Hello, everyone; welcome back to the daily dose of blockchain news. Over the past 24 hours, the crypto space has seen major developments, including partnerships. Let’s unveil the key updates of December 11, 2024.
During Abu Dhabi Finance Week, Binance announced its collaboration with Circle to include its stablecoin, USDC. This collaboration aims to increase global stablecoin adoption and provide Binance’s 240 million users seamless access to USDC. It enables Binance clients to trade and store their USDC effortlessly.
Michael Saylor’s MicroStrategy is set to join the Nasdaq 100 this month, with the official announcement expected to be made on December 13. As pointed out by ETF analyst Eric Balchunas, MicroStrategy will become the 40th holding with a weightage of approximately 0.47%. This development may also lead to the exclusion of existing companies like Moderna from the index.
Meanwhile, Microsoft’s shareholders rejected the strategic Bitcoin investment proposal as the board members cited volatility and stability issues. The proposal titled “Assessment of Investing in Bitcoin,” presented by the National Center for Public Policy Research (NCPPR), has been vehemently opposed by the company. While the proposal sees Microsoft’s allocation of 1% of its total assets to Bitcoin as a reserve, the board highlighted the company’s focus on AI initiatives over crypto investments. Though Saylor stated that the company could have amassed $200 billion over the last five years through BTC investments, Microsoft shareholders dismissed the plan.
As the US crypto industry is gearing up for reform under President-elect Donald Trump, financial heavyweights like Goldman Sachs are preparing to make a significant entry into the market. The platform is considering launching three tokenization projects, focusing on real-world assets (RWAs) such as money market funds and real estate. The bank’s vision aligns with the growing institutional interest in digital assets, fueled by the launch of spot Bitcoin ETFs. India is also setting new standards by introducing the country’s digital rupee. Ex-Governor of the Reserve Bank of India, Shaktikanta Das, highlighted the nation’s successful journey to establish the central bank digital currencies (CBDCs).
Amid these developments, the altcoin market recorded over $1.5 billion in futures liquidations, witnessing a notable correction. Major altcoins like Ethereum, Solana, XRP, Binance Coin, and Dogecoin lost around 4%, while Bitcoin dropped below the $100k level.
Shiba Inu: Key Levels to Watch for Potential BreakoutHowever, experts claim that tokens like XRP will have a rebound. Analyst CrediBULL Crypto asserted that XRP boasts a clean price action and a strong momentum. Adding to the sentiment, Ripple’s RLUSD stablecoin received the approval of the New York Department of Financial Services (NYDFS). This pushed XRP’s price to surge by around 10%.
In conclusion, the crypto market has seen mixed trends and developments, with Bitcoin trading below $100,000. New partnerships and strategic decisions could boost the industry to remarkable heights.
