區塊客

Author: Cathy

Produced by: Baihua Blockchain

Bitcoin fell from $126,000 to now $90,000, a drop of 28.57%.

Market panic, liquidity exhaustion, and the pressure of deleveraging are making it hard for everyone to breathe. Coinglass data shows that the fourth quarter experienced significant forced liquidations, greatly weakening market liquidity.

But at the same time, some structural positives are converging: the U.S. SEC is about to launch the 'Innovation Exemption' rule, expectations for the Federal Reserve entering a rate-cutting cycle are growing stronger, and global institutional channels are maturing rapidly.

Author: Jae, PANews

Another stablecoin, bearing the title of 'Tether's favored child', has officially launched, but the market doesn't seem to be buying it.

On the evening of December 8, the highly anticipated stablecoin-specific public chain Stable officially launched its mainnet and STABLE token. As a Layer 1 deeply incubated by the core teams of Bitfinex and Tether, the narrative of 'Tether's favored child' attracted widespread attention from the market as soon as Stable was exposed.

However, against the backdrop of tightening market liquidity, Stable did not get off to a good start like its competitor Plasma, with not only a sluggish price but also falling into a trust crisis of a 'mouse warehouse'. Is Stable's script intended to rise after a fall or will it continue to decline?

Author: David, Deep Tide TechFlow

This Thursday, the Federal Reserve will announce the last interest rate decision of the year. Market expectations are very consistent:

According to CME FedWatch data, the probability of a 25 basis point rate cut exceeds 85%.

If it happens, this will be the third consecutive rate cut since September, bringing the federal funds rate down to a range of 3.5%-3.75%.

For cryptocurrency investors accustomed to the narrative of "rate cut = bullish", this sounds like good news.

But the problem is that when everyone expects a rate cut, the rate cut itself is no longer a factor driving the market.

According to a report by Bloomberg, Musk's (Elon Musk) aerospace technology company SpaceX is pushing forward with plans for an initial public offering (IPO), aiming to raise over $30 billion, with a company valuation reaching $1.5 trillion. If successful, it could become the largest IPO in history.

Reports indicate that SpaceX's management and advisors are seeking to go public as soon as 'mid to late 2026', but the exact timing may still be adjusted based on market conditions and other factors, with the possibility of delaying until 2027.

According to two informed sources, SpaceX plans to use part of the funds raised from the IPO to invest in the development of a 'space data center', including purchasing the chips needed to operate these centers.

Although Bitcoin rose about 3% on Tuesday, Twenty One Capital (XXI), a Bitcoin reserve company led by Strike founder Jack Mallers and backed by Tether, faced a severe drop on its first day of trading on the New York Stock Exchange (NYSE), with its stock plummeting nearly 20%.

Twenty One began trading under the ticker symbol 'XXI' on Tuesday after completing its merger with Cantor Equity Partners, a special purpose acquisition company (SPAC) under Cantor Fitzgerald. The stock opened at $10.74 and slightly rose to $11.42 at closing, down 19.97% from the previous day's closing price of $14.27 for the merger target.

Following the hacking of Tron founder Justin Sun's WeChat account, Binance co-founder and co-CEO Yi He's WeChat account was also hacked today (10) and a post promoting the obscure meme coin $MUBARA was made in the Moments, successfully igniting market sentiment and causing a surge in coin price before immediately selling off to cut profits.

Regarding this, Binance founder Zhao Changpeng (CZ) earlier confirmed the news, clearly stating that Yi He's WeChat account was hacked, urging users to "never buy any meme coins promoted by hackers." He said: "The cybersecurity protection of Web2 social media is not that strong. Everyone please pay attention to safety (Stay safu)."

On-chain data shows that hundreds of wallets associated with the dark web marketplace 'Silk Road' have suddenly been awakened after sleeping for over 10 years, transferring millions of dollars in Bitcoin, drawing significant attention from the crypto community.

According to Arkham Intelligence data, about 312 wallets related to Silk Road transferred a total of 3.14 million dollars in Bitcoin to the same unmarked address 'bc1q…ga54' on Tuesday. As for who the operators behind the scenes are and why they chose to act at this time, it remains a mystery.

Arkham data shows that to date, several wallets related to 'Silk Road' still hold Bitcoin worth approximately 41.3 million dollars.

Malaysia's digital financial landscape welcomes a key chapter. The Regent of Johor, Tunku Ismail Ibni Sultan Ibrahim, has announced through his company Bullish Aim the official launch of the stablecoin 'RMJDT' pegged to the Malaysian Ringgit (MYR), along with the simultaneous initiation of digital asset reserve arrangements.

