Today's news tips:
Ethereum Developer Max Resnick Joins Solana Camp Out of ‘Frustration’ with Ethereum
Binance launches Magic Eden (ME)
GSR makes market for MOVE tokens, 70 million tokens have been deposited to exchanges
Matrixport: Greed and Fear Index shows that Bitcoin may enter a consolidation period
Decentralized trading platform Bluefin may launch BLUE on December 11
Russian Lawmaker Proposes Creating a National Bitcoin Reserve
Regulatory News
Russian Lawmaker Proposes Creating a National Bitcoin Reserve
According to CryptoBriefing, a Russian lawmaker has proposed the establishment of a national Bitcoin reserve to hedge against geopolitical risks and sanctions. Anton Tkachev, a member of the New People's Party of the Russian State Duma, submitted a formal appeal to Finance Minister Anton Siluanov, proposing the establishment of a Bitcoin reserve, similar to traditional national fiat currency reserves.
Market News: South Korea's parliament approves postponement of taxation on cryptocurrency income
According to the Jinshi Investment Market, the South Korean parliament approved the postponement of taxation on cryptocurrency income.
AI
OpenAI officially launches AI video generation model Sora
According to financial reports, on Monday local time, OpenAI announced that it would officially open the artificial intelligence (AI) video generation model Sora to users. The system can generate realistic videos based on text prompts. This is 10 months after OpenAI first publicly previewed this product. According to OpenAI, Sora will be open to paid ChatGPT users in the United States and other markets later that day. The new version of the tool Sora Turbo can generate videos up to 20 seconds long and can provide multiple variations of these videos. OpenAI CEO Altman said that the use of Sora is still limited in the early stage. ChatGPT Plus subscribers can generate 50 low-resolution videos per month, and ChatGPT Pro subscribers can generate unlimited "slower" high-resolution videos, as well as 500 quickly generated videos.
According to Cailian Press, on Monday local time, Google launched its latest quantum chip "Willow" on its official blog, saying that it has achieved two major achievements. The press release wrote that Willow can reduce errors exponentially, solving the key challenge of quantum error correction that has been studied in the field for nearly 30 years. In addition, Willow completed a "standard benchmark calculation" in less than five minutes. According to Google, even the fastest supercomputer today would take "10 to the power of 25" years to complete this calculation - a number far exceeding the age of the universe.
AI autonomous agent framework Eliza becomes GitHub's most popular project this month
According to GitHub data, Eliza, an autonomous proxy framework developed by the ai16z team, topped the GitHub December trend list, with 2,842 new stars this month. The project is developed based on TypeScript and has accumulated 3,481 stars and 978 forks.
Project News
Floki and Mastercard Launch Debit Card in Europe Supporting 13 Cryptocurrencies
According to Cointelegraph, Floki has launched a debit card with Mastercard that can be issued in 31 countries corresponding to the EU and EFTA member states, available in physical and virtual form, and can be used wherever Visa and Mastercard are accepted. The card supports eight blockchains and can be topped up with FLOKI and other cryptocurrencies. The card has no transaction fees, but the top-up fee is 2%, and there is a one-time setup fee. Its daily limit is 5,000 USDT. The card can be topped up with cryptocurrencies such as FLOKI, BTC, ETH, Tether's three stablecoins (USDT, EURT, XAUT), Circle's stablecoin USDC, BNB, SOL, DOGS, HMSTR, TON and NOT. Floki announced its plan to issue a debit card in March, which was one of the first elements on its roadmap. Floki's flagship product, the Valhalla game metaverse mainnet, is expected to be launched in the first quarter of 2025, which has been delayed. Its ecosystem is based on the Ethereum and BNB Smart Chain networks.
