Euro-pegged stablecoins have become a key catalyst for growth within the European cryptocurrency sector, fueled by the introduction of the Markets in Crypto-Assets Regulation (MiCA). These digital assets achieved new milestones in monthly trading volumes, drawing in significant liquidity and attracting institutional interest across Europe.

MiCA Drives Adoption Of Euro-Pegged Stablecoins
In November, the monthly trading volumes for euro-backed stablecoins reached their highest level in years, soaring to almost &euro800 million. A recent report by Kaiko and the Netherlands-based crypto exchange Bitvavo reveals that this surge was primarily driven by the EURI stablecoin, which gained substantial momentum following its listing on Binance. Other stablecoins in line with MiCA, such as EURC and EURCV, also contributed to the growth.

The regulatory clarity provided by MiCA, which came into effect in June, was instrumental in boosting investor confidence, driving liquidity, and attracting institutional investors. However, regulatory concerns continue to cause issues, as was highlighted by Tether deciding to discontinue its euro-backed stablecoin, EURT.

Explosive Expansion
In November, weekly trading volumes surpassed &euro12 billion, more than double the volume seen in October, as Bitcoin (BTC) hit an all-time high above $108,000. Meanwhile, the euro solidified its position as the third most traded fiat currency in global crypto markets, following the U.S. dollar and the Korean Won.

Several exchanges such as Bitvavo, Kraken, and Coinbase also played a pivotal role, with Bitvavo leading the charge in euro-denominated trading volumes, capturing nearly 50% of the market. These exchanges significantly expanded their offerings, listing over 331 new euro-denominated pairs in 2024 to cater to growing demand. Liquidity in the euro markets also improved dramatically, with the combined market depth for euro-denominated pairs increasing twofold by November.

Metaplanet has made its largest Bitcoin (BTC) acquisition to date, purchasing nearly 620 BTC as the cryptocurrency hovers below $100,000. The massive amount was bought by the Japanese investment firm on December 23rd, marking its biggest single purchase since it began investing in Bitcoin in May, nearly quadrupling its previous record buy of 159.7 BTC on October 28th.

Following the announcement, Metaplanet saw its stock experience a 5% increase on the Tokyo Stock Exchange but has fallen nearly 13% over the past week, according to Google Finance. Despite the recent dip, the stock has skyrocketed more than 2,100% this year as it embraced Bitcoin, hitting a record high of $26 on December 17th.

Fantastic ROI

With this latest purchase, Metaplanet now holds 1,762 BTC, worth approximately $168 million, with an average purchase price of around $75,600 per Bitcoin. The acquisition also propels its Bitcoin holdings to the twelfth largest among publicly traded companies, following behind medical technology firm Semler Scientific.

Metaplanet reported that its Bitcoin Yield between October 1st to December 23rd reached 310%, a substantial increase comparative to the 41.7% yield seen between July to September. The company uses BTC Yield as a metric to evaluate the performance of its Bitcoin acquisition strategy, which aims to benefit shareholders, it explained.

Going Beyond Bitcoin

In a separate announcement on December 18th, Metaplanet projected that it would achieve its first operating profit since 2017, emphasizing its goal to expand beyond simply accumulating Bitcoin as part of its treasury strategy.

The firm disclosed plans to formalize its Bitcoin accumulation and management as a distinct business division, focusing on financial products like loans, equity, convertible bonds, and other instruments to buy and hold BTC. In late November, Metaplanet also announced it intended to raise over $62 million through a stock acquisition program to purchase more Bitcoin for its treasury.

According to Donald Trump himself, former congressional candidate Bo Hines has been named the Executive Director of the Presidential Council of Advisers for Digital Assets. This appointment is part of a larger effort to expand the new Trump administration, reflecting a heightened focus on cryptocurrency policy.

A Noteworthy Transition

At 29 years old, Hines will collaborate with David Sacks, who has already been tasked with overseeing initiatives related to crypto and artificial intelligence. This dual leadership structure signals a coordinated approach to digital asset policy, with Trump emphasizing the importance of fostering innovation while ensuring that the industry receives robust support.

