Bitcoin Price: US$ 95,890.43 (-1.39%)
Ethereum Price: US$ 3,643.42 (-1.73%)
The probability of a US interest rate cut in December has risen to 74.5%, up from 66% on Nov. 29, according to the CME FedWatch tool. Federal Reserve officials, including Christopher Waller and John Williams, signal openness to easing monetary policy. Meanwhile, Bitcoin’s price continues to climb in response to a favourable economic environment, bolstered by the US government’s recent transfer of over $1.9 billion worth of Bitcoin, seized from the Silk Road marketplace, to a Coinbase Prime wallet. This move, following James Zhong’s conviction for wire fraud, has sparked speculation about whether the funds will be sold or held, with discussions underway about creating a “strategic Bitcoin reserve.” Additionally, Ethereum’s investment appeal is set to grow as US exchange-traded funds (ETFs) may soon include staking yields, a development anticipated under a more crypto-friendly administration, while strong Ethereum fundamentals and increasing investor interest signal potential for higher staking yields.
Ethereum investment funds have achieved record net inflows of $2.2 billion in 2024, surpassing the previous peak from 2021. This transition has been particularly evident since the week of Nov. 26, when significant inflows, including those from exchange-traded funds (ETFs), highlighted a notable pivot of investor interest from Bitcoin to Ethereum. Meanwhile, MicroStrategy has reinforced its commitment to Bitcoin with a substantial purchase of 15,400 BTC for $1.5 billion between Nov. 25 and Dec. 1, bringing its holdings to over 402,000 BTC and urging Microsoft to adopt a similar strategy, suggesting such investments could boost its market value by nearly $5 trillion. At the same time, Brazil is considering a proposal to ban stablecoin withdrawals to self-custodial wallets amid the real’s significant depreciation against the US dollar, aiming to enhance oversight by requiring virtual asset service providers to report detailed transaction data to the central bank.
Ethereum’s Beacon Chain has celebrated its fourth anniversary, marking a pivotal milestone in the transition to Ethereum 2.0. Despite its achievements, including a robust proof-of-stake (PoS) system, enhanced network security, and 100% uptime, researcher Justin Drake highlights areas for improvement, such as boosting censorship resistance, minimising miner extractable value (MEV), and advancing post-quantum security. Drake envisions Ethereum as one of the most ambitious decentralised computing projects and encourages community involvement to shape its future. Meanwhile, XRP has surged to a new 2024 high amid optimism about a pro-crypto political climate under President-elect Donald Trump. Investor enthusiasm has been fuelled by rumours of a meeting between Trump and Ripple CEO Brad Garlinghouse, along with anticipation for Ripple’s RLUSD stablecoin and its expanding role in cross-border payments. Speculation that the SEC might settle or drop its case against Ripple has further bolstered confidence in XRP. In the decentralised finance (DeFi) arena, Mercuryo CEO Petr Kozyakov predicts that DeFi will soon rival traditional banking by offering similar financial products. Mercuryo’s program to support DeFi startups aims to simplify crypto for mainstream adoption, driving innovation and democratising access to financial markets for a global audience.
Source: https://cointelegraph.com
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