Today's News Highlights:
Grayscale Announces Opening of Private Placement for 22 Cryptocurrency Trust Products
Robinhood CEO: The Company Currently Has No Plans to Hold Bitcoin for Investment Purposes
aiPool Founder Skely's Account Frozen
MicroStrategy's Stock Price Has Dropped 38.81% from the High on November 21
Binance Supports Fantom's Renaming to Sonic and Token Swap
Virtual Protocol Ecosystem Tokens Surge, GAME Rises Over 30% in 24 Hours
Phala Network (PHA) Briefly Surpasses $0.2 Before Retreating, Up 54.4% in 24 Hours
Regulatory News
South Korean Regulators Deny Reports of Allowing Companies to Purchase Cryptocurrency
According to Cryptonews, the South Korean Financial Services Commission (FSC) denied reports that it would soon allow companies to use their balance sheets to purchase cryptocurrency. Earlier this month, reports indicated that the FSC was preparing to allow universities and schools to convert cryptocurrency donations into fiat currency. This was said to represent the first step in a roadmap that would eventually allow South Korean companies to purchase currencies like Bitcoin and Ethereum. The reports also claimed that the Financial Supervisory Service would allow "ordinary" companies to purchase cryptocurrency before banks. South Korean law does not explicitly prohibit companies from holding cryptocurrency. However, individuals need to open accounts linked to cryptocurrency exchanges to trade BTC, ETH, and altcoins. Regulatory guidelines require financial institutions to reject all such applications from corporate clients.
Philippines Introduces Comprehensive Regulations for Cryptocurrency Assets
According to Crowdfund Insider, the Philippines Securities and Exchange Commission (SEC) has introduced extensive regulations for cryptocurrency asset management, covering disclosure, public offerings, trading, and marketing activities. These regulations aim to enhance investor protection and promote transparency in the burgeoning digital asset market. Under the new guidelines, cryptocurrency asset issuers must submit disclosure documents to the SEC at least 30 days before any marketing activities or public sales. The document must detail the provider, issuer, key features, risks, and underlying technology of the cryptocurrency asset, as well as clearly state potential risks, including value loss and limited transferability. Cryptocurrency assets classified as securities require SEC-approved registration statements for public offerings. Entities issuing or trading cryptocurrency assets must comply with anti-money laundering (AML) laws and SEC reporting requirements. Non-compliance may result in fines, suspension, or revocation of licenses.
According to Bitcoin News, MicroStrategy announced it will hold a special shareholder meeting to vote on key proposals aimed at accelerating the 21/21 plan, streamlining financing processes, and aligning director compensation with the company's Bitcoin-centric strategy. Major proposals include: authorizing an increase in Class A shares from 330 million to 10.33 billion to support future financing; authorizing an increase in preferred shares from 5 million to 1.005 billion to expand financing options; and modifying the 2023 equity incentive plan to provide automatic equity awards for new directors joining the board. Previously, MicroStrategy proposed the "21/21 Plan," which aims to raise $21 billion in equity financing and $21 billion in bond issuance over the next three years, using additional capital to purchase more BTC as a financial reserve asset to achieve higher BTC returns.
According to Yonhap Infomax, South Korean Acting President Han Duck-soo plans to announce a tax amendment at a cabinet meeting on December 24, which includes a two-year delay of the virtual asset taxation plan.
According to CoinDesk Japan, regarding the theft of 4,502.9 BTC from the cryptocurrency exchange DMM Bitcoin that occurred in May, the Japanese National Police Agency reported on December 24 that the incident was carried out by the Trader Traitor group under the North Korean hacker organization Lazarus Group. The Japanese National Police Agency stated that it will continue to cooperate with the FBI, other U.S. government agencies, and international partners to investigate the illegal activities of North Korean hackers, including cybercrime and cryptocurrency theft. Meanwhile, the Japanese National Police Agency, the Cabinet Cybersecurity Center, and the Financial Services Agency released documents regarding the tactics and countermeasures of the attacking group, urging cryptocurrency-related businesses to exercise caution. In response to this attack, DMM Bitcoin decided to shut down its exchange. Assets and customer accounts will be transferred to SBIVC Trade, with the transition expected to be completed by March 2025.