The appointment for Bo follows an active political career in North Carolina, where he secured the Republican nomination in 2022. Although he lost the general election to Democrat Wiley Nickel, Hines maintained his political presence. He later ran unsuccessfully in the 2024 Republican primary for the local 6th district, placing fourth with 14.4% of the vote.

Why This Matters

The appointment is noteworthy due to Hines previously having ties to crypto funding during his 2022 campaign, including donations by pro-crypto PACs. One significant contributor was Ryan Salame, a former executive at FTX, who is now serving a prison sentence for campaign finance violations.

While Hines does not have a significant public record on crypto policy, his appointment alongside established industry leaders like David Sacks hints at a shift toward more unified digital asset policy development. The creation of a dedicated Crypto Council underscores a growing focus on crypto regulation and the future of the industry.

Michael Saylor has put forward a proposal for a Digital Assets Framework in the United States, which includes creating a Bitcoin (BTC) reserve that he claims could generate up to $81 trillion for the U.S. Treasury.

Prioritizing Efficiency, Accessibility, And Innovation

The proposed framework outlines six key categories, namely digital commodities like Bitcoin, digital securities, digital currencies, digital tokens, non-fungible tokens (NFTs), and asset-backed tokens. The overall goal is to clarify the roles of issuers, exchanges, and owners, while stressing that no participant should engage in dishonesty or fraud. It also specifies clear rights and responsibilities for each participant group.

Additionally, the framework proposes a simplified compliance system with cost limits of no more than 1% of assets under management for token issuance and 0.1% annually for ongoing maintenance. Digital asset regulation should prioritize efficiency and innovation, avoiding unnecessary bureaucracy and friction, the proposal asserts, advocating for industry-led compliance instead of direct regulatory oversight.

Mixed Reactions

The framework also aims to drastically lower issuance costs while simultaneously expanding market access to 40 million businesses, with an emphasis on rapid asset issuance. One of the final objectives of the proposal is to establish the U.S. dollar as the global leading digital reserve currency. It additionally envisions expanding global digital capital markets to $280 trillion.

While many have praised the proposal, Peter Schiff, a well-known Bitcoin critic, dismissed it as complete nonsense, claiming it would do the opposite of what Saylor believes. According to Schiff, it would weaken the dollar, worsen the national debt, and turn the U.S. into a laughing stock.

easeflow raised an undisclosed amount in Strategic Funding with support by XProtocol. Easeflow simplifies the deployment and management of blockchain nodes through a one-click solution. It wants to create a robust modular infrastructure that accelerates widespread adoption and fosters a dynamic DePIN) economy, incentivizing active participation.

SilentBerry secured an undisclosed amount in Strategic Funding with support by CKB Eco Fund. SilentBerry is a Web3 digital content asset distribution platform that provides one-stop ecosystem services for digital assets.

Rumble acquired a whopping $775M in Strategic Funding with assistance by Tether.io. Rumble is an online video-sharing platform. It enables users to host, distribute, and monetize their videos, positioning itself as a rights management platform for creators.

EYWA | CrossCurve secured an undisclosed amount through Strategic Funding with help by Anton Bukov. Eywa is the official cross-chain data aggregation protocol for Cruve, and focuses on eliminating reliance on a single bridge when moving large liquidity positions.

Safle obtained an undisclosed amount in Strategic Funding with support by Boost VC. Safle is a non custodial wallet and self sovereign identity protocol. It makes buying, selling, transferring, and storing crypto as hassle-free as using a social media platform or email.

Inferix Labs raised $2.60M in Undisclosed Funding with support by DePIN X Capital. Inferix is a decentralized GPUs visual computing platform for 3D/AR/VR rendering and AI inference.

DuckChain obtained $5M in Undisclosed Funding with help by Kenetic Capital. DuckChain is a blockchain project designed as an EVM-compatible Layer 2 (L2) solution built on The Open Network (TON) blockchain.

