Today's news tips:
Italy to scale back cryptocurrency capital gains tax increase
Microsoft Shareholders Vote Against Bitcoin Investment Proposal
OKX will launch VIRTUAL/USDT and SUNDOG/USDT perpetual contracts
Beam Ventures to launch first $150 million gaming-focused fund in Abu Dhabi
Coinbase has launched Magic Eden(ME) and will launch Gigachad(GIGA) and Turbo(TURBO)
Matrixport: Ethereum ETF demand surges, ETH price expected to rise significantly in 2025
Regulatory News
According to a Hong Kong government news release, at the Hong Kong Legislative Council meeting today, Councillor Ng Kit-chung asked Acting Secretary for Financial Services and the Treasury of Hong Kong, Chan Ho-lim, whether the Hong Kong government would consider incorporating digital assets and cryptocurrencies into fiscal reserves, and consider using the Exchange Fund to continue purchasing and holding for a long time, whether it would evaluate and study the impact of foreign countries designating Bitcoin as a strategic reserve asset on the financial security of China and Hong Kong (for example, whether it would put pressure on the Hong Kong dollar system and the economic conditions of Hong Kong in the long run), if so, what are the relevant impacts, and what countermeasures does the government have, including whether it will use Hong Kong's first-mover advantage and unique resource conditions in the field of cryptocurrencies to make strategic deployments to contribute to maintaining national financial security? Chan Ho-lim replied that the Hong Kong Exchange Fund invests in diversified asset classes and markets around the world to diversify risks and enhance long-term returns. Although crypto assets are not the target assets of the Exchange Fund, the external investment managers of the HKMA also invest in diversified asset classes and markets around the world. In the investment operations of external investment managers at different times, it is not ruled out that there are individual investments involving crypto assets, but the relevant proportion is very small. In addition, Chan Ho-lim also revealed that the Hong Kong Securities and Futures Commission announced a number of measures in October this year to promote the development of virtual assets in Hong Kong, including a rapid licensing procedure related to virtual asset trading platforms and the establishment of an advisory group for licensed platforms. The advisory group is expected to be launched early next year.
MicroStrategy Expected to Join Nasdaq-100 Index on December 23
According to Crypto Briefing, MicroStrategy is expected to join the Nasdaq 100 Index on December 23, and the official announcement is scheduled for this Friday (December 13). Bloomberg ETF analyst James Seyffart said that the ETF tracking the Nasdaq 100 Index is expected to purchase $2.1 billion worth of MicroStrategy shares, accounting for about 20% of the company's daily trading volume. ETF analyst Eric Balchunas said that the company's weight in the Nasdaq 100 Index may also reach 0.47%, becoming the 40th largest holding in the index. Seyffart said that while joining the Nasdaq 100 Index is imminent, joining the S&P 500 Index will be more challenging due to MicroStrategy's lack of profitability. However, upcoming changes in accounting rules related to Bitcoin valuations may make the company eligible for inclusion in the S&P 500 Index in 2025.
Japanese Crypto Exchange Coincheck to List on Nasdaq Today
According to CoinDesk, Monex Group announced on December 11 that its subsidiary Coincheck Group NV has completed the listing procedures on the Nasdaq in the United States. Trading began on December 11, Eastern Time, with the stock code "CNCK". Coincheck Group (CCG) will become the holding company of Japanese crypto exchange Coincheck. After the listing, Monex Group will hold approximately 80% of CCG's shares, with a market value of approximately US$1.6 billion (approximately 240 billion yen).
El Salvador and Argentina Regulators Sign Agreement to Develop Crypto Industry in Both Countries
According to CoinDesk, Juan Carlos Reyes, president of the National Digital Asset Commission (CNAD) of El Salvador, and Roberto Silva, president of the Securities Commission of Argentina (CNV), signed an agreement on Tuesday to promote cooperation between the two countries in cryptocurrency regulation. Reyes said in an interview: "In terms of international cooperation, CNAD has two core goals. The first is to share our expertise with international partners and help them take advantage of the benefits of a well-regulated industry. The second is to expand the international influence of our regulated companies by establishing strategic partnerships with countries around the world. This historic agreement with Argentina is significant because of the country's pioneering reputation in the field of innovative technologies and its impressive adoption rate." Although the specific details of the agreement have not been disclosed, Reyes said on LinkedIn that the agreement aims to enable the two countries' regulators to share knowledge and experience and promote crypto innovation. He wrote: "The joint efforts of El Salvador and Argentina will lay the foundation for greater regional cooperation and promote a favorable environment for the development of the digital asset industry."
