Crypto Roundup 21 Dec: Bitcoin Rally and SOL Surge Create Market Waves

Cryptocurrency prices have surged in the previous 24 hours.

TOP 5 Gainers Coins

Crypto News Key Highlights:

• Ripple's President, Monica Long, predicts a 'breakout moment' for crypto institutional adoption in 2024, emphasizing the need for compliance tooling in a decentralized environment. She sees a shift towards mainstream recognition, with blockchain complementing traditional banks. Long envisions solving compliance, usability, and integration issues to lay the foundation for real-world utility at scale by 2024.

• Bitcoin miners generated over $23.7 million in transaction fees in a single day during the weekend, marking a record high according to CryptoQuant. Despite the surge in earnings, miners did not immediately sell their holdings, suggesting anticipation of more profitable days. Bitcoin has become a major player in the NFT space, outperforming Ethereum and Solana in recent trades with over $700 million in sales.

• Cryptocurrencies and stocks are experiencing a Santa Claus rally, with Bitcoin nearing its year-to-date high. Solana surpasses XRP, while Memeinator's AI-infused meme coin, MMTR, sees success with its token sale as Bitcoin's potential rise to $164k in 2024 fuels optimism in the crypto market.

• Despite expectations and Elon Musk's interest, Dogecoin payments are yet to be officially accepted on the X platform (formerly Twitter). MyDoge Wallet CTO, Alex Lewis, anticipates Dogecoin integration for payments and tips on X, with the platform's move towards becoming a financial hub.

• Grayscale engages with the SEC on potential rule changes for its spot Bitcoin ETF application, favoring in-kind and cash transactions. Hashdex joins the ETF excitement, releasing an ad for its crypto-ETFs. The series of meetings and positive advertisements suggest imminent SEC approvals, anticipated by experts in January.

• Sanctioned Russian oligarch Mikhail Klyukin allegedly evades sanctions by selling over £15 million in shares of crypto firm Copper Technologies. The transaction, involving cryptocurrency, aimed to remove Klyukin from the shareholder register and avoid breaching US sanctions. Copper claims compliance based on legal advice, while potential risks include secondary sanctions.

• The Federal Reserve surprised with a dovish stance last week, signaling no rate hikes in 2024 and potential 75 bps easing amid moderating inflation. Despite this, future decisions remain contingent on incoming data, with Q3 GDP and November's CPI release influencing expectations.

Also read - 24 Crypto Update, 20 Dec: Bitcoin and SOL Ignite a Market Surge