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BTC remains confined within a narrow trading range, predominantly fluctuating between $94,000 and $100,000. Bullish momentum has noticeably slowed, reflecting the decline in inflows into crypto ETFs. This slowdown explains the difficulty in sustaining levels above $100,000. However, risk assets saw a boost this morning as November's inflation report aligned with economists’ expectations, paving the way for the Federal Reserve to potentially cut interest rates at next week’s December meeting.
Altcoins are outperforming in this rally, with notable moves from SUI (+13%), UNI (+11%), TIA (+10%), and LINK (+8%). Meme coins are also benefitting from the surge, with WIF, BONK, and POPCAT each up by 8%.
Regulators in El Salvador and Argentina have signed a partnership agreement aimed at fostering crypto industry growth across Latin America.
Ripple Labs announced it has received “final” regulatory approval to offer the RLUSD stablecoin in the U.S., with issuance planned on both the XRP Ledger and Ethereum networks. Upcoming Catalysts
Bloomberg analysts anticipate a rebalancing announcement for the QQQ (Nasdaq ETF) this Friday, December 13th. Market expectations suggest the inclusion of $MSTR, potentially driving $2.1 billion in buying demand for the stock. This change would take effect between December 20th and 23rd.
The News Room
Hong Kong Accelerates Crypto Licensing Amid Intensifying Global Competition
Hong Kong plans to expedite its crypto licensing process as part of its ambition to become a global crypto hub, according to Acting Treasury Secretary Joseph Chan. The Securities and Futures Commission (SFC) will establish a consultative panel for licensed platforms in early 2025 to streamline licensing. Since June 2023, Hong Kong has implemented a licensing regime for crypto trading platforms, with licenses granted to firms like OSL, HashKey, and HKVAX. The government also intends to regulate stablecoins, proposing a licensing requirement for fiat-referenced stablecoin issuers, and plans to introduce legislation on crypto custody services next year.
Circle and Binance Partner to Accelerate Global USDC Adoption
Circle and Binance have announced a strategic partnership aimed at boosting global adoption of the USDC stablecoin, according to Circle CEO Jeremy Allaire. Binance will enhance USDC's availability on its platform for trading, savings, and payments and adopt it as a key stablecoin for its corporate treasury. Circle will provide tools to help Binance users maximize USDC’s utility. The partnership, unveiled at Abu Dhabi Finance Week, signals a significant shift in the crypto market structure heading into 2025.
Ripple’s RLUSD Stablecoin Secures New York Regulatory Approval
Ripple's RLUSD stablecoin has received final approval from the New York State Department of Financial Services, paving the way for its imminent launch, CEO Brad Garlinghouse confirmed. Initially announced in April, RLUSD will be available on Ledger and Ethereum, with testing beginning in August. Ripple has partnered with exchanges including Uphold, Bitstamp, and Bitso, and secured liquidity support from market makers B2C2 and Keyrock. Ripple aims to roll out RLUSD by year-end, building on regulatory clearance and extensive preparations.
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This research is for informational use only. This is not investment advice. Other than disclosures relating to Secure Digital Markets this research is based on current public information that we consider reliable, but we do not represent it is accurate or complete, and it should not be relied on as such. The information, opinions, estimates, and forecasts contained herein are as of the date hereof and are subject to change without prior notification. We seek to update our research as appropriate.
Any forecasts contained herein are for illustrative purposes only and are not to be relied upon as advice or interpreted as a recommendation. The price of crypto assets may rise or fall because of changes in the broad market or changes in a company's financial condition, sometimes rapidly or unpredictably. Past performance is not a guide to future performance, future returns are not guaranteed, and a loss of original capital may occur. Fluctuations in exchange rates could have adverse effects on the value or price of, or income derived from, certain investments. We and our affiliates, officers, directors, and employees, excluding equity and credit analysts, will from time to time have long or short positions in, act as principal in, and buy or sell, the securities or derivatives, if any, referred to in this research.
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Crypto and/or digital currencies involve substantial risk, are speculative in nature and may not perform as expected. Many digital currency platforms are not subject to regulatory supervision, unlike regulated exchanges. Some platforms may commingle customer assets in shared accounts and provide inadequate custody, which may affect whether or how investors can withdraw their currency and/or subject them to money laundering. Digital currencies may be vulnerable to hacks and cyber fraud as well as significant volatility and price swings.
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