Brad Garlinghouse, CEO of Ripple, announced on the X platform: “We have received final approval from the New York State Department of Financial Services (NYDFS) for the stablecoin RLUSD. Exchange and partner listing information will be announced soon - as a reminder: Ripple will be the first to announce such news when RLUSD is officially launched.”
Italy to scale back cryptocurrency capital gains tax increase
Italy will scale back plans to increase capital gains taxes on cryptocurrencies, the ruling party said on Tuesday, following criticism from the affected industries and internal debate among the economy minister, Reuters reported. "The tax increase will be significantly reduced during the parliamentary work," Giulio Centemero, a member of the ruling coalition, and Federico Freni, deputy finance minister, said in a statement. Previously, according to the country's 2025 budget, which will be approved by parliament at the end of December, the Ministry of Finance intends to increase the capital gains tax rate on cryptocurrencies such as Bitcoin from 26% to 42%. But the League said the move could promote the development of the shadow economy. On Tuesday, Centemero and Freni said: "Stop being prejudiced against cryptocurrencies." Political sources said the government may even decide to keep the 26% tax rate unchanged.
Microsoft Shareholders Vote Against Bitcoin Investment Proposal
According to Jinshi, voting results showed that Microsoft's major shareholders opposed the company's Bitcoin investment proposal on Tuesday. Microsoft's board of directors had earlier urged shareholders to reject a proposal from the National Center for Public Policy Research that the company invest 1% of its total assets in Bitcoin to hedge against inflation. At the annual meeting, MicroStrategy Chairman Michael Saylor gave a three-minute speech trying to convince Microsoft shareholders to support the proposal. His company has invested billions of dollars in Bitcoin. Data shows that Microsoft's largest shareholders are institutional investors, including Vanguard and BlackRock.
Project News
OKX will launch VIRTUAL/USDT and SUNDOG/USDT perpetual contracts
OKX announced that it will officially launch VIRTUALUSDT and SUNDOGUSDT perpetual contracts on the web, App and API from 6:00 pm to 6:15 pm (UTC+8) today. Among them, VIRTUALUSDT contract trading will open at 6:00 pm, and SUNDOGUSDT contract trading will open at 6:15 pm. Users can participate in transactions through multiple terminals.
Beam Ventures to launch first $150 million gaming-focused fund in Abu Dhabi
Beam Foundation announced that it will launch Beam Ventures, the first venture fund focused on the gaming sector in Abu Dhabi, with a fund size of US$150 million, aiming to accelerate the development of potential founder projects and promote Abu Dhabi as a global gaming hub. The fund plans to attract top talents through its accelerator program, support the development of early-stage Web3 gaming and AI startups, and help Abu Dhabi build a thriving gaming ecosystem.
Aligned Layer, a ZK verification layer based on EigenLayer, announced that its first product, Proof Verification Layer, has entered the mainnet Beta stage and released the $ALIGN token plan. In addition, Aligned also released detailed information on the $ALIGN token, with a total supply of 10 billion and an initial circulation of 30%. The token will be used to pay for verification fees (pay as you go or subscription model) and double pledge to ensure network security. The token distribution is 44% for the community and ecosystem, 10% for the foundation, 23.5% for the team, and 22.5% for investors. The Aligned team said that more products will be launched in the future, including Proof Aggregation Layer and zk-powered bridging services, and have cooperated with more than 30 projects to jointly promote the application and development of zk technology. Earlier news, the decentralized ZK proof verification layer Aligned Layer completed a $20 million Series A financing round, led by Hack VC.
