24 Crypto Update, 14 Dec: Sizzling BONK Takes Center Stage in Rally

Solana's BONK Surges as Market Cap Exceeds $1 Billion

The global crypto market was valued at $1.69 T, up 0.80% in 24 hours.

• Solana's BONK ascends to become the 69th largest coin as its market cap surpasses $1 billion.

• The anticipation for approval in early January heightened following the SEC Chair's comments on spot BTC ETFs.

• The announcement by the US Fed of potential rate cuts in 2024 has generated a wave of positive sentiment in financial markets.

Major Events To Watch:

Crypto Fear and Greed:

In the last 24 hours, cryptocurrency markets witnessed a decline, causing a 2-point drop in the "Greed and Fear Index." Consequently, the current index reading has shifted to 70 on its 0 to 100 scale.

Latest Market Update: 

• Bitcoin, the world's oldest and most valuable cryptocurrency, surpassed the $42,000 mark for the second time this week.

• Popular altcoins such as Ethereum, Solana, Ripple, Litecoin, and Dogecoin experienced significant gains.

• Among them, the BONK token emerged as the top performer, recording a remarkable 24-hour jump of over 100 percent.

• Conversely, KuCoin Tokens faced the largest decline, being the biggest loser with a 24-hour loss exceeding 18.84 percent.

• Total crypto market volume in the past 24 hours: $85.30B, reflecting a 4.92% increase.

• DeFi's 24-hour volume stands at $7.61B, constituting 11.69% of the overall crypto market volume.

• The volume of all stable coins reaches $58.79B, representing 90.21% of the total crypto market 24-hour volume.

• Bitcoin's dominance is at 53.13%, marking a slight decrease of 0.43% throughout the day.

Major Worldwide News Update:

• First Trust files for a Bitcoin Buffer ETF, a unique Exchange-Traded Product designed to protect against the first 30% loss of an Underlying ETP. This innovative approach in the crypto industry may pave the way for more diverse investment options and regulatory-approved exposure to Bitcoin.

• Congressman Ro Khanna introduces a groundbreaking bill targeting conflicts of interest in US politics, proposing a ban on Congressional stock trading and donations from lobbyists, limiting post-Congress lobbying roles, and advocating for term limits in Congress and the Supreme Court, with an emphasis on a stringent ethics code.

• Following the recent Ledger hacking incident, Pascal Gauthier, CEO of the Decentralized Finance (DeFi) protocol, addressed the issue. A malicious code exploit was acknowledged, originating from a phishing attack on a former employee. Ledger swiftly collaborated with WalletConnect, removing the NPMJS and disabling the malicious file within 40 minutes. Gauthier emphasized continuous security improvements and introduced Ledger Connect Kit version 1.1.8 for users, assuring that the threat has been mitigated.

• Shakeeb Ahmed, a senior security engineer, pleads guilty to orchestrating high-profile hacks, stealing $12 million from Nirvana Finance using smart contract vulnerabilities. Employing advanced laundering techniques, Ahmed faces consequences, forfeiting $12.3 million, paying $5 million in restitution, marking a landmark case in decentralized finance accountability.

• FTX and Celsius Networks, both bankrupt crypto firms, have made noteworthy Ethereum (ETH) deposits to exchanges following ETH's rise above $2,300. Celsius Network deposited 7,500 ETH (worth $17.4 million) to FalconX, adding to previous significant transfers. FTX sent 1,593 ETH ($3.66 million) to address 0xCeF, indicating potential future deposits to Coinbase. These moves reveal strategic decisions amid crypto market fluctuations, drawing close attention for insights into market trends.

• Following a security breach, Ledger swiftly responds by releasing Connect Kit version 1.1.8 to mitigate the impact. The attack, stemming from a phishing incident affecting a former Ledger employee's NPMJS account, resulted in a $150,000 loss. Ledger is actively investigating the extent of the breach.

• SEC, under Gary Gensler's leadership, reevaluates its stance on spot Bitcoin ETFs following court rulings, notably Grayscale's case. Gensler acknowledges a fresh perspective, indicating a potential shift in crypto regulation, while emphasizing ongoing compliance challenges and the need for regulatory balance in the evolving digital asset landscape.

• JP Morgan's 2024 financial outlook favors Ethereum over Bitcoin, citing Ethereum's EIP-4844 upgrade as a potential growth catalyst. The report suggests Bitcoin's halving is already priced in and raises concerns about excessive optimism in the market. JP Morgan notes potential disappointments in Spot Bitcoin ETF inflows and expresses reservations about Ethereum's centralized staking mechanism.

• Tether freezes $483,000 linked to the Ledger hack, blocking USDT transactions from the attacker's address. Ledger's compromised ConnectKit prompted swift action and collaboration within the crypto community, with Ledger releasing an update, version 1.1.8, and various platforms mitigating risks.

COIN GABBAR Views: Will Bitcoin record a new yearly high soon after the post-FOMC meeting jump? Have the bulls taken control of the market, with BONK acting as the market's Santa? Will BTC hit $50,000 before the year-end? 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.

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