BitDCA secured $2M in Pre-Seed Funding. BitDCA is a cryptocurrency company specializing in simplifying Bitcoin savings through its flagship mobile application, Littlebit.

FLock.io obtained $3M in Undisclosed Funding with help by Animoca Brands. FLock is dedicated to constructing a decentralized, privacy-preserving solution for AI. 

Hexagate raised an undisclosed amount in M&A Funding with support by Chainalysis. Hexagate is a Web3 security platform that helps wallet providers, protocols and aggregators to protect their users and assets.

After several days of consecutive price declines, Bitcoin (BTC) looks to reverse its fortunes as it surged above $99,000 not too long ago. Altcoins are also showing positive movement following the market-wide downturn, with many experiencing double-digit percentage gains on a daily basis. The market cap of BTC has also recovered to $1.95 trillion, and its dominance over altcoins stands at 54.6%, according to CoinGecko.

BTC Begins Recovery

The start of the business week saw a strong performance for Bitcoin, with its price rising to a new ATH of over $108,000 by Tuesday. The market was optimistic, expecting a push towards $110,000, especially after the U.S. rate cut on Wednesday. However, the situation quickly shifted and rather than continuing to climb, Bitcoin began a significant retracement.

The flagship crypto first fell below the $100,000 mark, and the decline continued as the bears maintained pressure. By Friday, Bitcoin dropped to a three-week low of $92,000, leading to concerns about whether this was a typical correction or the end of the bull market. As of now, it appears to be the former. Bitcoin halted its downward slide and made a strong rebound after surging to $99,000 before stabilizing at around $96,000.

Altcoins Continue To Struggle

Altcoins were hit even harder than Bitcoin during the market-wide decline, as anticipated. However, they have seen a recovery on a daily scale after Friday. Ethereum (ETH) dropped to $3,300 but rose to nearly $3,500, marking a 6% daily increase. XRP is also back above $2.20 after falling below $2 earlier on in the weekend.

Other notable gains include BNB, SOL, TRX, and HBAR, each showing around 5-6% growth on a 24 hour basis. More substantial price jumps have been seen in DOGE, ADA, AVAX, LINK, SHIB, TON, DOT, and several others, all of which have experienced double-digit increases. The total cryptocurrency market cap fell below $3.4 trillion yesterday but has since rebounded to surpass $3.55 trillion.

Other Markets

Residential buildings are rising across Shanghai as home sales in China continue to slump, with the absence of sustained stimulus efforts exacerbating the property crisis now in its fifth year. Amid global concerns, the Panama Canal has decided to maintain its limits due to drought-induced drops in lake levels, while Trump demands that Panama either reduce transit fees or return control of the canal.

Meanwhile, credit quality appears to have peaked, and companies like OpenAI and SpaceX are opting to stay private longer, avoiding public markets. Concurrently, India is experiencing a stock market boom reminiscent of the 1990s, with the Adani effect helping push Indian stocks ahead of most global markets in 2022. However, in Japan, bankruptcies are on the rise as citizens grapple with mounting debt.

Elsewhere, the European Central Bank is expected to continue its rate cuts into the next year, according to Vujcic, as Tesla gears up for earnings reports amid a $570 billion rally fueled by Elon Musk establishing a trading partnership with Donald Trump.

Aptos Labs Co-Founder Mo Shaikh will officially be stepping down as CEO. Despite his departure, Shaikh will remain with the company in a strategic advisory capacity to the board. Going forward, Aptos CTO Avery Ching will take over as CEO, tasked with leading the company into its next phase of growth.

Moving On

Mo stated that he plans to take some much-needed time to reflect on where the world is headed and to think deeply about the ways financial systems can evolve to continue to push Aptos as the most established Layer-1 blockchain in the space.

Shaikh expressed his long-standing passion for building systems that empower people, which means more equitable and open systems. He also emphasized his passion for creating innovative projects like Aptos.

