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Ripple’s upcoming RLUSD stablecoin is attracting bids upto 836 XRP ($2068) on onchain marketplaces ahead of its Tuesday release, a sign of frenzy among enthusiasts who may want to be the first to hold the token.

These bids range from 500 XRP ($1237) to as much as 836 XRP ($2068) as of Asian morning hours on Tuesday, CoinDesk viewed on the Xaman application. Each XRP exchanges hands for just under $2.5, data shows.

“There actually is someone willing to pay $1,200/RLUSD for a tiny fraction of one RLUSD.,” Ripple Labs CTO David Schwartz said in a Monday post. “Tools will show you the highest price anyone is willing to pay, even if it’s just for a tiny bit. Maybe someone wants the « honor » of buying the first bit of RLUSD on the DEX.”

“But rest assured, the price will come back to very close to $1 as soon as supply stabilizes. If it doesn’t, something is very seriously wrong,” Schwartz added.

Speculators often engage in high-priced transactions for small quantities of a new token or NFT to gain early access or to capitalize on the novelty of holding the first batch.

As such, RLUSD might not have enough liquidity to maintain its peg effectively in the first few hours after it goes live, meaning there may be some price discrepancies from the intended $1 peg. However, each token will be redeemed for only a dollar, and it is unlikely to remain depegged for an extended period.

RLUSD will go live on the XRP Ledger (XRP) on Tuesday, as CoinDesk reported, with initial listings on several exchanges and crypto platforms, including Uphold, MoonPay, Archax, and CoinMENA.

Bitcoin enfin compté à sa juste valeur. Si l’annonce initiale date de décembre 2023, c’est bien ce 15 décembre 2024 qu’elle entre en vigueur : une nouvelle règle comptable pour les entreprises concernant leurs réserves en Bitcoin (BTC) et autres cryptomonnaies. Une mise à jour du Financial Accounting Standards Board (FASB) va permettre aux entreprises de prendre en compte désormais la vraie valeur de leurs crypto-actifs dans leur bilan comptable, et non plus de devoir conserver leur valeur d’achat.

Un changement de règle comptable qui change tout pour Bitcoin et les cryptos

À partir de ce 15 décembre 2024, les exercices fiscaux des entreprises américaines vont pouvoir prendre en compte une mise à jour des normes comptables du Financial Accounting Standards Board concernant leurs avoirs en cryptomonnaies.

En effet, comme le rappelle sur X le journaliste Pete Rizzo de Bitcoin Magazine, en citant un tweet de Michael Saylor (fondateur de MicroStrategy) qui s’enthousiasmait pour cette réforme comptable, cette dernière va permettre :

D’améliorer la comptabilisation de Bitcoin et des autres cryptos en exigeant qu’une entreprise évalue ces crypto-actifs à leur « juste valeur » (Fair Value Accounting) à chaque période de déclaration ;

Que les variations de prix entre deux déclarations soient comptabilisées en résultat net ;

D’avoir plus d’informations fournies aux investisseurs sur les avoirs en crypto-actifs d’une entreprise.
Compte X @pete_rizzo_

Le succès du pari BTC de Michael Saylor et MicroStrategy va éclater au grand jour

Si Michael Saylor était le premier à se réjouir de ce changement de règle comptable – dès le jour même de son annonce initiale par le FASB (le 13 décembre 2023) -, c’est qu’il va permettre de transformer le calcul des plus-values latentes en résultats nets pour MicroStrategy.

L’entreprise cotée au Nasdaq (action MSTR), possédait 423 650 BTC suite à son dernier achat. Des bitcoins acquis pour une valeur de 25,6 milliards de dollars en investissements successifs depuis août 2020, mais dont la valeur en ce 16 décembre 2024 (avec un cours de Bitcoin autour des 105 000 dollars) est actuellement de 44,5 milliards de dollars !

Comme le célèbre également avec enthousiasme Bill Barhydt, CEO de la plateforme de crypto Abra, ce changement de règle comptable du FASB va favoriser une adoption institutionnelle encore plus massive :

« Désormais, l’ensemble [des entreprises] du S&P 500 peut détenir des bitcoins en bénéficiant d’un traitement comptable à la juste valeur du marché. Plus de décotes permanentes ! »

Compte X @billbarX

Cette juste valeur comptable va faire briller les bilans d’entreprises possédant du Bitcoin et des cryptos pendant ce bull run (mouvement haussier) qui vient de s’initier avec l’élection de Donald Trump à la présidence des États-Unis. Il ne faut toutefois pas oublier que, lors du prochain hiver crypto (si les cycles haussiers/baissiers doivent se répéter comme dans le passé) les pertes de valeurs des actifs numériques seront également prises en compte.

