The Blockchain Bulletin, Dec 26: Crossing $6, Will Bitget Token Reach $15?

Hey folks, welcome back! Hope you had a wonderful Christmas! Let’s have a quick recap of all that happened in the crypto space over the last 24 hours. The market is abuzz with activity as Bitget ($BGB) gets to the lead. Trading at $6.40 at press time with a market cap of $8.96B, the token is expected to reach a new all-time high of $15. 

The growth of Bitget is channeled to its wider adoption among the GenZ audience. The exchange noticed a shift in its user base during October and November, with Gen Z users increasing by nearly 700%. While October witnessed nearly 400K new platform users, with 26.2% of the audience being in the 18-25 age group, November saw an even more significant expansion, with the number surging to 844K. Within 30 days, over 736K new members joined the exchange. 

This follows the exchange’s development in its payment integration by simplifying its crypto access through Google Pay and Apple Pay integrations. This is said to bring in nearly $1.72M in new users for that month and improve the growth of the token. With this, investor interest spiked, suggesting sustained buying pressure rather than short-term speculation.

On the other hand, Tether proposed to create a global financial network using USDT, Bitcoin, and decentralized technology like peer-to-peer transactions (P2P) and private AI into mainstream usage. Further, the firm stated that it would reshape global financial systems by offering decentralized and accessible solutions. Further, focusing on P2P transactions, the firm asserted that costs could be reduced if USDT was implemented. It also added that this would further enhance cross-border payments. 

By integrating artificial intelligence (AI) into its system, Tether plans to develop its transaction security and protect the privacy of its users. Further, with private AI, transactions will be more secure and confidential, making the platform more attractive for users who prefer privacy in their financial activities. 

Further, Justin Sun moved about 70,182 ETH worth $244.9 million to HTX, continuing his pattern of large Ethereum movements. Since last month, Sun has been transferring ETH to HTX. Since November 10, the founder of TRON has deposited around 179,101 ETH worth $645M to HTX at an average price of $3,601. The latest transfer included 42,905 ETH from Lido Finance and 27,277 ETH from Etherfi. Despite the transfers, Sun’s holdings remain substantial, with 106,905 stETH worth $372.4M and 56,277 eETH worth $195.8M.

With a surge in the PENGU token, a fake website was discovered, triggering a scam alert in the crypto community. The meme coin, which garnered attention recently, has enabled scammers to use it to target unsuspecting members. The fake website was noticed after a user was redirected via a Singapore news portal. The website, which was created identical to the original, insisted investors link their ETH or SOL wallets under the pretext of checking their claim eligibility for PENGU. By this, the scammers could have access to the wallet credentials, private keys, and funds of unsuspecting investors. 

On the regulation side, Turkey has mandated ID verification for crypto transactions above $425 from February 2025. These rules are proposed to prevent money laundering and financing of terrorism and are aligned with MiCA regulations. The new rules were published in the Official Gazette on December 25, 2024. Further, transfers from unknown wallets are also suggested to provide their identity. If not obliged, the involved institutions may be suspended or terminated. 

On the other hand, the U.S. Internal Revenue Service (IRS) has stated that crypto staking rewards are taxable. This implies that tax obligations will be initiated as soon as the rewards are received. However, the crypto community criticized the move, claiming it as the ‘biggest scam.’ Following a lawsuit by a Tennessee couple staking on the Tezos network, the agency had taken this step. The lawsuit was filed in 2021 by the couple, claiming a refund of $3,293 in taxes for 8,876 Tezos tokens gained through staking in 2019. Although the firm offered a 4K tax refund in 2022, the couple pursued the case to set a legal precedent for staking participants across PoS networks.

In a turn of events, the Montenegro Court rejected the appeal of Terraform Labs co-founder Do Kwon against his extradition ruling. Kwon is facing charges linked to the 2022 collapse of the Terra Luna network, following which he was arrested in March 2023. He is facing allegations of fraud, market manipulation, and securities violation, prompting extradition requests from the United States and South Korea.