On December 16, the cryptocurrency market narrowed its gains, with Bitcoin stabilizing at the 0.1 million dollar mark, continuing to surge to 0.11 million dollars! As of the time of writing,$Bitcoin (BTC.CC)$a gain of 0.66% at 105,152.00 dollars; $Ethereum (ETH.CC)$a gain of 0.16% at 3,965.44 dollars.

Hong Kong stocks in cryptocurrency spot and futures ETF rose as well, $CSOP Bitcoin Futures ETF (03066.HK)$、 $ChinaAMC Bitcoin ETF (03042.HK)$、 $Samsung Bitcoin Futures Active ETF (03135.HK)$、 $Bosera HashKey Bitcoin ETF (03008.HK)$Rising more than 5%,$Harvest Bitcoin Spot ETF (03439.HK)$Rising nearly 5%.

Key focus

• Satoshi Action Fund CEO: The third state in the USA will officially launch the 'Strategic Bitcoin Reserve' legislation this week.

The CEO of Satoshi Action Fund stated that the third state in the USA will officially launch 'Strategic Bitcoin Reserve' legislation this week, but he did not reveal which state will follow the lead of Texas and Pennsylvania. He revealed on X Spaces on December 15: 'Pennsylvania and Texas have already initiated Bitcoin reserve bills. Now another state is joining in. They sent me the draft, so I know this is real.'

Porter added that he expects at least 10 states will collectively introduce Bitcoin reserve bills, stating, 'This will not stop. We will see more and more of such bills being introduced. In my opinion, at least 10.'

• Analyst: If the USA's Strategic Bitcoin Reserve is approved, it may trigger a market rise followed by a fall.

After USA Senator Lummis proposed the acquisition of 5% of the Bitcoin supply by the USA government, Ben Simpson, founder and CEO of Collective Shift, analyzed that if the Global Strategy Bitcoin reserve is approved, the market is expected to become unstable, with Bitcoin likely to rise and then possibly decline.

Regarding the current market situation, Ben Simpson believes that Bitcoin's dominance (the indicator that measures Bitcoin's share of the total value of the cryptocurrency market) will 'start to decline', and as Bitcoin begins to consolidate around $100,000 and altcoins start to 'rise', the trend of the market 'rotating' to altcoins has actually begun, but it should not directly enter what's referred to as altcoin season.

• The FASB's fair value accounting standard for Bitcoin officially takes effect today.

On December 16, news from Bitcoin Magazine reported that the fair value accounting standard for Bitcoin by the Financial Accounting Standards Board (FASB) officially took effect today. Previously, companies could only measure their held Bitcoin assets at historical cost, which could not reflect their Market Cap growth. The new standard allows companies to adopt fair value measurement methods, which more accurately reflects the actual value of Bitcoin assets, and this change will lower the accounting barriers for companies to include Bitcoin on their balance sheets.

• Satoshi Nakamoto has become the 16th richest person globally, with a personal wealth valuation of 106 billion dollars.

As the price of Bitcoin reached 106,000 dollars, Satoshi Nakamoto's personal wealth valuation amounted to 106 billion dollars, making them the 16th richest person globally, surpassing Mike Bloomberg.

• In 2024, the growth of crypto developers slows down, with Asia replacing North America as the region with the highest concentration of crypto developers.

In 2024, the growth of crypto developers slows, but the long-term trend remains strong. While new developers are entering the crypto field, the total number of developers working in the industry in 2024 has slightly decreased compared to the previous year. Asia has replaced North America as the region with the highest concentration of crypto developers, with India gradually becoming a key participant. Additionally, the number of senior crypto developers (those with two or more years of experience) has significantly increased, indicating a maturing ecosystem.

• Analyst: Due to Trump's reaffirmation of establishing a strategic reserve, BTC has not experienced a correction, with the market expecting a breakthrough of the new resistance level at 0.11 million dollars.

Possibly driven by the USA's strategic reserve plan, Bitcoin has crossed 106,000 dollars for the first time, with IG Analyst Tony Sycamore stating: "The pullback that many anticipated has not happened because we now have a piece of news, and the market's next anticipated figure is 110,000 dollars," analyses suggest this news refers to Trump's reaffirmation of creating a Bitcoin strategic reserve. When Trump was asked last week during an interview with CNBC whether he planned to establish a crypto reserve similar to the oil reserve, he responded, "Yes, I think so."

• Bitcoin has set a record for the longest seven-week consecutive rise since 2021.

Since Trump won the US presidential election on November 5, the price of Bitcoin has continued to rise, setting the longest seven-week winning streak since 2021. Data shows that US spot Bitcoin ETF products attracted a net inflow of 12.2 billion USD during this period, while Ethereum ETF products also gained a net inflow of 2.8 billion USD.

Aya Kantorovich, co-founder of the institutional crypto platform August, analyzes that market participants are full of expectations for Trump's support of digital assets and his commitment to making the USA a global leader in the crypto industry. This optimism is directly reflected in the strong demand from institutional investors for crypto ETF products.

• Data: As of December, Bitcoin miners sold over 0.14 million BTC, totaling 13.72 billion USD.

Crypto analyst Ali tweeted that Santiment data indicates that as of December, Bitcoin miners have sold over 140,000 BTC, totaling $13.72 billion.

• The FBI is responding to a surge in crypto scams, involving fraudulent investments and employment schemes.

As Bitcoin reaches an all-time high, FBI Baltimore agent David Paniwozik has noticed an increasing number of criminals trying to profit from cryptocurrency scams. 'They want to get in on it, trying to make money, it seems like a quick and easy way,' SA Paniwozik said, noting that a major issue is investors' unfamiliarity with the technology, making them more susceptible to scams.

