Crypto Daily Roundup 18 Dec: Warren's Act Threatens Crypto Market

Cryptocurrencies have been gaining traction over the past 24 hours.

TOP 5 Trending Coins

Crypto News Key Highlights:

• Senator Elizabeth Warren's Digital Asset Anti-Money Laundering Act poses a regulatory threat to the US crypto market, prompting concerns and a dip below $41,000. With 20% Senate support, CryptoLaw US founder John E. Deaton sees the 2024 US Presidential Election as pivotal for the bill's fate, anticipating potential hurdles in an Election Year. The bill proposes stringent banking-style regulations for crypto firms, granting the SEC authority over the US digital asset space.

• The Solana Mobile Phone experiences surging demand, reflected in its heightened prices on platforms like eBay. Initially priced at $600, the device's popularity waned before a recent resurgence, selling out with prices reaching up to $3,361—representing a substantial 316.5% increase. Solana aims to challenge Apple's app store dominance, offering a cost-effective alternative with crypto innovation.

• FTX, the bankrupt crypto exchange, incurred staggering legal and advisory fees totaling $118.1 million from August to October, averaging $1.3 million per day or $53,300 per hour. The largest bill came from Alvarez and Marshall at $35.8 million, raising concerns about excessive fees and staffing identified by the court-appointed fee examiner.

• VanEck CEO, Jan van Eck, asserts that Bitcoin's status as the leading internet store of value is unassailable, citing its 50 million users and network effects. Dismissing bubble accusations, he sees Bitcoin as a maturing asset and anticipates all-time highs within the next 12 months.

• Macro investor Dan Tapiero, previously predicting a $100,000 range for Bitcoin's next bull run, reacts to Raoul Pal's $200,000 forecast for 2024, deeming it a potential indicator of significant global change. While Pal's liquidity projections face skepticism, overall sentiment supports a bullish market, anticipating key events like SEC's ETF decision and the Bitcoin Halving in 2024.

• Blockchain-based lending is surging, reaching $582 million in active tokenized private credit, a 128% YoY increase. The trend, although below its peak, suggests a shift to blockchain alternatives amid rising interest rates. Ethereum-based Centrifuge dominates with $255 million in active loans, primarily in consumer and automotive sectors.