L’article Bitcoin : ce changement de règle comptable sur les cryptos aux USA va booster l’investissement institutionnel est apparu en premier sur Journal du Coin.

On connait la date. Fin décembre ? Début d’année ? Les spéculations sur la date du lancement du stablecoin de chez Ripple allaient bon train ces derniers temps et même si on savait que tout dépendait du New York State Department of Financial Services, la date n’était pas encore connue. Finalement, les équipes de chez Ripple viennent de publier la nouvelle et le RLUSD sera disponible dès demain sur plusieurs plateformes.

Après quelques semaines de suspens, Ripple va lancer son stablecoin maison, le RLUSD

Voici le communique officiel de Ripple :

« Le RLUSD sera disponible sur les bourses mondiales à partir de demain. Chaque jeton RLUSD est entièrement soutenu par des dépôts en dollars US, des obligations d’État américaines et des équivalents de trésorerie. »

Communiqué de Ripple à propos du RLUSD – Source : Compte X

Le PDG de la maison, Brad Garlinghouse, a immédiatement réagi sur les réseaux sociaux et il s’est réjoui de la nouvelle :

« Très tôt, nous avons fait le choix délibéré de lancer notre stablecoin sous la juridiction du New York State Department of Financial Services, largement considérée comme la norme réglementaire de premier plan dans le monde entier. Alors que les États-Unis se dirigent vers une réglementation plus claire, nous nous attendons à une plus grande adoption de stablecoins comme RLUSD. »

Brad Garlinghouse, PDG de Ripple – Source : The Block

RLUSD de Ripple : un stablecoin régulé ?

Notons par ailleurs que Ripple voit ce stablecoin comme un modèle de stabilité, fiabilité, et transparence, en soulignant les audits réguliers et la publication des réserves à venir.

Le stablecoin est conçu pour des cas d’utilisation spécifiques comme les paiements transfrontaliers, la liquidité pour les entreprises et l’intégration avec la DeFi.

Dès demain, il sera donc possible de retrouver ce RLUSD sur Uphold, MoonPay, Archax, and CoinMENA et dans quelques semaines, il sera également disponible chez Bitso, Bullish, Bitstamp, Mercado Bitcoin, Independent Reserve, Zero Hash. On attend maintenant la réaction des marchés qui poussaient déjà très fort derrière le XRP. RLUSD sera disponible à la fois sur le XRP Ledger et Ethereum, permettant une large adoption pour des usages diversifiés, de la finance décentralisée aux paiements transfrontaliers.

L’article Stablecoin : Ripple (XRP) va lancer son RLUSD le 17 décembre est apparu en premier sur Journal du Coin.

Web3 has long struggled with mainstream adoption. We have yet to achieve the true cultural relevance that other cutting-edge technologies enjoy. Our most widely used product as an industry is cryptocurrency itself, but even our biggest advocates now realize that coins alone will not be enough to provide the consumer breakthrough we have been building towards for over a decade.

NFTs, Web3 gaming, social apps, and various forms of decentralized music, art, film, and TV have not broken beyond a crypto-native audience, and many of these projects have been unable to attain even that level of traction. Challenges include complex user experiences, speculative economic models and technical limitations that alienate mainstream consumers. Throughout 2024, the sector grappled with persistent issues including liquidity fragmentation, user experience friction and a reputation for prioritizing financial speculation over consumer experiences, all of which did not resonate in a softer crypto market.