Circle and Binance Form Strategic Partnership to Accelerate USDC and Crypto Adoption
According to the official blog of Binance, Binance and Circle announced a strategic partnership to expand the adoption of USDC stablecoins and support the global digital asset and financial services ecosystem. Binance will integrate USDC in its products and services to enable its users to trade, save and pay more easily, and will also adopt USDC for corporate financial operations. Circle will provide Binance with technology, liquidity and tools to enhance user trust and innovation, and the two companies will work together to promote the practicality and innovation of stablecoins in the global financial system.
As Magic Eden's ME token was postponed to 9:30 this morning on the Korean exchange Upbit, ME once rose to 19,600 won (13.71 U.S. dollars) after the opening of Upbit, resulting in a large premium for the token on Upbit compared to other mainstream platforms. Currently, the premium has basically disappeared, and ME is now quoted at 9,929 won (about 6.94 U.S. dollars) on Upbit and 6.97 U.S. dollars on Binance.
Coinbase has launched Magic Eden(ME) and will launch Gigachad(GIGA) and Turbo(TURBO)
According to the official announcement, Coinbase will add support for Gigachad (GIGA) on the Solana network (SPL token) and will add support for Turbo (TURBO) on the Ethereum network (ERC-20 token). If liquidity conditions are met, trading of the above tokens will start at or after 1:00 am Beijing time on December 12, 2024. GIGA-USD and TURBO-USD trading pairs will be launched in stages.
Financing News
According to The Block, digital asset holding company COSIMO announced that it is raising $25 million in funding, led by Des Mac Intyre, co-founder of Eolas Capital and former executive of Bridgewater Associates. COSIMO announced in a statement that the financing aims to integrate its many cryptocurrency investment, custody, consulting and brokerage services into "a unified and forward-looking brand". According to reports, the company's future name is COSIMO digital. In the ten years since its establishment, COSIMO has expanded into multiple cryptocurrency sub-fields and aims to become a strong competitor to Galaxy Digital, a cryptocurrency management and service provider, but the difference is that COSIMO has operations in both the United States and Europe. In the early days of the company, COSIMO used a special purpose vehicle (SPV) to invest in start-up cryptocurrency companies in 2014 and expanded into the field of cryptocurrency venture capital in 2017. The COSIMO X fund, launched in 2019, currently manages approximately $21 million in assets. The company also launched COSIMO Y, a hedge fund built around a basket of staking rewards from blockchains including Avalanche, Cardano, Celestia, Ethereum, Near, Polkadot, and Solana. In addition, COSIMO founded Fortuna, a digital asset custodian licensed by the Central Bank of Ireland to operate in 27 EU countries.
Crypto AI startup Exabits completes $15 million seed round of financing, led by Hack VC
According to The Block, crypto AI startup Exabits has completed a $15 million seed round of financing with a valuation of $150 million, led by Hack VC, and several other investors also participated, but the specific names were not disclosed. Exabits co-founder Hoansoo Lee said that Exabits began financing in July this year and completed this round of financing in October. He declined to comment on the structure of this round of financing, but said that tokens will be launched in the future. This seed round of financing brings Exabits' total financing to $20 million. According to reports, Exabits is a crypto AI startup focusing on GPU tokenization. The company previously conducted an undisclosed round of Pre-Seed financing, followed by an undisclosed round of strategic financing led by Portal Ventures. The total amount of these two rounds of financing is approximately US$5 million.
Viewpoint
Matrixport: Ethereum ETF demand surges, ETH price expected to rise significantly in 2025
According to Matrixport data, the demand for Ethereum ETFs has increased significantly recently, with a cumulative net inflow of $1.8 billion in the past 12 days, and no single-day net outflow of funds. Among them, there were three days with a single-day inflow of more than $500 million. Adjusted for market value, this is equivalent to a daily inflow of nearly $1.2 billion for Bitcoin. Analysis points out that this capital flow may reflect a readjustment or expansion of investment direction, which coincides with the new fiscal year of US mutual funds starting on December 1, and also reflects the market's optimistic expectations for 2025. If this demand continues, the price of Ethereum in 2025 may rise significantly.
