1. Federal Reserve's Goolsbee indicates that interest rates may significantly decline in the next 12 to 18 months, with the rate path in 2025 slightly lower.
2. Fed Chair Powell's hawkish remarks weigh on the crypto market, with Bitcoin and other cryptocurrencies continuing to decline.
3. The U.S. spot Bitcoin ETF sees a record outflow of $680 million, while the SEC approves the first Bitcoin and Ethereum composite fund.
On Thursday, the U.S. spot Bitcoin ETF experienced a record net outflow of $680 million, breaking the previous record of $6.7 billion in net outflows over 15 consecutive days. The SEC approved applications from Nasdaq and Cboe BZX exchanges to list and trade crypto index ETF shares from Hashdex and Franklin Templeton. Following Fed Chair Jerome Powell's hawkish comments on the expected slowdown in interest rate cuts in 2025 on Wednesday, the cryptocurrency market continued to decline significantly. The following article is adapted from The Block's newsletter "The Daily," published on weekday afternoons. -Original
4. Ark Invest CEO Cathie Wood claims Bitcoin will become scarcer than gold due to institutional demand.
Ark Invest CEO Cathie Wood stated that Bitcoin is "becoming scarcer than gold" due to institutional demand, having previously predicted that BTC would exceed $1 million by 2030. -Original
5. BlackRock's Bitcoin holdings exceed 553,000 BTC, indicating sustained institutional interest in cryptocurrencies.
As of December 19, IBIT holdings reached 553,464.7389 BTC, with a market value of $53,401,161,556.95. -Original
6. MicroStrategy founder Michael Saylor supports Trump's "strategic Bitcoin reserve" proposal to alleviate national debt through Bitcoin.
MicroStrategy founder Michael Saylor supported the idea of creating a strategic Bitcoin reserve to help eliminate national debt in a "Digital Asset Framework" released on Friday. The document also advocates for a universal taxonomy and industry standards for the broader crypto industry. -Original
7. U.S. consumer spending increased in November, driving sustained strong economic growth.
U.S. consumer spending rose in November, highlighting the economy's continued strength, prompting the Fed to expect a lower rate cut in 2025 than previously anticipated three months ago. Data from the U.S. Department of Commerce showed that consumer spending, which accounts for more than two-thirds of U.S. economic activity, increased by 0.4% month-over-month last month, while the increase in October was revised down to 0.3%. Economists surveyed by institutions had predicted a 0.5% increase in consumer spending for October. Strong consumer spending drove the annualized growth rate of the U.S. economy to 3.1% in the third quarter. Economists expect consumer spending to only slow slightly this quarter. The Atlanta Fed currently projects that U.S. GDP will grow by 3.2% in the fourth quarter. Fed Chair Powell stated on Wednesday that the U.S. economy is performing exceptionally well, and he hopes it continues to do so. -Original
8. Ripple donates 5 million XRP to President-elect Trump's inauguration fund, showing increased interaction between crypto firms and politics.
9. Market expectations for OpenSea's token launch this year rise to 65%, attracting attention.
According to a post by Polymarket on X platform, the probability of OpenSea launching a token this year has risen to 65% after the OpenSea Foundation's official Twitter account went live and posted its first tweet. -Original
10. High risk of a potential U.S. government shutdown, Musk calls for reasonable legislation to serve the people.
According to market news, Musk stated that the U.S. government must either pass reasonable legislation that effectively serves the people or face a shutdown. Reports indicate that House Republicans are looking for ways to avoid a government shutdown, with their second funding proposal being rejected on Thursday night. There are only a few hours left until the Friday deadline. House Speaker Johnson stated earlier on Friday that Republicans have reached a C plan to avoid a government shutdown and plan to vote soon. Senate Republicans expressed frustration over the failure of two proposals to fund the government until Christmas that they witnessed in the House, calling it a "chaotic farce" and a "disaster." Incoming Senate Majority Leader John Thune (Republican) remarked as he left the Capitol, "I think everything is back to square one." -Original
