Selenium Protocol is set to launch its testnet on Terra Classic, focusing on user-friendly synthetic asset trading. The platform will allow users to trade tokenized assets like stocks and commodities, powered by the SELE token for governance and incentives. With a public testnet imminent, the team aims to refine features and enhance user experience ahead of a planned CEX listing in 2025.
Hut 8 has bolstered its Bitcoin holdings to over $1 billion following a $100 million acquisition of approximately 990 BTC, bringing its total reserves to over 10,096 BTC. This strategic move positions Hut 8 among the top 10 corporate Bitcoin holders globally, as the company aims to enhance its financial position and shareholder returns through effective treasury management.
Axel Lehmann, Chairman of Credit Suisse, faces scrutiny over the bank's decline, attributing blame to his predecessors while defending his actions during the crisis. Legal challenges loom, including a lawsuit in the U.S. for allegedly providing false information, as the Parliamentary Commission of Inquiry investigates the bank's management and regulatory failures. The fallout raises questions about the effectiveness of the Financial Market Supervisory Authority and the National Bank's responses during the crisis.
Shiba Inu has partnered with Chainlink to enhance its ecosystem by integrating Chainlink’s cross-chain infrastructure into Shibarium, its Layer-2 blockchain. This collaboration will enable Shiba Inu tokens, including SHIB, LEASH, and BONE, to operate across 12 different blockchains, potentially increasing their accessibility and demand. Despite the positive developments, the associated tokens saw a decline, with SHIB down 8.36% and LINK down 6.40% in the last 24 hours.
UBS analysts express cautious optimism for stock markets in 2025, noting that six of the seven preconditions for a bubble are met, including earnings pressure and loss of market breadth. The final ingredient, loose monetary policy, is anticipated as the Fed cuts interest rates. UBS suggests investing in sectors like artificial intelligence and electrification, highlighting stocks such as Taiwan Semiconductor Manufacturing and Meta Platforms, while warning that a bubble could lead to significant losses for investors.
Palantir Technologies Inc. has been downgraded to Neutral by UBS. The company specializes in software development for counter-terrorism, offering four key platforms: Gotham for data pattern detection, Foundry for data management, Apollo for cloud-agnostic deployment, and AIP for responsible AI use across enterprises.
The SEC has approved Hashdex and Franklin Templeton's Bitcoin and Ether index ETFs, allowing them to trade on Nasdaq and Cboe BZX Exchange, respectively. Both ETFs will hold spot Bitcoin and Ether, meeting regulatory criteria to protect investors. This approval may encourage other firms, like BlackRock, to launch similar products in the growing crypto market.
Asian indices are set for a mixed open following a hawkish Federal Reserve outlook, with the Nikkei 225 up 0.32% while the ASX 200 and KOSPI decline by 1.12% and 1.28%, respectively. Key economic data, including China's loan prime rate decision and upcoming U.S. core PCE price data, will be closely monitored as they may influence market sentiment and Treasury yields. The ASX 200 is testing support levels, while the Singapore Blue Chip index shows signs of bearish divergence, and the China A50 remains range-bound amid policy uncertainty.
IG
Merck & Co. is shifting its focus from TIGIT and LAG-3 inhibitors to a subcutaneous version of Keytruda and a PD-1x/VEGF bispecific, while entering the obesity market with a preclinical GLP-1 receptor agonist from Hansoh Pharma for $112 million. Sanofi reported promising mid-stage results for its TL1A antibody duvakitug in inflammatory bowel disease, achieving significant remission rates, while Vertex Pharmaceuticals faced setbacks with its NaV1.8 inhibitor suzetrigine in chronic pain trials. Novo Nordisk completed a $16.5 billion acquisition of Catalent to address supply issues for semaglutide, despite ongoing shortages, while Novartis announced the closure of two MorphoSys sites, affecting 330 employees, following an $800 million write-down on pelabresib.
Crypto liquidations exceeded $1 billion in 24 hours, primarily affecting long positions, as traders were unprepared for negative market shifts after a bullish month. Analysts suggest this downturn may be temporary, with expectations for a potential "Santa rally" and increased volatility as the market anticipates the incoming Trump administration's impact on crypto policy.
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