What Happened in Crypto Today: Check 30 Dec Crypto News Highlight

What Happened in Crypto Today: 30 Dec Crypto News on BTC, Bybit & More

Bitcoin Drops Below $94K, Analysts Predict Further Decline

Bitcoin's price fell below $94,000, down from its December high of $108,000. It’s trading below the 20-day EMA but above the critical 200-day EMA. The RSI is at 42, and the Taker-Buy-Sell Ratio is 0.92, signaling bearish control. Analysts warn of a potential drop to $80,000 due to technical patterns and rising USDT dominance. Positive perpetual futures funding rates indicate some bullish sentiment. Future prices hinge on regulatory and monetary policies.

Bybit Ordered to Cease Operations in Malaysia

Malaysia’s Securities Commission has ordered Bybit and CEO Ben Zhou to stop operations due to lacking authorization as a digital asset exchange. By December 25, Bybit disabled its website, mobile apps, and halt promotional activities. Globally, Bybit faces regulatory challenges in Japan and France, but plans to re-enter markets with proper licenses. Despite these issues, Bybit is expanding into Austria, Kazakhstan, and Türkiye, aiming for compliance with local regulations.

Ripple’s RLUSD Sees 170% Volume Surge Amid Speculation

Ripple’s RLUSD stablecoin volume surged by 170% in 24 hours, driven by Tether's USDT facing regulatory issues in Europe. RLUSD's market cap stands at $53M, with a trading volume of $33.67M. Integration into the Ripple ecosystem and regulatory approval boosted confidence. RLUSD's 1:1 USD peg appeals to investors. XRP dropped by 5% but saw a 64% volume increase. RLUSD integration into the XRP Ledger may enhance XRP liquidity and utility.

Global Shift Towards Strategic Bitcoin Reserves

Countries like Germany and Hong Kong are proposing strategic Bitcoin reserves. Hong Kong’s Web3 Virtual Asset Development Subcommittee suggests Bitcoin for its Exchange Fund, though the Treasury Bureau limits crypto investment to small-scale exposure via diversified portfolios. Germany’s former Finance Minister urges the ECB and Bundesbank to consider Bitcoin, following the US's lead in crypto progressiveness. The US states and Senator Cynthia Lummis advocate for Bitcoin reserves. Russia supports the idea, while Japan rejects it.

Ethereum Holders Outperform Bitcoin Holders in 2024

As 2024 ends, Ethereum long-term holders rose from 59% to 75%, while Bitcoin's fell from 70% to 62%, per IntoTheBlock. Ethereum holders surpassed Bitcoin early this year, reflecting growing market confidence in ETH. Despite predictions of Bitcoin's rise, its price dropped, while Ether ETF inflows surged from $1 billion to $2.1 billion, aiding ETH's growth. Factors include the Trump administration's policies, SEC changes, staking in Ether ETFs, and reduced CFTC regulation.