Ben 🎭⚡🎩

@beneto

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Ben 🎭⚡🎩

According to data from DefiLlama, decentralized exchanges (DEXs) experienced a remarkable surge in December, achieving an all-time high monthly trading volume of $463 billion. DefiLlama reports that trading volumes steadily climbed during Q4, starting with $194.74 billion in October and $374 billion in November before hitting December’s record-breaking figure. Solana emerged as the leading blockchain for DEX trading activity, handling $115 billion in transactions. Binance Smart Chain (BSC) followed closely with $98 billion, marking its highest monthly volume. Ethereum-based DEXs processed $88.47 billion, while the Coinbase-backed Base network recorded $52 billion in trades.

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Binance Prevents Over $129M From Being Lost to Scams in 2024 via AI and ML The initiative included proactive outreach, with over 30,000 phone calls made and 15,000 alerts issued daily to warn about scams. In its Anti-Scam Refund Initiative end-of-year report, the company outlined how it deployed cutting-edge artificial intelligence (AI) and machine learning (ML) technologies to transform digital asset security from reactive measures to proactive defense strategies.

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Bitcoin (BTC) bull and author Robert Kiyosaki has shared an interesting theory regarding the asset’s current price struggles below $100,000 as the flagship cryptocurrency faces increased volatility. Specifically, Kiyosaki has accused BlackRock (NYSE: BLK), the world’s largest asset manager, of manipulating Bitcoin’s price to benefit institutional investors, according to his X post on December 27. Kiyosaki suggested that BlackRock CEO Larry Fink may be intentionally “dumping Bitcoin” to suppress its price, encouraging institutional investors to accumulate the cryptocurrency at a lower cost below $100,000.

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Raoul Pal, CEO of Real Vision and a prominent financial markets analyst, believes that the cryptocurrency is preparing for an explosive move, citing the ascending wedge pattern on the weekly chart of Ethereum (ETH). Pal also points to the correlation of the Ethereum to Bitcoin (BTC) price ratio with the US ISM manufacturing index, predicting that more investors will gravitate towards Ethereum as the business cycle improves and confidence in the economy increases. According to the former Goldman Sachs executive, Ethereum has been able to maintain its value relative to Bitcoin since 2017, which indicates its durability and stability.

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As Bitcoin (BTC) faces heightened volatility below the $100,000 resistance zone, on-chain data suggests the digital currency may face further declines in the coming days. Specifically, over 33,000 BTC valued at more than $3.23 billion has been transferred to cryptocurrency exchanges in the past week, according to data from prominent on-chain analyst Ali Martinez on December 27. A breakdown of the data shows a sharp uptick in Bitcoin exchange reserves, rising from 2.395 million BTC on December 18 to 2.428 million BTC by December 25. This movement coincided with a decline in Bitcoin’s price, which dropped from $105,000 to $98,400 over the same period.

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Here’s a Potential Downside Price Target for Cardano If ADA Sees New Correction, According to Benjamin Cowen In a new video update, crypto strategist Benjamin Cowen tells his 849,000 YouTube subscribers that if the Federal Reserve doesn’t bring back quantitative easing (QE), then ADA could continue to slip. “There’s also a chance [ADA] could go lower, especially if it follows what it did last cycle… If it were to drop 56%, that would actually put you below $0.60, which is right where it went last time… There’s always a chance that it comes back down to [the $0.357 price level], because [Fed Chair Jerome] Powell just says ‘no QE, continue on playing in the sandbox and the cryptoverse and we’ll give you QE sometime later.’ There’s a chance that happens.”

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Though it is undeniable XRP had an excellent run in November, and that it, despite the turbulence, retains much of the recent gains, it is equally clear that, last week, the token fell upon tough times. Specifically, after rallying 468% between election day and its recent peaks on December 3, XRP collapsed 19% by press time, reaching its December 24 price of $2.30. In the last seven days, the cryptocurrency market dynamics ensured the token diminished by about $20 billion as its market capitalization plunged from $152 billion to $132 billion.

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MicroStrategy co-founder Michael Saylor announced that the company has purchased another 5,262 bitcoins, worth approximately $561 million. With this purchase, MicroStrategy’s total bitcoin holdings have reached 444,262, purchased at an average price of $62,257. The firm has spent a total of more than $27.7 billion on bitcoin, which is now worth more than $42.6 billion. The new purchase is a continuation of MicroStrategy’s Monday purchases in recent weeks, although the amount has been smaller than previous purchases.

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BTC Demand Is Eating Supply Inventory The balance of BTC accumulator addresses, which refer to investors who buy BTC and have never sold any, is expanding monthly at a record-high rate of 495,000 BTC. Bitcoin demand growth has led to inventory levels at OTC desks declining by the largest monthly volume in 2024 for the first time since April 25. Bitcoin OTC desks’ monthly inventory has fallen by -26,000 BTC this year, with an additional 40,000 BTC decline in tier balance since November 20.

