling Horizons</h2>Slated for a December 16 mainnet launch, Avalanche9000 brings game-changing upgrades. Key promises include a 99.9% reduction in blockchain deployment costs and a 25-fold cut in transaction fees on Avalanche’s C-Chain. Over 500&nbsp;<a href="https://coin360.com/glossary/layer-1">Layer 1</a> chains are already in development, targeting applications like tokenizing real-world assets, gaming, payments, and loyalty programs. Institutional platforms such as DeFi Kingdoms, Dexalot, and Lamina1 are among the adopters.A testnet launched last month has further bolstered developer enthusiasm, with $40 million in retroactive grants supporting innovation. These initiatives position Avalanche9000 as a cornerstone for DeFi growth and broader blockchain scalability. Haseeb Qureshi, Dragonfly’s managing partner, called the upgrade a "pivotal step" for advancing decentralized finance, a sentiment echoed by the ecosystem’s rapid adoption of Avalanche’s novel features.<div class="page-break" style="page-break-after:always;">&nbsp;</div><h2>AVAX Soars as Ecosystem Gains Momentum</h2>The announcement has triggered a surge in AVAX’s market performance. Prices have climbed 14.63% in the past 24 hours and 53.6% over the last month, reflecting investor optimism. Meanwhile, total value locked (<a href="https://coin360.com/glossary/understanding-tvl-defi">TVL</a>) on Avalanche’s C-Chain has risen by 66% since November, reaching $2.18 billion. While this figure remains 81% below the December 2021 all-time high of $11.5 billion, it signals a significant recovery trajectory amid broader market challenges.<figure class="image"><img alt="chart_11zon.jpg" src="https://prod-coin360-cms.s3.eu-central-1.amazonaws.com/chart_11zon_6f80a4cb86.jpg"></figure>Avalanche9000’s impact extends beyond technical upgrades. Initiatives like the Uplink DePIN platform aim to decentralize internet connectivity, marking Avalanche as a leader in physical and digital infrastructure convergence. ParaFi Capital even leveraged the network’s Securitize platform to tokenize part of its venture fund, showcasing real-world adoption of its asset tokenization capabilities.The Avalanche Foundation's financial reserves, estimated at $3 billion in AVAX tokens, underline its robust positioning. Coupled with customizable virtual machines and scalable architecture, Avalanche continues to stand out in the blockchain space. With Avalanche9000 nearing launch, its potential to reshape&nbsp;<a href="https://coin360.com/glossary/decentralised-application">decentralized applications</a> and institutional finance is undeniable.This article has been refined and enhanced by ChatGPT.

Robot reaches for assets cube with an Avalanche logo

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Avalanche Secures $250 Million Locked Token Sale Ahead of Major Upgrade

