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- Crypto Alpha - Week 49 2024
Crypto Alpha - Week 49 2024
All things Crypto, Web3 and Blockchain to keep you updated
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TL;DR
Bitcoin Hits $100K Amid Trump’s Praise
France Proposes Tax on Unrealized Crypto Gains
Ethereum Surpasses $4,000 Milestone
Layer N Shifts Focus to New Blockchain, N1
SEC Rejects Solana ETF Filings
Austin Federa Leaves Solana to Launch DoubleZero
XION Mainnet Launch: A Walletless Web3 Revolution
Osmosis Launches Bitcoin Bridge
Avalanche9000 Testnet Launch and $40M Rewards
Avalanche and Jiritsu Bridge TradFi and DeFi
Trump Appoints Paul Atkins as SEC Chairman
South Korea's Martial Law Spurs Crypto Volatility
And much more!
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Bitcoin Highlights of the Week
Bitcoin has reached $100,000 for the first time, a historic milestone attributed to rising institutional interest and regulatory optimism. President-elect Donald Trump claimed credit, linking the surge to his pro-crypto policies and the nomination of Paul Atkins as SEC Chair.
Analysts project Bitcoin could reach $150K-$200K by 2025, fueled by demand from entities like MicroStrategy and U.S. Bitcoin ETFs. The 2024 Bitcoin halving and its expanding role in global finance are seen as key catalysts. While this highlights Bitcoin’s resilience and growing mainstream acceptance, experts caution against overexuberance, noting potential market corrections as prices continue climbing.
Virgin Voyages has become the first major cruise line to accept Bitcoin as payment, launching its 2025 Annual Pass for $120,000. This pass offers unlimited luxury cruises, including premium Sea Terrace cabins, internet access, and a $100 bar tab per voyage.
Available from January to March 2025, the pass can now be purchased with Bitcoin, attracting tech-savvy travelers. The decision aligns with Virgin's embrace of digital assets, following Richard Branson’s long-standing support for Bitcoin. Virgin Voyages’ bold move highlights the growing integration of Bitcoin into mainstream travel, paving the way for other companies to follow.
The French Senate has introduced a proposal to tax unrealized gains from digital assets like Bitcoin, replacing the existing real estate wealth tax with an 'unproductive wealth tax.' This policy targets dormant assets, emphasizing crypto holdings. Although the measure passed a preliminary vote, it remains in the early stages and is not yet law.
Meanwhile, political turmoil in France deepened as the government collapsed following a no-confidence vote in parliament, adding uncertainty to the proposal's future. This evolving situation highlights the potential impact of regulatory changes on both the crypto market and broader political stability in France.
Russia has officially recognized Bitcoin as property under new laws signed by President Vladimir Putin, effective November 29, 2024. This groundbreaking move introduces a taxation framework, legalizes Bitcoin trading, and incentivizes mining operations by exempting them from VAT.
Personal digital asset gains are taxed at 13% for amounts up to 2.4 million rubles and 15% for higher thresholds, while corporate mining profits face a 25% tax starting in 2025. The legislation also explores Bitcoin's use in cross-border trade to bypass sanctions. Despite environmental concerns and global scrutiny, Russia's move positions it as a key player in the digital economy.
MicroStrategy has acquired an additional 15,400 BTC for $1.5 billion, bringing its total holdings to 402,100 BTC, valued at over $38 billion. This latest purchase was funded by selling 3.7 million shares, with the average cost of Bitcoin acquired at $58,263 each. MicroStrategy's total BTC investment now exceeds $23.4 billion.
The company plans to raise $42 billion in capital to continue its Bitcoin strategy. By leveraging equity and debt, MicroStrategy strengthens its position as a Bitcoin pioneer, aligning its long-term goals with the asset’s scarcity. However, sustained success relies on Bitcoin's price appreciation.
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Ethereum Highlights of the Week
Ethereum’s price has broken through the $4,000 mark, signaling strong market momentum and heightened investor confidence. The surge reflects growing interest from both retail and institutional investors, underpinned by ongoing network upgrades and the expansion of decentralized finance (DeFi).
