Crypto Market Falls, and Pudgy Penguins NFT Grows - December 10, 2024

Also, overall crypto investments see record weekly inflows, and new international regulations.

TL;DR: Crypto Insights in Seconds

• Crypto Price: The market took a hit yesterday during widespread liquidations.

• Crypto Market: Overall investments see record weekly inflows.

• Iran: Seeking to regulate crypto to improve economic benefits.

• El Salvador: Changing BTC law to make it optional and not mandatory.

• Pudgy Penguins: Is now second-largest NFT project.

Price Update 

Crypto Market Takes a Hit Amid Widespread Liquidations

The crypto market experienced sharp declines yesterday, with Bitcoin dropping 5% to just above $95,000 and Ethereum falling 10% to $3,590. Cardano, Avalanche, and XRP seeing 20% losses. Around $750 million in leveraged positions, mostly bullish, were liquidated in the past 24 hours. Analysts suggest this could be a consolidation phase before a potential rebound.

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Market Trends

Crypto Investment Products Shatter Weekly Inflow Records

Crypto investment products saw record-breaking weekly inflows of $3.85 billion, pushing year-to-date inflows to $41 billion and total assets under management to a historic $165 billion, according to CoinShares. Bitcoin led with $2.5 billion in inflows, while Ethereum hit its largest weekly inflows ever at $1.2 billion.

Regulatory News

Iran to Regulate, Not Restrict, Cryptocurrency Use

Iran's Minister of Economic Affairs, Abdolnaser Hemmati, emphasized the government’s plan to regulate cryptocurrencies to optimize their economic benefits while minimizing risks. Considering Iranian investors hold an estimated $30–$50 billion in crypto, the Central Bank of Iran released draft policies supporting crypto trading under local tax and anti-money laundering laws.

El Salvador May Make Bitcoin Acceptance Optional Amid IMF Negotiations

El Salvador is considering changes to its Bitcoin law, potentially making bitcoin acceptance optional for merchants rather than mandatory. This adjustment is part of a $1.3 billion loan deal with the International Monetary Fund (IMF), alongside commitments to reduce its budget deficit, increase reserves, and pass anti-corruption laws.

Don’t Miss Anything

Pudgy Penguins Surpass BAYC in NFT Market Capitalization

Pudgy Penguins, a prominent NFT collection, has overtaken Bored Ape Yacht Club (BAYC) as the second-largest NFT project by market cap, now valued at $772.5 million. Its floor price rose by 8.4% in 24 hours to 22.1 ETH ($86,922), reflecting a 44.9% weekly increase. The surge follows the announcement of the "Pengu" token airdrop on Solana.

With the market seeing a considerable pullback, traders and investors are looking for new entries to invest and think ahead of future movements, still with trust in bullish sentiment. New international regulations show how crypto is solidifying all over the world. And, new NFT projects demonstrate how the industry is still strong despite rumors. 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.