08/12/2024. Weekly CryptoNews Digest (December, 2 – December, 8 )

Hello and welcome to the MNO blog! On this 8th of December, as we embrace the winter season, I’m excited to leverage over 17 years of experience to assist you in making informed investment decisions and navigating the ever-changing digital asset landscape. Since 2007, MNO has been your trusted resource for practical tips, insightful analysis, and the latest news on digital assets. Together, we’ll explore the opportunities and challenges in this exciting space, empowering you to achieve your financial goals.

At MNO, I am dedicated to keeping you informed about groundbreaking events and helping you understand their impact on your investments. The recent surge in BTC’s price underscores the dynamic nature of cryptocurrencies and their potential to reshape the financial landscape. My aim is to provide you with the knowledge and tools to navigate these changes effectively and seize the opportunities they offer.

To stay ahead of the curve, I offer several ways to keep you updated:
– MNO Newsletter: Receive expert tips, strategies, and market updates directly in your inbox. It’s like having your own personal crypto mentor without the hefty fees!
– Social Media: Follow me on Telegram, Facebook, and Twitter for real-time updates, discussions, and clear explanations of complex topics.
– Personalized Help: Need guidance? Reach out through the contact form, email me at abramsonp@gmail.com, or chat with me on Telegram @mnoblog. Your success in the digital asset world is my top priority.

MNO TALKBACK – POLL RESULTS AND NEW POLL ADDED

Before diving into the regular Weekly CryptoNews Digest on MNO, and given that BTC has surpassed the $100K mark, I think it’s high time to review the results of the previous poll I asked you to participate in a while back. I will also be replacing it with a new question, running for a few more weeks, reflecting on the growing dominance of BTC price-wise. As a reminder, the last question posted on the MNO TalkBack page was: What do you think is the main obstacle to more widespread use of cryptocurrencies?

As we witness BTC’s monumental rise past the $100K milestone, it’s crucial to revisit the community’s insights on the barriers to wider cryptocurrency adoption. This reflection not only celebrates BTC’s success but also acknowledges the hurdles that still need to be addressed. Your participation in the poll has provided valuable perspectives that will guide the upcoming discussions. The new poll will delve into BTC’s market dominance, aiming to gather fresh insights as we navigate this exciting phase in the cryptocurrency landscape. Your continued engagement is essential as we explore these dynamic shifts together. So, let’s dive into the poll results and see what the community has identified as the key obstacles to broader cryptocurrency use.

The poll results indicate that the primary obstacle to the wider adoption of cryptocurrencies is a lack of understanding, with 27% of respondents citing this as their main concern. This highlights the need for better educational resources and clearer information about how cryptocurrencies work, their potential benefits, and risks. Given the complex nature of blockchain technology and digital currencies, it is not surprising that many people feel they lack sufficient knowledge to engage confidently in the crypto space.

The second major concern, as indicated by 23% of respondents, revolves around security issues, such as the risks of hacking and theft. This is closely followed by concerns over limited scalability and high transaction fees at 20%, and regulatory uncertainty at 13%. The relatively lower percentages for volatility (7%) and limited acceptance (10%) suggest that while these are issues, they are not as significant as the other factors for most people. Overall, these results underscore the need for improved security measures, better scalability solutions, and more transparent regulatory frameworks to foster greater trust and usability in cryptocurrencies.

Given that BTC has now surpassed the $100K mark, the new question for the MNO TalkBack voters is: What do you think will be the next major milestone for Bitcoin in terms of its impact on the global economy?

– More people using it for everyday purchases
– National governments accepting it for payments
– Becoming a main asset for saving and investment

Voting will be open over the next few weeks. Looking forward to your thoughts and participation on MNO TalkBack. Please click here to vote!

And now it’s time for the latest edition of MNO’s Weekly CryptoNews Digest! Covering the week of December 2 to December 8, 2024, I’m here to bring you the most recent news and developments from the crypto world. Published every Sunday, this digest ensures you stay informed and prepared, especially as cryptocurrencies continue to be a hot topic of discussion. In the fast-paced world of digital assets, staying up to date is essential, and our digest is designed to provide you with the most relevant updates and insights. So, let’s dive into this week’s highlights and understand the trends that are shaping the future of finance.

BITCOIN SURPASSES $100,000: A NEW ERA FOR CRYPTOCURRENCY

Bitcoin reached the long-anticipated milestone of $100,000 last week, achieving a record high of over $103.5K on December 5, 2024, driven by strong institutional demand and macroeconomic factors. This significant surge follows the announcement of the new head of the US Securities and Exchange Commission (SEC) by US President-elect Donald Trump. Trump’s pro-crypto stance and the nomination of Paul Atkins, a strong supporter of cryptocurrency, have contributed to this historic rise.

The cryptocurrency market has been closely watching Bitcoin’s performance, and this milestone marks a major achievement for the digital asset. Analysts believe that Bitcoin’s price could continue to rise, given the positive political momentum and increasing interest from institutional investors. However, they also caution that Bitcoin’s notorious volatility remains a factor to consider.

The impact of this milestone extends beyond just Bitcoin, as it signals a broader acceptance and integration of cryptocurrencies into the financial system. With more investors viewing Bitcoin as a hedge against geopolitical risks and inflation, the future of digital assets looks promising.

As Bitcoin continues to break barriers, the crypto community eagerly anticipates what the future holds for this groundbreaking technology. The journey of Bitcoin has been marked by highs and lows, but this achievement underscores its potential to reshape the financial landscape.

