ETH and Altcoins Grow, While BTC Faces Resistance at $97K - November 29, 2024
Also, HyperLiquid’s airdrop is today, and Avalanche has an upgrade.
TL;DR: Crypto Insights in Seconds
BTC: Unable to move past $97K yet.
ETH: The token and altcoins gain traction despite BTC pullback.
Russia: Approves crypto bill targeting crypto tax and mining.
Avalanche: New upgrade already on testnet.
Hyperliquid: 310 million tokens on airdrop today.
XT: The exchange has been hacked for $1.7M.
Celsius: Prepares for the second round of bankruptcy payouts.
Coinbase: Won’t support Celo’s layer-2 migration.
Price Update
Bitcoin Faces Resistance at $97K
Bitcoin briefly surged past $97,000 before retreating as traders capitalized on gains. According to CryptoQuant analysts, the crypto giant still has "plenty of room before topping" and could surpass the $100K milestone soon, driven by continued institutional interest and growing ETF inflows.
Ethereum, Solana, and Raydium Heat Up
The broader altcoin market is seeing notable action, with Ethereum (ETH) and Solana (SOL) gaining traction. Solana’s decentralized exchange, Raydium, also stands out, as its native RAY token rallies amid high trading volumes, though analysts warn of potential overvaluation.
Regulatory and Legal News
Russia Greenlights Crypto Tax Bill
Russia's Federation Council has approved a bill exempting cryptocurrency transactions from VAT and defining digital currencies as property. Income from crypto trading will be taxed similarly to securities, with rates up to 15% for individuals. Mining operators must report client details and declare income at market value upon receipt, while unregistered mining will have a monthly cap of power use at 6,000 kWh.
New Launches and Developments
Avalanche’s Landmark Upgrade
Avalanche has introduced Avalanche9000, its most significant upgrade yet, now live on testnet and expected on the mainnet by year-end. Key proposals include ACP-77, enabling affordable, permissionless validators for subnet creation, and ACP-125, drastically lowering fees on Avalanche’s C-chain, aligning costs with Ethereum’s L2s.
HyperLiquid’s Airdrop Sparks Excitement
Crypto exchange HyperLiquid is rewarding early adopters with an airdrop of 310 million tokens (31% of the total supply), aimed at boosting user engagement as competition in the exchange sector intensifies. The event will take place today at 07:30 UTC.
Don’t Miss Anything
XT Exchange Hacked for $1.7M
Crypto exchange XT.com suffered a $1.7M hack, with funds converted to ETH and stored in a new wallet, per blockchain security firm PeckShield. XT.com reassured users, citing its 1.5x reserve policy to cover any losses, maintaining $47.7M in reserves and $3.3B in 24-hour trading volume.
Celsius Bankruptcy Payouts Continue
Creditors of Celsius Network are set to receive $127 million in the company’s second round of bankruptcy payouts. While this represents progress, many creditors remain uncertain about recovering the full value of their holdings.
Coinbase Won’t Supports Celo’s Layer-2 Migration
Coinbase announced it will not support Celo’s migration to a Layer 2 on Optimism's Superchain, urging users to withdraw funds by January 13, 2025. The decision sparked criticism from Celo’s CEO, Marek Olszewski, and community members are urging for reconsideration. Coinbase clarified it may reevaluate support post-migration, while other exchanges, like Kraken, voiced support for Celo's Layer 2 upgrade. Celo’s token dropped 5% following the news.
The crypto industry remains a blend of opportunity and risk as Bitcoin edges toward the $100K milestone, while altcoins like Solana and Ethereum gain momentum. However, challenges such as security vulnerabilities and market pullbacks remind investors to remain cautious. With significant upgrades, strategic partnerships, and evolving regulations, the space continues to evolve dynamically. 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.
amazing