IRS Reiterates in Lawsuit That Cryptocurrency Staking Should Be Taxed
According to Bloomberg, the IRS has reiterated that cryptocurrency staking should be taxed, stating that tax obligations arise as soon as staking rewards are received. This comes during the legal proceedings between Tennessee couple Joshua and Jessica Jarrett and the IRS regarding staking tax issues. The couple staked on the Tezos network and argued that staking rewards should not be taxed until sold. In court documents filed on December 20, the IRS dismissed the Jarretts' claim that staking creates "new property" and should only be taxed upon sale, stating, "Once cryptocurrency staking is completed, tax obligations should arise immediately." This case is currently under close scrutiny by the cryptocurrency industry and could have significant implications for how staking rewards on all proof-of-stake blockchains in the U.S. are taxed. According to IRS guidelines released in 2023, staking or mining rewards are considered taxable income at the time they are generated, with tax obligations based on their market value at that time.
Robinhood CEO: The Company Currently Has No Plans to Hold Bitcoin for Investment Purposes
According to The Block, in an interview released on Monday, Robinhood CEO Vladimir Tenev stated that despite the increasing importance of cryptocurrency to the company, Robinhood currently has no plans to hold Bitcoin for investment purposes. Tenev noted that the idea of holding Bitcoin has been "mentioned from time to time" due to Robinhood's growing interest in cryptocurrency. However, he added that aside from holding some cryptocurrency to meet customer trading demands, Robinhood has no plans to hold Bitcoin as an investment vehicle. He stated, "We are not ruling out that possibility, but we haven't done it yet. After all, we are not in the investment management business." Tenev further stated that although Robinhood has not included Bitcoin on its balance sheet like companies such as MicroStrategy and Tesla, its stock price "has been highly correlated with Bitcoin, even though we don't hold it financially"; if Robinhood were to hold Bitcoin for investment, it could "complicate" investors' perceptions of the company, leading them to view it as a "company similar to a Bitcoin holder."
Financing
MoonPay in Talks to Acquire Cryptocurrency Payment Platform Helio for $150 Million
According to Fox Business reporter Eleanor Terrett, cryptocurrency payment service provider MoonPay is in talks to acquire Helio for approximately $150 million, which would be MoonPay's largest acquisition to date. Helio is said to be an alternative to Coinbase Commerce, providing a self-service cryptocurrency payment platform that enables content creators and e-commerce merchants to receive payments in cryptocurrency. It currently offers "white-label solutions," including trading infrastructure for Solana Pay and DEX Screener.
Project Updates
Sahara AI Releases 2024-2025 Roadmap: Sahara Chain Mainnet to Launch in Q3 2025
AI Infrastructure Sahara AI Releases 2024-2025 Roadmap
The roadmap includes several key milestones:
- Q4 2024: Launch of the data service platform and testnet, where users can earn rewards through data collection and annotation. The first batch of users has begun participation, with the second phase expected to start in Q1 2025 and expand participation.
- Q1 2025: Launch of the AI Marketplace, providing development tools and data service expansion features, supporting model development, training, and deployment, along with an early access program.
- Q2 2025: Release of the Sahara Studio toolkit, covering model training, deployment, and workflow management, further optimizing the developer experience.
- Q3 2025: Launch of the Sahara Chain mainnet, providing a secure and transparent on-chain infrastructure for large-scale decentralized AI, while supporting the assetization and trading of data and models.
Sahara AI stated that early access programs for users and developers at each stage are now open for applications. Previously, Sahara AI announced the official launch of the beta version testnet for the first phase of the data platform, with over 780,000 users signing up.
KiloEx Commits to Complete TGE by June 30, 2025, and Will Release 2025 Roadmap Soon
The perpetual contract DEX KiloEx team released a Discord announcement addressing community concerns regarding the Token Generation Event (TGE), stating that KiloEx plans to release its 2025 roadmap soon and commits to completing the TGE by June 30, 2025, at the latest. If preparations are completed ahead of schedule, the team will expedite the process. KiloEx mentioned that due to a non-disclosure agreement (NDA), they cannot disclose more details at this time but emphasized that the TGE is a key milestone for community and trading ecosystem development and has become the team's top priority. Recent progress includes deployment on the Base chain, the launch of the Telegram Minibot, and the introduction of the innovative Hybrid Vault. Previously, Binance Labs announced investments in the four best-performing projects of the BNB Chain's 6th season, including AltLayer, KiloEx, Kinza, and Sleepless AI.
aiPool Founder Skely's Account Frozen
According to the X platform page, aiPool founder Skely (@123skely) has had his account frozen, with the specific reason not yet disclosed.
