Sonic Airdrop on TikTok, and Crypto.com New Sports Prediction Market - December 24, 2024

Also, BTC test $90K support level, and Binance and Kraken invest in Usual.

TL;DR: Crypto Insights in Seconds

• BTC: Testing the $90K support level and hovering around that price mark.

• Trump: Appoints Stephen Miran as Chair of the Council of Economic Advisers.

• Sonic: Airdrop will target onboarded users on TikTok.

• Crypto.com: Reveals its new sport prediction market.

• Unchain: Public mainnet will launch in early 2025.

• Usual: The stablecoin raised $10 million in funding led by Binance and Kraken.

• MicroStrategy: Acquired an additional 5,262 BTC.

Price Update

Bitcoin Faces Sub-$90K Support Test

Bitcoin continues its descent, dipping below $90,000 as traders eye critical support levels. Market analysts suggest increased sell pressure and broader macroeconomic factors are weighing heavily on BTC. Many are watching for a potential rebound or further capitulation as year-end market trends develop.

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Regulatory and Legal News

Trump Appoints Stephen Miran to Economic Advisory Role

Donald Trump has named Stephen Miran, known for his crypto-friendly stance, as Chair of the Council of Economic Advisers. This appointment is another show of support for blockchain innovation and crypto policy development under the current administration.

New Launches and Developments

Sonic Airdrop Targets TikTok Users

Sonic, a gaming-focused Layer 2 blockchain on Solana, will airdrop its SONIC tokens to users onboarded via TikTok. Its SonicX game, built directly within TikTok, has attracted over 2 million users. With TikTok’s projected growth to 2.3 billion users by 2029, Sonic seeks to capitalize on this vast audience for Web3 gaming.

Crypto.com Unveils U.S. Sports Prediction Market

Crypto.com is launching a prediction platform in the U.S., allowing users to bet on sporting events like the NFL's Super Bowl. This new feature, regulated by the CFTC, offers straightforward Yes/No bets on event outcomes. Crypto.com is looking to tap into the growing popularity of prediction markets, inspired by platforms like Polymarket, which handled over $3 billion in election wagers.

Unichain’s Public Mainnet to Launch in Early 2025

Uniswap’s highly anticipated Layer 2 network, Unichain, is set to launch its public mainnet in early 2025. The project promises improved scalability and lower transaction fees, solidifying Uniswap’s leadership in decentralized finance.

Don’t Miss Anything

Binance and Kraken Invest in Stablecoin Usual

Crypto stablecoin startup Usual secured $10 million in Series A funding, led by Binance and Kraken’s venture arms, with support from Ethena, Ondo, and Echo founder Cobie. Usual’s USD0 stablecoin, backed by U.S. Treasurys, has reached a $1 billion market cap and offers users real yields, unlike traditional stablecoins like USDT and USDC.

MicroStrategy Adds to BTC Holdings

MicroStrategy has acquired an additional 5,262 BTC, reaffirming its position as one of the largest corporate holders of Bitcoin. Meanwhile, its stock has joined the prestigious Nasdaq-100, reflecting the company’s significant influence in tech and crypto investment circles.

This week is seeing significant developments across the crypto landscape, from Bitcoin’s volatile price action to strategic investments and innovative projects. As 2024 draws to a close, the focus remains on how the evolving regulatory and macroeconomic environment will shape the market heading into the new year.

🎄 Happy Holidays from Block Newsletter! 🎄

As we wrap up an incredible year, we want to thank you for your support, engagement, and for being part of our growing community.

We’ll be taking a short break to recharge and enjoy the holidays, and we’ll come back on January 6. We look forward to reconnecting then with fresh updates, insights, and exciting developments in Web3.

Wishing you a joyful holiday season and a fantastic start to the new year!

Cheers,
The Block Newsletter Team