According to an official statement, 'RMJDT' is issued on the Zetrix blockchain, which is the core Layer 1 public chain supporting Malaysia's national blockchain infrastructure (MBI); Bloomberg cited sources as saying that 'RMJDT' will be backed by cash deposits in Ringgit and Malaysian short-term government bonds to ensure a 1:1 value peg to the Ringgit.

Standard Chartered has significantly lowered its price forecast for Bitcoin, cutting the target price for the end of 2025 from the original $200,000 to $100,000, and delaying the optimistic long-term view of Bitcoin rising to $500,000 by two years to 2030. Standard Chartered emphasized that this is not a bearish view on Bitcoin but a recalibration of market rhythms, and the long-term structural bullish perspective remains intact.

In a research report released on December 9, Standard Chartered's Head of Global Digital Assets Research, Geoffrey Kendrick, admitted that recent price trends 'forced us to readjust our original forecasts.' Nevertheless, he noted that since hitting a historical high in October, Bitcoin has retreated about 36% to $80,500, and this level of correction, when compared to the historical performance following the launch of Bitcoin spot ETFs in the United States, is still considered 'normal range.'

Last night, BTC surged directly from 90,000 to break through 93,000 dollars, causing nearly 140 million shorts to be liquidated. This sudden rise is believed to be related to remarks made by Trump during an interview with Politico, with two key points being: consideration of lowering some tariffs on goods, and the announcement of the new Federal Reserve chair nominee. The announcement of the Federal Reserve chair nominee is believed to be the biggest reason for stimulating the market, as the popular candidate, Hassett, advocates for significant interest rate cuts, aligning with Trump's ideology. Therefore, the market preemptively realized this favorable news.

Although there are 140 million shorts liquidated in the cryptocurrency market, it is unexpectedly relatively small given the poor investment sentiment in the crypto space. Many people are hesitant to open short positions against the market at this sensitive moment due to expectations of an interest rate cut by the Federal Reserve. However, looking at the short-term long positions starting to accumulate, there is nearly 800 million dollars in the 88,000 dollar range. This is likely to become fuel for a market downturn after the favorable news is fully digested tomorrow, so caution is advised.

Author: Ryan Yoon, Analyst at Tiger Research

Translated by: Tim, PANews

Two weeks ago, I mentioned that Bitcoin may not break $100,000 yet. The price briefly touched $99,000 before falling back. Currently, Bitcoin is still consolidating around $90,000.

At this time, most people will be curious: 'Is it time to buy the dip?'

Yes, it's possible to buy in batches. But you must set strict stop-losses.

Bitcoin enters consolidation: key choices are approaching.

Prices are holding above $87,900, which is the average cost for active buyers.

The active realized price represents the breakeven line for the entire market. After the market crash in 2022, it took a year and a half to regain this level. With prices bottoming out and rising, the market can finally breathe a sigh of relief.

Author: 0xLeoDeng, Partner and Investment Director at LK Ventures

On December 4, SEC Chairman Paul Atkins accepted an interview on Fox Business's (Mornings with Maria) program, presenting the vision that 'the entire American financial market may migrate on-chain within two years,' which sounds radical and even somewhat like science fiction.

But if we temporarily set aside our doubts about the timeline and treat this as a serious future scenario to speculate on: If this really happens, what kind of shape will the American economy take?

This is not a simple technological upgrade, but a complete reformatting of the financial underlying operating system. Here are 7 aspects of structural reengineering:

Matt Hougan, Chief Investment Officer of digital asset management firm Bitwise, predicts that the cryptocurrency market will "effortlessly" grow 10 to 20 times within the next 10 years, calling it the "most conviction bet" of his investment career.

Matt Hougan, in a report released on Monday, specifically cited comments made by SEC Chairman Paul Atkins, who predicted that the overall U.S. stock market will be "fully on-chain" in a few years.

Matt Hougan stated that the current total market capitalization of the U.S. stock market is approximately $68 trillion, while the market capitalization of tokenized stocks is around $670 million, indicating a huge gap that shows that "U.S. stocks going on-chain" is still in its early stages, with substantial growth potential in the future. He wrote:

The U.S. Commodity Futures Trading Commission (CFTC) has taken another key step in modernizing financial markets. CFTC Acting Chair Caroline Pham announced the launch of the 'Digital Assets Pilot Program' on Monday, allowing the use of certain cryptocurrencies as collateral in the derivatives market.

Currently, this pilot program is only applicable to futures commission merchants (FCMs) that meet specific criteria, allowing these operators to accept Bitcoin, Ethereum, or payment stablecoins (such as USDC) as margin collateral for futures and swap contracts.