The full-chain interoperability protocol Analog announced the launch of its mainnet, which initially adopts a PoA (Proof of Authority) consensus mechanism. Subsequently, it will introduce core features such as NPoS (Nominated Proof of Stake) consensus, cross-chain messaging, and data querying through runtime upgrades, expected to be completed before the Token Generation Event (TGE). After the mainnet launch, developers can build powerful multi-chain applications based on Analog, achieving decentralized and interoperable solutions. Analog's tech stack supports cross-chain smart contract execution, allowing developers to create complex applications that respond to multi-chain ecosystem events. Currently, over 50 projects are being developed within the Analog ecosystem, including StationX, Parami Protocol, Frax Finance, XYO, and Vemo Network, covering various industry scenarios. Previously, the full-chain interoperability protocol Analog completed a $16 million financing round led by Tribe Capital.
Binance Supports Fantom's Renaming to Sonic and Token Swap
Binance will support the token swap of Fantom (FTM) and its renaming to Sonic (S). On January 13, 2025, at 11:00 AM Beijing time, Binance will delist all existing FTM spot trading pairs and cancel all pending FTM spot trading orders. On January 16, 2025, at 4:00 PM Beijing time, Binance will open trading pairs for S/BTC, S/BNB, S/ETH, S/EUR, S/FDUSD, S/TRY, S/USDC, and S/USDT.
Bithumb to Launch PENGU in KRW Market
According to the official announcement, South Korean cryptocurrency exchange Bithumb will launch PENGU in the KRW market, with trading expected to start today at 5:00 PM local time.
IOTA to Introduce Sustainable Token Economic Model with 6% Annual Inflation Rate
IOTA announced on the X platform that IOTA Rebased will introduce a sustainable token economic model: ① a 6% annual inflation rate (767,000 IOTAs per epoch), providing staking rewards for validators/delegators, low transaction fees (approximately 0.005 IOTAs), and deflationary pressure from fee burning; ② sponsored transactions to increase user flexibility.
Sonic Labs Plans to Upgrade S Token Economics, Has Released 4 Related Governance Proposals
Sonic Labs stated on X that it is enhancing Sonic through upgraded token economics, determined by four governance proposals on Fantom, including an airdrop of approximately 200 million S tokens. At launch, the circulating supply of S will be approximately 2.88 billion, with an initial total supply of 3.175 billion, allowing for a 1:1 migration ratio; within six months post-launch, the network will utilize a unique 9-month linear burn mechanism to mint 6% of the initial total supply to extend the airdrop activity to reward users/developers; additionally, within six months post-launch, the network will begin minting 1.5% of the initial total supply annually over six years to fund growth, burning unused S each year to ensure effective use; starting four years post-launch, the network will mint 1.75% annually to permanently reward validators. All unused ecosystem growth tokens will be accounted for and burned annually. By 2031, the maximum expansion cap for S will be 15% (excluding block rate rewards), with various burn mechanisms expected to significantly reduce expansion during this period.
Grayscale Announces Opening of Private Placement for 22 Cryptocurrency Trust Products
According to official news, Grayscale has announced the opening of private placements for 22 cryptocurrency trust products to qualified investors, including mainstream tokens such as AAVE, AVAX, LINK, SOL, XRP, as well as fund products in sub-sectors like DeFi and AI. Investors can subscribe at net asset value (NAV). The products opened for subscription include themed funds like the Grayscale Decentralized AI Fund and the Grayscale Decentralized Finance Fund, as well as single-asset trusts for emerging protocols like Bittensor, Lido DAO, and Optimism.
Hyperliquid: No Attack from North Korean Hackers, User Funds Are Well Managed
According to Bloomberg, the cryptocurrency derivatives trading platform Hyperliquid experienced the largest single-day outflow of funds in its history as traders rushed to withdraw funds due to concerns about North Korean hackers trading on the platform. Taylor Monahan, a security expert from the digital wallet provider MetaMask, stated that digital wallets associated with these hackers began trading on Hyperliquid as early as October. On Monday, she shared the addresses and activity of these suspicious wallets on the social media platform X. Monahan pointed out that trading is often a way for North Korean hackers to test potential security vulnerabilities on platforms like Hyperliquid. The core development team of Hyperliquid stated in a statement: "Hyperliquid Labs has noted reports regarding the so-called North Korean address activity; Hyperliquid has not suffered any attacks from North Korea or any other party. All user funds are well managed." Monahan's post sparked widespread discussion on social media, with some supporters of Hyperliquid criticizing her for creating unnecessary panic. According to data compiled by the venture capital fund Hashed on Dune Analytics, over 112 million USDC flowed out of the exchange on Monday. According to tracking platform CoinGecko, the price of the exchange's token HYPE dropped by 20%.
