24 Crypto, 15 Dec: Prices Soar and Plummet in Weekend Market Madness

The global crypto market was valued at $1.67 T, down 1.40% in 24 hours

• The price movements of Bitcoin tell a captivating story, characterized by a mix of bullish trends and subtle fluctuations.

• The SEC engaged in fresh talks with asset managers proposing a spot BTC ETF in the U.S., with Gary Gensler's office involved.

• Bitcoin and certain alternative coins are experiencing profit-taking during upward movements, elevating the chances of a brief pullback.

Crypto Fear and Greed:

Over the past 24 hours, the cryptocurrency markets experienced a downturn, leading to a 3-point decrease in the "Greed and Fear Index." As a result, the current reading on the index has shifted to 67 on its 0 to 100 scale.

Latest Market Update: 

• Bitcoin , the world's oldest and most valuable cryptocurrency, is currently trading above the $42,000 mark.

• Popular altcoins like Ethereum, Solana, Cardano, Shib, and Pepe faced selling pressure in recent trading.

•  Internet Computer emerged as the top performer among these altcoins, showcasing an impressive 24-hour jump of over 24.50%.

• On the other hand, FTX Token experienced the most significant decline, standing as the biggest loser with a 24-hour loss exceeding 16.16%.

• The total crypto market volume in the last 24 hours stands at $114 billion, indicating a notable increase of 33.65%.

• The volume within the decentralized finance (DeFi) sector is presently $7.86 billion, constituting 11.40% of the total 24-hour volume in the broader cryptocurrency market.

• The combined volume of all stablecoins has reached $62.07 billion, representing a significant 90.07% share of the total crypto market 24-hour volume.

• Bitcoin's dominance is currently recorded at 53.10%, reflecting a slight decrease of 0.05% within the day.

Major Worldwide News Update:

• Sam Altman, CEO and co-founder of WorldCoin (WLD) and OpenAI, highlights the crucial role of human identity data in the AI-dominated world. WorldCoin aims to raise $50 million to build a global identity network using 'Orb' devices scanning irises. Altman emphasizes the growing importance of identifying unique humans in the era of AI. The move follows recent events surrounding Altman's brief ousting from OpenAI. WorldCoin's (WLD) price has seen over a 6% increase in the past month, with whale transactions indicating potential cryptocurrency price volatility.

• Polygon Labs is discontinuing contributions to the Edge framework, pivoting towards the Chain Development Kit (CDK) for Layer 2 ZK-Rollups. The CDK's advantage lies in interoperability, attracting projects for Layer 2 developments. Polygon's dual scaling methods, PoS and zkEVM, are complemented by a 2.0 upgrade set for 2024. This strategic shift underscores Polygon Labs' commitment to advancing blockchain technology and maintaining leadership in the evolving industry.

• Ripple Labs anticipates the resolution of the SEC lawsuit in 2024, believing the misguided case will conclude while the SEC's regulatory pursuits persist. Chief Legal Officer Stuart Alderoty predicts increased judicial resistance to the SEC and foresees Congressional intervention causing a regulatory stalemate, impacting US crypto firms unfavorably.

• Coinbase faces SEC denial of its crypto rulemaking request, prompting Chief Legal Officer Paul Grewal to express dissatisfaction. Despite the SEC's stance that existing laws apply, Coinbase plans to appeal, citing the lack of clarity in crypto regulations. Discord between SEC and CFTC adds confusion to asset categorization in the crypto industry.

• Ethereum achieves a milestone with ERC-3643, enhancing compliant asset tokenization by integrating a self-sovereign identity framework. The standard, akin to ERC-20, introduces layers of permissions for recipient identity verification and global token restrictions, fostering secure and regulated token circulation. This development is poised to fuel the growth of the asset tokenization market, projected to reach $10 trillion by 2030. Major financial institutions are already exploring this technology, with VanEck Research reporting a total market capitalization for real-world assets at $342 billion as of September.

• XRP holder's lawyer, John Deaton, accuses SEC Chair Gary Gensler of gaslighting, citing contradictions in Coinbase's rulemaking denial. Deaton claims Gensler's reversal on crypto uniqueness, previously acknowledged in congressional testimony, is politically motivated with backing from Senator Elizabeth Warren, raising concerns about regulatory clarity for the industry.

• Solana co-founder Anatoly Yakovenko reveals the strategy to challenge Apple's iOS dominance with Solana Mobile 'Saga.' Emphasizing a focus on NFTs and blockchain incentives, Yakovenko aims to attract niche users, leveraging the phone's fee-free transactions. Despite acknowledging the challenge of competing with Apple, initial interest from users suggests a promising start.

• The SEC rejects Coinbase's petition for tailored crypto regulations, asserting the adequacy of existing securities laws. Chairman Gary Gensler emphasizes the SEC's ongoing efforts in direct regulation and the need for flexibility. Despite industry calls for specific rules, the decision signals a preference for navigating the current legal framework.

• The SEC held another meeting with BlackRock representatives on December 14 to discuss the proposed spot Bitcoin ETF rule change. This marks the third meeting between BlackRock and the SEC, reflecting a surge in discussions with asset managers seeking approval for Bitcoin ETFs. The SEC is set to make decisions in early January.

COIN GABBAR Views:Will Bitcoin successfully surpass the $43,500 yearly high and reach the $50,000 level by the end of 2023, or will it encounter resistance and fall below the psychological $40,000 threshold? Is the current consolidation linked to the ongoing holiday festivities in the market? 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 Daily Roundup 15 Dec: Market Takes a Breather After Sprint