However, in 2025’s growth cycle, we’ll see mass mainstream adoption of Web3 driven by consumer apps building in highly scalable environments that have figured out distribution to wider user bases. Key catalysts include solutions to the liquidity fragmentation crisis, regulatory clarity under a crypto-friendly administration, advanced blockchain infrastructure and the integration of sophisticated AI technologies. Web3 gaming in particular is positioned to transition from a niche experiment to an innovative force in the gaming ecosystem, offering unprecedented player ownership and economic opportunities that will bring the gaming industry out of recession, and new experiences to gamers. Here’s what to expect from crypto consumer breakthroughs in 2025:

1. AI in gaming and other interactive environments

While there is a great deal of chatter around AI leveraging crypto rails for payments, the most concrete and popular uses have centered around gaming. The general public was not made aware of this development because much of the AI was being used as part of the development process for art in the games, or to generate the game itself. Gaming markets are like any other entertainment content — you hear about the player experience, but very rarely the technology that goes into it.

For web3 games specifically, AI will open a lot of doors for game developers in the industry, particularly around the use of AI agents onchain for non-player characters (NPCs). The ability of small developer studios to harness this tech in a meaningful way has accelerated significantly. A critical mass of Saga games have already introduced these agents, and we would not be surprised if almost all our games have AI agents by next year. Many of these AI agents have taken it a step further and created their own L1s at will on Saga, leading to the phenomenon of swarm sentience and fully autonomous interactive worlds on a decentralized network.

2. Gaming maturity and established titles in Web3

2025 is the transition point for established gaming studios entering Web3. These organizations are building with blockchain as core infrastructure, enabling player ownership and decentralized economies. The experimentation phase is over. Now comes the era of quality. Gaming will drive the next wave of mass adoption because it naturally demands the decentralized infrastructure that blockchain can deliver. With the industry in recession over the last 1.5 years, gaming needed answers to its problems of lack of original content and prohibitive user acquisition costs. A crypto-native environment encourages both creative experimentation and extended user acquisition channels for more effective community building. It wouldn’t be far-fetched to say Web3 gaming will end up saving gaming.

3. Meme and degen asset creation

Memes and degen assets are the cultural backbone of Web3. They manifest as game drops, community projects, and viral moments. This is how crypto culture propagates—through creativity at the edges. While traditional finance struggles to understand this phenomenon, these assets drive community engagement and create the authentic moments that define Web3. It’s no surprise that when an AI-agent stood up its first L1 on Saga for a social app, its first action was to launch a memecoin.

4. Sophisticated in-game marketplaces

The next generation of in-game marketplaces will operate as sovereign economies. Players become the market makers, leveraging DeFi infrastructure to drive value. This puts real economic power in the hands of gaming communities. The integration of DeFi principles into gaming creates entirely new mechanisms for player engagement and retention that traditional gaming studios cannot match.

5. Advancements in liquidity solutions

The solution to fragmentation lies in shared liquidity infrastructure. Connected layers between decentralized applications create fluid movement of assets. This enables true composability across gaming, marketplaces and DeFi. The projects that solve this will unlock the next phase of Web3 growth by removing the friction that currently plagues cross-chain interactions.

The truly potent combination is a Web3 asset that has social utility. Particularly among GenZ and Gen Alpha, this sort of combined economic and social activity is not just normal but an incredibly popular form of entertainment. The attribution of value to an asset purely because of community consensus was the origin of web3, and the same force of SocialFi on open liquidity rails will drive the industry into mass adoption.

6. Catalysts from the post-election environment

Trump’s return reshapes crypto’s regulatory landscape. New SEC leadership will shift policy direction. These changes will shape Web3 gaming adoption through a more crypto-friendly regulatory landscape, characterized by reduced bureaucratic constraints and a business-oriented approach to digital assets. This environment might include easing SEC enforcement, creating more lenient digital asset classifications and potentially establishing regulatory sandboxes or tax incentives for blockchain gaming startups.

In 2025, the success (or failure) of mainstream integration through gaming, finance, and social applications will determine crypto’s future. Speculation alone cannot sustain another market cycle. Real adoption requires solving real problems for consumers beyond our existing community. The gaming industry, with its billions of users and appetite for innovation, represents our clearest path to achieving this scale. My hope is that 2025 will represent a critical inflection point for all consumer apps alongside Web3 gaming, and in turn, the crypto industry as a whole.

Every year, bulls and bears use short-term case studies to forecast crypto armageddon or exponential growth. And every year, neither group is right.

Some notable events this year: Ethereum’s Dencun Upgrade, the U.S. election, crypto ETFs, Wyoming’s DUNA, the wBTC controversy, Robinhood’s Well’s notice, Hyperliquid’s near $2 billion airdrop, Bitcoin hitting $100,000, and SEC Chair Gary Gensler’s January resignation announcement.