<h2>Shareholders Dismiss Bitcoin Reserve Strategy</h2>Microsoft shareholders have voted against a bold&nbsp;<a href="https://coin360.com/news/microsoft-bitcoin-investment-vote">proposal</a> to allocate between 1% and 5% of the company’s assets—valued at up to $3.9 billion—to&nbsp;<a href="https://coin360.com/coin/bitcoin-btc">Bitcoin</a> reserves. Spearheaded by the National Center for Public Policy Research (NCPPR), the plan aimed to diversify Microsoft’s holdings and hedge against inflation, with prominent Bitcoin advocate and MicroStrategy CEO Michael Saylor championing the initiative. Saylor suggested that embracing Bitcoin could boost Microsoft’s&nbsp;<a href="https://coin360.com/glossary/market-capitalization">market capitalization</a> by nearly $5 trillion, describing the cryptocurrency as “the next technology wave” and projecting its market value to reach $200 trillion by 2045.Despite the ambitious vision, Microsoft’s board stood firm in its opposition. In a filing with the SEC, the board deemed the proposal “<a href="https://www.sec.gov/Archives/edgar/data/789019/000119312524242884/d878959ddefa14a.htm">unnecessary</a>,” citing Bitcoin’s notorious volatility and regulatory uncertainty. The document highlighted the risks associated with cryptocurrency investments, particularly their unsuitability for corporate treasuries requiring stable and predictable assets to ensure liquidity. Institutional heavyweights like Vanguard, BlackRock, and State Street, which collectively own around 70% of Microsoft shares, supported the board’s conservative stance.Bitcoin’s volatile history, including a dramatic 70% price drop in 2022, was central to the board’s reservations. Instead, Microsoft reaffirmed its commitment to low-risk investments, such as treasury bonds, to prioritize long-term stability and sustainable growth. This decision underscores the tech giant’s cautious financial philosophy, contrasting sharply with companies like MicroStrategy, which holds over 420,000&nbsp;<a href="https://coin360.com/coin/bitcoin-btc">BTC</a> worth approximately $42 billion.Meanwhile, Microsoft’s focus is firmly directed toward artificial intelligence as a cornerstone of its future strategy. CEO Satya Nadella&nbsp;<a href="https://view.officeapps.live.com/op/view.aspx?src=https://cdn-dynmedia-1.microsoft.com/is/content/microsoftcorp/2024_Proxy_Statement">emphasized</a> AI’s transformative potential, stating it would “bend the productivity curve” for individuals and industries while addressing critical global challenges. Nadella framed AI as the company’s primary growth driver, aligning it with Microsoft’s broader mission of fostering global success through technology.The decision drew mixed reactions. Advocates of the Bitcoin proposal expressed disappointment, with Saylor cryptically noting, “Everyone buys Bitcoin at the price they deserve.”&nbsp;<a href="https://coin360.com/coin/tron-trx">TRON</a> founder Justin Sun&nbsp;<a href="https://x.com/justinsuntron/status/1866591980257722592">joked</a> that Microsoft might reconsider if Bitcoin reaches $1 million. Critics accused the company of sidestepping innovation, while supporters praised its prudent approach to safeguarding financial stability amid market volatility.<figure class="image"><img alt="Robot juggling Bitcoin and AI orbs_11zon.jpg" src="https://prod-coin360-cms.s3.eu-central-1.amazonaws.com/Robot_juggling_Bitcoin_and_AI_orbs_11zon_11c19780a9.jpg"></figure>The episode highlights a philosophical divide in corporate attitudes toward cryptocurrency. While some, like MicroStrategy, view Bitcoin as an essential hedge against inflation, Microsoft’s decision reflects a preference for predictable, low-risk strategies to maintain operational liquidity and weather economic uncertainties.This article has been refined and enhanced by ChatGPT.

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Microsoft Rejects Proposal to Invest in Bitcoin

Bitcoin is currently using today&rsquo;s producer price index numbers as fuel to retest the <a href="https://coin360.com/news/bitcoin-relief-rally-capped-17000-market-fears-contagion" target="_blank">resistance at $17,000</a>. The PPI coming out lower than expected indicates that the economy is slowing down.

This reading, along with the previous unemployment numbers and CPI report can be interpreted to mean that a pivot by FED could be on the horizon.

Meanwhile, the S&amp;P 500 has reached 4,030 and seems to be ready for some retracement. However, if it continues its uptrend, 4,300 is the next target. DXY, on the other hand, continues its drop and is currently at 105.8, looking to test 105 for support.

<img src="https://prod-coin360-cms.s3.eu-central-1.amazonaws.com/Coin360_60_17f034ac5d.png" alt="Coin360 (60).png" />

<h2 id="top-altcoin-gainers-and-losers">Top altcoin gainers and losers</h2>

<h3 id="gainers">Gainers</h3>

<ul>
<li><a href="https://coin360.com/coin/synthetix-snx" target="_blank">Synthetix SNX</a> (+14.54%)</li>
<li><a href="https://coin360.com/coin/quant-qnt" target="_blank">Quant QNT</a> (+13.17%)</li>
<li><a href="https://coin360.com/coin/lido-dao-token-ldo" target="_blank">Lido DAO Token LDO</a> (+12.19%)</li>
</ul>

