Uk Jin

In December, the virtual asset (cryptocurrency) market experienced an unprecedented boom, with centralized exchange (CEX) trading volumes reaching record levels. On the 16th, the cryptocurrency specialist media Cointelegraph reported, citing data from CCData, that the spot and derivatives trading volumes of centralized exchanges in December reached $11.3 trillion (approximately 1.65 quadrillion won), a 7.58% increase from the previous month. The centralized exchange with the highest trading volume was Binance. Binance recorded a spot trading volume of $9,640, a 0.13% increase from the previous month. It was followed by Bybit ($247 billion) and Coinbase ($191 billion). Derivatives trading volume increased by 7.33% from the previous month, reaching $7.58 trillion, the largest ever. The media evaluated that the surge in centralized exchange trading volumes was significantly influenced by Bitcoin (BTC) reaching $100,000 for the first time in history and the resulting large-scale liquidations due to increased volatility.

The Web3 gaming platform project Ronin (RON) is making every effort to attract developers. On the 16th, Ronin announced on X (formerly Twitter) that it is launching a $10 million (approximately 14.568 billion KRW) developer grant initiative.

India's richest man Mukesh Ambani's telecom company Reliance Jio is considering adopting blockchain technology. It is reported that Polygon (POL) will be used for the blockchain adoption. On the 16th, the cryptocurrency-focused media outlet Cointelegraph reported that Indian telecom company Jio is collaborating with Polygon Labs to integrate blockchain technology into some of its existing services. In this process, Jio and Polygon Labs have also formed a strategic partnership. Sandeep Nailwal, co-founder of Polygon, stated, "Polygon Labs will support Jio and integrate blockchain technology into various applications," adding, "Through this, we aim to provide web3 services to Jio's 450 million customers."

Ethereum (ETH) spot Exchange Traded Fund (ETF) has successfully seen inflows. On the 15th (local time), according to Farside Investor, the US Ethereum spot ETF recorded a total inflow of $59.1 million. Fidelity FETH and BlackRock ETHA saw inflows of $29.3 million and $19.2 million, respectively.

Bitcoin (BTC) has surpassed the $100,000 mark, buoyed by a lower-than-expected Consumer Price Index (CPI), and now all market eyes are on the inauguration of President-elect Donald Trump. As of 10:56 AM on the 16th, Bitcoin is trading at $100,109, up 2.72% from the previous day according to CoinMarketCap. The rise in Bitcoin today was triggered by macroeconomic indicators. Last night, the U.S. Department of Labor announced that the November Consumer Price Index (CPI) rose by 2.7%, in line with market expectations. This has alleviated inflation concerns and brightened the outlook for interest rate cuts, leading to a general bullish trend in the virtual asset (cryptocurrency) market, including Bitcoin. Meanwhile, on the 20th (local time), the inauguration of President-elect Donald Trump will take place in the United States. Some speculate that once Trump takes office, a 'Sell the News' phenomenon, where profit-taking sell-offs occur, might emerge. However, some opinions suggest that this is merely a temporary phenomenon. Cosmo Gian, a portfolio manager at Pantera Capital, stated, "Trump is expected to issue positive executive orders for digital assets shortly after taking office," adding, "There may be people who sell on the news in the short term, but this is like seeing the trees and missing the forest."

On the 15th (local time), as the Securities and Exchange Commission (SEC) submitted preparatory documents for an appeal against Ripple, Ripple's Chief Legal Officer (CLO) responded. On this day, Stuart Alderoty, Ripple's CLO, stated on X (Twitter), "The SEC's appeal brief is nothing more than insisting on a failed logic," adding, "It is likely to be dismissed when the Trump Administration takes office." He further added, "The SEC's lawsuit is just noise. A new era of regulation supporting innovation is approaching, and Ripple is growing."

The Solana (SOL)-based meme coin creation protocol Pump.fun is facing the threat of a class-action lawsuit. On the 15th (local time), the cryptocurrency-focused media outlet BeInCrypto reported that some Pump.fun users have engaged the law firm Berwick Law to prepare a class-action lawsuit. Pump.fun was the most popular platform among protocols within Solana last year. However, it has consistently been the subject of controversy. Pump.fun was a protocol that facilitated the easy issuance of meme coins for existing users. However, problems arose after it began offering live streaming features. During live streams, numerous users promoted their issued meme coins in unfair ways and illicitly profited, resulting in a large number of victims. Berwick Law pointed out, "Over the past few months, Pump.fun has allowed illegal drug use, self-harm, racism, anti-Semitism, obscene acts, bestiality, violence, and other antisocial behaviors to occur on the platform, raking in hundreds of millions of dollars in fees." They added, "Additionally, they turned a blind eye to over 60% of users incurring losses."