SA Paniwozik warns, 'Whether you want to transfer 1 dollar, hundreds of millions, or billions, there is no limit. You can seamlessly transfer it from a wallet controlled in the USA to a wallet controlled overseas in just a few seconds. Scammers have set up their own cryptocurrency exchanges to make you believe your investment is growing exponentially, or they say you must pay in cryptocurrency to 'unlock' jobs that offer high returns.'

• HKEX: The total market capitalization of ten virtual asset ETPs in Hong Kong reached 5.5 billion HKD by the end of November.

The HKEX announced that the Hong Kong ETP (Exchange Traded Products, including ETFs and leveraged and inverse products) market will enter its 25th anniversary this November, covering 195 products, with a market cap reaching 463 billion HKD by the end of November. The growth rate of the Hong Kong ETF market has increased over the past five years, with an average daily trading volume compound annual growth rate as high as 30%, and the average daily trading volume in the first 11 months of this year reached 18.7 billion HKD.

In April this year, Asia's first virtual asset spot ETFs were launched, followed by the region's first Bitcoin inverse product in July. Currently, there are 10 virtual asset ETPs listed in Hong Kong, with a total market value reaching 5.5 billion HKD by the end of November. In terms of Technology, the HKEX recently announced plans to digitalize and automate the physical subscription and redemption mechanism of ETFs through an online platform by 2025, in order to enhance the overall efficiency of the ETP market and promote continued growth in its secondary market activities.

• Former Thai Prime Minister Thaksin: Suggested that Bitcoin could be tried in Phuket.

Former Thai Prime Minister Thaksin stated at a local seminar that Trump might repay USA's debts with Bitcoin. He particularly emphasized that this is not encouraging everyone to buy Bitcoin, but rather a reminder that this is a trend. A variety of Cryptos have already emerged, with some saying that the types of currency in the future could exceed the number of countries.

The Thai people must keep up with the times and understand these changes. He also suggested that the Prime Minister could instruct the Ministry of Finance to research whether Bitcoin could be accepted in Thailand, such as piloting the use of Bitcoin in Phuket, allowing holders of Bitcoin to make payments locally.

• South African regulators have granted 248 cryptocurrency licenses and rejected 9 applications.

According to News.bitcoin, South Africa's financial regulatory body, the Financial Sector Conduct Authority (FSCA), has issued a total of 248 cryptocurrency asset service provider (CASP) licenses from the 420 applications received. Local reports indicate that 56 applications are still under review, while 9 have been rejected, and 106 entities withdrew their applications after FSCA expressed concerns about their business models.

• The owner of the internet celebrity squirrel Peanut has issued a cease and desist letter to Binance, demanding that Binance stop using PNUT related IP.

Mark Longo, the owner of the famous squirrel Peanut (@Squirrel_Dad12), stated in a post that a cease and desist letter has been sent to Binance through his law firm. The lawyer's letter pointed out that Binance used multiple intellectual properties without authorization, including the PNUT trademark and the image of a squirrel wearing a cowboy hat.

According to the lawyer's letter, Longo has been using the PNUT-related trademark in the USA since April 2017, primarily for educational and charitable projects related to animal protection, wildlife, and conservation. If the infringement is confirmed to be willful, the compensation amount could reach up to $0.15 million per infringement. The lawyer demands that Binance respond and cease all infringing activities by December 31.

• CryptoQuant founder: Bitcoin will not be cracked by quantum computers in this decade or even the next.

Ki Young Ju, founder and CEO of CryptoQuant, stated on the X platform that Bitcoin cannot be cracked by quantum computers in this decade or the next. Do not believe the unfounded rumors from those who do not know what they are talking about. By the way, Adam Back is a legendary cryptographer and the inventor of the Proof of Work (POW) algorithm used in Bitcoin.

• Bitwise CEO: AI agents need cryptos systems and use stablecoins and Bitcoin for trading.

Hunter Horsley, CEO of Bitwise, stated on the X platform that AI agents will require a whole new system. This system is cryptocurrency. They will trade using stablecoins and Bitcoin, they will lend through DeFi, they will use Asia Vets contracts without the need for courts, and they will have tokenized ownership and governance. Discussing these topics may still be premature, but cryptocurrency is not just a digital version of Gold and Stock investments. It will create a brand new, independent financial and asset system for people and entities in the digital world.

• 10x Research: New Bitcoin trading signals indicate that its price could rise to $120,000 during Trump's inauguration.

10x Research stated on the X platform that the target for new Bitcoin trading signals is to reach $120,000 before Trump's inauguration ceremony in January.

1. The upward trend of Bitcoin has resumed after a brief consolidation. As emphasized last Friday, cryptocurrency exchanges are experiencing a massive outflow of funds, greatly reducing the availability of Bitcoin on trading platforms. Meanwhile,OTCthe inventory on the platforms is also decreasing. These factors collectively suggest that the price of Bitcoin may be under pressure.

2. In addition, a new Bitcoin trading signal has been received. Based on the accuracy of our trading model (10 out of 12 successful), this signal is worth serious consideration. The signal indicates that by January 20, 2025, when Trump is inaugurated, Bitcoin may soar to $120,000.

3. Despite the three identified catalysts for December—MicroStrategy being included in the S&P 500 Index (probability of 50%), Microsoft proposing to consider Bitcoin as a treasury asset (probability of 10%), and the accounting rules from the Financial Accounting Standards Board regarding fair value reporting for cryptographic assets (probability of 100%)—their full impact has yet to be realized.

4. Notably, MicroStrategy has not been included in the S&P 500 Index, but was included in the NASDAQ 100 Index, which may drive increased buying activity this week. Additionally, the company may issue more convertible ​Bonds to expand its holdings of Bitcoin, making a breakout very likely for Bitcoin this week.

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Editor/ping