By Shikha Singh
Trump Crypto Agenda Powers Bitcoin ETFs to Historic $6.2 bn Inflows.
In November 2024, Bitcoin spot ETFs reached a record-breaking $6.2 billion in net inflows, reflecting growing institutional demand. This surge follows a shift in regulatory sentiment, partly fueled by President-elect Donald Trump’s pro-crypto stance. The approval of Bitcoin ETF options trading and new regulatory policies have further boosted interest. BlackRock’s iShares Bitcoin Trust led the charge, attracting over $1 billion during the post-election rally. Bitcoin ETFs are accumulating massive holdings, nearing 1 million BTC, and analysts predict Bitcoin prices could reach $117,000. The increasing integration of Bitcoin into mainstream finance marks a significant milestone for digital assets.
Brazil Moves to Ban Stablecoin Transfers to Private Wallets.
Brazil’s central bank proposed new regulations targeting stablecoins, including a ban on transferring foreign-backed stablecoins to self-custody wallets. This move, unveiled on November 29, aims to align cryptocurrency operations with traditional financial rules and enhance investor protection. The proposal seeks to treat stablecoins like other financial assets, requiring exchanges to share customer information with the central bank. While stablecoins are crucial for Brazil’s growing crypto market, accounting for 70% of crypto transactions, analysts warn that this restriction could negatively impact the country’s crypto sector. Stablecoins have become integral to Brazil’s economy, particularly in cross-border transactions.
LATAM Crypto Adoption Soars as Bolivia Surpasses $75 mn & Sports Tokenization Rises.
Bolivia’s virtual asset market saw a 112% increase in trading, reaching over $75 million in just four months, following new regulations from the Central Bank. The growth is also associated with an increase in electronic payments, boasting over 252,000 users across various platforms. The Binance platform experienced a notable increase in transaction activity, with women leading the way.
In sports, Ripio partnered with Win Investments to tokenize football players, aiming to expand crypto offerings across Latin America. Win Investments has already tokenized 103 players and plans to grow further.
NFT Sales Plunge to $146.5m, Ethereum & Bitcoin Network Sales Recover.
The NFT market saw a 1.6% drop, with total sales at $146.5 million, but the number of buyers and sellers increased significantly. Ethereum’s NFT ecosystem saw $51.3 million in sales, while Bitcoin’s recorded $48.2 million. Solana’s sales dropped by 37.86%, while Mythos Chain and ImmutableX showed growth. BRC-20 NFTs led in sales, and popular collections like Bored Ape Yacht Club and CryptoPunks saw notable sales. Gaming, DeFi, and AI integration are expanding the NFT utility, but hype may be driving the current growth.
Ripple’s RLUSD Stablecoin Nears Mainnet Launch After NYDFS Approval.
The New York Department of Financial Services (NYDFS) has approved the launch of Ripple’s RLUSD stablecoin on the mainnet on December 4, 2024. Initially introduced in April 2024 and beta-tested in August, RLUSD is backed 1:1 by the U.S. dollar and aims to provide a stable alternative to XRP, which faces ongoing legal challenges. The approval follows Ripple’s acquisition of Standard Custody & Trust, which will help distribute RLUSD. Positioning itself as a key player in cross-border payments, Ripple aims to compete with established players like Tether and Circle in the $190 billion stablecoin market.
XRP’s market cap hits $108 bn.
Ripple’s XRP has surged 21.38% in the past 24 hours, reaching a market cap of $108.22 billion and surpassing Binance Coin (BNB) to claim fifth place. This marks its highest level since 2018. Political changes in the U.S., along with speculation that the SEC may drop its lawsuit against Ripple under a new administration, partly drive the increase. Additionally, strong buying pressure, a surge in Open Interest (OI) for XRP futures, and hoarding behavior by investors support the bullish sentiment. XRP is trading at $1.89, up 22.12% on the week and 262.29% over the month, suggesting room for further growth.
Grayscale’s Crypto Portfolio Up 85%, Driven By Triple-Digit Altcoin Gains.
Grayscale’s cryptocurrency holdings saw a significant 85% increase in market capitalization in November, driven by notable gains in altcoins like Stellar (XLM), which rose 469%, and XRP, which surged 262%. Analysts are predicting an incoming altcoin season, with expectations of Ether (ETH) reaching $4,000 and XRP potentially rallying to $2.57 by the end of 2024. The declining dominance of Bitcoin, signaling a shift toward altcoins, fuels this optimism. Bitcoin’s halving event and progress on an XRP ETF could influence XRP’s price. Additionally, changes in U.S. regulatory leadership may further boost the market.
Shiba Inu Burn Rate Skyrockets 486% as 1.4 bn SHIB Vanishes.
In the past 24 hours, Shiba Inu’s burn rate has increased by 486%, permanently removing 1.4 billion SHIB tokens from circulation. Burning 1.77 billion SHIB over the past week represents an 807% increase. This significant burn activity highlights strong community support. Additionally, Shiba Inu has seen a 396% increase in large transaction volume and a 19.5% rise in daily active addresses. Despite these positive developments, the price of SHIB has remained relatively stable.
Boyaa Interactive Becomes Asia’s Top Bitcoin Corporate Holder Through Strategic Ethereum Conversion.
Boyaa Interactive, a Hong Kong-based online gaming firm, has become the largest corporate Bitcoin holder in Asia after converting 14,200 Ethereum (ETH), worth around $49.48 million, into 515 Bitcoin (BTC). This brings their total Bitcoin reserves to 3,183 BTC, valued at an average of $57,724 per coin. The move reflects Boyaa’s strategic shift towards Bitcoin, viewing it as a more stable long-term asset compared to Ethereum. This aligns with their broader cryptocurrency strategy, which started in 2023 with plans to invest $100 million in digital assets. Boyaa’s strategic shift underscores the increasing trend among Asian companies to utilize Bitcoin as a value store, thereby strengthening its position in the cryptocurrency market.
Hyperliquid Gives Out $1.6 bn in One of the Largest Airdrops Ever.
The Hyper Foundation completed the genesis distribution of its HYPE token, the native token of the Hyperliquid Network, a high-speed blockchain for decentralized finance (DeFi).
Users received an airdrop of more than $1.6 billion worth of HYPE tokens, with the Hyperliquid community receiving 31% (310 million tokens).
Notably, private investors, centralized exchanges, or market makers did not receive any tokens. The airdrop ranks as the seventh-largest in crypto history, ahead of Bonk (BONK) and Optimism (OP). Hyperliquid’s decentralized perpetual exchange, which has facilitated over $334 billion in total volume, is the flagship product of the Hyperliquid blockchain. Since launch, HYPE has seen a 38% increase in value, trading at $5.40 with a $1.74 billion market cap.
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