24 Crypto, 24 Dec: Crypto Holds Steady Amid Christmas Festivities

In 24 hours, the cryptocurrency market fell by 1.20% to $1.74 trillion

• Bitcoin remained within a firm trading range leading up to the weekly close on December 24th, while a trader anticipated an upcoming breakout in the price of BTC.

• This week, Coinbase, Circle, and a16z teamed up to invest $78 million in Fairshake, a federal super PAC with the ability to make unlimited contributions, allowing significant spending in elections.

Crypto Fear and Greed:

Over the past 24 hours, there has been a notable surge in buying interest in the cryptocurrency markets, resulting in a 2-point uptick on the "Greed and Fear Index." As a result, the current index is now positioned at 73 on its 0 to 100 scale.

Latest Market Update: 

• Bitcoin, the world's oldest and most valued cryptocurrency, maintained a value above $43,000 on Christmas Day.

• Popular altcoins such as Ethereum, Solana, Ripple, Litecoin, and Dogecoin experienced minor losses.

• Oasis Network stood out as the top gainer, with an impressive 24-hour increase of over 16.45%.

• Conversely, Helium faced the most significant decline among the mentioned cryptocurrencies, with a 24-hour dip exceeding 14.33%.

• Total crypto market volume in the last 24 hours: $75.30B, reflecting a 13.74% decrease.

• DeFi volume constitutes $8.4B, comprising 14.25% of the total 24-hour crypto market volume.

• Stable coins contribute $50.94B to the total volume, representing 86.39% of the 24-hour crypto market volume.

• Bitcoin dominance stands at 52.21%, showing a decrease of 0.36% within the day.

Major Worldwide News Update:

• As regulatory scrutiny on crypto intensifies, companies like Coinbase, Circle, and a16z are increasing political contributions to support pro-crypto lawmakers. They injected $78 million into Fairshake, a super PAC, aiming to influence elections. However, critics, including Senator Elizabeth Warren, are pushing for stricter crypto regulations.

• Japan's government finalized crypto tax reforms for fiscal 2024, removing mark-to-market valuation tax on third-party-issued crypto assets held by corporations. The amendment aims to reduce tax burdens, aligning corporate taxation with individual investors. The move supports Web3 growth, domestic blockchain startups, and international projects.

• Base Network, incubated by Coinbase, exhibits steady growth with a $735 million Total Value Locked (TVL) after a 4% increase in seven days. Since August 2023, its TVL has risen from $592 million, reflecting increased user engagement and daily trading volume. Challenges notwithstanding, Base's growth is notable in comparison to peers like Arbitrum One and OP Mainnet.

• Seychelles-based exchange MEXC faces scrutiny over allegations of frozen assets and account blocks, with traders citing controversial enforcement of terms of service since December 16. Concerns arise as users report sudden restrictions following profitable trades, sparking dissatisfaction and questioning transparency in MEXC's practices.

• Approval of Bitcoin ETFs could transform the landscape for retail investors, unlocking vast sums of capital, says Bitcoin advocate Vijay Boyapati. While some see ETFs as a gateway to greater adoption, others, like BitMEX co-founder Arthur Hayes, express concerns about potential liquidity shifts. The SEC's decision deadline is January 10, 2024.

COIN GABBAR Views: "Could Bitcoin Face a Sharp Correction Below $40K? Triangle Correction Suggests a Potential 10% Surge in BTC Price. The Pivotal Question: Will Bitcoin Experience a Last-Minute Breakout to $50K, or is Another Pullback on the Horizon?" To get latest news Stay tuned us at coingabbar

Disclaimer: Crypto is not regulated and can offer considerable risks. There may be no regulatory remedies available in the event of any losses resulting from price analysis. As a result, before engaging in any transactions involving crypto products, each investor must perform in-depth examination or seek independent advice.

For More News: Crypto Roundup 22 Dec: Bitcoin, Solana Approach Yearly Highs in Surges