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Bitget Daily Digest | $CAT surges on positive news, 21Shares XRP Trust paves the way for an XRP spot ETF (December 17)

Bitget Daily Digest | $CAT surges on positive news, 21Shares XRP Trust paves the way for an XRP spot ETF (December 17)

远山洞见2024/12/17 09:43
By:远山洞见

Bitget Daily Digest | $CAT surges on positive news, 21Shares XRP Trust paves the way for an XRP spot ETF (December 17)       image 0

Market highlights

1. AI digital identity platform $Vana launches its mainnet, along with staking functionality. However, news of the airdrop snapshot caused the NFT series V floor price to plunge by over 92%. Simon's Cat ($CAT) and Pudgy Penguins ($PENGU) have been listed on major exchanges, with $CAT experiencing a short-term surge, attracting significant market attention.

Bitget Daily Digest | $CAT surges on positive news, 21Shares XRP Trust paves the way for an XRP spot ETF (December 17)       image 1

2. $HYPE skyrockets, maintaining strong momentum, while the Hyperliquid ecosystem is gaining traction. Hypurr Fun emerges as a "crowdfunding" platform, and projects like Farm, SOVRN, and MON have shown impressive performance, highlighting significant opportunities for profit.

Bitget Daily Digest | $CAT surges on positive news, 21Shares XRP Trust paves the way for an XRP spot ETF (December 17)       image 2

3. $Virtuals gains ground, and $GAME's market cap briefly approaches $130 million, backed by strong ecosystem data. The team hints at activating GAME royalties, which could inject fresh capital into the treasury through the agent. With GAME's revolutionary design framework, the combination of a buyback-and-burn mechanism and royalties holds promising utility for token value.

Bitget Daily Digest | $CAT surges on positive news, 21Shares XRP Trust paves the way for an XRP spot ETF (December 17)       image 3

4. 21Shares XRP Trust registration has been completed, paving the way for an XRP spot ETF. Meanwhile, FTX has partnered with BitGo and Kraken to handle claims, offering payout options in stablecoins and fiat currency. The restructuring plan is set to take effect on January 3, with the first round of payouts to be completed within 60 days.

Bitget Daily Digest | $CAT surges on positive news, 21Shares XRP Trust paves the way for an XRP spot ETF (December 17)       image 4

 

Market overview

1. After hitting a new high, BTC retraces slightly, with a mixed performance across the market. New coins like $ARC and $STNK stand out with strong performance.

Bitget Daily Digest | $CAT surges on positive news, 21Shares XRP Trust paves the way for an XRP spot ETF (December 17)       image 5

 2. The Dow Jones falls for the eighth consecutive session, but Tesla surges over 6%, supporting a new record for the Nasdaq. Meanwhile, Nvidia enters a correction phase. 

Bitget Daily Digest | $CAT surges on positive news, 21Shares XRP Trust paves the way for an XRP spot ETF (December 17)       image 6

3. Currently at 105,954 USDT, Bitcoin is approaching a potential liquidation zone. A 1000-point drop to around 104,954 USDT could trigger over $650 million in cumulative long-position liquidations. Conversely, a rise to 106,954 USDT could lead to more than $60 million in cumulative short-position liquidations. With long liquidation volumes far surpassing short positions, it's advisable to manage leverage carefully to avoid large-scale liquidations.

Bitget Daily Digest | $CAT surges on positive news, 21Shares XRP Trust paves the way for an XRP spot ETF (December 17)       image 7

4. In the past 24 hours, the BTC spot market saw $5.7 billion in inflows and $6 billion in outflows, resulting in a net outflow of $300 million.

Bitget Daily Digest | $CAT surges on positive news, 21Shares XRP Trust paves the way for an XRP spot ETF (December 17)       image 8

5. Over the past 24 hours, $BTC, $COW, $UXLINK, $VIRTUAL, and $CAT have led in net inflows in futures trading, signaling potential trading opportunities.

Bitget Daily Digest | $CAT surges on positive news, 21Shares XRP Trust paves the way for an XRP spot ETF (December 17)       image 9

Highlights on X

1. @s4mmy.moca: Overview of AI agents' concepts over the last 24 hours

The AI agents ecosystem is booming, with Fartcoin and Virtuals representing contrasting narratives: memetic narrative versus practical utility. These trends are emerging as core themes on Solana and Base chains. Virtuals Protocol has partnered with LongHashX to launch the world's first on-chain AI agent incubator, providing funding and technical support to developers, driving AI agents toward a billion-dollar market. Meanwhile, Near Protocol is being recognized as an "AI chain," with the market eagerly awaiting its upcoming developments. On Solana, ai16z remains dominant, but emerging projects like MoemateAI and cryptohayesai are looking to carve out their share of the market. The race for AI dominance has begun, and market attention centered on this AI revolution fueled by community participation and capital.

X post: https://x.com/S4mmyEth/status/1868680831147139525

2. @bitfool1: Is Virtual worth watching?

