Today's News Highlights:
Italy to Reduce the Increase in Capital Gains Tax on Cryptocurrencies
Microsoft Shareholders Vote Against Bitcoin Investment Proposal
OKX to Launch VIRTUAL/USDT and SUNDOG/USDT Perpetual Contracts
Beam Ventures to Launch First $150 Million Game-Focused Fund in Abu Dhabi
Coinbase Has Listed Magic Eden (ME) and Will List Gigachad (GIGA) and Turbo (TURBO)
Matrixport: Surge in Demand for Ethereum ETFs, ETH Price Expected to Rise Significantly by 2025
Regulatory News
According to a press release from the Hong Kong government, during today's Legislative Council meeting, member Wu Jiezhuang asked Secretary for Financial Services and the Treasury Chen Haolian whether the Hong Kong government would consider including digital assets and cryptocurrencies in its fiscal reserves, and whether it would consider using the foreign exchange fund to continuously purchase and hold them long-term. He also inquired if there had been any assessment or research on the impact of foreign countries designating Bitcoin as a strategic reserve asset on the financial security of China and Hong Kong (for example, whether it would put pressure on the Hong Kong dollar system and the economic situation in Hong Kong in the long run), what the relevant impacts would be, and what measures the government would take, including whether it would leverage Hong Kong's first-mover advantage and unique resources in the cryptocurrency field to make strategic deployments to contribute to national financial security. Chen Haolian responded that the Hong Kong foreign exchange fund invests in a globally diversified range of asset classes and markets to diversify risks and enhance long-term returns. Although crypto assets are not target assets for the foreign exchange fund, the Monetary Authority's external investment managers also invest in globally diversified asset classes and markets, and it cannot be ruled out that there may be individual investments involving crypto assets during different periods of investment operations by external managers, but their proportion is very small. Additionally, Chen Haolian revealed that the Hong Kong Securities and Futures Commission will announce several measures to promote the development of virtual assets in Hong Kong this October, including a fast licensing process related to virtual asset trading platforms and the establishment of a consultation group for licensed platforms. The consultation group is expected to be launched early next year.
MicroStrategy Expected to Join Nasdaq 100 Index on December 23
According to Crypto Briefing, MicroStrategy is expected to join the Nasdaq 100 Index on December 23, with an official announcement scheduled for this Friday (December 13). Bloomberg ETF analyst James Seyffart stated that ETFs tracking the Nasdaq 100 Index are expected to purchase $2.1 billion worth of MicroStrategy stock, accounting for about 20% of the company's daily trading volume. ETF analyst Eric Balchunas noted that the company's weight in the Nasdaq 100 Index could also reach 0.47%, making it the 40th largest holding in the index. Seyffart mentioned that while joining the Nasdaq 100 Index is imminent, joining the S&P 500 Index will be more challenging due to MicroStrategy's lack of profitability. However, upcoming changes to accounting rules related to Bitcoin valuation may qualify the company for inclusion in the S&P 500 Index by 2025.
Japanese Crypto Exchange Coincheck to Go Public on Nasdaq Today
According to CoinDesk, Monex Group announced on December 11 that its subsidiary Coincheck Group NV has completed the procedures for listing on Nasdaq in the United States. Trading began on December 11 at 6:00 PM Eastern Time, with the stock code "CNCK." Coincheck Group (CCG) will become the holding company of the Japanese crypto exchange Coincheck. After the listing, Monex Group will hold approximately 80% of CCG's shares, with a market value of about $1.6 billion (approximately 240 billion yen).
According to CoinDesk, Juan Carlos Reyes, the chairman of El Salvador's main cryptocurrency regulator, the National Digital Assets Commission (CNAD), and Roberto Silva, the chairman of Argentina's Securities Commission (CNV), signed an agreement on Tuesday aimed at promoting cooperation between the two countries in cryptocurrency regulation. Reyes stated in an interview: "In terms of international cooperation, CNAD has two core objectives. The first is to share our expertise with international partners to help them leverage the benefits of a well-regulated industry. The second is to expand our regulatory company's influence internationally by establishing strategic partnerships with countries around the world. This historic agreement with Argentina is significant due to the country's pioneering reputation in innovative technologies and its remarkable adoption rate." Although the specific details of the agreement have not been disclosed, Reyes mentioned on LinkedIn that the agreement aims to facilitate knowledge and experience sharing between the two regulatory bodies to promote crypto innovation. He wrote: "The joint efforts of El Salvador and Argentina will lay the foundation for greater regional cooperation and create a favorable environment for the development of the digital asset industry."
