The mix of government, the private sector, and innovation remained on the precipice, with January’s transition affecting key players’ moves.
The headlines:
- According to the FSOC, stablecoins have serious risks;
- The Treasury and Fed boss had favorable industry comments;
- We may have to wait until after the January inauguration to get Solana ETFs;
- There’s a new product that enables access to home equity (via Bitcoin);
- Plus, are you thinking of going on a vacation? Use a cruise line and pay with Bitcoin! (more on that later);
- And much more!
As always, these are your decentralized diaries!
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Bitcoin is Swinging at $98k (as of 12/9/24)
The crypto markets continued to find footing, with Bitcoin prices moving from a $103,900.47 high to a $91,998.78 low. Bitcoin is currently at $98,288.50.
The altcoins are moving in different directions. Ethereum (ETH) is at $3,849.87, Solana (SOL) at $226.13, Avalanche (AVAX) at $49.52, Chainlink (LINK) at $24.65, Polkadot (DOT) at $9.47, and Uniswap (UNI) at $16.89.
The FSOC Issued a Stablecoin Warning
In its annual report, published on December 6, the Financial Services Oversight Council (FSOC) cautioned about the risks stablecoins pose to ecosystem stability and highlighted the absence of risk management frameworks.
Additionally, the report identified a few firms’ dominance of the stablecoin segment, with one company accounting for 70% of the market, and said the unnamed firm’s failure could (allegedly) cause systemic issues.
The Treasury, Fed Chair Compared Bitcoin to Digital Gold
Similarly, several institutions now have (favorable) views about Bitcoin and the cryptocurrency community. In its Fiscal Year Q4 2024 report, the Treasury identified the rapid growth trend of the Digital Asset sector.
Additionally, the report iterated that Bitcoin’s primary utility is a store of value or ‘digital gold‘.
At The New York Times DealBook Summit, Fed Chief Jerome Powell made similar remarks about Bitcoin.
The SEC Rejected Solana ETF Applications
Feelers from the Gary Gensler-led SEC revealed the rejection of two of the five Solana ETF applications presented to it. The move comes as changes in Washington, D.C., show no love lost between the current administration and (potentially) amicable circumstances with the incoming one.
PancakeSwap Launched a Token Launch Platform on the BNB Chain
The DeFi space was included in innovations, with the unveiling of ‘PancakeSwap SpringBoard,’ an end-to-end token launch ecosystem for the BNB Chain. The no-code offering enables the direct introduction of projects to the BNB Chain ecosystem.
Additionally, SpringBoard has automatic liquidity pairing functionalities, enabling direct trading after launch.
Binance Introduced a Bitcoin Staking Platform
Premier crypto exchange Binance took things up a notch with the launch of ‘Babylon Staking,’ a Bitcoin staking offering. Users can access the feature via ‘Binance Earn.’
The cryptocurrency exchange also introduced several upgrades to its peer-to-peer marketplace. Binance unveiled a three-layered rewards program for merchants.
Eligible traders can access several benefits once they achieve the Bronze, Silver, and Gold tiers.
Orange Bridge Introduced a Home Equity Bitcoin Conversion Solution
Real Estate-focused Orange Bridge improved industry options with the launch of ‘Co-Invest,’ a homeowner equity to Bitcoin offering. The product enables unlocking a portion of property equity with zero installment payment options over ten years.
Additionally, Co-Invest is available in nineteen states.
Coinbase’s Operation Chokepoint Investigation Unveiled De-banking Evidence
Via interactions with niche research firm History Associates Inc., Coinbase unearthed revelations (allegedly) indicating 2022 crypto banking frustration efforts by the FDIC. Heavily redacted FDIC communications to financial institutions reveal crypto activity suspension requests.
Furthermore, the communications indicated that the FDIC’s final decision on the issue will occur at a (specified) later date.
In related news, in an X/Twitter post, Coinbase CEO Brian Armstrong indicated that the crypto exchange will not work with law firms that hire former SEC officials with anti-crypto sentiments.
Marathon Digital Acquired a Texan Wind Farm
Bitcoin-focused Marathon Digital got its feet into the green game by purchasing a wind farm in Hansford County, Texas. According to a Federal Energy Regulatory Commission filing, the transaction involved the Washington State Investment Board and National Grid Plc.
The financial terms of the deal are still undisclosed.
Anchorage Digital Integrated a Staked Token
Boutique Crypto Bank Anchorage Digital revealed the addition of Liquid Collective’s LsETH to its ecosystem. The deployment enables liquid staking for institutional clients.
Furthermore, the LsETH option enables liquidity flexibility during the staking process.
Gate.io Launched a $50 Million Memecoin Adoption Fund
Niche crypto exchange Gate.io unveiled the ‘MEME Gateway Grant’ to drive innovation in the meme coin segment. According to a December 6 announcement, Gate.io introduced the $50 million program in partnership with industry heavyweights.
The project aims to convert memecoins from simple internet hits into viable financial instruments.
The CFTC’s 2024 Crypto Enforcement Actions Hit $17.1 Billion
This year has been quite the year for the CFTC, with its enforcement net bringing home $17.1 billion. According to a December 4 press release, the regulator indicated that 2024 has been a historic year for digital asset recoveries.
Consequently, the CFTC’s successes include enforcement actions against FTX and Binance.
Sir Richard Branson’s Cruise Line Now Accepts Bitcoin
Bitcoin’s adoption continued to rise, with cruise lines becoming the latest addition to the crypto space. In a December 3, X/Twitter post, the Sir Richard Branson-owned Virgin Voyages cruise line revealed that customers can now pay for their travels with Bitcoins.
Consequently, customers can now pay for several packages, including the prized ‘Annual Pass’ with Bitcoins.
