NFT Market Is Growing, and Altcoins Might Bleed Until January - December 12, 2024

Also, MicroStrategy in the Nasdaq 100 index, and Notcoin launches rewards.

TL;DR: Crypto Insights in Seconds

• BTC: Reclaims $100K mark but traders expect the price to go up to $110K.

• Altcoins: Analysts predict that the bleeding can continue until January.

• ETFs: NYSE files for BTC-ETH ETFs.

• Hong Kong: Accelerates regulation plans to surpass competition.

• NFTs: The market sees $187 million in weekly volume.

• Magic Eden: Token launch presented issues and users are disappointed.

• MicroStrategy: Soon to be included in the Nasdaq 100 index.

• Notcoin: Launches builder rewards.

Price Update

Bitcoin Reclaims $100K and Traders Expect More

Bitcoin surged past the $100K mark, fueled by positive CPI data and a funding reset that alleviated market pressure. Analysts credit the Coinbase premium and renewed institutional interest for propelling BTC back to six figures. As Bitcoin’s price stabilizes, many traders anticipate a renewed push toward $110K in the coming months.

Altcoin Bleed May Continue Until January

Many altcoins are experiencing a slow decline as the market consolidates after Bitcoin’s recent rally. Analysts predict a difficult start to 2025 for smaller tokens unless Bitcoin stabilizes above $100K. They caution against chasing current trends and suggest it’s a reasonable time to adopt a long-term strategy. Some of the altcoins that dropped are Ethena, Pepe, and Bonk seeing steep losses.

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Regulatory News

NYSE Files for Bitcoin-Ethereum ETFs

The New York Stock Exchange has filed with the SEC to list a new ETF from Bitwise that includes Bitcoin and Ethereum. If approved, this would mark a significant step forward for institutional crypto investment, broadening the accessibility of digital assets​.

Hong Kong Accelerates Crypto Licensing and Regulation Plans

Hong Kong is fast-tracking its licensing process for crypto trading platforms as part of its initiative to become a global cryptocurrency hub and surpass competition in the region. Acting Secretary for Financial Services Joseph Chan announced plans for a consultative panel in early 2024 and expedited licensing through the Securities and Futures Commission.

NFT Market

December Sees NFT Surge

NFT sales kicked off December strong with $187 million in weekly volume, led by Ethereum-based collections like CryptoPunks and Pudgy Penguins, and marketplaces like OpenSea and Magic Eden reporting increased activity. Analysts note that recent token launches and innovative campaigns are revitalizing interest in the NFT sector​.

Magic Eden Token Faces Turbulence During User Complaints

Magic Eden’s ecosystem token (ME) saw a volatile debut, initially rallying from $6.70 to $13.10 before dropping 67% to $4.30. Though the price rebounded to $8.60, users criticized the airdrop process as overly complex, app glitches, and unclear instructions, leading to frustration among early adopters.

Don’t Miss Anything

MicroStrategy is Seeking to Crack the Nasdaq 100

MicroStrategy (MSTR) is set to join the Nasdaq 100 index on Dec. 23, bringing its Bitcoin-focused strategy into the spotlight. This inclusion will expose the company to massive institutional capital flows, with an estimated weight of 0.47% in the index. The move will also likely position MSTR for a future addition to the S&P 500 in 2025.

Notcoin Launches Builder Rewards

Telegram-powered Notcoin introduced an "Open Builders Earn" program, incentivizing developers with token rewards. This initiative seeks to grow the Notcoin ecosystem and expand its use cases within the blockchain developer community.

The crypto market shows resilience as Bitcoin reclaims its six-figure status, NFTs spark renewed enthusiasm, and institutional products like ETFs expand accessibility. Meanwhile, regulatory and market forces remain at play, shaping the future of crypto adoption globally. As 2024 concludes, the narrative remains one of innovation, challenges, and growing mainstream acceptance. 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.