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The information provided herein is generated by experimental artificial intelligence and is for informational purposes only.
The Financial Accounting Standards Board (FASB) has adopted Fair Value Accounting for Bitcoin, effective for fiscal years starting after December 15, 2024. This new rule mandates that companies report Bitcoin at current market prices, enhancing transparency and potentially encouraging its use as a treasury reserve asset.Large corporations like MicroStrategy and Tesla will benefit from simplified financial reporting, allowing them to recognize both gains and losses from Bitcoin holdings. This regulatory change is seen as a catalyst for increased institutional confidence in Bitcoin, with potential implications for its market value.
Former Prime Minister Thaksin Shinawatra advocates for Thailand to embrace Bitcoin, predicting its value could soar to $850,000. The current government, led by his son, is exploring Bitcoin payments and stablecoins, particularly in tourist areas, to enhance digital financial innovation and boost the economy.Additionally, a $14.3 billion digital wallet initiative aims to support 50 million citizens, while Siam Commercial Bank has launched Thailand's first stablecoin-powered cross-border payment system. The Thai SEC is also working to improve access to digital assets for institutional investors.
Donald Trump’s DeFi project, World Liberty Financial, has spent nearly $45 million on crypto in December, including significant purchases of Ether and Coinbase Wrapped BTC. Despite struggling to sell its $300 million WLFI token, the project gained traction when Tron founder Justin Sun invested $30 million. Recently, AaveDAO approved World Liberty’s proposal to deploy its own version of the Aave protocol, allowing for borrowing and lending of various cryptocurrencies.
The Financial Accounting Standards Board (FASB) has implemented new fair value accounting rules for Bitcoin and other eligible crypto assets, allowing companies to measure these assets at current market prices in their financial statements. This change is expected to enhance transparency and accuracy in corporate reporting, facilitating better assessment of risks and performance for investors and stakeholders. However, non-fungible tokens (NFTs) remain exempt from these rules due to their unique characteristics and valuation challenges.
AbbVie's schizophrenia drug emraclidine failed two mid-phase trials, performing no better than placebo, resulting in a $40 billion market cap loss for the company. This setback follows the recent approval of Bristol Myers Squibb's Cobenfy, the first new schizophrenia drug in decades, which boosted BMS's share price by 12%. The failure raises concerns for other companies developing similar drugs in the same class.
The crypto industry is set for a transformative 2025, with predictions of a bull market led by Bitcoin and Ethereum, potentially reaching $180,000 and $6,000, respectively. Institutional adoption is expected to surge, driven by US government initiatives and new SEC leadership, while stablecoins could triple their daily settlement volumes to $300 billion. Additionally, decentralized applications and AI are anticipated to flourish, with the DeFi sector's total value locked projected to hit $200 billion.
BlackRock's historic acquisition of over $500 million in Ethereum has sparked optimism among investors, pushing ETH prices back toward bullish territory after a dip to around $3,800. With predictions of a potential rally to $5,000, the market is also eyeing the rising DTX Exchange, which has gained traction in its presale, raising over $10 million and offering a unified platform for trading various asset classes.
BlackRock's ETF Department head, Jay Jacobs, has confirmed that the firm has no plans to launch an XRP ETF, countering recent speculation. Despite this, interest in XRP ETFs is growing among other asset managers, with several applications submitted to the SEC. Analysts believe that approval could significantly boost Ripple's price, especially with the upcoming launch of the RLUSD stablecoin and a pro-crypto SEC chairman potentially influencing decisions in 2025.
Robinhood Crypto reported a notional trading volume of $119 billion and $38 billion in crypto assets under custody for 2024, marking significant growth and expansion in the U.S. and Europe. The firm achieved full coverage in all 50 states and added 20 cryptocurrencies in the U.S., while introducing 14 new coins in Europe and launching staking for SOL and ETH. Despite facing regulatory challenges, including a Wells Notice from the SEC, Robinhood's crypto business thrived throughout the year.
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