Ripple CEO Brad Garlinghouse announced on X platform: "We have received final approval from the New York State Department of Financial Services (NYDFS) for the stablecoin RLUSD. Information about exchanges and partners will be announced soon—just a reminder: when RLUSD officially launches, Ripple will be the first to release such news."
Italy to Reduce the Increase in Capital Gains Tax on Cryptocurrencies
According to Reuters, Italy's ruling party announced on Tuesday that it would reduce the planned increase in capital gains tax on cryptocurrencies after receiving criticism from affected industries and internal debates within the economic ministry. Giulio Centemero, a member of the ruling League party, and Federico Freni, Deputy Minister of Finance, stated in a statement: "During parliamentary work, the increase will be significantly reduced." Previously, according to the budget for 2025, which is expected to be approved by parliament by the end of December, the Ministry of Finance intended to raise the capital gains tax rate on cryptocurrencies like Bitcoin from 26% to 42%. However, the League party indicated that this move could promote the development of the shadow economy. On Tuesday, Centemero and Freni stated: "Do not hold biases against cryptocurrencies anymore." Political sources indicated that the government might even decide to maintain the tax rate at 26%.
Microsoft Shareholders Vote Against Bitcoin Investment Proposal
According to Jinshi, the voting results showed that Microsoft's major shareholders voted against the company's Bitcoin investment proposal on Tuesday. Earlier, Microsoft's board had urged shareholders to reject a proposal from the National Center for Public Policy Research, which suggested that the company invest 1% of its total assets in Bitcoin to hedge against inflation. At the annual meeting, MicroStrategy Chairman Michael Saylor gave a three-minute speech attempting to persuade Microsoft shareholders to support the proposal. His company has invested billions of dollars in Bitcoin. Data shows that Microsoft's largest shareholders are institutional investors, including Vanguard and BlackRock.
Project Updates
OKX to Launch VIRTUAL/USDT and SUNDOG/USDT Perpetual Contracts
OKX announced that it will officially launch VIRTUAL/USDT and SUNDOG/USDT perpetual contracts today from 6:00 PM to 6:15 PM (UTC+8) on the web, app, and API. The VIRTUAL/USDT contract trading will open at 6:00 PM, and the SUNDOG/USDT contract trading will open at 6:15 PM. Users can participate in trading across multiple platforms.
Beam Ventures to Launch First $150 Million Game-Focused Fund in Abu Dhabi
Beam Foundation announced the launch of Beam Ventures, the first venture fund focused on the gaming sector in Abu Dhabi, with a fund size of $150 million. The aim is to accelerate the development of promising founder projects and promote Abu Dhabi as a global gaming hub. The fund plans to attract top talent through its accelerator program, supporting the development of early-stage Web3 gaming and AI startups, while also helping Abu Dhabi build a thriving gaming ecosystem.
The ZK verification layer Aligned Layer, based on EigenLayer, announced that its first product, the Proof Verification Layer, has entered the mainnet Beta phase and released the $ALIGN token plan. Additionally, Aligned released details about the $ALIGN token, with a total supply of 10 billion tokens and an initial circulation of 30%. The tokens will be used to pay for verification fees (on-demand or subscription model) and for dual staking to ensure network security. The token distribution is 44% for the community and ecosystem, 10% for the foundation, 23.5% for the team, and 22.5% for investors. The Aligned team stated that more products will be launched in the future, including the Proof Aggregation Layer and zk-powered bridging services, and they have collaborated with over 30 projects to promote the application and development of zk technology. Previously, the decentralized ZK proof verification layer Aligned Layer completed a $20 million Series A financing round, led by Hack VC.