However, FCM must also comply with strict reporting and custody requirements, such as disclosing the digital asset holdings on a weekly basis in the first three months. If there are any operational issues, interruptions, or failures, they must also promptly report to the CFTC.

The world's largest cryptocurrency exchange Binance was shocked by insider trading, with the official confirming on Monday that an employee was suspected of using insider information, taking advantage of their position to privately promote newly listed tokens on the official community account, gaining improper benefits, with clear violations currently leading to suspension.

However, what shocked the market the most was that after Binance released an announcement confirming insider trading, the meme coin involved — 'Year of yellow fruit' — not only did not face a sell-off crash, but instead became a focus of speculation due to receiving an alternative 'official certification', with its price rising instead of falling, even reaching a historical high, once again exemplifying the market logic of 'traffic is justice' in the crypto circle.

According to the latest 8-K filing submitted to the U.S. Securities and Exchange Commission (SEC), the world's second-largest cryptocurrency reserve company BitMine Immersion (stock code: BMNR) increased its holdings by 138,452 Ether last week, which is estimated to be worth about 430 million dollars at the current market price, showing a stronger buying force compared to last month.

This additional purchase has raised BitMine's Ether holdings to 3.86 million, valued at approximately 11.9 billion dollars. In addition to its heavy investment in Ether, the company also holds 193 Bitcoins, shares in Worldcoin (WLD) worth 36 million dollars from reserve company Eightco Holdings, as well as up to 1 billion dollars in cash, bringing the total asset scale to 13.2 billion dollars.

Bitcoin enterprise-level investor Strategy (formerly MicroStrategy) is making another significant move. According to the 8-K document submitted to the U.S. Securities and Exchange Commission (SEC) on Monday, Strategy invested $960 million to acquire 10,624 Bitcoins between December 1 and 7, with an average price of approximately $90,615.

This latest purchase has pushed Strategy's Bitcoin holdings to 660,624 coins, valued at approximately $60 billion, with a total investment cost of about $49.4 billion (including fees and related costs), and an average acquisition cost of $74,696 per Bitcoin.

Bitcoin fell below the $90,000 mark last night (8) and although it attempted to launch a counterattack, the bullish momentum was difficult to sustain, currently hovering around $90,000. Analysts at the cryptocurrency exchange Bitfinex warned that Bitcoin's weak performance compared to U.S. stocks reflects insufficient spot buying momentum, making Bitcoin susceptible to fluctuations in the overall economy.

Despite the subdued trend in the cryptocurrency market, concerns among investors that turmoil in the Japanese bond market could trigger spillover effects have led to a surge in global long-term government bond yields. The U.S. 10-year government bond yield soared to 4.19%, reaching its highest level in nearly three months; U.K. and other European government bonds faced sell-offs; at the same time, the Japanese 10-year government bond yield continued to climb, approaching 2%, reaching its highest level in nearly 20 years.

Global asset management leader BlackRock officially submitted an application to the US Securities and Exchange Commission (SEC) last week, preparing to launch the "iShares Staked Ethereum Trust ETF (ETHB)"—which is focused on a spot ETF for Ether that can participate in staking.

BlackRock completed the fund name registration in Delaware, USA a few weeks ago. According to the latest submitted S-1 registration statement, "This trust fund aims to reflect the performance of the price of Ether and the rewards obtained from staking a portion of the Ether in the trust."

If this new fund is approved for listing, investors will be able to participate in Ether staking directly through the ETF, without the need to operate, custody, or assess technical risks themselves.

Yesterday, on Monday, the cryptocurrency market also experienced a 'liquidation trend'. Without any special news, it peaked at 92,000 during the day but then plummeted to 89,000 at night, before hovering around the 90,000 level. It was also mentioned yesterday that the market is currently waiting for two events: the Federal Reserve's interest rate decision this week and Japan's interest rate decision next week, so this kind of volatility on Monday can still be expected.

Today, the market will focus on one thing: at 5:00 PM, Bank of Japan Governor Kazuo Ueda will speak at a seminar hosted by the Financial Times in London. Since the seminar format is a live Q&A rather than a scripted speech, investors want to gauge the direction of next week's Japanese interest rate decision through his remarks. The market expects Ueda to deliver hawkish comments, reiterating that Japan's inflation and wage growth are 'in line with expectations' and may explicitly point out that 'the excessive weakness of the yen has raised import costs', using this as a reason for a rate hike. Currently, the market has already priced in an approximately 80% chance of a rate hike by the Bank of Japan in December.