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The Blockchain Bulletin, December 31: As the year comes to a close, it’s essential to take note of significant market trends and regulatory developments. In this edition of our newsletter, we’ll be focusing on recent updates in the cryptocurrency space.
Hong Kong has taken a significant step towards solidifying its position as a crypto hub by granting four new licenses for exchange operations. The move demonstrates the administration’s commitment to fostering an environment conducive to innovation and growth within the digital asset sector. Additionally, reports suggest that Hong Kong is planning to adopt Bitcoin as a legal tender, mirroring El Salvador’s recent decision.
Meanwhile, Germany’s former Finance Minister has urged the European Central Bank and the Bundesbank to invest in Bitcoin at the earliest opportunity. The call comes amid growing concerns about the potential risks associated with the rapidly evolving crypto market.
Market Trends:
The past 24 hours have seen a significant rise in liquidations across various exchanges. Over 106,000 traders were liquidated, resulting in losses of approximately $280 million. Bitcoin’s liquidation total reached a staggering $79.29 million, while Ethereum followed closely at $38.76 million. Solana and XRP experienced liquidations of $14.43 million and $7.56 million respectively.
On the positive side, decentralized exchanges (DEX) have witnessed record trading volumes, reaching an all-time high of $320.5 billion in December alone. This represents a substantial increase from November’s count of $299.6 billion. The growth is attributed to the rapid expansion of DeFi markets and increasing user engagement within the space.
DOGE’s Movement
As we enter the last day of the year, it appears that Dogecoin (DOGE) is in a precarious position, trading near critical support levels. Despite this, market observers have expressed optimism regarding its potential surge to $0.4, once breaking past key resistance.
Staking Goes Live on Hyperliquid
In other news, staking has officially launched on Hyperliquid’s mainnet (HYPE), allowing users to secure the network and earn rewards in HYPE. This development aims to enhance the overall security of Hyperliquid’s blockchain by enabling users to participate in validating transactions.
Regulatory Developments
Following a warning from Malaysia’s Securities Commission, Bybit announced that it would cease operations in the region until further notice. The exchange has since vowed to reopen after satisfying all necessary regulatory requirements.
Stay Tuned for More Insights and Analysis
Best wishes for a prosperous new year!
Source: cryptotale.org
