Frax Finance is set to launch frxUSD and sfrxUSD, innovative stablecoins designed to enhance decentralization, stability, and utility. In collaboration with BlackRock and NEAR Protocol, Frax aims to integrate BUIDL as a reserve asset to bolster frxUSD's security and utility, while also facilitating fiat conversions through a partnership with Paxos. This initiative seeks to create a safer and more effective option for users navigating the DeFi landscape.
EigenLayer has experienced significant growth in the Ethereum staking ecosystem, with a 148.61% increase in new addresses and a 124.75% rise in active accounts, indicating strong user engagement. Market sentiment remains balanced, with a near-equal split between long and short positions, while steady development activity and a high MVRV ratio suggest potential for profit-taking and future price movements. Despite recent volatility, EIGEN's metrics position it well for sustained growth.
Rexas Finance (RXS) has raised over $29 million in presale, attracting investor confidence with its unique asset tokenization model, which could yield returns of up to 8000%. The project aims to democratize access to high-value assets and is set to launch on major exchanges in 2025. Alongside Rexas, Avalanche and NEAR Protocol are also highlighted as promising altcoins for significant growth in the upcoming market cycle.
Dogecoin's Open Interest has plummeted to $1.42 billion, nearing a two-month low, following a 20% price drop in the past week. This decline indicates reduced trader confidence and suggests a bearish outlook, as the Mean Dollar Invested Age rises, reflecting stagnant holdings. If the downward trend continues, DOGE could fall to $0.27, while a recovery above $0.35 may lead to a rebound towards $0.48.
Senator-elect Bernie Moreno, a pro-crypto advocate, will join the Senate Banking Committee, marking a significant shift in Washington's political landscape as he replaces crypto skeptic Sherrod Brown. Moreno's appointment, supported by a $40 million campaign from the crypto sector, could reshape crypto legislation alongside other pro-crypto lawmakers. Additionally, President-elect Trump is assembling a team of crypto-friendly nominees for key regulatory positions, signaling a broader agenda to foster a favorable environment for cryptocurrencies.
The Philippine SEC is set to introduce guidelines for regulating crypto trading by mid-2024, following the ban of Binance for operating without a license. A draft framework for crypto asset service providers has been shared, inviting stakeholder feedback until January 18, 2025. In a related incident, KickStreaming's X account was hacked, promoting fake Solana tokens, prompting co-founder Bijan Tehrani to warn users against scams, emphasizing that the platform has no plans for a crypto token.
Bitcoin's price surged over 40% in 30 days but has since seen a decline of about 3%. Historically, after such rallies, a consolidation phase follows, with an ideal re-entry range between 10% and 20% below recent peaks. Currently, a consolidation between $90,000 and $95,000 could set the stage for a potential rally in 2025.
Bitcoin's price has stalled around $94,000 after a significant drop from its recent all-time high of over $108,000, primarily influenced by market corrections and rising ETF outflows. In contrast, many altcoins have seen impressive gains, with ETH, XRP, and BNB rising 2-3%, while HBAR and AAVE surged by double digits. The total cryptocurrency market cap has increased by approximately $20 billion, now exceeding $3.460 trillion.
CRISPR Therapeutics has a consensus rating of "Hold" with a price target of $77.93, as analysts remain divided with two sell, eight hold, and nine buy ratings. The stock opened at $40.48, reflecting a market cap of $3.46 billion and a P/E ratio of -14.30. In its latest earnings report, the company beat EPS estimates but fell short on revenue, posting a loss of $1.01 per share against expectations of $1.42.
Cryptocurrency mining and AI operations are significantly increasing electricity demand across North America, posing challenges to grid reliability, particularly in Texas. The North American Electric Reliability Corporation (NERC) warns of potential energy shortfalls and calls for improved demand forecasting and management strategies to address these issues. As energy-intensive industries grow, proactive measures are essential to ensure a stable power supply.

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