Ethereum Developer Max Resnick Joins Solana Camp Out of ‘Frustration’ with Ethereum
According to CoinDesk, Max Resnick, a developer who has long been committed to the Ethereum ecosystem, joined the Solana camp on Monday and gave up his work at the development company Consensys. "Solana has more possibilities and potential energy," Resnic said in an interview. He described his decision as based on his career path, but pointed out that "frustration" with Ethereum's inability to adapt contributed to the move. He criticized a rigid culture that hinders progress. Ethereum lacks a simplified process for rapid changes. Some people think this is an advantage of decentralized networks, while others, like Resnick, think it is a stumbling block to long-term success. According to reports, Ethereum, as a technical network, is notoriously slow to act. Its developer community regards co-founder Vitalik Buterin's annual "roadmap" as a yardstick for measuring Ethereum's slow progress. Many important changes may still take years to implement. Resnick said that while Ethereum's decision-making may not be as deliberately disjointed and ineffective as Bitcoin, the network still has quite unhealthy internal politics. Important discussions about improving the network "are quietly going on in Vitalik's private messages." This prompted Resnick to look for a new home and eventually chose Solana. He works on Anza, a spinoff project from Solana Labs that builds its core client, and said he appreciates Solana’s ability to move quickly in the face of competition.
Magic Eden will allow users to trade Solana NFTs using ME tokens
NFT market Magic Eden announced on X platform that starting tomorrow users will be able to use ME tokens to buy and sell Solana NFTs on its platform, and sellers who list NFTs with ME will also receive token rewards after successful sales. In addition, the ME airdrop claim will be open at 22:00 on December 10. According to previous news, Magic Eden (ME token) TGE will be held on December 10, and the airdrop scale is expected to exceed US$500 million.
Sonic Labs announces that the mainnet will be officially launched next week
According to official news, Layer1 blockchain project Sonic Labs (formerly Fantom) announced that its mainnet will be launched next week (open to public users).
MILADY holders received a total of $207 million worth of CULT tokens airdropped
PANews reported on December 10 that according to Arkham monitoring, MILADYCULTCOIN airdropped tokens worth $207 million to MILADY holders. The top five airdrop rankings are: addresses starting with 0xFB94 received tokens worth $2.22 million; addresses starting with 0x77777 received tokens worth $1.88 million; addresses starting with 0x77772 received tokens worth $1.55 million; everythingempty.eth addresses received tokens worth $1.43 million; and yck.eth addresses received tokens worth $1.26 million. Well-known airdrop recipients include Aave founder Stani (airdrop valued at $100,000) and Dragonfly investor Tom Schmidt (airdrop valued at $150,000).
PancakeSwap said on the X platform that its simple staking product will be retired at 08:00 on March 10, 2025 (GMT+8). PancakeSwap said this is part of its ongoing efforts to simplify products and focus on providing more sustainable and impactful products to the community. Users are requested to withdraw funds before 08:00 on March 10, 2025.
Binance launches Magic Eden (ME)
Binance announced that Magic Eden (ME) will be launched at 23:00 (Beijing time) on December 10, 2024, and will open four spot trading pairs: ME/BTC, ME/USDT, ME/FDUSD and ME/TRY. Users can now top up ME to prepare for trading, and the withdrawal function will be available at 23:00 (Beijing time) on December 11, 2024.
Decentralized trading platform Bluefin may launch BLUE on December 11
Bluefin, a decentralized perpetual contract protocol in the Sui ecosystem, tweeted that it will launch its new token BLUE on December 11, 2024. Earlier news, Bluefin launched an airdrop qualification query portal and will airdrop 17% of BLUE tokens.
GSR makes market for MOVE tokens, 70 million tokens have been deposited to the exchange
According to @ai_9684xtpa, GSR Markets provides market making services for the $MOVE token of the Movement project. Five days ago, the Movement project distributed 17.5 million MOVE to four addresses of GSR, totaling 70 million MOVE, accounting for 3.11% of the initial circulation. At present, all these tokens have been recharged to major exchanges. As of now, the price of $MOVE on the Binance trading platform is still stable at around $1, and the fully diluted valuation (FDV) is as high as $9.97 billion. In addition, the trading volume of $MOVE on Binance in the past 24 hours was as high as $6.516 billion, ranking 7th in the trading volume of all tokens.