2024 was a year with no major market shocks. And, though it didn’t bring in an explosion of new capital, it proved that a growing number of companies in the crypto ecosystem are sustainable. Bitcoin is worth $1.9 trillion and all other cryptos are worth $1.6 trillion. The market cap of all crypto has doubled since the start of 2024.

The diversification of crypto has strengthened its ability to react to shocks. Payments, DeFi, gaming, ZK, infrastructure, consumer, and more, are all growing sub-sections. Each of these now have their own funding ecosystems, their own markets, their own incentives, and their own bottlenecks.

This year, at Pantera, we’ve invested in companies that target these ecosystem-specific problems. Crypto gaming companies face issues adopting Web3 data analysis tools, so we invested in Helika, a gaming analysis platform. Web3 AI products often face adoption challenges because of the fragmentation of the AI stack, so Sahara AI aims to create an all-in-one platform to allow permissionless contribution while keeping a seamless Web2-like user experience.

Intent infrastructure is messy and orderflow is fragmented, so Everclear standardizes the process by connecting all stakeholders. zkVM’s are complicated to integrate, so Nexus uses modularity in order to cater to customers who want only parts of their hyper-scalable layer. Building consumer apps faces the issue of attracting users, so we made our largest ever investment in TON, the blockchain that directly plugs into Telegram’s 950 million monthly active users.

We enter 2025 on tailwinds of possible regulatory clarity, continued mainstream interest, and rising crypto prices. Even after a bit of a summer slump this year, crypto users are entering the new year with strong optimism (or “greed”).

Review of 2024 Predictions:

Before we dive into 2025 predictions, let’s take a look back at how I did predicting 2024. I’ll score myself with 1 being the least accurate and 5 being the most accurate.

The resurgence of Bitcoin and “DeFi Summer 2.0.” Accuracy: 4/5

Tokenized social experiences for new consumer use cases. Accuracy: 2/5

An increase in TradFi-DeFi “bridges” such as stablecoins and mirrored assets. Accuracy: 5/5

The cross-pollination of modular blockchains and Zero Knowledge Proofs. Accuracy: 4/5

More computationally intensive applications moving on-chain, such as AI and DePIN. Accuracy: 2/5

Consolidation of public blockchain ecosystems and a “Hub-and-Spoke” model for app-chains. Accuracy: 2/5

2025 Predictions

This year, I enlisted the help of investors on the Pantera team. I’ve split my predictions into two categories: rising trends and new ideas.

Rising Trends:

By year-end, RWAs (excluding stablecoins) will account for 30% of on chain TVL (15% today)
RWAs on-chain has increased over 60% this year, to $13.7 billion. Around 70% of RWAs are private credit and the majority of the rest are in T-Bills and commodities. Inflows from these categories are accelerating, and 2025 may see the introduction of more complex RWAs.

Firstly, private credit is accelerating because of improving infrastructure. Figure accounts for almost all of this, increasing by almost $4 billion worth of assets in 2024. As more companies enter this space, there is increasing ease to use private credit as a means to move money into crypto.

Secondly, there are trillions of dollars worth of T-Bills and commodities off-chain. There is only $2.67 billion worth of T-Bills on-chain, and their ability to generate yield (as opposed to stablecoins, which allow the ones who mint the coin to capture the interest), makes it a more attractive alternative to stablecoins. Blackrock’s BUIDL T-Bill fund only has $500 million on-chain, as opposed to the tens of billions of government bills it owns off-chain. Now that DeFi infrastructure has thoroughly embraced stablecoins and T-Bill RWAs (integrating them into DeFi pools, lending markets, and perps), the friction to adopt them has drastically decreased. The same goes for commodities.

Finally, the current extent of RWAs is limited to these basic products. The infrastructure to mint and maintain the RWA protocols has drastically simplified and operators have a much better understanding of the risks and appropriate mitigations that come with on-chain operations. There are specialized companies that manage wallets, minting mechanisms, sybil sensing, crypto neo-banks, and more, meaning it may finally be possible and feasible to introduce stocks, ETFs, bonds, and other more complex financial products on-chain. These trends will only accelerate the use of RWA’s heading into 2025.

