By Shikha Singh
Bitcoin Rebounds as Whales Accumulate Amid Retail Panic.
Bitcoin’s price has shown resilience after a sharp drop from $108,000 to $92,000, rebounding to $98,500 today.
Retail sentiment played a pivotal role, with panic selling during the November dip creating opportunities for institutional investors.
Retail traders often buy at peaks and sell at lows, while whales continue accumulating during market fear.
Despite volatility, long-term confidence remains strong, with institutional players and major holders signaling faith in Bitcoin’s growth.
The broader cryptocurrency market also shows signs of recovery, with altcoins posting significant gains, highlighting a positive outlook for digital assets amidst ongoing market fluctuations.
Bitcoin 21 mn Supply Cap Under Scrutiny After BlackRock ETF Explainer.
A disclaimer in BlackRock’s explainer video for its iShares BITI ETF raised concerns about Bitcoin’s core principles in the crypto community by implying that the 21 million supply cap could potentially change.
Sebastian Perez, CEO of Quiverflow Inc., criticized the disclaimer, urging stronger defense of Bitcoin’s decentralization.
Bitcoin developer Adam Back explained that the disclaimer was likely a legal precaution, as BlackRock doesn’t control Bitcoin’s supply, and he dismissed the idea of changing the cap as highly unlikely.
Other Bitcoin developers, including Peter Todd and Charlie Shrem, emphasized that while a supply cap change is technically possible with consensus, it is extremely improbable and would fundamentally alter Bitcoin. Javier Bastardo from Tether agreed that while unlikely, changing the cap is still technically possible.
Base Outpaces Ethereum in User Growth as Crypto Market Evolves, New Report Reveals.
The crypto industry saw strong growth and shifting dynamics in 2024, with Base and Ethereum leading user engagement.
Coinbase’s Base added 13.7 million new users in October, making it the fastest-growing chain and surpassing Ethereum’s steady growth.
Polygon also attracted users through non-DeFi activities. Base outpaced Ethereum and Polygon in attracting “super users,” highlighting its strong engagement.
In decentralized exchanges (DEXs), Uniswap maintained dominance, capturing 91.3% of user activity on Base and expanding on Ethereum.
New blockchain networks like Aleo showed promise but struggled with user retention. Regulatory clarity, especially through the EU’s MiCA regulation, boosted institutional confidence and supported adoption.
TON Space Launches Self-Custodial Wallet to Revolutionize Telegram Ecosystem.
The Open Platform (TOP) has officially launched TON Space, a self-custodial wallet on The Open Network (TON), aiming to onboard 30% of Telegram’s 700 million users into the blockchain ecosystem by 2028.
TON Space allows users to control their private keys, ensuring security and autonomy. Key features include seamless wallet transitions, a decentralized app (dApp) catalog, DEX integration, and staking solutions.
Over 100 million Telegram users created wallets during TON Space’s beta phase, highlighting the platform’s potential for widespread adoption.
With a focus on user-friendly design, developer support, and integrated blockchain services, TON Space aims to drive widespread blockchain adoption.
59% of Crypto Tokens Launched in 2023 Deemed Malicious.
In 2023, a report by blockchain security firm Blockaid revealed that 59% of new crypto tokens were malicious, with 27% tied to rug-pull scams, where developers abandon projects after siphoning funds.
Despite this rise in malicious tokens, total losses from crypto scams dropped from $5.6 billion in 2023 to $1.4 billion in 2024, due to improved awareness, security tools, and regulatory measures.
Memecoins, which gained popularity in 2023, became a prime target for malicious actors, leading to fraudulent promotions, contract exploits, and pump-and-dump schemes.
However, improved detection tools, increased investor awareness, and stricter regulations are to blame for the decline in scam losses.
Bitcoin Tumble Triggered $1.4 bn in Liquidations.
Over the past 24 hours, the cryptocurrency market experienced significant liquidations, totaling $1.4 billion, with Bitcoin’s price dropping to $92,000—13.4% off its all-time highs.
Ethereum fell 16%, XRP fell 18%, and Dogecoin plunged 26%, hitting altcoins even harder. Some traders believe this could be the largest liquidation event in crypto history.
Additionally, Bitcoin spot ETFs saw a record outflow of $672 million, with the Grayscale Bitcoin Trust losing the most capital.
This market downturn follows comments from Federal Reserve Chair Jerome Powell, suggesting fewer interest rate cuts in 2025 than initially expected.
Despite the sharp declines, some traders remain optimistic, citing potential long-term gains driven by factors like the pro-crypto stance of President Trump and ongoing institutional Bitcoin purchases.
Bitget Partners With Tron, Acquires $10 mn in TRX.
Bitget has partnered with Tron in a strategic collaboration, purchasing $10 million worth of TRX, Tron’s native token.
The partnership aims to boost blockchain accessibility and growth, leveraging Tron’s widespread adoption—currently supporting over 279 million user accounts and processing over $10 billion in daily transactions.
Bitget’s CEO, Gracy Chen, emphasized the value this brings to the blockchain community, while Tron founder Justin Sun expressed optimism about empowering developers and expanding Tron’s reach.
This collaboration highlights the growing trend of platform partnerships to enhance interoperability and drive user growth in the crypto sector.
SEC Fines Jump Trading Subsidiary $123 mn for Propping up TerraUSD Stablecoin During Depeg.
In May 2021, Jump Trading’s crypto subsidiary, Tai Mo Shan, secretly intervened to stabilize TerraUSD (UST) after a depeg, purchasing $20 million worth of the token.
This action misled investors into believing UST’s algorithmic stabilization mechanism worked as intended, according to the SEC.
Tai Mo Shan profited significantly, selling early unlocked Luna tokens, and the SEC has now fined the company, on which the firm has agreed to pay $123 million in fines without admitting wrongdoing.
Terraform Labs also settled with the SEC for over $4 billion after its ecosystem collapsed. Terraform’s founder, Do Kwon, falsely claimed UST’s stability showcased the algorithm’s efficacy, further deceiving investors.
Tether to Make $775 mn ‘Strategic Investment’ In Rumble, Shares Rally 44.6%.
Tether, the largest stablecoin issuer, has made a $775 million strategic investment in Rumble, a YouTube alternative focused on free speech and decentralization. Rumble will use $250 million to fund growth initiatives and the remainder for a stock buyback, with Tether acquiring 103 million shares at $7.50 each. Rumble’s CEO, Chris Pavlovski, will retain control of the company.
This investment aligns with Tether’s expansion into AI, bitcoin mining, and decentralized messaging under CEO Paolo Ardiono. Rumble, which hosts 67 million monthly users, earned $25.1 million in Q3 revenue but reported a $31.5 million net loss.
ENA Price Surges Despite Arthur Hayes’ $8 mn Sale.
Ethena (ENA) has maintained its upward momentum despite significant selling activity by Arthur Hayes, a prominent crypto investor. Hayes unstaked 9 million ENA and sent 7 million to Binance, but ENA’s price rose. After withdrawing 16.79 million ENA from Binance in November, Hayes earned a profit of 78%. Currently, he holds 9.96 million ENA. Despite a 34.62% drop earlier in December, ENA has recovered to $1.08 and has a market cap of $3.17 billion.
Analysts predict an 85% surge for ENA, citing strong partnerships with World Liberty Financial and BlackRock, which add to its growing institutional interest.
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