Opinions
Sun Yuchen clarified rumors about liquidating ETH through social media, stating that these rumors are untrue. He explained that it is merely the team's ETH transfer operations between different wallets and reiterated his long-term positive outlook on the Ethereum ecosystem.
Matrixport data shows that after Bitcoin surged over 40% in 30 days, it typically enters a consolidation period, with the current price down about 5% from a month ago. Historical data indicates that Bitcoin often experiences pullbacks after similar surges, consistent with past cycle patterns. In a bull market, a 10% to 20% pullback from recent highs usually forms an ideal re-entry zone. For example, if Bitcoin pulls back from a high of $108,000 to the $90,000 to $95,000 range, this could become an excellent pullback area. As long as the price remains within a -20% pullback range and continues the current cycle trend, it is expected to lay the foundation for a new round of increases in 2025.
Singapore-based crypto investment firm QCP Capital stated today that after experiencing a washout last week, spot prices continue to maintain sideways fluctuations as the holidays approach. Although the market appears calm on the surface this week, all eyes are focused on the upcoming large-scale options expiration event this Friday, when nearly $20 billion in notional value of Bitcoin and Ethereum options will expire. This figure accounts for nearly half of the total open interest in Deribit options. After the options expiration, it is likely that we will see a typical end-of-quarter volatility sell-off, especially if spot prices continue to fluctuate within this range and options sellers continue to roll their short positions. Unlike those options sellers who must wait for the expiration to release collateral, call options buyers may have already rolled most of their positions in advance. However, if BTC can successfully break through the $100,000 mark, volatility may remain stable. Meanwhile, as BTC continues to hover below $100,000, we may also see altcoins start to gain momentum again. A month ago, when BTC was trading at these levels, ETH/BTC rebounded from a support level of 0.032, and a similar trend was observed at that time. Currently, BTC's market share remains at 58%, and we are closely monitoring whether this ratio will see a significant decline to confirm whether funds are flowing from BTC to altcoins.
Forbes published an article predicting seven major trends in the crypto industry for 2025: 1. G7 or BRICS countries may establish strategic Bitcoin reserves; 2. The market capitalization of stablecoins will double to $400 billion; 3. The Bitcoin DeFi ecosystem will achieve rapid growth through L2 networks (such as Stacks, BOB, Babylon), with locked value expected to exceed the current $24 billion in cross-chain wrapped Bitcoin; 4. Crypto ETF products will expand to include Ethereum staking and Solana; 5. Tech giants like Apple and Microsoft may follow Tesla in increasing their Bitcoin holdings; 6. The total market capitalization of the crypto market will exceed $8 trillion; 7. Improved regulatory environment in the U.S. will drive a revival in crypto entrepreneurship.
Important Data
Phala Network (PHA) Briefly Surpasses $0.20 Before Retreating, Up 54.4% in 24 Hours
According to OKX market data, Phala Network (PHA) briefly surpassed $0.20 before retreating, with a 24-hour increase of 54.4%, currently priced at $0.1839.
Mt. Gox Has Transferred Over 3,631 BTC to B2C2 Group Since December 5
According to Lookonchain monitoring, since Bitcoin first broke through $100,000 on December 5, Mt. Gox has been transferring 200 to 300 BTC to B2C2 Group every business day. As of now, Mt. Gox has transferred a total of 3,631.87 BTC to B2C2 Group, with a total value of approximately $364 million.
Virtual Protocol Ecosystem Tokens Surge, GAME Up Over 30% in 24 Hours
GMGN market data shows that Virtual Protocol ecosystem tokens surged today, with VIRTUAL currently valued at $3.16 billion, up 30.2% in 24 hours; GAME by Virtuals (GAME) currently valued at $0.4 billion, up 31.8% in 24 hours; Luna by Virtuals (LUNA) currently valued at $138 million, up 53.6% in 24 hours; VaderAI by Virtuals (VADER) valued at $68.92 million, up 43.9% in 24 hours; and sekoia by Virtuals (SEKOIA) valued at $35.56 million, up 20.7% in 24 hours.
According to SoSoValue data, the Bitcoin spot ETF saw a total net outflow of $227 million yesterday (Eastern Time, December 23). Yesterday, Grayscale's ETF GBTC had a net outflow of $38.3853 million, with a historical net outflow of $21.332 billion. Grayscale's Bitcoin mini trust ETF BTC had a net outflow of $6.185 million yesterday, with a historical total net inflow of $854 million. The Bitcoin spot ETF with the highest net inflow yesterday was BlackRock's ETF IBIT, with a net inflow of $31.6575 million, bringing its historical total net inflow to $37.361 billion. As of the time of writing, the total net asset value of Bitcoin spot ETFs is $105.084 billion, with an ETF net asset ratio (market cap relative to total Bitcoin market cap) of 5.7%, and a historical cumulative net inflow of $35.825 billion.