Circle and Binance Establish Strategic Partnership to Accelerate USDC and Cryptocurrency Adoption
According to Binance's official blog, Binance and Circle announced a strategic partnership to expand the adoption of the USDC stablecoin and support the global digital asset and financial services ecosystem. Binance will integrate USDC into its products and services, enabling its users to trade, save, and pay more easily, while also using USDC for corporate financial operations. Circle will provide Binance with technology, liquidity, and tools to enhance user trust and innovation, and the two companies will collaborate to promote the practicality and innovation of stablecoins in the global financial system.
As the listing of Magic Eden's ME token on the Korean exchange Upbit was delayed until 9:30 AM today, ME surged to 19,600 KRW ($13.71) after opening on Upbit, leading to a significant premium compared to other mainstream platforms. The premium has now mostly disappeared, with ME currently priced at 9,929 KRW (approximately $6.94) on Upbit and $6.97 on Binance.
Coinbase Has Listed Magic Eden (ME) and Will List Gigachad (GIGA) and Turbo (TURBO)
According to an official announcement, Coinbase will add support for Gigachad (GIGA) on the Solana network (SPL tokens) and Turbo (TURBO) on the Ethereum network (ERC-20 tokens). If liquidity conditions are met, trading for these tokens will begin on December 12, 2024, at 1:00 AM Beijing time or later. The GIGA-USD and TURBO-USD trading pairs will be launched in phases.
Financing News
Digital Asset Holding Company COSIMO is Raising $25 Million, Led by Former Bridgewater Executive
According to The Block, digital asset holding company COSIMO announced that it is raising $25 million, with this round led by Des Mac Intyre, co-founder of Eolas Capital and former executive at Bridgewater Associates. COSIMO stated in a press release that this funding aims to integrate its various cryptocurrency investment, custody, consulting, and brokerage services into "a unified and forward-looking brand." The company will be renamed COSIMO digital, and over the past ten years, COSIMO has expanded into multiple cryptocurrency subfields, aiming to become a strong competitor to Galaxy Digital, a cryptocurrency management and service provider, but with operations in both the US and Europe. In its early days, COSIMO invested in startup cryptocurrency companies using special purpose vehicles (SPVs) in 2014 and expanded into cryptocurrency venture capital in 2017. The COSIMO X fund, launched in 2019, currently manages approximately $21 million in assets. The company also launched COSIMO Y, a hedge fund built around a basket of staking rewards from blockchains such as Avalanche, Cardano, Celestia, Ethereum, Near, Polkadot, and Solana. Additionally, COSIMO founded Fortuna, a digital asset custody company licensed by the Central Bank of Ireland to operate in 27 EU countries.
Crypto AI Startup Exabits Completes $15 Million Seed Round Financing, Led by Hack VC
According to The Block, crypto AI startup Exabits has completed a $15 million seed round financing, with a valuation of $150 million, led by Hack VC, along with several other undisclosed investors. Exabits co-founder Hoansoo Lee stated that Exabits began fundraising in July this year and completed this round in October. He declined to comment on the structure of this round of financing but mentioned that a token will be launched in the future. This seed round financing brings Exabits' total funding to $20 million. Exabits is a crypto AI startup focused on GPU tokenization, and it previously conducted an undisclosed Pre-Seed financing round, followed by an undisclosed strategic financing round led by Portal Ventures, totaling approximately $5 million.
Opinions
Matrixport: Surge in Demand for Ethereum ETFs, ETH Price Expected to Rise Significantly by 2025
According to data from Matrixport, there has been a significant increase in demand for Ethereum ETFs recently, with a total net inflow of $1.8 billion over the past 12 days, and no single day of net outflow. Notably, there were three days where the single-day inflow exceeded $500 million. Adjusted for market capitalization, this is equivalent to nearly $1.2 billion in daily inflows for Bitcoin. Analysts point out that this capital flow may reflect a reallocation or expansion of investment direction, coinciding with the new fiscal year for US mutual funds starting December 1, and also reflects market optimism for 2025. If this demand continues, Ethereum's price may rise significantly in 2025.
