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Bitget has secured a Bitcoin Service Provider license from El Salvador’s Central Reserve Bank, allowing it to offer various Bitcoin-related services in the country. The company is also pursuing a Digital Asset Service Provider license to expand its offerings and plans to establish a local team to support the region's digital economy. This move aligns with El Salvador's proactive approach to crypto adoption, further solidifying its status as a global digital asset hub.
US stocks rose on Monday as investors anticipate a 25 basis points interest rate cut at the Federal Reserve's final meeting of the year. Key economic data this week includes US retail sales and November PCE, which will influence future rate decisions. Fundstrat's Tom Lee expects stocks to trend higher into year-end, supported by seasonal dynamics and institutional positioning.
XRP's price has seen a correction after a six-week rally, currently down to $2.37 from a peak of $2.90. Despite this, a bullish "bull flag" pattern suggests a potential target of $15, indicating a 520% increase from current levels. The upcoming RLUSD stablecoin launch is expected to further boost XRP's adoption and market activity.
The Nasdaq reached a record high of 20,173.74, climbing 1.1% as tech stocks thrived ahead of the Federal Reserve's policy meeting. Broadcom surged over 10% following strong earnings, while Tesla hit a new record, boosting its market cap to approximately $1.45 trillion. In contrast, Ford fell 4% after a downgrade, and Honeywell rose over 3% amid plans to spin off its aerospace division. The Fed is expected to cut rates by 100 bps in 2024, with a focus on future easing amid persistent inflation and a resilient labor market.
US stocks rose on Monday as investors prepared for the Federal Reserve's final policy decision of the year, with the S&P 500 up 0.3% and the Nasdaq Composite gaining 0.5%. Bitcoin reached a record high above $106,000 amid optimism for a crypto-friendly administration, while MicroStrategy's stock surged over 4%. Market focus is on the Fed's interest-rate decision expected on Wednesday, with a 97% probability of a 25 basis point cut, as well as updates on inflation and retail sales. Meanwhile, Super Micro Computer Inc. shares plummeted 14% after being removed from the Nasdaq 100.
Solana has reclaimed its position as the leader in daily net inflows among major blockchains, recording $12 million, surpassing Arbitrum and Sui. Despite Ethereum facing significant outflows, Solana's strong performance is attributed to robust user adoption and a solid technical foundation, with analysts predicting a potential price surge to $600 by 2025. The total value locked in Solana has reached an all-time high of $9.215 billion, reflecting its growing traction in the blockchain ecosystem.
Wall Street closed mixed on December 16, 2024, with the Dow Jones Industrial Average down 0.2%, the Nasdaq Composite up 0.1%, and the S&P 500 virtually unchanged. Investors are optimistic about a potential 25-basis-point rate cut from the Fed's upcoming meeting, following high inflation numbers. Technology stocks showed strength, with Marvell Technology and Palantir Technologies rising 2.1% and 3.9%, respectively.
Ethereum has faced resistance at the $4K level after a decline to the $3.5K support, which has attracted significant buying pressure. A successful breakout above $4K could trigger a short-squeeze and propel the price toward its all-time high, while failure to do so may lead to continued consolidation within the $3.5K–$4K range. Recent spikes in funding rates indicate growing bullish sentiment among traders, suggesting an increasing likelihood of a breakout.
The BRICS alliance is set to expand in 2025, with growing interest from African nations eager to join. This expansion could enhance bilateral trade and local currency settlements, appealing to developing countries seeking alternatives to the US dollar. Additionally, discussions around cryptocurrency adoption are intensifying, with proposals for an electronic payment infrastructure that may position Bitcoin as a viable alternative to the dollar, potentially reshaping global economic dynamics.
All eyes are on the Federal Reserve this week, with Jerome Powell's press conference expected to provide key insights following a projected 25 basis point rate cut. The eurozone's purchasing managers index shows improved business sentiment, while the ifo Business Climate Index and US retail sales figures will also be closely monitored. Additionally, the GDP growth rate and PCE core deflator data later in the week are anticipated to influence market movements.
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