Cosmos Developer Transfers 295.3 BTC Worth Approximately $27.7 Million After Nearly 2 Years
According to on-chain analyst Yu Jin's monitoring, the Cosmos Network developer transferred 295.3 BTC (approximately $27.7 million) after nearly two years, which they raised through an ICO in 2017. This year, they have transferred/sold a total of 21,600 ETH and 295.3 BTC, valued at $78.67 million. They currently hold 96.4 BTC and 17,188 ETH raised through the ICO, valued at $67 million.
A New Address Accumulated 520 Million PENGU Worth $14.87 Million Six Hours Ago
According to on-chain analyst @ai_9684xtpa's monitoring, a new address CqwjT…EiCj8 accumulated 520 million PENGU worth $14.87 million six hours ago. The average price for withdrawing PENGU from Binance was $0.2996, and the address is currently facing an unrealized loss of $710,000.
A Whale Has Claimed 26.38 Million BIO Airdrop, Accounting for 2.03% of Initial Circulating Supply
According to on-chain analyst @i_9684xtpa's monitoring, a whale in the All in DeSci category, OG. mol.eth, has claimed 26.38 million BIO airdrop, accounting for 2.03% of the initial circulating supply, equivalent to a quarter of the Binance Launchpool airdrop amount. Additionally, this address participated in VITA three years ago and subsequently engaged in GROW/ATH/PSY/HAIR, all of which are popular projects in the DeSci sector, belonging to the BIO ecosystem. Most of the funds from this address have now been transferred to the multi-signature address 0x270f…21A45, with total assets of $1,819, of which $2.53 million is in GROW, $2.14 million in VITA, and other DeSci tokens.
A Whale Deposited 18.3 Million USDC into Hyperliquid in the Past 24 Hours to Purchase HYPE
According to Lookonchain monitoring, in the past 24 hours, a whale deposited 18.3 million USDC into Hyperliquid to purchase HYPE. So far, this whale has spent 5.81 million USDC to buy 210,420 HYPE at a unit price of $27.6.
According to on-chain analyst Yu Jin's monitoring, ETH/BTC long James Fickel reduced his ETH/BTC long position two hours ago by selling 6,500 ETH (approximately $22.24 million) for 235.6 WBTC to repay and reduce his position. James Fickel's ETH/BTC long position peaked at the end of May when he borrowed 2,987 WBTC (worth $204.7 million) on Aave, purchasing ETH at an average exchange rate of 0.054. As the ETH/BTC exchange rate fell, James Fickel began to reduce his position in August, gradually redeeming ETH and selling it for WBTC to repay. Over the past four and a half months, he has sold 59,500 ETH for 2,398.2 WBTC to reduce his position, with an average selling exchange rate of 0.04. His current ETH/BTC long position still has a borrowing of 575.3 WBTC.
Meme Coins Accounted for 31% of Crypto Narrative in 2024, Nearly Quadrupling from Last Year
According to Cryptoslate, based on a report released by CoinGecko, meme coins have become a significant narrative in the cryptocurrency space in 2024, accounting for 31% of the market, nearly quadrupling from last year. Last year, meme coins only accounted for 8.32% of investor attention among 25 narrative themes. The rise of meme coins was initially driven by dog-themed cryptocurrencies but has now expanded to include animal and personality-themed tokens. This reflects investors' strong interest in speculative opportunities, valuing the viral cultural impact over traditional fundamentals. Pump.fun, as a meme coin launchpool platform, has deployed nearly 5 million new coins on the Solana blockchain this year, with platform revenue exceeding $335 million. In the cryptocurrency narrative, the meme coin narrative leads, attracting 14.36% of investor attention. Additionally, Solana meme coins (7.65%), Base meme coins (2.13%), AI meme coins (1.49%), and cat-themed meme coins (1.19%) also made it into the top 20 narratives. Furthermore, according to Artemis data, meme coins are the third-largest profitable narrative in 2024, with an average annual return rate of up to 201%, far exceeding the market's average return rate of 128%.
MicroStrategy's Stock Price Has Fallen 38.81% from the High on November 21
Market data shows that MicroStrategy (stock code: MSTR) closed at $332.23 on December 23, down 38.81% from the high of $543 on November 21.
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