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The Blockchain Bulletin, Dec 31: Will Ethereum Reach its Target $5K?
As the year comes to a close, the crypto market is filled with excitement and uncertainty. In today’s bulletin, we’ll be discussing some of the latest developments in the blockchain space.
Hong Kong Expands Crypto Hub
In a major move, Hong Kong has expanded its crypto hub by granting four new exchange licenses. This decision highlights the city’s commitment to becoming a major player in the global cryptocurrency landscape. The recent additions bring the total number of approved exchanges to 12, with a market capitalization of HK$7.4 billion. Additionally, there are talks of using Bitcoin as a legal tender, similar to El Salvador.
German Finance Minister Urges Investment
In separate news, former German Finance Minister Peter Altmaier has urged both the European Central Bank and the Bundesbank to invest in Bitcoin at the earliest opportunity. While the exact details are still unclear, this move is significant considering the potential impact on global crypto markets.
Market Fluctuations
As we enter the new year, the market has been experiencing fluctuations. Over the past 24 hours, a total of 106,534 traders were liquidated, with the overall liquidations reaching $280.27 million. Notable liquidations were seen in Bitcoin at $79.29M, Ethereum at $38.76M, Solana at $14.43M, and XRP at $7.56M.
Record Trading Volume on DEX
The decentralized exchange (DEX) market has also witnessed a remarkable growth. Over the past few days, trading volume reached an all-time high of $320.5 billion, surpassing the previous record set in November. The significant surge can be attributed to the growing demand for DeFi markets and increased user interaction.
DOGE Remains Bullish
Despite being near crucial support levels, Dogecoin (DOGE) continues its bullish trajectory. As we discussed previously, DOGE’s price movement has been steadily increasing towards its resistance level of $0.34236. Market observers believe that if DOGE can break this barrier, it may potentially surge to $0.4.
Staking Goes Live on Hyperliquid
Lastly, the Hyperliquid mainnet (HYPE) has officially launched staking, enabling users to secure the network and earn rewards in HYPE. This move is aimed at boosting network security by empowering validators to propose new blocks on the blockchain.
Regulatory Compliance
In a separate incident, Bybit was warned by Malaysia’s Securities Commission for operating without proper licenses. As a result, the exchange has shut down its operations in the region and vowed to reopen after meeting all necessary regulatory requirements.
That concludes our Blockchain Bulletin for December 31st. Stay tuned for further updates as we navigate the ever-changing crypto landscape.
Source: cryptotale.org
