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    HomeBlockchainAnalyzesThe most interesting news from the crypto market last week

    The most interesting news from the crypto market last week

    Bitcoin fell to a weekly low of $94,430 but has since recovered above $100,000, with analysts predicting further gains. In particular, portfolios containing less than 1 BTC are expected to grow by around 9% as small investors continue to pile in.

    Ethereum, the second largest cryptocurrency, is approaching $4,000. Forecasts suggest it could surpass its record high of $4,891.70 in Q1 of 2025.

    Overall, last week was filled with significant developments in the crypto space! Here are the highlights you may have missed.

    TOP COPY NEWS (8 - 14 December 2024)
    MicroStrategy joins Nasdaq-100, boosting bitcoin exposure
    Coinbase faces $1 billion lawsuit over removal of wBTC from exchange
    Ripple's RLUSD Stablecoin approved by NYDFS
    Bitwise predicts 2025 as the breakout year for crypto
    Texas investor convicted of $4 million bitcoin tax evasion
    Solana surpasses Ethereum as the top choice for new developers

    MicroStrategy joins Nasdaq-100, boosting bitcoin exposure

    Nasdaq announced that Michael Saylor's MicroStrategy (MSTR) will join the Nasdaq-100 Index on Dec. 23, reflecting its position among the 100 largest stocks by market capitalization. MicroStrategy, known for its huge bitcoin holdings, will be added along with Palantir (PLTR) and Axon (AXON), while Illumina (ILMN), Super Micro Computer (SMCI) and Moderna (MRNA) will be removed. The inclusion integrates MSTR into the Invesco QQQ ETF, indirectly exposing global investors to bitcoin. Analysts see this as a key step for wider institutional adoption of bitcoin.

    Coinbase faces $1 billion lawsuit over removal of wBTC from exchange

    BiT Global sued Coinbase for $1 billion, accusing it of removing Wrapped Bitcoin (wBTC) in November to promote its competing product, cbBTC. The lawsuit alleges attempted monopolization and predatory practices under the Sherman Act, claiming significant financial losses and damage to consumer confidence in wBTC. BiT Global's lawyers argue that the move sets a dangerous precedent in the crypto industry. Coinbase claims the removal is due to wBTC not meeting its listing standards. The lawsuit seeks damages and an injunction to prevent further harm.

    Ripple's RLUSD Stablecoin approved by NYDFS

    Ripple CEO Brad Garlinghouse announced that the New York Department of Financial Services (NYDFS) has approved the RLUSD stablecoin and a listing on the exchange is expected soon. Ripple launched RLUSD in April as a competitor to USDT and USDC, focusing on institutional use. The stablecoin is pegged at a 1:1 ratio to the US dollar and will be backed by US dollar deposits and short-term Treasury bonds. Ripple is already testing RLUSD on major networks XRP Ledger and Ethereum and has partnered with exchanges such as Uphold and Bitstamp. Executives predict a potential market cap of $2 trillion by 2028.

    Bitwise predicts 2025 as the breakout year for crypto

    Bitwise predicts a transformative 2025 for the cryptocurrency, foreseeing at least five major IPOs, including Circle and Kraken, along with Bitcoin potentially reaching $500,000. The firm also expects Ethereum to rise to $7,000 and Solana to jump to $750, led by growing adoption and innovative projects.

    Institutional investment is expected to flow into bitcoin ETFs, exceeding $50 billion, while tokenization of real-world assets could grow to $50 billion. Furthermore, trends in AI-driven memecoins could spark a new frenzy. Pobitovo labels 2025 as the "Year of the Crypto IPO," with Coinbase set to join the S&P 500.

    Texas investor convicted of $4 million bitcoin tax evasion

    Frank Richard Algren III, a bitcoin investor from Texas, was sentenced to two years in prison for failing to report over $4 million in crypto profits. This is the first criminal tax evasion case focused solely on cryptocurrency. Algren failed to report his bitcoin sales from 2017 to 2019, overstating cost bases to reduce taxable profits and hiding transactions using crypto mixers. He reinvested $3.7 million in real estate while evading taxes. In addition to jail time, Algren must pay $1.1 million in restitution and serve one year of supervised release.

    Solana surpasses Ethereum as the top choice for new developers.

    For the first time since 2016, Solana included more new developers than Ethereum, with 7,625 joining its ecosystem in 2024 compared to Ethereum's 6,456, according to Electric Capital. This growth, largely driven by Asia, reflects an 83% year-over-year increase in Solana's activity. However, Ethereum remains the leader in overall developer activity globally, with 6,244 monthly active developers and strong growth in its tier 2 networks. Crypto development is also expanding globally, with Asia emerging as the largest hub, led by the rapid entry of new developers in India.

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