XRP BECOMES THIRD-LARGEST CRYPTOCURRENCY

XRP surged past $2.50, overtaking BNB and Solana to become the third-largest cryptocurrency by market capitalization. This significant rise was driven by a combination of factors, including Ripple’s ongoing legal battle with the SEC and the potential approval of Ripple’s RLUSD stablecoin by the New York Department of Financial Services (NYDFS). The price of XRP saw a remarkable 30% increase within 24 hours, trading at around $2.46, and has experienced a 364% increase over the past month.

The surge in XRP’s value has been attributed to the positive sentiment in the cryptocurrency market, with investors becoming more confident in Ripple’s prospects. Analysts believe that the potential approval of the RLUSD stablecoin and the expected leadership change at the SEC could further boost XRP’s position in the market. Ripple’s efforts to integrate RLUSD into its RippleNet payment platform are expected to enhance the utility of XRP for cross-border payments.

XRP’s rise to the third-largest cryptocurrency marks a significant milestone for Ripple and its supporters. The cryptocurrency has faced numerous challenges, including regulatory hurdles and market volatility, but its recent performance indicates a positive shift in investor sentiment. With the potential for further regulatory approvals and market developments, XRP’s future looks promising.

As XRP continues to gain momentum, the crypto community eagerly anticipates what the future holds for this digital asset. The journey of XRP has been marked by highs and lows, but this achievement underscores its potential to become a major player in the cryptocurrency market.

ETH GAINS 50% SINCE NOVEMBER LOW

Ethereum also gained momentum, up 50% since its November low, supported by strong adoption across DeFi and NFT markets. This significant rise has been driven by increasing interest from both retail and institutional investors, who see Ethereum as a key player in the decentralized finance (DeFi) and non-fungible token (NFT) sectors. Analysts predict that Ethereum’s price could continue to rise, potentially reaching new all-time highs in the near future.

The surge in Ethereum’s value is also attributed to the growing number of decentralized applications (dApps) being built on its platform. As more developers and users engage with Ethereum, the network’s utility and demand continue to increase. This positive trend has been further bolstered by the recent launch of Ethereum ETFs, which have attracted significant institutional inflows.

Ethereum’s bullish momentum is also supported by technical indicators and market sentiment. Analysts have noted a strong buy volume and positive market trends, indicating a sustained upward trajectory. The upcoming Dencun upgrade, which aims to lower transaction fees and improve scalability, is expected to further enhance Ethereum’s appeal to investors.

As Ethereum continues to break barriers, the crypto community eagerly anticipates what the future holds for this groundbreaking technology. The journey of Ethereum has been marked by highs and lows, but this achievement underscores its potential to reshape the financial landscape.

HYPERLIQUID (HYPE) SEES 200% SURGE SINCE LAUNCH, DESPITE NO CEX LISTINGS

Hyperliquid’s HYPE token has seen an impressive surge of over 200% since its launch on November 29, 2024. Despite not being listed on any centralized exchanges (CEX), the token has quickly gained traction, currently trading at around $12.30 with a fully diluted valuation (FDV) exceeding $12 billion. The surge in value is driven by strong investor demand, with trading volume surpassing $279 million in the past 24 hours.

The success of HYPE can be attributed to several factors, including its decentralized distribution and innovative features. About 31% of the token supply was distributed through an airdrop, giving the community a significant stake in the project. Additionally, Hyperliquid reserved 38.8% of the supply for future rewards, emphasizing its long-term focus on community growth.

Hyperliquid operates as a decentralized perpetual trading platform and Layer 1 blockchain, offering unique features such as Time-Weighted Average Price (TWAP) and deflationary tokenomics. These features have contributed to the token’s rapid price increase and growing popularity within the decentralized finance (DeFi) space.

As HYPE continues to gain momentum, the crypto community eagerly anticipates its future performance. The token’s success highlights the potential of decentralized platforms and the increasing preference for DEX listings over traditional CEXs. With its innovative approach and strong community support, Hyperliquid is poised to become a major player in the DeFi landscape.

RIPPLE ANNOUNCES PLANS TO LAUNCH RLUSD STABLECOIN

Ripple announced plans to launch a stablecoin, RLUSD, which could enhance XRP’s role in financial transactions. The company aims to offer a stable alternative to XRP, avoiding volatility and regulatory uncertainty. The RLUSD stablecoin is expected to be approved by the New York Department of Financial Services (NYDFS) and could be launched as soon as December 4, 2024.

The introduction of RLUSD is anticipated to complement XRP in Ripple’s cross-border payment solutions. Ripple plans to use both RLUSD and XRP to serve its global customers, enhancing liquidity and stability. The stablecoin will be backed by U.S. dollar deposits, short-term U.S. government Treasurys, and other cash equivalents.

Ripple’s strategic partnerships with major firms such as Uphold, MoonPay, CoinMENA, Bitso, Bullish, Independent Reserve, and Bitstamp will help expand RLUSD’s reach. These partnerships are expected to provide users with more access to payments and remittances, making RLUSD a reliable option for large institutional players.

As Ripple gears up for the launch of RLUSD, the crypto community eagerly anticipates the potential impact on the market. The stablecoin aims to challenge established players like Tether and Circle by offering a regulated and transparent alternative. With the upcoming launch, Ripple continues to position itself as a key player in the evolving digital finance landscape.

What an exciting week it’s been in the world of crypto! Let’s take a moment to appreciate the incredible growth and innovation in the digital asset space. I want to extend a heartfelt thank you to all of you for your ongoing support and engagement. Your passion and enthusiasm drive our mission to provide valuable insights and information.

This weekend, make sure to relax and recharge. Don’t forget to participate in the MNO TalkBack poll – your feedback is crucial for tailoring content to better serve your needs. I’ll return next Sunday with more updates and insights from the crypto world. Keep growing your portfolio, and remember, I’m here to support you on your financial journey. Thanks for being an essential part of MNO – For Money Lovers!