Do Kwon Extradited to U.S. Ethereum Will Outperform Bitcoin in 2025
Reprinted from jinse
01/01/2025·4Mheadlines
▌ Do Kwon was extradited to the United States
Montenegro has completed the extradition of Terraform Labs co-founder Do Kwon to the United States, Prime Minister Milojko Spajic said on Tuesday, according to Bloomberg. He posted on the X platform: This extradition demonstrates our firm commitment to international justice and the rule of law. Do Kwon is currently facing dual prosecution in New York and Seoul due to the 2022 TerraUSD stablecoin crash, which caused a loss of US$40 billion. He was previously arrested in Montenegro for using a forged passport. In April this year, Terraform Labs and Do Kwon were found guilty of fraud in a civil lawsuit filed by the U.S. Securities and Exchange Commission (SEC), and Terraform has agreed to pay a $4.5 billion settlement.
▌ Ethereum may perform better than Bitcoin in 2025
Steno Research said in a report on Sunday that it expects the price of Bitcoin to rise from about $94,000 to as low as $150,000 next year, while the price of ETH will more than double, from $3,400 to at least $8,000. Namely, the ETH/BTC exchange rate will rise from the current 0.0357 to 0.06 over the next 12 months, similar to the price action in previous cycles, with altcoins becoming the focus of attention. Analyst Mads Eberhardt wrote: “This expectation is partly based on the argument that Donald Trump winning the U.S. presidential election would be more beneficial for altcoins than Bitcoin.” The report said that Bitcoin’s market share is expected to increase from approximately 56.6% dropped to 45%. The TVL of decentralized applications is expected to reach a new high of $300 billion next year, which, if correct, further supports the argument for rising altcoin prices.
Quotes
As of press time, according to Coingecko data:
BTC’s recent transaction price was US$93,805.13, with an intraday increase or decrease of +1.9 % ;
ETH’s recent transaction price was US$3,347.65, with an intraday increase or decrease of +0.7% ;
BNB’s recent transaction price was US$706.55, with an intraday increase or decrease of +0.7 % ;
SOL’s recent transaction price was US$190.99, with an intraday increase or decrease of +1.7 % ;
DOGE’s recent transaction price was 0.3189 yuan, with an intraday increase or decrease of +2.4% ;
XPR’s recent transaction price was $2.10, with an intraday increase or decrease of +3.3% .
policy
▌Hong Kong Legislative Council Member Wu Kit-chuang: The SAR government can refer to the securities industry to establish a DAO licensing system
Wu Jiezhuang, chairman of the Hong Kong Legislative Council, Web3 and Virtual Asset Development Forum Committee, said that the Hong Kong High Court heard the world’s first lawsuit involving a decentralized autonomous organization (DAO) in August this year. The United States and Abu Dhabi currently have relevant legal frameworks. To regulate DAO, since DAO has no legal entity, it is recommended that the SAR government can refer to the licensing system of the securities industry to establish a DAO licensing system, requiring licensed DAOs to clarify their internal individual relationships, and must establish a responsible officer (RO) to ensure that the licensed company complies with comply with regulatory requirements and maintain the company's day-to-day operations.
Blockchain application
▌ Founder of Phala Network: eve will introduce the fourth-generation token issuance model with reference to aiPool
Marvin Tong, founder of Phala Network, posted on his social platform that eve will introduce the fourth-generation token issuance model with reference to aiPool. The token distribution arrangement for the new model is as follows: 65% of the new tokens will be distributed to whitelisted contributors in proportion to their confirmed contributions. 20% of new tokens are created with SPORE to create a liquidity pool on Metaora/Raydium and burn LP to lock in value. 10% is held by the new AI agent for its initial operations and autonomy. 5% will be sent to the parent company AI’s wallet as profit sharing. 10% is held by the new AI agent for its initial operations and autonomy. 5% will be sent to parent company AI’s wallet as profit share.