This rally is fueling a positive market outlook for ETH, indicating a maturing ecosystem and reinforcing its position as a leading smart contract blockchain. With Ethereum’s scalability improvements and increasing adoption, the $4,000 milestone could be just the start of a more bullish trajectory for ETH.
EigenLayer, Ethereum’s largest restaking protocol, announced upgrades to its rewards program aimed at enhancing flexibility for protocols and restakers. The changes, set for release in January, allow third-party protocols (actively validated services or AVSs) to distribute rewards based on validator performance and enable operators to set their own fee rates.
This initiative is designed to improve efficiency, customization, and reward distribution within the EigenLayer ecosystem. EigenLayer currently has nearly $19 billion in restaked collateral, with 20 AVSs live and many more under development, including EigenDA and ARPA Network.
Layer N has pivoted from Ethereum and announced the launch of its own blockchain, N1, designed to process 100,000 transactions per second (TPS). Aimed at developing next-generation applications, N1 will support popular coding languages like Typescript, Rust, and C, with plans to eventually support any code for any app.
The blockchain also boasts the potential for ultra-fast transactions, positioning itself among the fastest blockchains. Backed by Peter Thiel’s investment firm, N1 already has partnerships with Sushi and Amber Group and is developing unique projects like a SocialFi app and an on-chain AI simulation.
Vitalik Buterin, Ethereum's co-founder, has called on Web3 wallet developers to improve privacy and security. In his blog post, he argued that decentralization, censorship resistance, and privacy benefits can only be fully realized if wallets incorporate these features. Buterin proposed integrating private transfers directly into wallets and utilizing multisignature authorization for added security.
Additionally, he advocated for simplifying cross-layer-2 (L2) transfers, allowing users to seamlessly send tokens between different L2 networks. These improvements would enhance the user experience and strengthen the security and privacy standards across the Web3 ecosystem.
Anchorage Digital has become the first federally chartered US bank to support liquid Ether (ETH) staking. On December 5, the bank announced it would offer Liquid Collective’s Liquid Staked ETH (LsETH), a liquid staking token representing ETH staked on Ethereum.
The bank plans to serve US institutions such as venture capital firms, wealth managers, and blockchain protocols. This move highlights growing institutional interest in staking solutions, especially with potential US ETH ETFs including staking yields. Liquid Collective focuses on compliance and cybersecurity, ensuring regulatory adherence with KYC and AML checks.
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Solana Highlights of the Week
The U.S. Securities and Exchange Commission (SEC) has informed at least two of the five applicants seeking to launch a Solana (SOL) spot ETF that their 19b4 filings will be rejected.
This decision comes shortly before the first approval deadline, which coincides with the transition from Gary Gensler's leadership to Donald Trump's presidency. The consensus suggests that the SEC is unlikely to approve new cryptocurrency ETFs under the current administration. This signals a potential shift in policy regarding crypto ETFs with the upcoming change in leadership.
Pudgy Penguins, a leading NFT project, is launching its cryptocurrency, PENGU, on Solana this month, with plans to expand to other networks. The token aims to align fans and the public with the Pudgy Penguins brand.
PENGU has a total supply of 88.8 billion tokens, with 25.9% allocated to the community, 24.12% to other communities and "Huddle" members, and 17.8% reserved for team members under a vesting schedule. The launch marks a significant step in integrating NFTs with crypto, leveraging Solana's lower fees and faster transactions to attract retail users.
Austin Federa, former Strategy Lead at the Solana Foundation, has launched DoubleZero, a high-performance protocol aimed at addressing blockchain scalability. Unlike traditional Layer 1 or 2 solutions, DoubleZero serves as a neutral base layer network designed to improve bandwidth and reduce latency.
The protocol incorporates filtering and verification systems to enhance transaction efficiency and reduce bottlenecks in blockchain communication. Initially focusing on Solana, it aims to benefit high-performance blockchains, online gaming, and large language models.
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