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Nexus recently completed a five-day testnet that engaged over 1.5 million nodes from 187 countries, highlighting significant global interest in decentralized computing. With 37% of network traffic from mobile devices, the initiative aims to create a global distributed network while maintaining control over the programs run on its platform. Nexus, which raised $25 million in Series A funding, is part of a growing movement in blockchain-based computing alongside other platforms like Internet Computer and Golem Network.
Aptos CEO Mo Shaikh has resigned, effective December 19, to pursue new opportunities while remaining a strategic adviser. Avery Ching, co-founder and former CTO, has taken over as CEO, focusing on expanding the ecosystem and driving technical advancements, particularly in Asia. Under Shaikh's leadership, Aptos launched its layer-1 blockchain mainnet and secured over $400 million in funding.
Audius has partnered with the International Copyright Enterprise (ICE) to enhance royalty opportunities for over 330,000 music rights holders globally, including regions like sub-Saharan Africa and the Asia Pacific. This agreement simplifies royalty distribution, leveraging blockchain technology to support artists and songwriters on Audius' decentralized platform. The collaboration aims to foster sustainable growth and deepen connections between creators and their audiences while ensuring transparent royalty management.
Bitcoin's price has fallen below $100,000, prompting increased discussions about "buying the dip" as investor sentiment shifts amid a broader market downturn. The Federal Reserve's recent interest rate cut and mixed economic forecasts have contributed to this volatility, with altcoins like Ethereum and Solana also experiencing declines. Despite the overall market slump, some assets like Movement and Zerebro have shown significant gains, while global search interest in cryptocurrencies continues to wane.
The crypto market experienced over $1 billion in liquidations on December 19, primarily affecting long positions, as Bitcoin's price fell 3.36% to $97,350, dropping below the $100,000 mark. Analysts noted this volatility as a reaction to sudden negative momentum after a bullish period, with some suggesting potential buying opportunities amid expected policy changes with the upcoming administration.
Solv Protocol is set to launch its native token, SOLV, on the Hyperliquid blockchain, a layer-1 network focused on trading. The token listing was confirmed on December 19, with Solv securing its spot through a $130,000 auction process. Hyperliquid has amassed over $2.5 billion in total value locked and offers advanced trading options, including leveraged perpetual futures.
MARA has acquired $1.5 billion in Bitcoin over the past two months, boosting its holdings to 44,394 BTC, a nearly 200% increase since the start of 2023. The purchases were financed through two convertible note offerings, raising $1.925 billion, with significant investments made at an average price of $98,529 per coin. Other miners, including Hut 8 and Riot Platforms, have also increased their Bitcoin acquisitions in December.
Starting January 1, 2025, U.S. cryptocurrency holders will face stricter tax enforcement as brokers must report transactions to the IRS via Form 1099-DA, increasing transparency but raising concerns of a market sell-off. Missing cost basis records could lead to higher taxable gains, prompting traders to liquidate assets to minimize tax exposure. The IRS will utilize blockchain analysis tools for audits, emphasizing the need for accurate reporting of past and current crypto activities.
The cryptocurrency market experienced record inflows of $3.85 billion last week, driven by Bitcoin's price surge past $100,000, peaking at $104,000. Bitcoin investment products attracted $2.5 billion, while Ethereum ETPs saw $1.2 billion in inflows, marking its largest weekly total since the U.S. ETF launch. Additionally, Bitcoin ETFs surpassed 1.1 million BTC in holdings, exceeding those of Satoshi Nakamoto.
On November 14, 2024, 18 Republican state attorneys general and the DeFi Education Fund filed a landmark lawsuit against the U.S. Securities and Exchange Commission (SEC), marking a significant challenge to the agency's stance on cryptocurrency regulation. In related developments, President-elect Donald Trump has nominated Paul Atkins as the new SEC chairman, signaling a potential shift in regulatory approach. Meanwhile, Ripple's legal battles continue, with recent victories against the SEC, as the agency faces increasing scrutiny over its actions.
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