<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

Robot reaches for assets cube with an Avalanche logo_11zon.jpg

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.

Robot juggling Bitcoin and AI orbs_11zon.webp

Microsoft Rejects Proposal to Invest in Bitcoin

<h2>A New Chapter for USDC in the Crypto Ecosystem</h2><a href="https://coin360.com/review/binance">Binance</a> and Circle have joined forces in a&nbsp;<a href="https://www.coindesk.com/business/2024/12/10/binance-partners-with-circle-to-push-usdc-stablecoin-adoption-across-the-globe">significant partnership</a> aimed at bolstering the global reach of&nbsp;<a href="https://coin360.com/coin/usd-coin-usdc">USDC</a>, the world’s second-largest stablecoin. This collaboration positions USDC as a pivotal element within Binance’s ecosystem, with integration planned across trading, savings, and payment platforms. In a bold move, Binance will also adopt USDC as the primary dollar-backed stablecoin for its corporate treasury operations, signaling a strong commitment to the stablecoin's utility.The partnership includes promotional campaigns designed to drive USDC adoption, offering new trading pairs to enhance accessibility for users worldwide. This approach not only broadens the stablecoin's functionality but also cements its role in Binance's expanding suite of trading products.&nbsp;Circle, meanwhile, is leveraging its growing network by forming strategic partnerships with national banks in Brazil and Mexico and integrating with the&nbsp;<a href="https://coin360.com/coin/aptos-apt">Aptos</a> blockchain via Stripe. These efforts highlight Circle’s focus on geographic and technological expansion to maintain its competitive edge.USDC has also achieved a regulatory milestone by becoming the first stablecoin to comply with Canada’s new Value-Referenced Crypto Assets (VCRA) standards, a development likely to strengthen its global credibility. Despite its $40.86 billion&nbsp;<a href="https://coin360.com/glossary/market-capitalization">market cap</a> securing its position as the second-largest stablecoin, USDC trails&nbsp;<a href="https://coin360.com/coin/tether-usdt">Tether</a>’s&nbsp;<a href="https://coin360.com/coin/tether-usdt">USDT</a>, which commands a dominant $138.62 billion share.&nbsp;Binance CEO Richard Teng praised the potential for USDC to scale through Binance’s platform, pointing to "more trading pairs and special promotions." Circle CEO Jeremy Allaire echoed this sentiment, emphasizing the opportunity to transform Binance into a "financial super app" powered by USDC.<div class="page-break" style="page-break-after:always;">&nbsp;</div><h2>Stablecoins Cement USD’s Dominance in Global Finance</h2>Stablecoins like USDC are reshaping the global financial landscape, accounting for over 80% of cryptocurrency trading volumes, according to a recent&nbsp;<a href="https://www.theblock.co/post/330391/citi-says-stablecoins-challenge-the-idea-of-bitcoin-ending-us-dollars-dominance">Citi report</a>. Their reserves, which are primarily held in U.S. dollars and Treasury bills, underscore their role in reinforcing the USD’s status as the world's leading currency.&nbsp;Contrary to the early vision of cryptocurrencies as a replacement for fiat money,&nbsp;<a href="https://coin360.com/glossary/stablecoin">stablecoins</a> have instead amplified the dollar’s accessibility worldwide. Citi analysts assert that these assets are "reinforcing the U.S. currency’s longstanding global dominance."The adoption of stablecoins has been meteoric, with transaction volumes hitting a record $5.5 trillion in Q1 2024, surpassing Visa's $3.9 trillion for the same period. Analysts believe that increased regulatory clarity could further boost the appeal of stablecoins, with issuers currently purchasing about 1% of U.S. Treasury bills—a figure expected to grow significantly as the regulatory environment evolves.<div class="raw-html-embed"><iframe width="100%" height="420" frameborder="0" src="https://www.theblock.co/data/stablecoins/usd-pegged/total-stablecoin-supply/embed" title="Total Stablecoin Supply"></iframe></div>The competitive stablecoin landscape is heating up, with&nbsp;<a href="https://coin360.com/coin/xrp-xrp">Ripple</a> recently gaining&nbsp;<a href="https://coin360.com/news/ripple-stablecoin-nydfs-approval">approval</a> for its RLUSD stablecoin in New York and traditional financial giants like Visa and PayPal stepping into the arena by launching their own stablecoin initiatives.&nbsp;These developments illustrate the growing recognition of stablecoins’ potential to stabilize and enhance the global financial system. Analysts predict that the legitimization of these digital assets will not only drive demand for USD-backed securities but also solidify the role of dollarized cryptocurrencies in a rapidly transforming financial ecosystem.This article has been refined and enhanced by ChatGPT.

