Coin360 Daily Dispatch | Crypto Market Updates & Highlights | December 10, 2023
Van Thanh Le•
Dec 10 2023
Crypto Market Update
Table of Contents
Regulatory and Institutional Developments
- SEC Advances Talks on Bitcoin ETF with Fidelity, CboeBZX
- Bitcoin's Supercycle: $150K Forecast Amid Pullback
- Bitcoin's TVL Hits Record Amid NFT Market Entry
- Binance Report Suggests Emerging Crypto Bull Market
Market Trends and Price Movements
- Ethereum Price Peaks, Yet New User Growth Stalls
- Solana's SOL and BONK Coin Reach New Highs
- Cardano's DeFi Ecosystem Boasts $302M TVL
- Coinbase: Bitcoin Rallies Amid US Rate Expectations
Compliance and Security Measures
- Tether Freezes Wallets, Aligns with US Cybercrime Policies
- Global Efforts Intensify Against North Korean Crypto Hackers
Platform and Exchange Updates
- KyberSwap Exploiter's Multimillion HXA Transaction Investigated
- Compound DAO's Vote Falls Short for Bug Bounty Reward
- Worldcoin Eyes $50M Funding Through Token Sale
Emerging Technologies and Innovations
- Web3 Protocol Blast Grows Despite Setbacks
- NFT Market Rebounds with Record Trading Volumes
SEC Advances Talks on Bitcoin ETF with Fidelity, CboeBZX
The SEC met with Fidelity and CboeBZX to discuss the spot Bitcoin ETF application, signaling advanced regulatory talks. Fidelity's ETF model uses industry players to manage exposure to Bitcoin. Talks with other ETF applicants are also progressing. Analysts estimate a 90% chance of spot Bitcoin ETF approval by January 2024.
Bitcoin's Supercycle: $150K Forecast Amid Pullback
A potential super cycle for Bitcoin is anticipated, with experts forecasting a price of $150,000 by 2025. Factors driving the surge include hopes of central bank interest rate reductions, possible spot Bitcoin ETF introductions, and institutional crypto adoption.
However, before this target, analysts project a potential Bitcoin pullback to $40,000 to fill a CME gap while emphasizing bullish long-term outlook due to potential institutional inflows. 21.co CEO asserts underappreciated future institutional Bitcoin investments, citing growing interest and regulatory changes driving significant recent inflows into digital asset funds.
Bitcoin's TVL Hits Record Amid NFT Market Entry
Bitcoin achieves record Total Value Locked (TVL) of $315 million, despite not being a DeFi platform. Its price near $43,000 influences TVL. Surprisingly, Bitcoin's NFT volume hits $10 million, solidifying its presence in the NFT market. Bitcoin's TVL surge showcases its adaptability and innovation, while the NFT volume demonstrates its resilience and capacity for expansion.
Binance Report Suggests Emerging Crypto Bull Market
The Binance report indicates a potential bull market in crypto. The crypto market grew by 110% in 2023, with $596 billion added in Q4. Stablecoin supply rebounded, NFT volumes surged, fees increased, and DeFi dominance rose. This suggests a positive shift in the industry, potentially emerging from a bearish period.
Ethereum Price Peaks, Yet New User Growth Stalls
Ethereum's price surged to a 19-month high amidst anticipation of a spot ETH ETF, yet new user interest did not increase. Despite a market cap rise, IntoTheBlock data shows no influx of new users. This is unexpected given retail investors' tendency to follow hype. Approval of a spot Ethereum ETF could prompt a surge in user activity and ETH's price.
Solana's SOL and BONK Coin Reach New Highs
Solana's SOL surged 13% to $73.85, reaching a 19-month high, while BONK, a leading Solana meme coin, soared 24% to an ATH of $0.00001468, and now boasts a market cap of $667 million. NFT trading volume on Solana surpassed Ethereum, totaling $14.8 million, with projects like Tensorians dominating the market with over $4 million in sales.
Cardano's DeFi Ecosystem Boasts $302M TVL
Cardano's DeFi ecosystem surpassed $302 million in total value locked (TVL), attributed partially to ADA's price surge. Key projects like COPI and IAGON have shown significant value increases. Crypto analyst Paul also highlighted upcoming DeFi initiatives like DexHunter, Cherrylend, and IUSD on Cardano's network, while discussing the potential impact of Bitcoin ETF approval.
Coinbase: Bitcoin Rallies Amid US Rate Expectations
Coinbase's analysis highlights Bitcoin's rally triggered by moderating US rate expectations, contrasting with static equities. Spot bitcoin ETFs show readiness amidst SEC scrutiny. Institutional interest grows as CME futures basis rises. Long-term holders (86%) hold Bitcoin, not taking profits despite price hike, contrasting with previous cycles.
Tether Freezes Wallets, Aligns with US Cybercrime Policies
Tether has frozen 41 wallets linked to sanctions, including those involved in the Ronin Bridge attack and using Tornado Cash. This aligns with U.S. regulations against cybercrime, marking a significant policy shift under CEO Paolo Ardoino, and sets a new standard in cryptocurrency compliance and security.
Global Efforts Intensify Against North Korean Crypto Hackers
The US, South Korea, and Japan unite to combat North Korea's Lazarus Group crypto hackers. They target cybercrime, cryptocurrency laundering, and weapons programs. North Korean hackers stole over $600 million in crypto last year. Amid tensions, concerns about a potential North Korean-Russian arms alliance arise. Efforts focus on enforcing UN resolutions for denuclearization and arms trade bans.
KyberSwap Exploiter's Multimillion HXA Transaction Investigated
The address associated with the KyberSwap exploiter made a $50 million HXA token transaction dispersed to top holders. Cyvers flagged a vulnerability possibly linked to the Multicall function. Gate.io and MEXC suspended HXA token deposits and withdrawals. The HXA coin website is currently inaccessible, and further investigation into the exploit is ongoing.
Compound DAO's Vote Falls Short for Bug Bounty Reward
Compound DAO failed to reach the 400,000 vote quorum to reward developer 'KP' $125,000 for fixing a major protocol vulnerability. Over 70% of votes were in favor, but it fell short by 15,000 votes. Despite support from key figures, the bug bounty program's discretion and the involvement of VC firms impacted the outcome. KP resubmitted the proposal, lowering the reward to $100,000.
Worldcoin Eyes $50M Funding Through Token Sale
Worldcoin's development group, Tools For Humanity, is reportedly seeking $50 million in funding through a discounted token sale. The WLD tokens may be sold at $1, down from the current spot price of $2.51, with FT Partners aiding in the fundraising. No finalized terms have been confirmed, and Worldcoin is known for its identity-centric approach in the crypto space.
NFT Market Map
Web3 Protocol Blast Grows Despite Setbacks
Blast, a Web3 protocol, has rapidly amassed $823 million TVL, with a 26.5% gain in a week. It offers staking yields but faced a controversial $100,000 loss incident. Despite challenges and criticisms, it attracted 75,000 users and plans to release a testnet in January and mainnet in February, navigating the complexities of the DeFi space.
NFT Market Rebounds with Record Trading Volumes
The NFT market experienced a resurgence with trading volumes increasing by $915 million in November, breaking an eight-month bearish trend. Bitcoin NFTs, despite being a newcomer, surpassed Ethereum NFTs with a volume of $375 million, signaling a positive shift in market sentiment and resurgence in NFT speculation.
This article has been refined and enhanced by ChatGPT.