Bitcoin Price: US$ 97,379.83 (-3.76%)
Ethereum Price: US$ 3,712.00. (-7.30%)
Raydium outperformed Uniswap in monthly DEX volumes for the second consecutive month. This growth was driven by its dominance in the Solana ecosystem and a surge in memecoin trading, which accounted for 65% of its November volume. Solana’s high throughput and low costs continue to drive DeFi growth, although it still trails Ethereum in total value locked. Meanwhile, Microsoft shareholders rejected a proposal to diversify its balance sheet with Bitcoin. They cited volatility and risk concerns, despite proponents like Michael Saylor highlighting its potential for massive gains. Similar proposals led by the National Center for Public Policy Research are being pushed with other corporations, including Amazon. In a separate news, Ray Dalio predicts an inevitable global debt crisis stemming from unsustainable indebtedness. He advocates investing in hard assets like Bitcoin and gold to hedge against declining money value. Critics like Peter Schiff argue against a US Bitcoin reserve, urging liquidation of government-held Bitcoin to avoid economic harm.
Abu Dhabi’s ADGM has approved Tether’s USDT as an Accepted Virtual Asset (AVA), allowing regulated financial services involving USDT on multiple blockchains. This move reinforces the UAE’s ambition to become a global digital finance hub. In contrast, the U.S. FSOC warns of systemic risks posed by stablecoins like Tether, which holds 70% of the market, and calls for stricter regulatory frameworks. In Vancouver, Mayor Ken Sim has proposed integrating Bitcoin into municipal financial strategies to combat inflation by diversifying reserves and enabling Bitcoin payments. A feasibility study on becoming a “Bitcoin-friendly city” is expected by early 2025 to evaluate its potential benefits and risks. Meanwhile, Galxe has launched Gravity EVM, a decentralised layer-1 blockchain, alongside a $50 million ecosystem fund and $5 million in developer grants. The Gravity network aims to expand its ecosystem, with a Mainnet launch planned by Q2 2025.
Blockchain researcher Max Resnick has left Ethereum’s Consensys to join Solana’s Anza, signalling his preference for Solana’s base-layer scaling strategy over Ethereum’s layer-2 approach. He will focus on enhancing Solana’s fee markets and consensus systems while continuing as an advisor to Consensys. Simultaneously, Binance CEO Richard Teng has dismissed discussions about re-entering the US market. Instead, he is prioritising global compliance and institutional growth after the company’s 2023 exit due to legal issues. Google’s Quantum AI team unveiled Willow, a quantum computing chip capable of solving problems in minutes that would take supercomputers billions of years. Despite the breakthrough, experts affirm its 105 qubits pose no immediate threat to crypto encryption. Millions of qubits would be required to breach Bitcoin’s security.
Source: https://cointelegraph.com
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