▌Trader Eugene: PENGU is basically a replica of APE
Trader Eugene posted on the Abstract Chain launched. “I like the fact that we’ve run a full airdrop fractal and the early players have essentially exited this phase completely so that we can now have proper price discovery in 2025,” Eugene said.
cryptocurrency
▌ QCP: Bitcoin’s upward momentum weakens at the end of the year, and institutional allocation may become key in 2025
QCP Capital pointed out that as the end of the year approaches, BTC's momentum has significantly weakened, and its upward trend has been limited by selling pressure. Since December 19, spot ETFs have experienced a net outflow of US$1.8 billion, and MicroStrategy's BTC purchases have slowed down significantly. Looking forward to 2025, the key catalyst may appear in January as institutions will readjust their asset allocations. The proportion of institutional allocations to Bitcoin is expected to increase, consolidating market dominance, stabilizing spot fluctuations, and driving the growth of market demand for downside protection.
▌ CryptoQuant: Binance stablecoin reserves hit a new high of $31 billion, indicating that buying pressure is rising
CryptoQuant contributor Darkfost posted that Binance’s stablecoin reserves reached $31 billion on December 11, a record high. Notably, Binance’s stablecoin reserves stood at just $7 billion in June 2023, growing nearly fivefold since then. An increase in stablecoin reserves usually means buying pressure is rising. The current reserve level remains at around US$30 billion, which shows that investors are still actively active in the market and may continue to maintain strong buying pressure.
▌Prime Minister of Montenegro: Welcome entrepreneurs in legal cryptocurrency, AI and other fields, and have zero tolerance for fraud
Montenegro Prime Minister Milojko Spajic posted on the Kwon's extradition to the United States has been completed, and Milojko Spajic said the extradition demonstrated a firm commitment to international justice and the rule of law.
▌The U.S. dollar records its best annual performance since 2015
The dollar rose further on the last trading day of 2024, rising to its highest level since November 2022. The New Zealand and Australian dollars lagged other currencies. The Bloomberg Dollar Index rose 0.4%, bringing its full-year gain to nearly 8%, its best annual performance since 2015, as the U.S. economy solidifies and President-elect Donald Trump's tax cuts and tariffs are expected to keep interest rates high.
Important economic developments
▌Federal Reserve Daly: Cryptocurrencies should not be confused with gold and are still far from becoming a “currency”
San Francisco Fed President Daly said that cryptocurrencies should be treated as an independent asset class rather than being lumped together with gold as they are often, and that cryptocurrencies are complex and not yet ready to become a "currency." “I think cryptocurrency is a complex thing and what we need to provide for everyone is to really decipher what it means and once we do that, we can define it,” Daly said on the podcast. "It could be a currency, it could be a medium of exchange, it could be a stock, an asset that holds its value or sometimes loses value. We just have to define those terms." "So I don't think it's like gold," Daly added. "It sometimes has gold-like properties, but I don't think it's a gold-like asset."
▌The probability that the Fed will keep interest rates unchanged in January is 88.8%
According to CME's "Fed Watch", the probability of the Fed keeping interest rates unchanged in January is 88.8%, and the probability of cutting interest rates by 25 basis points is 11.2%. The probability of keeping current interest rates unchanged by March is 47.1%, the probability of a cumulative 25 basis point interest rate cut is 47.7%, and the probability of a cumulative 50 basis point interest rate cut is 5.3%.
▌The offshore RMB fell 151 points against the U.S. dollar from late New York trading last Friday.
The offshore RMB (CNH) was trading at 7.3152 yuan against the U.S. dollar at 05:59 Beijing time, down 151 points from late New York trading last Friday. The overall trading volume during the day was in the range of 7.2978-7.3195 yuan.
Golden Encyclopedia
▌ What is Ripple Labs’ RLUSD stablecoin?
RLUSD is a stablecoin developed by Ripple Labs, the organization behind the XRP cryptocurrency. RLUSD, or Ripple Labs USD, aims to provide a stable digital currency for trading and trading. As a stablecoin pegged to the U.S. dollar, 1 RLUSD is equal to 1 U.S. dollar. Each RLUSD maintains a 1:1 peg. These collateral assets are either U.S. dollar deposits or cash equivalents.
Disclaimer: As a blockchain information platform, Golden Finance publishes articles for information reference only and not as actual investment advice. Please establish a correct investment philosophy and be sure to increase your risk awareness.
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