Goldman Sachs CEO: Will Consider Participating in Cryptocurrency Trading if Regulations Change
According to Reuters, Goldman Sachs Group CEO David Solomon stated in an interview regarding whether Goldman Sachs could start trading cryptocurrencies that regulatory changes would be needed to allow the bank to do so. Solomon said, "You need to ask the regulators this question. Currently, as a regulated banking institution, we are not allowed to hold cryptocurrencies like Bitcoin; we provide advice to our clients around these technologies and issues and will continue to do so, but from a regulatory perspective, our ability to act in these markets is extremely limited at this time."
Important Data
Binance Pre-Market Trading USUAL Surpasses $0.8, Up 36.5% in 24 Hours
According to Binance pre-market data, the Usual token USUAL has surpassed $0.8, up 36.5% in 24 hours, currently priced at $0.805, with a high of $0.822.
According to SoSoValue data, yesterday (December 10, Eastern Time) the total net inflow for Bitcoin spot ETFs was $440 million. Yesterday, Grayscale's ETF GBTC had a single-day net outflow of $62.82 million, with a historical net outflow of $20.911 billion. Grayscale's Bitcoin Mini Trust ETF BTC had a single-day net inflow of $6.4161 million, with a historical total net inflow of $900 million. The Bitcoin spot ETF with the highest single-day net inflow yesterday was BlackRock's ETF IBIT, with a single-day net inflow of $296 million, bringing IBIT's historical total net inflow to $35.058 billion. The second highest was Fidelity's ETF FBTC, with a single-day net inflow of $210 million, bringing FBTC's historical total net inflow to $12.102 billion. As of the time of writing, the total net asset value of Bitcoin spot ETFs is $107.763 billion, with an ETF net asset ratio (market cap relative to total Bitcoin market cap) of 5.65%, and a historical cumulative net inflow of $34.353 billion.
A Whale Liquidates 1.2 Million WIF Purchased 11 Months Ago, Profiting Over $3 Million
According to Lookonchain monitoring, 3 hours ago, a whale deposited all 1.2 million WIF (worth $3.47 million) into Coinbase. This whale purchased 1.2 million WIF 11 months ago at a cost of $393,000 and is now profiting over $3 million.
Galaxy Digital-Linked Address Withdraws 523,000 UNI from Binance, Worth $8.45 Million
According to on-chain analyst @ai_9684xtpa, an hour ago, a Galaxy Digital-linked address withdrew 523,000 UNI (worth $8.45 million) from Binance, with an entry cost of $15. Over the past month, UNI has risen from $9.3 to $15.5, an increase of 66%, performing well as a leader in the DeFi sector; this morning, due to a BTC drop, it retraced to $14 but has quickly rebounded to $15.47.
A Whale Accumulates 801 BTC from Binance Over the Past 17 Hours, Worth Approximately $77.55 Million
According to Spot On Chain monitoring, a new whale has accumulated 801 BTC from Binance over the past 17 hours at an average price of $96,815, worth approximately $77.55 million.
Riot Platforms Buys 705 BTC in the Last 3 Hours, Approximately $68.45 Million
According to Lookonchain monitoring, Bitcoin mining company Riot Platforms purchased 705 BTC (approximately $68.45 million) in the last 3 hours. Previously, on December 9, it was reported that Riot Platforms plans to privately issue $500 million in convertible senior notes, with funds used for acquiring Bitcoin and more.
Raydium's Monthly Trading Volume Exceeds Uniswap for the Second Consecutive Month
According to Cointelegraph, based on a Messari report from December 10, the decentralized exchange (DEX) Raydium in the Solana ecosystem has surpassed Uniswap in monthly trading volume for the second consecutive month. In November, Raydium's monthly trading volume was about 30% higher than Uniswap, totaling approximately $30 billion. Ryan Watkins, co-founder of Syncracy Capital, mentioned in a post on the X platform on November 17 that Raydium had previously edged out Uniswap in October with about a 10% higher trading volume. The Messari report stated, "Raydium's success is largely attributed to its dominant position in the Solana ecosystem," adding that this DEX consistently accounts for over 60% of daily DEX trading volume on that Layer 1 blockchain network; notably, meme coin trading has become a significant driver of Raydium's trading volume, with meme coins accounting for a historic high of 65% of Raydium's monthly trading volume in November.
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