Bitcoin Price: US$ 95,883.21 (-0.01%)
Ethereum Price: US$ 3,614.51 (-0.79%)
The cryptocurrency market experienced a rebound after South Korea’s President Yoon Suk Yeol reversed a martial law declaration that had initially triggered market volatility. This decision, made under parliamentary pressure, coincided with a surge in South Korea’s crypto trading volumes, particularly driven by altcoins like XRP, which saw $6.3 billion in trading activity. Meanwhile, Grayscale Investments has filed with the SEC to convert its Solana Trust into a spot Solana ETF, set to list under the ticker GSOL on the New York Stock Exchange. Competing with asset managers like VanEck and Franklin Templeton, Grayscale’s move comes as Solana’s price and market cap have surged over the past year, signalling rising investor interest in the asset. In another milestone, Virgin Voyages announced its Annual Pass program for unlimited cruises starting in 2025, becoming the first cruise product to accept Bitcoin as payment. This initiative, targeting affluent crypto users, highlights the increasing integration of digital assets into the travel industry, with Virgin Group positioning itself as a leader in offering luxury services tailored to the growing cryptocurrency market.
Bitcoin Core developer Peter Todd has proposed the idea of building cryptocurrency mining facilities in space, capitalising on advantages like unlimited solar energy and radiative cooling. While technological challenges remain, Todd believes that reducing launch costs, potentially through advancements from companies like SpaceX, could make space-based mining economically viable in the future. In other news, Curve Finance has reported a 23% increase in monthly revenues, spurred by the launch of its scrvUSD stablecoin and growing market optimism following the U.S. elections. The protocol has seen significant deposits into its yield-bearing stablecoin and is expanding its offerings to include tokenised real-world assets, such as BlackRock’s BUIDL fund, reflecting rising demand for low-risk yield products in decentralised finance. In parallel, Ethereum co-founder Vitalik Buterin has urged Web3 wallet developers to prioritise security and privacy, advocating for features like integrated private balances and multisignature authorisation. Buterin also highlighted the need for simplifying cross-layer-2 transfers to enhance user experience, in line with his broader push for scalable and decentralised Ethereum solutions.
In 2024, Binance led cryptocurrency exchanges in Bitcoin deposits, with average daily deposits rising to 2.77 BTC, surpassing Kraken and Coinbase. This growth, driven by institutional participation, was highlighted by record daily deposits of 6.85 BTC on Binance, reflecting increasing corporate and professional investor interest in digital assets, spurred by the U.S. elections and new crypto ETFs. However, phishing attacks on crypto users are expected to spike during the holiday shopping season, following November losses of $9.3 million from scams exploiting malicious transaction signatures. Cybersecurity experts advise vigilance, two-factor authentication, and transaction simulations to reduce risks, even though overall crypto hacks in 2024 have decreased by 15% compared to the previous year. Meanwhile, Bitcoin’s rally, fuelled by optimism surrounding Donald Trump’s election, faces resistance at $98,000 before potentially reaching six-figure valuations, with analysts predicting highs of $110,000 in early 2025. As short-term holder profit-taking slows, the market shows bullish momentum, with expectations for further price growth driven by increased liquidity and broader institutional adoption.
Source: https://cointelegraph.com
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