Robot balances USDC and USD on blockchain

Robot balances USDC and USD on blockchain_11zon.webp

Binance and Circle Forge Strategic Alliance to Boost USDC Adoption

<h2>Regulatory Milestone for RLUSD</h2><a href="https://coin360.com/coin/xrp-xrp">Ripple</a>’s RLUSD stablecoin has officially received approval from the New York State Department of Financial Services (NYDFS), marking a significant regulatory milestone for the company. Ripple CEO Brad Garlinghouse&nbsp;<a href="https://x.com/bgarlinghouse/status/1866571228464460215">broke the news</a> on X, formerly known as Twitter, expressing optimism about the imminent listing of the stablecoin on exchanges and partner platforms. The announcement solidifies Ripple’s plans for RLUSD’s market debut after months of rigorous testing and regulatory scrutiny.<figure class="image"><img alt="tweet_1866571228464460215_20241212_013410_via_10015_io_11zon.jpg" src="https://prod-coin360-cms.s3.eu-central-1.amazonaws.com/tweet_1866571228464460215_20241212_013410_via_10015_io_11zon_01e1ebc875.jpg"></figure>Brad Garlinghouse’s statement follows comments made by Ripple’s CTO, David Schwartz, who recently expressed hope that RLUSD would launch by year’s end during an appearance at The Block’s Emergence conference in Prague. The stablecoin has been in development since April when Ripple first revealed its intentions to launch a token supported by its network. Initial availability is planned for the Ledger and&nbsp;<a href="https://coin360.com/coin/ethereum-eth">Ethereum</a> blockchains, reflecting the company’s strategy to leverage interoperability and tap into broad liquidity pools.Testing for RLUSD commenced in August, setting the stage for a robust rollout. Ripple announced partnerships with several prominent exchanges in October, including Uphold,&nbsp;<a href="https://coin360.com/exchange/bitstamp">Bitstamp</a>,&nbsp;<a href="https://coin360.com/exchange/bitso">Bitso</a>, MoonPay,&nbsp;<a href="https://coin360.com/exchange/independent-reserve">Independent Reserve</a>, CoinMENA, and&nbsp;<a href="https://coin360.com/exchange/bullish">Bullish</a>. The involvement of these platforms signals strong institutional backing for RLUSD. Additionally, market makers B2C2 and Keyrock will play pivotal roles in ensuring liquidity for the stablecoin, providing crucial support to maintain its value stability in the highly volatile crypto market.The approval from NYDFS marks a critical step in Ripple’s ongoing efforts to position RLUSD as a competitive stablecoin option, particularly in a landscape where regulatory compliance is increasingly scrutinized. With the launch anticipated by year-end, RLUSD could soon emerge as a vital player in the evolving stablecoin sector.This article has been refined and enhanced by ChatGPT.

Robot walking blockchain network with glowing stablecoin token

Robot walking blockchain network with glowing stablecoin token_11zon.webp

Ripple Stablecoin RLUSD Gains Green Light from NYDFS

With <a href="https://coin360.com/news/bitcoin-price-15500-cpi-release-bullish" target="_blank">CPI dropping</a> by 0.5% to 7.7% Bitcoin made a move from $15,600 to $18,200 but was unable to break out. The market leader settled at $17,000 before news about the troubled FTX group filing for bankruptcy.

