By Shikha Singh
Crypto Market Cap Slumped by $300 bn Amid BTC, Altcoin Massacre.
Bitcoin experienced a sharp decline after briefly surpassing $101,000, dropping to around $94,000 due to market volatility and profit-taking by traders.
Despite a bounce back above $97,000, the correction caused significant losses for over-leveraged traders, with $1.6 billion in liquidations.
Bitcoin’s market cap dropped to $1.93 trillion, but its dominance rose to 53%.
Several altcoins, including BRETT, WIF, and WLD, suffered double-digit losses.
Ethereum, Solana, and Binance Coin fell 3-4%, while XRP briefly dipped below $2, currently trading at $2.2.
The total crypto market cap dropped from $3.9 trillion to below $3.6 trillion—a $300 billion daily loss.
UAE’s First-Ever Stablecoin Receives Final CBUAE Licence To Launch.
AE Coin has received the final license from the Central Bank of the UAE (CBUAE) to launch as part of the country’s digital payment token services framework.
The stablecoin offers safe, quick, and affordable transactions by bridging the gap between traditional fiat currencies and the decentralized digital economy.
The UAE Dirham backs AE Coin, ensuring stability and utilizing blockchain technology for efficiency and transparency.
Its goal is to foster financial inclusion and innovation, particularly in e-commerce, remittances, and decentralized finance (DeFi).
Tether Reveals 109 mn On-Chain Wallets Hold USDT Stablecoin.
Tether’s stablecoin, USDT, has reached significant adoption, with over 109 million on-chain wallets holding the coin by the end of Q3 2024.
This figure is more than double the number of Bitcoin wallets and nearly matches the 128 million Ethereum wallets at the start of October.
Tether estimates that a total of 165 million users hold USDT across on-chain and centralized exchange wallets. Millions use it widely for transactions, holding small amounts ranging from $1 cent to $1,000.
USDT’s market cap exceeds $137 billion, far surpassing its nearest competitor, USDC, with a market cap of $40 billion.
Crypto Custodian BitGo Enables Institutional Bitcoin Yield With Core.
Cryptocurrency custody firm BitGo has partnered with Core DAO to integrate institutional-grade Bitcoin staking, enabling clients to earn scalable Bitcoin yields.
This dual staking solution allows Bitcoin holders to retain full custody of their assets, avoiding counterparty risk.
BitGo’s integration with Core provides institutional clients the opportunity to stake Bitcoin while also staking CORE tokens for higher rewards.
Core’s non-custodial staking ensures security and offers additional yield, providing an attractive alternative to DeFi staking opportunities.
DeFi TVL Nears 2021 Highs On Liquid Restaking, Bitcoin L2s.
The total value locked (TVL) in the decentralized finance (DeFi) ecosystem is nearing its highest levels since 2021, reaching over $134 billion as of December 9, a 150% increase year-to-date, according to DefiLlama.
The adoption of liquid restaking tokens (LRTs), the emergence of Bitcoin-native layer 2 (L2) networks, and a bullish 2024 cryptocurrency market are driving this surge.
EigenLayer, the largest restaking protocol, has contributed significantly, with over $17 billion in TVL.
Additionally, Bitcoin liquid staking tokens (LSTs) now total over $2.5 billion, with protocols like CoreChain and Babylon gaining traction. Despite the growth, DeFi TVL still lags behind the 2021 high of $170 billion.
DWF Labs to Launch $20 mn AI Agent Development Fund.
DWF Labs is launching a $20 million fund to support the development of AI agents, a growing sector within Web3.
The fund aims to assist independent developers in creating AI agents that could drive innovation across industries like finance, logistics, entertainment, and governance.
This initiative follows DWF’s previous $20 million fund for meme coin creators. The fund will provide recipients with up to $100,000 in cloud server credits, strategic advisory services, and collaboration opportunities with leading blockchain ecosystems.
DWF Labs sees significant potential in AI agents, believing they will transform business and technology interactions.
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