Bitcoin Price: US$ 95,727.22 (-0.09%)
Ethereum Price: US$ 3,578.79 (-2.04%)
Hyperliquid’s HYPE token surged 60% following its massive $1.2 billion airdrop of 310 million tokens to its community on November 29. The token quickly climbed from $3.90 to $6.16, with a market cap approaching $2 billion. Meanwhile, Ripple Labs is poised to gain approval for its RLUSD stablecoin from the New York Department of Financial Services (NYDFS) by early December 2024. The overcollateralised, dollar-pegged token is positioned as a key part of Ripple’s cross-border payments solution. Despite initial concerns that the launch might overshadow XRP, Ripple remains committed to integrating both assets within its ecosystem. In a separate development, Curve Finance has partnered with Elixir to bring BlackRock’s tokenised money market fund, BUIDL, into decentralised finance (DeFi). This partnership enables the minting of the yield-bearing stablecoin deUSD. The collaboration enhances access to tokenised real-world assets, allowing liquidity providers to earn rewards while participating in Curve’s pools with institutional-backed stablecoins. BlackRock’s BUIDL fund, tokenised by Securitize and offering low-risk yields from U.S. Treasury bills and other short-term securities, has seen growing demand following its launch across several blockchains. This contributes to a market for tokenised real-world assets that now holds over $2.5 billion in total value locked.
Solv Protocol is set to launch an “onchain MicroStrategy” platform designed to transform Bitcoin from a passive store of value into an active financial powerhouse. The platform will generate yield through strategies like staking BTC on layer-2s and DeFi protocols. With over $3 billion in total value locked, Solv’s innovation aims to amplify returns on Bitcoin reserves, positioning itself as a decentralised alternative to MicroStrategy’s corporate Bitcoin strategy, which has driven impressive stock performance in 2024 thanks to its Bitcoin holdings. Meanwhile, central banks are increasingly gravitating toward legacy instant payment systems like the US FedNow, as support for central bank digital currencies (CBDCs) has fallen from 31% in 2023 to just 13% in 2024. Tokenisation and traditional finance (TradFi) are gaining momentum, with several central banks exploring tokenised solutions to streamline compliance and reduce costs. These central banks are participating in the BIS’s Project Agora to develop tokenised cross-border payment systems. In the DeFi space, Ethena Labs and Securitize are vying for Spark’s $1 billion liquidity pool. Ethena has proposed featuring its USDtb stablecoin, backed by BlackRock’s USD Institutional Digital Liquidity Fund. The proposal includes a swap feature for USDtb and USDe to manage shifts in interest rates and market conditions, positioning USDtb as a lower-risk alternative to Ethena’s more volatile synthetic dollar, USDe.
In a recent decision, the UK Court of Appeal denied Craig Wright’s attempt to appeal a High Court ruling that declared he is not the creator of Bitcoin, Satoshi Nakamoto. Wright, who has long claimed to be Nakamoto, was found by the court to have relied on false and AI-generated evidence to support his assertions, bringing an end to years of legal battles. Wright’s claims, which began in 2016, were repeatedly dismissed by both the courts and the crypto community. Prominent figures, like Bitcoin influencer Hodlonaut, dubbed him “Faketoshi” due to the lack of credible evidence. Meanwhile, Bitcoin is again making headlines, with its price nearing the $100,000 mark despite being declared “dead” numerous times over the years. Analysts are optimistic about Bitcoin’s future, citing factors like a growing global money supply, expected liquidity injections, and increasing institutional adoption. While short-term resistance could slow its climb, the expansion of the global monetary system may lead to a significant influx of investments, pushing Bitcoin beyond $100,000 and possibly even surpassing $150,000 in the coming years.
Source: https://cointelegraph.com
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