Binance.US plans to restore USD services by early 2025, responding to user demand after suspending fiat trading in June 2023 due to regulatory challenges from the SEC. Acting CEO Norman Reed highlighted the importance of these services for operational recovery and user experience. Despite ongoing legal scrutiny, the exchange aims to enhance compliance, expand product offerings, and maintain competitive trading fees, positioning itself as a key player in the evolving crypto landscape.
Bitcoin experienced a significant price drop, falling from over $105,000 to below $96,000, following a record $671.9 million net outflow from Bitcoin ETFs on December 19. This reaction was triggered by Fed Chair Powell's comments on interest rates and inflation, leading to heightened investor fear. Ethereum ETFs also faced outflows, with $60.5 million withdrawn, contributing to a 9% decline in ETH's price.
World Liberty Financial has ramped up its cryptocurrency investments, acquiring 722.213 Ethereum for $2.5 million, raising its total ETH holdings to 15,598 ETH valued at $52.98 million. The project also expanded its portfolios in Aave, Chainlink, and Ethena, despite recent price declines across these assets, leading to a total portfolio value of $75.32 million.
Solana (SOL) has seen a significant decline, dropping over 13% this week and closing below the 200-day EMA support at $196. This downturn has resulted in $38 million in liquidations, primarily from long positions, and a more than 7% drop in Total Value Locked (TVL), raising concerns of a potential further decline. If resistance at $201.85 holds, SOL could retest support at $174.85, while a recovery above $201.8 may lead to a rally towards $230.
Bitcoin (BTC) and major cryptocurrencies faced significant losses, with BTC dropping 4.2% and Dogecoin (DOGE) plummeting 11%, extending its weekly decline to over 21%. The downturn followed a hawkish FOMC meeting, triggering a selloff across risk assets, including a 3.5% drop in Nasdaq and a 2.9% decline in the S&P 500. Traders noted that overly bullish market sentiment prior to the meeting left the market vulnerable to shocks, despite December typically being a bullish month for BTC.
The Parliamentary Commission of Inquiry will release its findings today regarding the emergency merger of Credit Suisse with UBS, following extensive hearings since July 2023. The investigation has included testimonies from federal advisers and central authority heads, amid allegations of secret meetings involving key financial leaders prior to the merger. In light of the report's publication, the Swiss Bank Employees Association has called for the resignation of the FINMA chairwoman.
UBS has upgraded FedEx to a 'Buy' rating with a target price of $311, citing the anticipated spin-off of its freight business, which is expected to unlock significant value through a higher independent valuation. The lowered earnings hurdle for 2025 is also seen as beneficial for the stock.
MEET48 is set to revolutionize the entertainment industry with its AI-driven idol platform, Mars Protocol, launching in Q1 2025. This innovative ecosystem combines Web3 technology with fan engagement, allowing users to create and interact with AI idols while participating in a decentralized economy through IDOL tokens and Meme coins. With a peak of 537,000 daily active users, MEET48 is positioned as a leader in the global fan economy, supported by a $50 million investment in R&D.
The parliamentary commission of inquiry (CEP) is set to unveil its report today on the federal authorities' handling of the Credit Suisse crisis, which culminated in UBS's hurried acquisition of the bank in March 2023. After 18 months of investigation, the CEP analyzed the crisis in four phases, from pre-crisis management to the emergency merger's implementation, conducting over 60 hearings and filing two criminal complaints related to confidential information disclosures. This exceptional parliamentary tool, comprising 14 members from six political parties, aims to shed light on Swiss financial governance.
Rollblock ($RBLK) has gained significant traction, attracting over 35,000 registrants and raising more than $7.3 million in its ICO, now in stage 9. The platform aims to revolutionize the $450 billion online gambling industry with transparent, blockchain-secured transactions and a recently awarded gaming license. With a hard cap of one billion tokens, the Rollblock revenue share mechanism will see casino profits reinvested into the community, driving demand for $RBLK as tokens are bought and burned weekly.
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