Financing News
Klickl, a Web3 banking service provider headquartered in the UAE, announced the completion of an oversubscribed $25 million Series A financing round, with a company valuation of $125 million after this round of financing. The round was co-led by Web3Port Foundation and Aptos Labs, and other investors included Summer Ventures, Heritage Horizon Capital, V2 Capital, etc. Klickl plans to use this round of financing to accelerate the development of global Web3 banking business and launch Klickl Labs and Klickl Foundation in the fourth quarter of 2024. As a strategic partner, Web3Port Foundation will support Klickl's expansion through its investment and acceleration platform and promote the large-scale application of Web3 technology. In addition, Aptos Labs also provides technical support for Klickl with its Layer 1 blockchain technology.
Viewpoint
Morgan Creek founder: Crypto market expected to enter bear market in mid-2025
According to Cointelegraph, Mark Yusko, founder of Morgan Creek Capital, shared his insights on the cryptocurrency market in an interview and put forward a comprehensive outlook for 2025. Despite the hype that the United States may implement a strategic reserve of Bitcoin, Yusko still firmly believes in the theory of Bitcoin's four-year cycle. He predicts that Bitcoin will experience a sharp rise after reaching a reasonable valuation of about $100,000, and the price may climb to between $120,000 and $150,000 by mid-2025. However, he also warned that the market may fall into a bear market before the end of 2025, noting: "In mid-2025, we will usher in the beginning of another bear market." Regarding Ethereum (ETH), Yusko expressed doubts about its long-term dominance. Although the approval of the Ethereum spot ETF in 2024 is an important milestone, Yusko questioned Ethereum's competitive advantage. He asked: “If Ethereum didn’t exist and was invented today, would anyone still choose to use it?” As faster and cheaper alternatives like Solana and Avalanche gradually gain market favor, Yusko believes that Ethereum’s current market dominance may not be able to be maintained in the face of better technical solutions.
Binance CEO: It is too early to discuss whether to return to the US market
According to Cointelegraph, when asked whether Binance would seek to return to the U.S. market or re-launch its stablecoin BUSD, Binance CEO Richard Teng said: "I think it is too early to discuss whether we will re-enter the U.S. market. At present, we are focusing on the expansion of the global market." Teng also hinted that the exchange is seeking to seize market share and pay attention to those institutions, sovereign wealth funds and high-net-worth individuals who he believes "will start to invest in this field." When asked whether Binance would seek to persuade the incoming Trump administration to cancel or shorten its long supervision period, Teng said that any discussion on this topic was "meaningless." He said: "I think compliance is the only way, given that global regulation will become clearer, we have the ability to invest heavily in compliance. I hope to turn full compliance into our competitive advantage." Binance withdrew from the U.S. market in November 2023 as part of its $4.3 billion settlement agreement with the U.S. government. Binance's U.S. branch, Binance.US, still operates in the United States, but is limited to cryptocurrency trading and cannot trade with U.S. dollars.
Michael Saylor: Even if Bitcoin price reaches $1 million, I will continue to buy
In an interview with Barstool Sports founder Dave Portnoy, MicroStrategy founder Michael Saylor said that he would continue to buy Bitcoin even if the price reached $1 million. He stressed that the real challenge is how long people can hold Bitcoin because it gives holders the power to control their own funds. He also praised Bitcoin's creator Satoshi Nakamoto for designing a system that everyone can benefit from.
Matrixport: Greed and Fear Index shows that Bitcoin may enter a consolidation period
According to the data of the Greed and Fear Index model released by Matrixport, the Bitcoin market sentiment has recently shifted from "fear" to "greed" (the index exceeds 90%), a signal that is usually seen as a precursor to profit-taking. Since the beginning of this year, the index has marked five key entry points when it was below 10%, indicating that the market is in a panic. In the past 7 months, Bitcoin has experienced a long period of consolidation. Despite the repeated "panic" signals, it has never entered the "greed" range due to insufficient rebound momentum. The recent index exceeded 90%, suggesting that Bitcoin may usher in a period of consolidation before resuming its rise.