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Trust Wallet announced that it has fixed a technical issue that was causing users’ token balances to disappear and not appear in their wallets. In the early hours of this morning, users of the cryptocurrency wallet were reporting disturbing reports on social media of their cryptocurrency balances disappearing. Some users on the X network reported that their Trust Wallet cryptocurrency balances were sometimes appearing and sometimes disappearing. The issue affected not only Binance Coin, but also other tokens. However, Trust Wallet announced a few hours ago that it had fixed the issue, while reassuring users about the security of their assets.

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After agreeing to curtail its ambitious Bitcoin initiatives, El Salvador has reached a $1.4 billion loan arrangement with the International Monetary Fund (IMF). The agreement, which needs the approval of the IMF Executive Board, aims to support El Salvador’s reform agenda, boost fiscal and external sustainability, and create conditions for stronger, inclusive growth.

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Fantom, recently renamed Sonic Labs, has launched the Sonic Protocol as an EVM-compatible layer-one blockchain platform on the mainnet. The protocol, which has been in development and testing for months, is capable of processing up to 10,000 transactions per second and provides a decentralized gateway to the Ethereum (ETH) network. Holders of FTM tokens will be able to upgrade their tokens at a 1:1 ratio to S tokens on the Sonic platform, free of charge for 90 days after launch. Despite this technical advancement, the price of Fantom has fallen by 8.47% to $1.23. The Sonic Foundation will be responsible for the governance and treasury of the network.

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Jerome Powell, the chairman of the US Federal Reserve, announced that the financial institution is not allowed to invest in and hold Bitcoin (BTC). The comment comes as the cryptocurrency market has experienced significant growth in recent months. The US central bank’s current rules place serious restrictions on the institution’s holding of digital assets.

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TRON surged past dips in mid-2024 to achieve a record-breaking USDT transfer volume in November as stablecoin demand grew globally. The TRON blockchain has achieved a remarkable feat, processing $587.2 billion in USDT transfers during November 2024. This all-time high (ATH) reflects significant growth compared to $424.4 billion in September and $489.3 billion in October.

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FTX Creditors to Receive Payments in January Failed exchange FTX announced that it will implement a court-approved restructuring plan on January 3, 2025, and will begin the first phase of repayments to creditors within 60 days. Under the plan, which will be implemented in partnership with exchanges BitGo and Kraken, about 98% of creditors’ claims will be paid. Creditors can receive their funds via dollar wire or stablecoin. The news sent the price of FTX Token (FTT) up 10%, although the token is still 96% off its all-time high in 2021.

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A prominent cryptocurrency analyst has warned about AAVE, one of the leading decentralized lending protocols on Ethereum. Ali Martinez told his 98,500 followers on Platform X that the social volume and positive sentiment surrounding the native AAVE token is increasing and a short-term price correction may be on the horizon. Regarding Litecoin (LTC), Martinez believes that the coin is fundamentally and technically uncorrelated and has been trading in the same price range since 2017. He also mentioned the Endo Finance (ONDO) project, saying that increased inflows to exchanges could lead to price volatility. AAVE is currently trading at $362, Litecoin at $117, and Endo at $1.83.

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MicroStrategy, the largest publicly traded corporate holder of Bitcoin, is making its debut in the Nasdaq-100 Index. This milestone highlights the company’s growing prominence, fueled by a significant rise in its stock value alongside Bitcoin’s price surge this year.

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Spot bitcoin ETFs recorded more than $4 billion in combined inflows from Dec. 2 through Dec. 12, according to Farside data. The figures include flows into BlackRock, Fidelity, Bitwise, Ark, Invesco, Franklin, Valkyrie, VanEck, WTree, and Grayscale products. These entries tallied across several funds, moved through the market shortly after Bitcoin surpassed the $100,000 mark on Dec. 5 and continued amid steady price action. Cumulative totals from Dec. 2 reached $353.6 million, with Dec. 3 adding $676 million, followed by several other days posting hundreds of millions each. Activity slowed on Dec. 11, registering $223.1 million, before rising to $597.5 million on Dec. 12. The aggregate figure across the reporting period exceeded $4.4 billion.

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Elon Musk’s net worth now surpasses the combined market capitalizations of three of the top five crypto projects: Tether, Solana, and XRP. According to Bloomberg, Musk’s holdings reached $439.2 billion after an insider share sale of SpaceX. Based on CryptoSlate data, Tether’s current market cap stands near $139.7 billion, Solana’s at roughly $109.7 billion, and XRP’s at about $136.4 billion, placing their combined figure below Musk’s total.

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Influence on Fed’s Rate Expectations Markets are quite confident that the Fed will cut rates at its December 17-18 meeting. The CME Group’s FedWatch tool puts the probability of a 0.25 percentage point rate cut at 86%. This is a positive indication, reflecting an increase in confidence in economic recovery. A rate cut by the Fed would boost economic growth and provide a conducive environment for investment activities. However, it should be underlined that too rapid rate cuts could re-introduce risks of inflation.

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