Virtual is gaining traction but comes with both potential and risks. In terms of valuation, consider this: during its peak, Uniswap reached 5% of ETH's market cap. If Base achieves 10% of ETH's value (around $47.8 billion), Virtual reaching 5% of Base's market cap would amount to $2.39 billion—leaving limited upside. Even if Base's market cap doubles, Virtual's growth expectations remain constrained.

X post: https://x.com/bitfool1/status/1867888647405801564

 

3. @Unipcs: $CAT market analysis and market cap outlook

$CAT has become the first cat-themed memecoin to be listed on the spot market of a major exchange, quickly challenging $POPCAT for the dominant position. Leveraging strong brand awareness, official IP support, and a pricing edge that attracts retail investors, $CAT exhibits significant market potential. As most capital remains on the sidelines, $CAT could trigger a "FOMO" rally and pave the way to a $1 billion market cap.

X post: https://x.com/theunipcs/status/1868643414087962745

 

4. @jason_chen998's strategies for retails' challenges in top exchange listings

Top exchanges face the challenge of "listings peaking at launch", burdened by inconsistent project quality, VC interests, and high user expectations. In contrast, Bitget, free from these pressures, has greater flexibility in filtering projects and uncovering value. One solution is adopting a "Tech Innovation Board" model to lower listing barriers. Funds would undergo a rigorous screening process with volume restrictions: high-quality projects advance to the main board, while weaker ones are naturally filtered out. In the long run, the industry will see a convergence of CEX and DEX models, mitigating listing hype and returning to blockchain fundamentals. For retails, the best strategy is to focus on acquiring new tokens in the primary market (ideally for free), avoid jumping in at launch, and patiently invest after significant price corrections once a rounded bottom has formed.

X post: https://x.com/jason_chen998/status/1868678974819401901

 

Institutional insights

1.Bitfinex: The current crypto bull market is expected to peak in Q3 or Q4 of 2025.

Article: https://blog.bitfinex.com/bitfinex-alpha/bitfinex-alpha-outlook-for-2025-expect-more-new-highs-but-volatility-too/

2.CryptoQuant: If ETH’s current supply and demand dynamics remain unchanged, its price could rise above $5000 in the coming year.

Article: https://www.morningstar.com/news/marketwatch/20241215175/ether-may-finally-rise-to-record-high-next-year-after-lagging-behind-bitcoin

3.Nansen: Crypto institutional adoption trends in 2025 include BTC lending, derivatives, and tokenization of financial assets.

Article: https://cryptopotato.com/these-crypto-institutional-trends-will-gain-momentum-in-2025-nansen/

4.Slow Mist:  AI Agents may ultimately play the most critical role in the crypto industry, differentiating them from their non-crypto counterparts.

X post: https://x.com/evilcos/status/1866871725985763761

 

News updates

1. FTX customers will receive distributions within 60 days after the bankruptcy plan takes effect on January 3, 2024.

2. The UK proposes to ban the public offering of cryptocurrencies.

3. Bitget obtains a Bitcoin Service Provider (BSP) license from El Salvador.

4. Italy to maintain a 26% capital gains tax on digital assets in 2025 and plans to raise it to 33% in 2026.

5. The energy crisis in Abkhazia has worsened, with nearly 200 private Bitcoin miners recently seized.

 

Project updates

1、Ether.Fi proposes allocating 5% of protocol revenue to buy back ETHFI and distribute it to stakers.

2. Avalanche launches the Avalanche 9000 upgrade.

3. 21Shares registers XRP Trust in Delaware.

4. Monad announces the formation of the Monad Foundation.

5. Story releases Agent TCP/IP, enabling different AI Agents to trade IP.

6. Ripple USD stablecoin RLUSD to be launched on December 17.

7. Starknet surpasses 100 million STRK staked.

8. Lido plans to gradually discontinue Polygon's on-chain staking services.

9. Wormhole deploys on World Chain and initially supports WLD, USDC.e, and WBTC transfers.

10. deBridge announces a partnership with Hyperliquid.

 

Token unlocks

Pirme (PIRME): Unlocking 750,000 tokens, valued at $10.46 million, accounting for 1.5% of the circulating supply.

ApeCoin (APE): Unlocking 15.6 million tokens, valued at $24.03 million, accounting for 2.2% of the circulating supply.

 

Recommended reads

From governance to staking: A comprehensive analysis of the multiple applications and future growth of ZRO tokens

The $ZRO token, launched in June 2024, has planned applications that include protocol governance, transaction fee payments, and staking for DVN security. These features significantly impact its value.

Read the full article here: https://www.bitgetapp.com/zh-CN/news/detail/12560604425039

 

Bitcoin road to tech: Microsoft says no, Tesla holds, and MicroStrategy hits milestone

Amid expectations of a December rate cut, market sentiment remains strong, with price support levels gradually rising. However, tech companies continue to take divergent approaches to Bitcoin.

Read the full article here: https://www.bitgetapp.com/zh-CN/news/detail/12560604425410

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Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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