Important data
A whale bought 555 billion PEPE at an average price of $0.000025 in 2 hours
According to Lookonchain monitoring, 9 wallets that may belong to the same whale spent 13.8 million $DAI in the past 2 hours and purchased 555 billion $PEPE at an average price of $0.000025.
According to Coinglass data, the cryptocurrency market had a total of $1.712 billion in liquidation in the past 24 hours, with a total of 569,330 people being liquidated, including $1.551 billion in long orders and $162 million in short orders. The total amount of BTC liquidation was $183 million, and the total amount of ETH liquidation was $240 million. OKX market data showed that Bitcoin fell rapidly in a short period of time around 5 am today, once reaching $94,000, and has now rebounded above $97,000, now at $97,240.9, a daily drop of 0.56%.
According to Spot On Chain monitoring, a whale created a new wallet 11 hours ago and spent 4,611 ETH (US$17.1 million) to buy 10.978 million ONDO at an average price of US$1.553 during the market crash.
According to Lookonchain monitoring, 6 hours ago, Cumberland deposited 989,520 UNI (about 16.73 million US dollars) to Binance, Coinbase, OKX and Robinhood. Shortly thereafter, the price of UNI plummeted by 10%. In addition, according to the analysis of analyst Yu Jin, these UNI transfers were made by a Uniswap investor through Cumberland, and the statistical data was 1.08 million UNI (about 18.26 million US dollars). This address transferred 1.08 million UNI to the Cumberland address, and then the Cumberland address transferred 983,000 UNI to exchanges such as Binance, Coinbase, and OKX.
According to the monitoring of on-chain analyst @ai_9684xtpa, the whale with a band winning rate of 84.2% once again bought the bottom during the early morning crash and bought 7,682 WETH (worth 29.22 million US dollars) at an average price of 3,803 US dollars; the number of this band has increased to 11,687 US dollars ETH, with an average cost of 3,861 US dollars, and the current floating loss is 1.63 million US dollars.
Magic Eden (ME) is trading at $5.77 in OKX pre-market trading, up 30.4% in 24 hours
According to OKX pre-market trading, Magic Eden token ME broke through $5.7, up 30.4% in 24 hours, and is now quoted at $5.77. Earlier today, Binance launched Magic Eden (ME).
According to Lookonchain monitoring, a trader turned $3,000 into $73 million by trading PEPE tokens, with a return on investment of 24,656 times. Before the market plummeted, PEPE broke through $0.000028, setting a new high. The trader sold another 100 billion PEPE ($2.8 million) to make a profit. The trader invested about $3,000 to buy 4.91 trillion PEPE on April 15, 2023. Over time, he steadily sold PEPE, cashing out 3.03 trillion PEPE and earning $27.5 million. He still holds 1.88 trillion PEPE ($45.66 million), bringing his total profit to $73 million.
According to SoSoValue data, yesterday (December 9, Eastern Time), the total net inflow of Bitcoin spot ETFs was US$479 million. Yesterday, Grayscale ETF GBTC had a net outflow of US$24.4366 million in a single day, and the current historical net outflow of GBTC is US$20.848 billion. Grayscale Bitcoin Mini Trust ETF BTC had a net inflow of US$7.2477 million in a single day, and the current total net inflow of Grayscale Bitcoin Mini Trust BTC is US$894 million. The Bitcoin spot ETF with the largest net inflow in a single day yesterday was BlackRock ETF IBIT, with a net inflow of US$394 million in a single day, and the current total net inflow of IBIT in history is US$34.763 billion. The second is Fidelity ETF FBTC, with a net inflow of US$175 million in a single day, and the current total net inflow of FBTC in history is US$11.892 billion. As of press time, the total net asset value of the Bitcoin spot ETF was US$107.673 billion, the ETF net asset ratio (market value as a percentage of the total market value of Bitcoin) was 5.65%, and the historical cumulative net inflow has reached US$33.913 billion.