Ripple and the Securities and Exchange Commission (SEC) are entering the appeals phase. On the 15th (local time), former U.S. federal prosecutor James K. Filan announced on X (Twitter) that the SEC, which appealed the first trial verdict against Ripple, has submitted its opening brief. The legal battle between Ripple and the SEC began when the SEC sued Ripple for unregistered securities sales. Last year, on August 1st, a U.S. court ruled that Ripple must pay a $125 million fine. In that ruling, Judge Annalisa Torres issued a summary judgment stating that it is difficult to see Ripple as a security, particularly noting that sales of Ripple tokens to individual investors did not violate securities laws. Meanwhile, in this appeal brief, the SEC requested a review of Ripple's status as a security and whether sales to individual investors violated securities laws. The SEC argued that "Ripple violated securities laws by failing to provide important information to investors" and claimed that "the court applied incorrect standards."

Ripple has surpassed its all-time high. As of 8:15 AM on the 16th, Ripple is trading at $3.16, a surge of 18.72% compared to the previous day, according to CoinMarketCap. In recent weeks, Ripple has been the most notable cryptocurrency. Even as Bitcoin (BTC), the leading cryptocurrency, has been hesitant due to macroeconomic indicators such as inflation concerns, Ripple has continued its solo rally. On this day, the U.S. November Consumer Price Index (CPI) met market expectations at 2.7%, leading to an overall market uptrend, which further supported Ripple's rise. In fact, according to an analysis by the cryptocurrency media outlet Cointelegraph on Google Trends, Ripple has surpassed Bitcoin as the most searched cryptocurrency globally as of January 15. However, it has yet to achieve an all-time high on domestic exchanges. In 2018, Ripple was traded at 4,925 KRW on domestic exchanges.

Amid growing market anticipation for altcoin spot Exchange-Traded Funds (ETFs), Litecoin (LTC) has made its presence known. On the 15th (local time), James Seyffart, a Bloomberg ETF analyst, announced on X (Twitter) that "Canary Fund has just submitted a revised Litecoin ETF securities filing (S-1)." However, it is reported that the review request document (19b-4) has not yet been submitted. Meanwhile, there is speculation that Litecoin could be the next cryptocurrency to receive ETF approval after Bitcoin (BTC) and Ethereum (ETH). Eric Balchunas, a Bloomberg ETF analyst, stated, "I've heard that the Litecoin S-1 has received comments from the Securities and Exchange Commission (SEC). This supports my prediction that Litecoin is most likely to be approved next."

On the 15th (local time), according to Watcher Guru, Texas State Senator Charles Schwertner proposed a bill to make Bitcoin (BTC) a strategic reserve asset. Senator Charles Schwertner stated on X (Twitter), "It's time for Texas to lead the way in adopting Bitcoin as a strategic reserve asset. That's why I submitted Senate Bill 778. If the bill passes, Texas will be the first in the U.S. to adopt Bitcoin as a strategic reserve asset," he said.

The cryptocurrency Ripple touched $3 during trading. Some speculate that it might break its all-time high. On the 15th (local time), cryptocurrency media outlet CoinDesk highlighted Ripple's upward trend, reporting that Ripple reached $3 for the first time in 7 years. As of 6:40 AM on the 16th (Korean time), Ripple is trading at $2.98, up 12% from the previous day according to CoinMarketCap. Ripple's surge began after Donald Trump, the Republican presidential candidate, was elected. Ripple's value skyrocketed by about 488% following Trump's election, surpassing Tether (USDT), Solana (SOL), and Binance Coin (BNB) to rank third in market capitalization. With expectations that the cryptocurrency industry would benefit under the Trump administration, Ripple emerged as a representative beneficiary. In fact, Ripple is a leading cryptocurrency company that has been in legal battles with the Securities and Exchange Commission (SEC). There is speculation that if Ripple's security status is fully cleared, a Ripple spot Exchange-Traded Fund (ETF) could be launched. The Eco Cadenas Abra analyst explained, "The surge in Ripple's price is backed by ETF expectations, increased partnerships, and the stablecoin RLUSD." Meanwhile, there were whale investors who continued to accumulate Ripple during its rise. According to Santiment data, since November 12, the amount of Ripple held by whales (addresses holding between 1 million and 10 million Ripple) has increased by 1.4 billion (about $3.8 billion).

According to the Token Mindshare (a metric quantifying the influence of specific tokens in the crypto market) top gainers from the AI-based Web3 search platform Kaito, the top five cryptocurrencies garnering the most attention as of the 15th are AIXBT, Ripple, Uniswap (UNI), Pudgy Penguin (PENGU), and HyperLiquid (HYPE). AIXBT took the top spot today. Among the AI agent tokens that generally rose, AIXBT recorded the highest increase. As of 2:20 PM today, AIXBT is trading at $0.7329, up 33.84% from the previous day according to CoinMarketCap. Ripple secured the second position, showing the highest increase among major altcoins. Ripple surged 10.14% in a single day, reaching $2.80. It is just $0.24 away from its all-time high of $3.14. Its market cap reached $161.4 billion, widening the gap with Tether by $30 billion. Uniswap ranked third. Uniswap attracted investor interest by forming a partnership with Ledger today. Uniswap Labs announced a partnership with the crypto hardware wallet company Ledger for DeFi swaps, making it possible to use the Uniswap exchange through Ledger hardware wallets. Finally, HyperLiquid, a decentralized exchange project, took the fifth spot. HyperLiquid recently announced its first event, TimeSwap, within the exchange, drawing investor attention. TimeSwap, a multi-chain lending platform, is set to be listed on the HyperLiquid spot exchange on the 17th. Additionally, investors are showing interest in Griffin, Toshi, TON, AI Rick Complex, and Eliza.

