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Despite the fall, USDT stablecoin dominance still sits above 65% in what has become a $210 billion market.
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A highlight of the year was when the Central Bank of the UAE (CBUAE) introduced the Payment Token Services Regulation via Circular No. 2/2024 in June 2024, regulating the issuance of stablecoins. Moreover, after a 12-month grace period, businesses in the UAE will only be allowed to accept crypto payments in dirham-backed stablecoins issued by CBUAE-approved entities.
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Some users confirmed they had seen the crypto ads on Alipay, predicting that “the next step is to buy Bitcoin directly with Alipay.”
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The first reports on Alipay featuring crypto-related ads surfaced on Dec. 11, with local blockchain outlet ChainCatcher breaking the news, citing community reports.
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“It indirectly invested in Coinbase stock and Ark spot Bitcoin ETF by investing in Wood Sister’s fund. In addition, Huabao Technology and many similar QDIIs advertise cryptocurrency on Alipay,” Wu noted in another post on X.
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Colin Wu, a prominent local market observer, said on X that mainland China users are currently limited to purchasing a maximum of 1,000 Chinese yuan ($137) of the fund’s shares daily. The minimum investment is 10 yuan, or $1.40.
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Industry executives and analysts have been celebrating Bitcoin’s “$100K Day” with Coinbase CEO Brian Armstrong saying, “If you bought $100 of Bitcoin when Coinbase was founded in June 2012, it would now be worth about $1,500,000.”
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There were $132 million in short position liquidations over the past four hours, according to CoinGlass.
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Social sentiment has also surged, with Google Trends reporting Dec. 5 saw the biggest spike in searches for Bitcoin in the last week.
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The Bitcoin Fear & Greed Index, which analyzes market sentiment, is currently at an “extreme greed” level of 84. It spiked to 94 — its highest level since December 2020 — on Nov. 22, when Bitcoin hit an all-time high of $99,000.
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“Almost like BTC was jealous that altcoins were getting all the attention and wanted to remind everyone it’s still king,” said analyst Income Sharks in a Dec. 5 post on X.
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Bitcoin’s market share had slid 11.5% from a three-and-a-half-year high of 61.8% on Nov. 21 to bottom out at 54.7% on Dec. 4 before its rebound.
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Bitcoin dominance — a measure of how much of the crypto market’s total value belongs to BTC — has rebounded as the asset hit a six-figure all-time high on Dec. 5, while most altcoins failed to shadow its gains.
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“It represents that the world is gradually acknowledging Bitcoin as the reserve currency of the future,” Held said.
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Meanwhile, Dan Held told his 738,300 X followers that the $100,000 milestone doesn’t “just represent a price,” but a significant adoption moment for Bitcoin.
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Forster anticipates more rotation into altcoins, particularly Ether ETH$3,929.46, which he said has “lagged in the market so far.” However, he pointed out that Ether has “historically outperformed” Bitcoin after reaching previous all-time highs or “significant milestones.”
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While Ether’s price has lagged behind Bitcoin (BTC), market participants see this changing after the recent ETH price slump. Based on emerging technical chart patterns, some analysts expect Ether to reach $20,000 at the top of the 2025 bull cycle.
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The 160% rise in leverage demand occurred in the three weeks since United States President-elect Donald Trump won the 2024 presidential election on Nov. 5, boosting investor appetite for risk assets such as cryptocurrencies.
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Demand for leveraged the VolatilityShares 2x Ether exchange-traded fund (ETF) increased more than 160% since Nov. 5, according to Vetle Lunde, head of research at K33 Research, who wrote in a Nov. 28 X post:
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Investor demand for leveraged Ether-based trading products is skyrocketing, showcasing momentum that may take the world’s second-largest cryptocurrency over the psychological hurdle of $4,000.
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