Partnerships Are Key

As a Layer-1 blockchain, Aptos utilizes a unique programming language called Move, which was initially developed for Facebook and their Diem project. In June, Shaikh joined the Commodity Futures Trading Commission (CFTC), where he will assist in shaping regulatory guidelines for cryptocurrencies.

The Aptos blockchain has recently been performing strongly, with several new partnerships. Last month, the company teamed up with Circle and Stripe to enable seamless transfers across eight blockchains, enhancing DeFi interoperability. Aptos also expanded its advisory board, adding former Grayscale Investments CEO Michael Sonnenshein and OpenAI Chief Product Officer Kevin Weil.

Shiba Inu (SHIB) has officially revealed a new strategic alliance with Chainlink (LINK). As per the announcement, it was stated that the Shiba Inu ecosystem, which includes the Shibarium Layer 2 scaling solution on Ethereum (ETH), will implement the Chainlink Standard to improve cross-chain token (CCT) functionality across 12 different blockchains.

Seamless Transferability

The tweet by Chainlink highlights the adoption of the CCT standard by Shiba Inu assets, such as SHIB, BONE, and LEASH, while the Shibarium network has also embraced the CCIP (Cross-Chain Interoperability Protocol) as its core infrastructure for cross-chain operations and Data Streams for low-latency market data.

As part of the partnership, tokens like BONE and LEASH can now be transferred across various blockchains using the lock-and-mint and burn-and-mint mechanisms. Additionally, DeFi developers building on the Shibarium ecosystem can now leverage the CCIP to create interoperable projects. Chainlink shall also make their data streams available to the Shiba Inu network, enhancing both transparency and decentralization.

Market Impact

This partnership is expected to have a profound impact on the on-chain activity within the Shibarium platform. At the time of writing, the Shibarium network has a total value locked (TVL) of approximately $3.42 million across various DeFi protocols, primarily decentralized exchanges like ShibaSwap.

Despite a recent drop of over 15% in the Shiba Inu price over the past 24 hours, signaling some market consolidation, the collaboration with Chainlink is expected to draw more users into the Shiba Inu ecosystem, possibly triggering the next phase of bullish growth. SHIB also has a fully diluted valuation (FDV) nearing $12 billion, a daily trading volume of around $1.6 billion, and approximately 1.5 million holders, according to on-chain data by Etherscan.

The Bavarian State Office for Data Protection (BayLDA) has ordered World (previously known as Worldcoin) to delete biometric data collected via users, citing breaches of the General Data Protection Regulation (GDPR).

This directive has sparked a legal dispute, with World filing an appeal against the decision. The case underscores the tension between rapid technological advancements and the strict data protection laws in Europe.

Outdated Policies

BayLDA argues that the aforementioned data collection practices, including iris scans, lacked adequate legal justification and violated GDPR requirements. The regulator has demanded that the company implement a deletion process that aligns with privacy laws and ensure that users give explicit consent for any future data collection.

In response, World contends that the ruling is based on outdated technologies and systems that are no longer in use, asserting that its current operations comply with GDPR. The investigation into these practices began in early 2023 and concluded recently, with BayLDA publishing its findings. World maintains that its updated procedures address any and all concerns and continues to challenge the order.

Soldier On

As a digital identity platform, World uses biometric data such as iris scans to build a global identity system. The conflict with the BayLDA could have significant consequences for World and their operations in the European Union, with critics arguing that this legal challenge may hinder its growth in the region.

Despite rebranding in October, the company has faced persistent regulatory scrutiny. The value of its native token, WLD, spiked briefly after the U.S. elections but soon lost momentum. Meanwhile, Germany has adopted a more stringent approach to cryptocurrency and digital assets in recent months. In July, the government sold its entire Bitcoin (BTC) holdings and launched a crackdown on crypto exchanges. Despite the legal challenges, World has shown no intention of backing down.