Blockchain company Ripple announced on the 15th that it will donate $100,000 worth of Ripple to aid recovery efforts for the California wildfires. Ripple shared this news through its official X (Twitter) account. This donation was made through the blockchain donation platform 'The Giving Block'. The Giving Block is currently running a campaign aiming to raise $2 million to assist residents, businesses, and emergency responders affected by the California wildfires.

Sky (formerly MakerDAO) ecosystem liquidity marketplace Spark announced on the 15th that it will integrate Etena's native stablecoins USDe and sUSDe into the 'Spark Liquidity Layer' (SLL). SLL plans to allocate stablecoins directly to Etena to expand stablecoin liquidity across DeFi. This process will supply up to $1.1 billion (approximately 1.6 trillion KRW) in stablecoin liquidity to the Etena ecosystem. Spark expects this integration of USDe and sUSDe into the SLL to be a crucial step in maximizing the profitability of the Spark ecosystem. Sam MacPherson, CEO of Spark development team Phoenix Labs, stated, "This integration will efficiently distribute liquidity across DeFi platforms, creating new yield generation opportunities for Spark." Meanwhile, Spark is currently providing stablecoin liquidity to other DeFi platforms such as Aave, Morpho, and Base, in addition to Etena.

Ripple's upward trend continues. As of 10:25 AM on the 15th, Ripple is trading at 4,030 KRW on Upbit, up 1.74% from the opening (9 AM).

Short-term selling pressure on Bitcoin (BTC) is intensifying. On the 15th, CryptoQuant contributor Gaah reported, "Looking at the market buy and sell indicators, it is evident that Bitcoin is experiencing strong short-term selling pressure recently," adding, "This phenomenon is mainly associated with large-scale profit-taking when the price reaches resistance levels, suggesting that a sideways market may ensue." Gaah also focused on the movements of short-term holders. He noted, "During the recent price adjustment period, short-term holders have been observed liquidating their positions. This short-term selling is occurring even at a loss," adding, "This also clearly demonstrates the overall selling pressure." There are also forecasts that the price of Bitcoin is likely to decline in the future. Gaah predicted, "These factors are collectively intensifying downward pressure on the market," and "Chart analysis shows a structure where the downtrend is likely to continue."

According to the cryptocurrency data provider Alternative on the 15th, the Crypto Fear & Greed Index recorded 70 points, up 7 points from the previous day. This is due to the rise in most cryptocurrencies, including the leading cryptocurrency, Bitcoin (BTC). As of 9:02 AM on this day, Bitcoin (BTC) is trading at $96,540 on CoinMarketCap, up 2.19% from the previous day. Most altcoins also rose. At the same time, Ethereum (ETH) increased by 2.79%, while Ripple and Binance Coin rose by 5.42% and 1.55%, respectively. Additionally, Solana (+2.58%), Dogecoin (+5.20%), and Cardano (+5.59%) also recorded gains. However, Tron (TRX) fell by 0.90% from the previous day. The Fear & Greed Index is an indicator that expresses market sentiment, calculated based on factors such as volatility (25%), trading volume (25%), social media (15%), surveys (15%), Bitcoin market cap dominance (10%), and Google search volume (10%).

Cryptocurrency exchange Coinbase is listing Toshi (TOSHI). On the 15th, Coinbase announced via its official X (Twitter) that it is adding Toshi to its listing roadmap. As of 8:45 AM today, Toshi is trading at $0.0003716, up 186.32% from the previous day.

The Securities and Exchange Commission (SEC) has extended the review period for asset management company Bitwise's crypto asset (cryptocurrency) mixed exchange-traded fund (ETF) application until March 3, 2025. On the 14th (local time), crypto-specialized media Crypto Briefing reported this by citing SEC documents. Previously, in November, Bitwise submitted a listing application for the Bitwise 10 Crypto Index Fund (BITW) to the SEC through the New York Stock Exchange Arca (NYSE Arca). However, the SEC was unable to conduct a sufficient review by the original deadline of January 17, and thus extended the review deadline to March 3. The SEC explained the purpose of the extension in a statement, saying it was "to address concerns related to market manipulation, liquidity, and investor protection." Meanwhile, BITW is currently a $1.4 billion product. It is currently traded on OTCQX. Matt Hougan, Bitwise's Chief Investment Officer (CIO), explained, "BITW is a product designed to showcase the potential of crypto assets to investors."