BTC lost $600 within the first 15 minutes of the announcement, posting a 5.5% drop in the past 24 hours. However, the storm quickly faded as BTC bounced back to $16,900. While we can see some absorption by buyers for now but more volatility is likely over the weekend.

Meanwhile, SPX has broken above the key resistance level of 3,950 and could tap into 4,050 today as DXY continues to weaken and goes for a retest of 105.

<img src="https://prod-coin360-cms.s3.eu-central-1.amazonaws.com/Coin360_56_ced7dc74a5.png" alt="Coin360 (56).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/toncoin-toncoin" target="_blank">Toncoin TON</a> (+17.07%)</li>
<li><a href="https://coin360.com/coin/chain-xcn" target="_blank">Chain XCN</a> (+13.04%)</li>
<li><a href="https://coin360.com/coin/unus-sed-leo-leo" target="_blank">Unus Sed Leo LEO</a> (+5.33%)</li>
</ul>

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

<ul>
<li><a href="https://coin360.com/coin/ftx-token-ftt" target="_blank">FTX Token FTT</a> (-21.83%)</li>
<li><a href="https://coin360.com/coin/huobi-token-ht" target="_blank">Huobi Token HT</a> (-13.95%)</li>
<li><a href="https://coin360.com/coin/nexo-nexo" target="_blank">Nexo NEXO</a> (-11.18%)</li>
</ul>

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

Currently trading below $17,000, [Bitcoin](https://coin360.com/coin/bitcoin-btc) is showing signs of weakness. We saw volume declining in the last move up and the rejection from $18,200 followed by another rejection from $17,500 shows that the bearish structure is still intact.

Unless Bitcoin flips $17,500 and makes a higher high above $18,200 we can expect lower prices over the weekend with a retest of our $15,600 low.

<img src="https://prod-coin360-cms.s3.eu-central-1.amazonaws.com/BTC_11_369d1a97dc.png" alt="BTC11.png" />

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

<a href="https://coin360.com/coin/ethereum-eth" target="_blank">Ethereum</a> chart looks identical to Bitcoin as volume declined with the price moving up. Ethereum needs to stay above $1,220 over the weekend in order to make a higher low and simultaneously break through $1,330, as mentioned yesterday, to have any chance of breaking this downtrend. 

A successful retest of $1,100 is also on the table and should not be discounted.

<img src="https://prod-coin360-cms.s3.eu-central-1.amazonaws.com/ETH_11_8b4a27c11e.png" alt="ETH11.png" />

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

The NFT market was rather quiet compared to its yesterday’s performance as more red blocks popped up on our <a href="https://coin360.com/nft" target="_blank">NFT heatmap</a>.

<a href="https://coin360.com/nft/0xacb3c6a43d15b907e8433077b6d38ae40936fe2c" target="_blank">Gods Unchained</a> (+2,087%) and <a href="https://coin360.com/nft/0x892848074ddea461a15f337250da3ce55580ca85" target="_blank">CyberBrokers</a> (+1,080%) are the only collections to record a more than 1,000% surge in volume.

<img src="https://prod-coin360-cms.s3.eu-central-1.amazonaws.com/Coin360_55_17dba51bd4.png" alt="Coin360 (55).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/dailydigestnov11_7e4e0e2238.jpg" alt="dailydigestnov11.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.

FTX bankruptcy leaves Bitcoin vulnerable for the weekend

Top altcoin gainers and losers

Gainers

Losers

Bitcoin Technical Analysis

Ethereum Technical Analysis

NFT Market Map

Coin360 Daily Digest

Latest News @Coin360

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

Binance and Circle Forge Strategic Alliance to Boost USDC Adoption

Ripple Stablecoin RLUSD Gains Green Light from NYDFS