Goldman Sachs CEO: If regulations change, we will consider participating in cryptocurrency trading
According to Reuters, in an interview, Goldman Sachs Group CEO David Solomon said that regulations need to be changed to allow the bank to do so when asked whether Goldman Sachs can start trading cryptocurrencies. Solomon said: "You have to ask the regulators this question. At present, as a regulated banking institution, we are not allowed to hold cryptocurrencies such as Bitcoin; we provide advice to customers around these technologies and these issues, and will continue to do so, but from a regulatory perspective, our ability to take action in these markets is currently extremely limited."
Important data
USUAL breaks through $0.8 in pre-market trading on Binance, up 36.5% in 24 hours
According to Binance's pre-market data, the Usual token USUAL broke through $0.8, up 36.5% in 24 hours, and is currently quoted at $0.805, with a high of $0.822.
According to SoSoValue data, yesterday (December 10, Eastern Time), the total net inflow of Bitcoin spot ETFs was US$440 million. Yesterday, Grayscale ETF GBTC had a net outflow of US$62.8229 million in a single day, and the current historical net outflow of GBTC is US$20.911 billion. Grayscale Bitcoin Mini Trust ETF BTC had a net inflow of US$6.4161 million in a single day, and the current historical total net inflow of Grayscale Bitcoin Mini Trust BTC is US$901 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$296 million in a single day, and the current total net inflow of IBIT in history reached US$35.058 billion. The second was Fidelity ETF FBTC, with a net inflow of US$210 million in a single day, and the current total net inflow of FBTC in history reached US$12.102 billion. As of press time, the total net asset value of the Bitcoin spot ETF was US$107.763 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$34.353 billion.
A whale cleared out 1.2 million WIFs purchased 11 months ago, making a profit of over $3 million
According to Lookonchain monitoring, 3 hours ago, a whale deposited all 1.2 million WIF (US$3.47 million) into Coinbase. This whale bought 1.2 million WIF at a cost of US$393,000 11 months ago and now has a profit of more than US$3 million.
Galaxy Digital-associated addresses withdrew 523,000 UNI from Binance, worth $8.45 million
According to the monitoring of on-chain analyst @ai_9684xtpa, an hour ago, the address associated with Galaxy Digital withdrew 523,000 UNI (worth $8.45 million) from Binance, with a position cost of $15. In the past month, UNI has risen from $9.3 to $15.5, an increase of 66%. As the leader of the DeFi sector, it has performed well; this morning, due to the decline of BTC, it fell back to $14, and has now quickly rebounded to $15.47.
A whale hoarded 801 BTC from Binance in nearly 17 hours, worth about $77.55 million
According to Spot On Chain monitoring, a new whale has hoarded 801 BTC from Binance at an average price of $96,815 in the past 17 hours, worth approximately $77.55 million.
Riot Platforms bought 705 BTC in the past 3 hours, equivalent to $68.45 million
According to Lookonchain monitoring, Bitcoin mining company Riot Platforms bought 705 BTC (about 68.45 million US dollars) in the past 3 hours. Earlier on December 9, it was reported that Riot Platforms planned to issue $500 million in convertible senior bonds in a private placement, and the funds would be used to acquire Bitcoin, etc.
Raydium’s monthly trading volume exceeds Uniswap for the second consecutive month
According to Cointelegraph, according to a Messari report on December 10, the monthly trading volume of Raydium, a decentralized exchange (DEX) in the Solana ecosystem, exceeded Uniswap for the second consecutive month. In November, Raydium's monthly trading volume was about 30% higher than Uniswap, or about $30 billion. Ryan Watkins, co-founder of Syncracy Capital, mentioned in an article on the X platform on November 17 that as early as October, Raydium had defeated Uniswap with a small advantage, with a trading volume of about 10% higher. The Messari report stated that "Raydium's success is largely due to its dominant position in the Solana ecosystem," adding that the DEX continues to account for more than 60% of the daily DEX trading volume on the Layer1 blockchain network; in particular, Meme coin transactions have become an important driver of Raydium's trading volume. In November, Meme coins accounted for the highest proportion of Raydium's monthly trading volume in history, reaching 65%. "
