24 Crypto Update, 26 Dec: Bitcoin Dips, Top Coins in Distress

Crypto currency market decline 2.20% in 24 hours to $1.72 trillion

• Bitcoin experienced a price decline today, driven by rapid position liquidation among traders due to rising funding rates.

• The crypto market declined after reports confirmed creditors of the defunct Mt. Gox exchange are receiving fiat repayments for their trapped Bitcoin.

• Bitcoin and Ethereum are in decline, while a significant number of altcoins are undergoing sell-offs, securing short-term gains.

Major Events To Watch:

Crypto Fear and Greed:

Over the past 24 hours, there has been substantial buying activity in the cryptocurrency markets, resulting in a 2-point increase in the "Greed and Fear Index." As a result, the current index has reached 73 on its 0 to 100 scale.

Latest Market Update:

• Bitcoin, the world's oldest and most valuable cryptocurrency, experienced a drop below the $43,000 mark early on Wednesday, briefly dipping below $42,000 before a swift recovery.

• Popular altcoins, including Ethereum, Solana, Ripple, Litecoin and Dogecoin all showed losses during this period.

• Mina emerged as the biggest gainer, experiencing a remarkable 24-hour jump of over 22.40 percent.

• On the flip side, Memecoin BONK turned out to be the biggest loser, with a 24-hour decline exceeding 16.75 percent.

• The total crypto market volume in the past 24 hours is $102 billion, reflecting a 34.21% increase.

• DeFi contributes $7.24 billion to the total market volume, constituting 11.44% of the 24-hour crypto market activity.

• Stablecoins record a volume of $55.81 billion, representing 88.18% of the total crypto market 24-hour volume.

• Bitcoin's dominance stands at 52.10%, experiencing a 0.30% decrease over the day.

Major Worldwide News Update:

• Bitcoin whales transferring significant holdings to Coinbase ahead of a potential spot Bitcoin ETF approval creates speculation of a bear trap or strategic move for aggressive buying. Grayscale's amended ETF filing adds complexity. Crypto enthusiasts anticipate potential developments by the SEC before the December 29 deadline.

• Despite Bitcoin's high volatility, XRP has shown minimal growth in the current market cycle, contrasting with BTC's nearly 13% jump over the last 30 days. Analysts, including Lark Davis, believe in XRP's potential, citing Ripple's ability to introduce features and partnerships. Ripple's recent registration with the Central Bank of Ireland adds regulatory support. Notably, Ripple executives Chris Larsen and Brad Garlinghouse, major XRP holders, received relief when the SEC withdrew charges in October 2023.

• Grayscale, following Barry Silbert's resignation, submits another amended S-3 filing to convert the Grayscale Bitcoin Trust (GBTC) into a Bitcoin ETF. The move aligns with SEC's cash-only mandate, indicating preparation for competition in the ETF market, with updates ahead of the January approval deadline. Analysts suggest ETFs could disrupt crypto exchanges' profitable model.

• Sebastien Guillemot, co-founder of DcSpark and Paima Studios, hints at a potential collaboration in 2024, aiming to combine Arbitrum with Cardano and MinaProtocol. Guillemot sees value in overcoming Ethereum's market challenges, particularly in decentralized gaming, with a focus on integrating Cardano to enhance scalability using Zero Knowledge (ZK) cryptography. Despite Cardano's notable growth, it remains 80% below its record peak in September 2021.

• Telcoin, a mobile finance app on Polygon, suffered a significant exploit causing a 40% TEL token drop and $1.2M in unauthorized withdrawals. Swiftly responding, Telcoin temporarily suspended its app, identified the issue with Polygon interaction, and restored affected wallets, showcasing commitment to security and user protection.

• Tether, the leading stablecoin issuer, recently minted one billion USDT, termed as 'inventory replenish.' CEO Paolo Ardoino clarified these tokens are reserved for future issuance demands and chain swaps, prompting varied reactions within the crypto community regarding transparency and market impact. Despite skepticism, Tether's significant growth reinforces its influence in the evolving crypto landscape.

• Crypto scammers stole $3 million on Christmas using the MS Drainer tool, responsible for $59 million in 2023. Phishing attacks targeted various cryptocurrencies through counterfeit Web3 platforms via Google Ads. Ongoing challenges in digital advertising security call for heightened user vigilance and improved preventive measures.

COIN GABBAR Views: Is Bitcoin signaling a bearish trend near $43K or undergoing short-term consolidation? What lies ahead for BTC's price as it approaches key support? Will Bitcoin surpass $50K before 2024? To get latest news Stay tuned us at coingabbar

Disclaimer: Crypto is not regulated and can offer considerable risks. There may be no regulatory remedies available in the event of any losses resulting from price analysis. As a result, before engaging in any transactions involving crypto products, each investor must perform in-depth examination or seek independent advice.

For More News: Crypto Daily Roundup 26 Dec: Crypto Market Stuck in Sideways Motion