Are you curious about the latest in the crypto world? Here’s a rundown of today’s key trends and events affecting Bitcoin prices, blockchain technology, DeFi, NFTs, Web3, and crypto regulations.
BlackRock recommends bitcoin allocation of up to 2% in multi-asset portfolios
BlackRock, the world’s largest asset manager with $11.5 trillion in assets under management and the issuer of the largest spot Bitcoin ETF, has suggested that certain investors allocate up to 2% of their portfolios to Bitcoin. This recommendation was made in a report released on Thursday.
The report, which guides incorporating Bitcoin into a "multi-asset portfolio," described a 1% to 2% allocation as a "reasonable range for Bitcoin exposure." Bloomberg Senior ETF Analyst Eric Balchunas shared excerpts from the report on the platform X (formerly Twitter).
According to data from The Block's Data Dashboard, BlackRock's IBIT exchange-traded fund currently manages assets exceeding $50 billion.
The price of Bitcoin has recently surpassed $100,000 for the first time, fueled by a significant surge following Donald Trump's victory in the U.S. presidential election last month. With Bitcoin ETFs available since January and Trump, a president perceived as supportive of cryptocurrencies, preparing to assume office, Bitcoin and the broader cryptocurrency market are witnessing a notable rise in legitimacy.
One of the Election's Biggest Winners Is a Cryptocurrency in Hot Water With the SEC — Barrons.com
Cryptocurrencies have seen significant gains since Donald Trump won the U.S. presidential election, with one token standing out above the rest.
XRP, the cryptocurrency technology company Ripple Labs uses to facilitate and settle transactions across its digital payments platform, has surged nearly 400% since November 5, according to data from Kraken. On Thursday, XRP was trading steadily at $2.43.
This surge has propelled XRP to become the third-largest cryptocurrency by market capitalization, according to CoinMarketCap data, following Bitcoin and Ethereum, which have risen 45% and 62%, respectively, over the same period.
Market optimism is fueled by expectations that the incoming Trump administration may reduce cryptocurrency regulation, as the president-elect has shifted from a sceptic to a supporter over the past four years. This potential regulatory shift could particularly benefit XRP more than its competitors.
From Presale Pick to Market Star: PEPU’s 500% Gain and WEPE’s Promise
Holders of $PEPU, the newly launched Pepe Unchained meme coin, have reason to celebrate. Two days after its launch on December 10, the market capitalization of $PEPU has soared to over $480 million, marking an extraordinary 500% gain.
Pepe Unchained is rapidly establishing itself as one of the standout meme coins of the year. At the time of its decentralized exchange (DEX) listing, 1 $PEPU was $0.004638. It has since risen to approximately $0.04905, with a 24-hour trading volume of an impressive $37.52 million. This is particularly noteworthy given that the token debuted at a presale price of $0.008.
While it is too early to say whether Pepe Unchained will achieve its $1 billion market capitalization target, the outlook appears promising. There is speculation that centralized exchanges (CEXs) may soon begin to take notice and list the tokens.
Stablecoin Trading Startup Perena Tries Its Luck on Solana
Anna Yuan, the former stablecoin lead at the Solana Foundation, has left to launch her startup focused on the rapidly expanding crypto sector.
The company, which is developing Perena, a stablecoin trading infrastructure project, raised approximately $3 million in a pre-seed funding round led by Borderless Capital, Yuan shared in an interview with CoinDesk last month.
Perena is not solely focused on introducing another stablecoin. Instead, it aims to build on-chain systems that provide liquidity for the growing number of new stablecoins, even in their early stages.
The unique challenge of stablecoins lies in their reliance on the U.S. dollar, the global reserve currency, as their backing. Despite varying models, most stablecoins derive their value from this shared foundation. How can consumers, businesses, and traders seamlessly transact between the multitude of stablecoins introduced by different fintech companies?
Yuan pointed out the challenge: "If PayPal, Robinhood, and 20 other companies want to launch stablecoins on Solana, they will face significant difficulties in gaining adoption. These stablecoins will likely be no more usable than their fiat counterparts.
Ukraine bill seeks to legalize crypto by early 2025 with securities-based taxation model: report
A bill to legalize cryptocurrencies in Ukraine by the first quarter of 2025 is currently under development, with a draft bill being prepared by a parliamentary working group in collaboration with the National Bank and the International Monetary Fund (IMF), according to a report from Ukrainska Pravda on Thursday.
Danylo Hetmantsev, head of the Ukrainian Parliament's Committee on Finance, Tax, and Customs Policy, confirmed that the draft law is nearing completion and will soon be presented for its first reading. He expressed confidence that the legislation will be approved by early 2025.
"We aim to pass this law and legalize cryptocurrency in the first quarter," he stated.
The bill will facilitate the legalization of cryptocurrencies and establish a framework for their taxation. Similar to securities, profits from cryptocurrency conversion into fiat currency will be considered taxable.
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