By Shikha Singh
MOCA Coin Price Surges 370%, Animoca Reveals Huge Mocaverse Plan.
Following its listing on major South Korean exchanges Upbit and Bithumb, MOCA coin, part of the Mocaverse ecosystem, surged by 370% today.
The listing in KRW, BTC, and USDT pairs triggered a massive price spike, with trading starting on December 16.
However, the excitement was short-lived as whales and long-term holders dumped their tokens, causing the price to drop.
MOCA is now trading at $0.23, with a high of $0.41 and a low of $0.08 in the past 24 hours. Trading volume increased by over 4500%, and futures open interest spiked dramatically.
Despite the initial surge, whales reportedly deposited millions of MOCA tokens to exchanges like Bybit, profiting from the “buy the rumor, sell the news” strategy.
KaJ Labs Invests $100 mn to Bring AI to XRP Ledger.
On December 12th, 2024, KaJ Labs announced a $100 million investment to develop AI solutions for the XRP Ledger ecosystem. The goal is to combine AI with XRP’s blockchain technology to create advanced tools that improve business operations, automation, and decision-making. These AI-powered tools will focus on real-time analytics, predictive insights, and automated workflows to enhance enterprise efficiency. KaJ Labs aims to position XRP as a leader in blockchain innovation and attract more businesses to adopt its technology. The investment is expected to drive blockchain adoption and innovation across various industries.
Bitcoin New ATH Pushes El Salvador’s Unrealized Profit Over $360 mn.
El Salvador’s Bitcoin investment briefly achieved unrealized profits exceeding $360 million as BTC hit a record high of $106,000. Under the leadership of President Nayib Bukele, the country invested $270.42 million in Bitcoin, increasing its value to $632.65 million, a 128% increase. El Salvador holds 5,966 BTC and has been buying one bitcoin daily since November 2022. Despite profits, local adoption of Bitcoin remains low, with only 20% of businesses accepting it.
FASB Adopts New Standard For The Accounting And Disclosure Of Crypto Assets.
The Financial Accounting Standards Board (FASB) introduced an Accounting Standards Update (ASU) to improve the accounting and disclosure of crypto assets, requiring entities to measure them at fair value and recognize changes in net income each reporting period.
This update, effective today, allows companies like MicroStrategy to reflect Bitcoin’s market value fluctuations in real time, replacing the previous impairment loss method.
The new rules aim to increase investor confidence and institutional interest in Bitcoin by providing more accurate and transparent financial reporting.
MicroStrategy’s founder, Michael Saylor, emphasized that the updated standards would facilitate Bitcoin’s adoption as a treasury reserve asset by corporations. The new rules also apply to intangible assets under FASB guidelines but do not cover wrapped tokens like WBTC.
Blur NFT Market Trading Volume Surges 5X.
In November, Blur’s (BLUR) NFT marketplace saw a dramatic increase in daily trading volume, surging by over 5X to surpass $35 million, marking its largest spike. This increase in activity hints at growing interest in NFTs and could positively influence BLUR’s price, though its impact may depend on sustained interest and market conditions. The volume spikes were irregular, suggesting reactive trading behavior.
Additionally, the price quickly rebounded, peaking at $0.44, trapping short traders betting against BLUR. This created the potential for short squeezes, adding to the volatility.
Paxos & Standard Chartered Support Stablecoin Reserve Management.
Paxos has partnered with Standard Chartered to enhance the management of stablecoin reserves for Global Dollar (USDG) and Lift Dollar (USDL). This collaboration allows Standard Chartered to provide cash management, trading, and custody services, improving the infrastructure for digital assets in Singapore and the UAE.
Short-term, highly liquid US government securities and cash equivalents fully back both stablecoins, ensuring a 1:1 value with the US dollar. The partnership reinforces Paxos’ commitment to regulatory compliance and trust in its ecosystem, emphasizing seamless convertibility to fiat currency.
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