11. Coinbase's trading revenue surpasses Nasdaq, demonstrating rapid growth of crypto trading platforms.
Crypto analysts at Coutts Private Bank revealed that Coinbase's trading revenue has surpassed that of Nasdaq, one of the world's two largest stock exchanges. Over the past 12 months, Coinbase's trading revenue reached $5.75 billion, while Nasdaq's trading revenue was $4.54 billion. Meanwhile, Coinbase also surpassed the Hong Kong Stock Exchange (HKEX) and Brazil's B3 exchange. Despite the rapid growth of Coinbase's trading revenue, there remains a gap compared to the largest exchanges globally. For instance, the London Stock Exchange (LSE) and Intercontinental Exchange (ICE) had trading revenues of $10.82 billion and $9.16 billion, respectively, far exceeding Coinbase. Analysts noted that although Coinbase's trading volume is lower than that of other major exchanges, its trading revenue remains high due to its higher trading fees. Analysts also predict that Coinbase may continue to surpass traditional exchanges by 2025, becoming the third-largest exchange globally, but it may take 10 to 20 years to surpass Nasdaq in trading volume. Additionally, Coinbase's potential for expansion in international markets is key to its future growth, especially in regions like Latin America, Africa, and Europe. -Original
12. Economic turmoil in South Korea may force crypto firms to go overseas, warns CryptoQuant CEO.
Ki Young Ju, founder and CEO of CryptoQuant, expressed concerns about South Korea's financial stability and warned that poor economic policies and political turmoil could force cryptocurrency firms and capital to leave South Korea. Ju criticized South Korea's economic policies in a post on the X platform, pointing out issues such as the appreciation of the won and the declining attractiveness of domestic assets. Ju further noted that the government's efforts to stabilize the currency have not been effective and have instead exacerbated economic instability. Notably, the value of USDT on Upbit aligns with the International Monetary Fund (IMF) exchange rate, which is seen as a warning sign reflecting waning confidence in the South Korean economy. Meanwhile, the depreciation of the won may signal capital flight, as investors move assets abroad to avoid economic losses. Ju expressed dissatisfaction with the government's attempts to retain capital, emphasizing the need to reduce restrictions and increase incentives to encourage investment. As a domestic entrepreneur operating in South Korea for seven years, Ju also expressed growing frustration and hinted at the possibility of relocating the company elsewhere. -Original
13. Bitget shows that Brazilians have invested 7% to 35% of their assets in cryptocurrencies in recent years, demonstrating high enthusiasm for the crypto market.
Brazil's top regulatory body, the Securities and Exchange Commission (CVM), recently released survey results indicating that more Brazilians are investing, trading, or holding Bitcoin and other cryptocurrencies, with investors allocating 7% to 35% of their funds to purchase these tokens. This study was conducted by the CVM in 2023 and surveyed the investment behaviors of over 700 individuals. Respondents were categorized into "conservative," "moderate," and "aggressive" investor types. Conservative investors allocated an average of 7.25% of their savings to cryptocurrencies, while moderate investors invested 21% of their financial product portfolios in crypto assets. Aggressive investors were the most optimistic, with crypto assets making up as much as 35% of their portfolios. Notably, about 50% of respondents identified as aggressive investors, indicating a strong enthusiasm for cryptocurrencies among Brazilian investors. In contrast, conservative investors had more traditional portfolios, with over 50% in fixed-income securities such as CDBs and RDBs, and they preferred government bonds, with relatively few opting for foreign currencies. -Original
14. EU crypto exchanges delist USDT, which may affect liquidity in the stablecoin market.
The EU's crypto asset regulation is set to come into full effect by the end of the year. In compliance with the Markets in Crypto-Assets Regulation (MiCA), several cryptocurrency exchanges within the EU have delisted the mainstream stablecoin Tether's USDT. This move is impacting the market for such tokens, with new issuers attempting to fill the gap, while investors are defaulting to using euros for cryptocurrency trading. The new EU regulations aim to provide regulators with a deeper understanding of cryptocurrency liquidity and help prevent criminal activities such as money laundering. Blockchain forensic experts state that USDT is often used in such crimes. However, crypto executives warn that MiCA could ultimately lead to a depletion of market liquidity without achieving the EU's goals, thereby weakening the EU's appeal to digital asset traders at this critical time. Usman Ahmad, CEO of Zodia Markets, a crypto trading company supported by Standard Chartered, stated, "I understand the reasons to some extent, but this is quite exclusionary and restrictive for EU customers themselves, as USDT is the most liquid stablecoin, far surpassing other stablecoins." Tether's main competitor, Circle, received such a license in July. However, Tether has not yet obtained such a license but has not ruled out the possibility of attempting to acquire one in the future. In the absence of a license for Tether, regulated exchanges must delist the token by December 30. Tether declined to comment on its own electronic money license plans. -Original
The above is a selection of hot topics from the past 24 hours. For faster news, please download AICoin (aicoin.com)
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