Key Insights:
Bitcoin refuses to go down below $97k levels.
Altcoin shakeup negatively impacts Ethereum.
Ripple gets NYDFS approval for RLUSD, the lack of which killed Binance's multi-billion stablecoin BUSD.
Bitcoin has been trying its best amid an altcoin shakedown. The top cryptocurrency has gained ground in the last 48 hours since the alt shakedown. Bitcoin's market dominance now stands at 55.7%, up from 55.5% yesterday.
Crypto Market Heatmap 11 Dec 2024
CoinMarketCap
Etheruem, which was ready to cross $4000 a few days ago, has now consolidated near the $3675 level. ETH also faced some breakdowns in its market dominance, shrinking from 13% yesterday to 12.7% today.
Among major altcoins, XRP grew 85.3% in the last 24 hours on the back of NYDFS approval for its RLUSD stablecoin.
The lack of this approval prevents a stablecoin from working in New York State, USA, which then restricts the ability to interact with financial institutions; most of the world's important ones are present in that state.
Memecoins continue to correct today as well. Top memecoins like DOGE and SHIB lost 6.2% and 11.5% over the last 7 days, whereas PEPE, BONK, and WIF saw losses of around 15%.
In the RWA markets, every other crypto saw major losses except ONDO, OM, and XDC. Though RWA was one of the top-gaining sectors in the last few months, the current market corrections have led to significant losses.
Crypto markets have taken a breather lately after one of the largest rallies ever.
The RLUSD stablecoin was launched on Ethereum, and the XRP Ledger recently received approval from the New York Department of Financial Services to launch and issue its RLUSD stablecoin.
As a direct impact, Ripple has gained 5.5% in the last 24 hours amid a marketwide consolidation.
Ripple Gains 5.3% After RLUSD Approval
CoinMarketCap
This approval was essential to survive in the US stablecoin market, which is centered around New York. Most US financial institutions are headquartered in the city, and one needs a large amount of money at very low rates to back stablecoins. So, obtaining a permit becomes essential to operating in these markets.
As the US Government transitions from Biden administration to Trump, we see some interesting candidates.
Crypto investor David Sacks was appointed to the White House to advise on crypto and AI policy. Sacks has been a pro-crypto technocrat and reportedly has crypto investments, too.
The Department of Government Efficiency, led by Vivek Ramaswamy and Elon Musk, could implement sweeping reforms in controlling government spending very soon after Trump assumes the presidency on 20 Jan 2025.
The US SEC could soon see former SEC chief Paul Atkins as its new boss once again.
After a series of questions and some speculation, Donald Trump dismissed rumors about US Federal Reserve Chairman Jerome Powell. Indeed, Trump nominated Powell in 2018 before he was re-appointed in 2022.
Bitcoin ETFs have seen very large inflows in December. The latest of inflows in Monday and Tuesday were $483 million and $438 million. Last Thursday, these inflows were around $750 million. High inflows from ETFs and large investors have held Bitcoin stable despite $8.5 billion worth of miners selling last week.
Bitcoin ETF Inflows in December
Coinglass
Ethereum ETFs, too, have seen comparable inflows. Yesterday, they saw an inflow of $305 million, with the largest gainer being Fidelity, at $200 million. ETH's price is expected to come out of bearishness, as most experts agree that its fair valuation sits around $10k to $15k.
Ethereum ETF Inflows in December
CoinMarketCap
Disclaimer: Voice of Crypto aims to deliver accurate and up-to-date information, but it will not be responsible for any missing facts or inaccurate information. Cryptocurrencies are highly volatile financial assets, so research and make your own financial decisions.