Bitcoin (BTC) reached an all-time high above $108K on December 17th, continuing its upward momentum and outpacing the largely stagnant altcoin market before experiencing a correction. While many altcoins traded sideways, the AI sector emerged as a standout performer with nearly 110% gains.

FET, VIRTUAL, And HEART

Leading tokens in this space include Artificial Superintelligence Alliance (FET), Virtuals Protocol (VIRTUAL), and Humans.ai (HEART). FET, valued at $4.2 billion, remains bullish despite a recent pullback, with long-term price targets at $4.74 and $5.74, representing potential gains of up to 268%.

VIRTUAL, a token with a $2.6 billion market cap, has shown consistent buying pressure and is projected to rise to $5.43, offering gains of 144% via current levels. Meanwhile, HEART, a smaller-cap token, has recently surged past key resistance levels, targeting $0.05 and $0.07 in the weeks ahead as its market cap climbs to $253 million.

Maintaining A Bullish Outlook

With FET consistently maintaining 1,500 to 2,000 daily active addresses, VIRTUAL recently crossing the 1,500 mark, and HEART peaking at 600 active addresses earlier in December, experts believe these trends indicate sustained interest, even as activity fluctuates.

Elsewhere, the meme coin Goatseus Maximus (GOAT) further fueled enthusiasm in the AI and meme coin sectors, rapidly reaching a $700 million market cap. With positive sentiment growing and AI tokens showing strong potential, many expect more gains to be had during this bull run, despite BTC recently dipping below $100K.

The U.S. Securities and Exchange Commission (SEC) is preparing for the possibility of a federal government shutdown. The regulatory agency stated it will focus on critical tasks such as maintaining market integrity and safeguarding investors. Its EDGAR database system, used to track government filings, will remain functional despite the looming shutdown.

Operational Adjustments
Concerns about a shutdown intensified after the House of Representatives postponed a vote on a bipartisan funding bill earlier this week. The congressional deadlock has fueled expectations of another government shutdown, which could leave federal workers unpaid during the holiday season and disrupt essential services, including food assistance programs.

Non-essential operations will face suspension if the government shuts down. Routine reviews, including those of ETF applications, may be paused. Despite these adjustments, the SEC will continue to pursue cases related to fraud and market manipulation.

Leadership Changes At The SEC
Anti-crypto SEC Commissioner Caroline Crenshaw is likely to exit the agency after senators failed to vote on her renomination. This would leave the SEC with three Republican commissioners, however the crypto community could not be happier that both Crenshaw and Gary Gensler are leaving.

Meanwhile, crypto-friendly libertarian Paul Atkins is positioned to become the new SEC Chair in early 2025. To maintain a bipartisan structure, two Democratic commissioners will need to be appointed.

On December 20th, Vivek Ramaswamy publicly confirmed that his Twitter account had been compromised, leading to the unauthorized distribution of false information about a supposed partnership with USUAL.

Damage Control

Ramaswamy was quick to address the situation, clarifying that the announcement was not approved by him or his team and urging his followers to disregard the misleading post. He emphasized that such communications were not legitimate and that he was taking immediate steps to resolve the issue.

With more public figures and organizations relying on platforms like Twitter to communicate with their audiences, incidents like this highlight the risks that come with digital engagement. Ramaswamy and his team are reportedly working around the clock to secure the account, ensuring that no further unauthorized activity takes place.

Scorched Earth

The former Roivant Sciences CEO recently shut down Democratic Senator Chris Murphy on the disputed spending measure after Murphy stated that only billionaires such as Elon Musk, Vivek Ramaswamy, and Donald Trump are opposed to the spending bill since they will be paid anyway. Murphy stated that if the funding measure is not enacted and the government shuts down, federal workers, military, and TSA agents will not be paid.

Ramaswamy asked Murphy not to use the military as a smokescreen for the significant senator wage increases, which he claims the public were not aware of until recently. Meanwhile, Donald Trump and JD Vance advocated for a financing bill that included a raise in the debt ceiling but no handouts to Democrats.