<h3 id="losers">Losers</h3>

<ul>
<li><a href="https://coin360.com/coin/helium-hnt" target="_blank">Helium HNT</a> (-7.83%)</li>
<li><a href="https://coin360.com/coin/neutrino-usd-usdn" target="_blank">Neutrino USD USDN</a> (-3.71%)</li>
<li><a href="https://coin360.com/coin/kucoin-token-kcs" target="_blank">KuCoin Token KCS</a> (-2.39%)</li>
</ul>

<h2 id="bitcoin-technical-analysis">Bitcoin Technical Analysis</h2>

<a href="https://coin360.com/coin/bitcoin-btc" target="_blank">Bitcoin</a> currently sits under $17,000 as stock markets open green. Looking at momentum indicators, BTC is likely to maintain the current price level and then proceed to push upward, potentially breaking $17,000, and in the best-case scenario, reclaiming $17,500.

On the flip side, we can see a lower price of $16,300 before a move-up. If buyers are unable to provide sufficient support at that level, we will most likely go below $16,000.

<img src="https://prod-coin360-cms.s3.eu-central-1.amazonaws.com/BTC_15_4d4efcb2ae.png" alt="BTC15.png" />

<h2 id="ethereum-technical-analysis">Ethereum Technical Analysis</h2>

<a href="https://coin360.com/coin/ethereum-eth" target="_blank">Ethereum</a> saw a 10%+ move yesterday from $1,170 to $1293. However, it was unable to break through and fell to $1,211. Right now, it's setting up for another attempt at breaking resistance and currently sits at $1,270. Ethereum will have to make higher lows to sustain this move and shouldn’t fall below $1,236 before completing this relief rally.

<img src="https://prod-coin360-cms.s3.eu-central-1.amazonaws.com/ETH_15_5687f86992.png" alt="ETH15.png" />

<h2 id="nft-market-map">NFT Market Map</h2>

Most of the top NFT collections saw a surge in trading volume today, but no more than 1,000%.

The only exceptions are <a href="https://coin360.com/nft/0x99a9b7c1116f9ceeb1652de04d5969cce509b069" target="_blank">Art Blocks</a> (+4,506%), <a href="https://coin360.com/nft/0x0cfb5d82be2b949e8fa73a656df91821e2ad99fd" target="_blank">10KTF</a> (+3.676%), and <a href="https://coin360.com/nft/0x572e33ffa523865791ab1c26b42a86ac244df784" target="_blank">10KTF Gucci Grail</a> (+1,185%). While the 10KTF family received a boost thanks to the <a href="https://www.nftgators.com/yuga-labs-acquires-beeples-nft-venture-wenew-and-its-collection-10ktf/" target="_blank">Yuga Labs acquisition</a> announcement, the spike in Art Blocks recognition may have been brought by the <a href="https://twitter.com/Kaan42428/status/1592487709414936576" target="_blank">Damien Hirst mint</a>.

<img src="https://prod-coin360-cms.s3.eu-central-1.amazonaws.com/Coin360_59_c8039ee2de.png" alt="Coin360 (59).png" />

<h2 id="coin360-daily-digest">Coin360 Daily Digest</h2>

Here&rsquo;s a rundown of the major crypto market news from today.

<img src="https://prod-coin360-cms.s3.eu-central-1.amazonaws.com/dailydigestnov15_c11a83b5cd.jpg" alt="dailydigestnov15.jpg" />

For more daily updates and news, follow us on <a href="https://twitter.com/COIN360com" target="_blank">Twitter</a>.

Disclaimer: None of the information here constitutes financial advice and market participants are advised to conduct their own research since cryptocurrencies are speculative assets with considerable risks.

Bitcoin retests $17K as PPI release indicates economy slowing down

Top altcoin gainers and losers

Gainers

Losers

Bitcoin Technical Analysis

Ethereum Technical Analysis

NFT Market Map

Coin360 Daily Digest

Latest News @Coin360

Gate.io Denies Hacking Rumors, Token Reaches New Peak

Solana Overtakes Ethereum in AI Tokens and Developer Growth

Kraken Operator Bit Trade Fined $5M for Regulatory Breaches

Avalanche Secures $250 Million Locked Token Sale Ahead of Major Upgrade

Microsoft Rejects Proposal to Invest in Bitcoin