BTC Touched $103K, and Adidas x Stepn Running Shoes - December 06, 2024
Also, AI bots joined the trading race, and Base hits 8.8 million daily transactions.
TL;DR: Crypto Insights in Seconds
BTC: Hits the $103K mark and then tumbles below $94K.
Trading: AI bots are filling the market and adding volatility.
Solana: Co-founder highlights how memecoins are helping Solana’s growth.
Base: Hits 8.8 million daily transactions.
Kamino: Launches Kamino Swap to improve trading.
Adidas x Stepn: Will launch a limited physical running shoe collection.
Price Update
Bitcoin Hits $103K, Then Crashes Below $94K
Bitcoin hit a historic high of $103K, fueled by strong demand and institutional inflows. However, the rally quickly reversed, with BTC plunging below $94K due to heavy long liquidations exceeding $500 million. Analysts describe this as a "Thanksgiving-style flash crash," noting traders’ over-leverage as a key factor. The profit-taking trend could create short-term price pressure but ultimately signals a healthy market cycle.
Market Trends
AI Bots Join Bitcoin's Frenzy
The crypto space is becoming increasingly automated, with AI bots entering Bitcoin trading, intensifying market volatility. Experts are raising concerns about how this new wave of algorithmic activity could impact long-term stability.
Memecoins Are Helping Solana’s Growth
Solana co-founder Anatoly Yakovenko credited memecoins with stress-testing the network, transforming outages into opportunities for growth. Speaking at the Emergence conference, Yakovenko highlighted that challenges from high transaction loads, like those caused by Pump.fun and Raydium-based launches, led to robust engineering solutions.
Base Hits Record 8.8 Million Daily Transactions, Leading Layer 2 Ecosystems
Base has achieved an all-time high of 8.8 million daily transactions, outpacing rivals like Arbitrum (2.5M) and Optimism (900K). Its Total Value Locked (TVL) has reached $3.6 billion, with $227M in weekly inflows, driven by interest in AI agent protocols like Virtuals.
Don’t Miss Anything
Kamino Swap Introduces Intents-Based Trading on Solana
Kamino, Solana's largest decentralized exchange, has launched Kamino Swap, an intents-based platform designed to streamline trading. The feature uses Pyth Network for real-time pricing, ensuring low costs for liquidators and traders. Kamino Swap broadcasts trades to competing bots (searchers), optimizing prices through auctions, with users receiving tips in SOL for their trades.
Adidas and STEPN Bring Physical Products to NFTs
Adidas and blockchain fitness app Stepn are releasing 1,200 limited-edition physical Ultraboost 5 running shoes, following their April collaboration on Stepn x Adidas Genesis NFT sneakers. Available exclusively on the MOOAR marketplace, the launch emphasizes Adidas’s goal to mix fitness, digital rewards, and real-world utility.
The crypto market’s wild swings, from Bitcoin’s record highs to sharp corrections, highlight both its opportunities and risks. Memecoins, NFT integration into consumer products, and evolving blockchain networks like Solana are reshaping the ecosystem. As AI trading intensifies and institutions continue to engage, crypto’s future promises to remain both dynamic and unpredictable. As the market evolves, being informed and adaptable is crucial for investors and participants. Stay tuned for tomorrow’s newsletter to get the latest insights and updates in the market.
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