Ethereum Eyes $15K, and MiCA Moves Forward - December 18, 2024
Also, Bitcoin hits $108K briefly, and Bybit suspends services in France
TL;DR: Crypto Insights in Seconds
BTC: Reaches a new high touching $108K.
ETH: Keeps growing and analysts expect it could reach $15K.
MiCA: The final framework has been published.
Bybit: Will suspend services in France by 2025.
SEC: Lawmakers cancel SEC Commissioner Caroline Crenshaw’s renomination.
Stripe: Partners with Remote to allows USDC payments to global contractors.
MicroStrategy: The company could surpass Nike and Starbucks by market cap.
Price Update
Bitcoin’s Record Surge and Sudden Retreat
Bitcoin briefly touched $108K before diving, a testament to the heightened volatility as traders rushed out of over-leveraged positions. This price action shows a possible cooling period, but analysts maintain optimism about a sustained rally fueled by strong institutional inflows like U.S. spot Bitcoin ETFs surpassing 500,000 BTC in cumulative inflows.
Ethereum’s Bullish Outlook and Whale Activity
Ethereum shows signs of testing new all-time highs, with analysts targeting a possible $15K peak. This optimism comes as whale wallets holding 57% of Ethereum demonstrate continued accumulation, a traditionally bullish indicator.
Regulatory and Legal News
MiCA’s Final Guidance Released
The EU Securities Markets Authority has published final guidance under the Markets in Crypto-Assets (MiCA) framework. This provides much-needed clarity for exchanges, wallet providers, and stablecoin issuers as Europe leads in regulatory innovation.
Bybit Suspends France Services
Bybit will end crypto services in France by 2025, citing regulatory restrictions, a decision reflecting common challenges for crypto firms in navigating EU policies.
U.S. Senate Stalls SEC Nomination
The Senate Banking Committee has canceled SEC Commissioner Caroline Crenshaw’s renomination, which could indicate potential shifts in the regulatory approach under the current administration.
Don’t Miss Anything
Remote Partners with Stripe to Support USDC Payments for Global Contractors
Remote payments is partnering with the giant Stripe to support USDC payments for global contractors, a great sign of adoption and the growing use of stablecoins in traditional payment ecosystems.
MicroStrategy’s Predictions for the Future
If Bitcoin reaches $138K, MicroStrategy could surpass the market caps of Starbucks and Nike. This will validate the firm’s outsized Bitcoin exposure strategy and reaffirm its central role as a corporate crypto pioneer.
The crypto market remains a blend of optimism and uncertainty. Bitcoin’s fleeting highs and Ethereum’s bullish trends underscore the continued evolution of this asset class, even as regulatory clarity through frameworks like MiCA promises to shape the next chapter of global adoption. 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.
great 👍