Bitcoin-Fi
Last year, my prediction of Bitcoin finance was strong but didn’t reach the 1-2% of all Bitcoins TVL mark. This year, pushed by Bitcoin-native finance protocols that do not require bridging (like Babylon), high returns, high Bitcoin prices, and increased appetite for more BTC assets (runes, Ordinals, BRC20), 1% of Bitcoins will participate in Bitcoin-Fi.

Fintechs become crypto gateways
TON, Venmo, Paypal, Whatsapp have seen crypto growth because of their neutrality. They are gateways where users can interact with crypto, but do not push specific apps or protocols; in effect, they can act as simplified entryways into crypto. They attract different users; TON for its existing 950 million Telegram users, Venmo and Paypal for their respective 500 million payments users, and Whatsapp for its 2.95 billion monthly active users.

Felix, which operates on Whatsapp, allows instant money transfers via a message, to be either digitally transferred or can be picked up in cash at partner locations (like 7-Eleven). Under the hood, they use stablecoins and Bitso on Stellar. Users can now buy crypto on Metamask using Venmo, Stripe acquired Bridge (a stablecoin company), and Robinhood acquired Bitstamp (a crypto exchange).

Whether intentionally or because of their ability to support third-party apps, every fintech will become a crypto gateway. Fintechs will grow in prevalence and may perhaps rival smaller centralized exchanges in crypto holdings.

Unichain becomes leading L2 by transaction volume
Uniswap has a TVL of almost $6.5b, 50-80k transactions per day, and volume of $1-4 billion daily. Arbitrum has ~$1.4 billion of transaction volume a day (a third of which is Uniswap) and Base has ~$1.5 billion of volume a day (a fourth of which is Uniswap).

If Unichain captures just half of Uniswap’s volume, it would easily surpass the largest L2s to become the leading L2 by transaction volume.

NFT resurgence but in a application specific way
NFTs were meant as a tool in crypto – not a means to an end. NFT’s are being used as a utility in on-chain gaming, AI (to trade ownership of models), identity, and consumer apps.

Blackbird is a restaurant rewards app that integrates NFTs into customer identification in their platform of connecting Web3 into dining. By integrating the open, liquid, and identifiable blockchain with restaurants, they can provide consumer behavior data to restaurants, and easily create/mint subscriptions, memberships, and discounts for customers.

Sofamon creates web3 bitmoji’s (which are NFTs), called wearables, unlocking the financial layer of the emoji market. They recognize the increasing relevance of IP on chain and embrace collaboration with top KOL’s and K-pop stars, for example, to fight digital counterfeiting. Story Protocol, which recently raised $80 million at a $2.25 billion valuation, has the broader goal of tokenizing the world’s IP, putting originality back as the centerpiece of creative exploration and creators. IWC (the Swiss luxury watch brand) has a membership NFT that buys access to an exclusive community and events.

NFTs can be integrated to ID transactions, transfers, ownership, memberships, but can also be used to represent and value assets, leading to monetary, possibly speculative growth. This flexibility is what brings NFTs power. The use-cases will only increase.

Restaking launches
In 2025, restaking protocols like Eigenlayer, Symbiotic, and Karak will finally launch their mainnets which would pay operators from AVS and slashing. It seems that through this year, restaking lost relevance.

Restaking draws power as more networks use it. If protocols use infra that is powered by a particular restaking protocol, it derives value from that connection, even if it is not direct. It is by this power that protocols can lose relevance but still hold huge valuations. We believe restaking is still a multi billion dollar market and as more apps become appchains, they harness restaking protocols, or other protocols that are built on restaking protocols.

New Ideas:

zkTLS bringing offchain data on-chain
zkTLS uses zero knowledge proofs to prove the validity of data from the Web2 world. This new technology has yet to be fully implemented, but when it (hopefully) does this year, it will bring in new types of data.

For example, zkTLS can be used to prove that data came from a certain website to others. Currently, there is no way to do this. This tech takes advantage of advancements made in TEE’s and MPC’s, and may be further improved to allow some of the data to be private.

This is a new idea, but we predict that companies will step up to begin building this and integrating it into on-chain services, like verifiable oracles for non-financial data or cryptographically secured data oracles.

Regulatory support
For the first time, the U.S. regulatory environment seems crypto-positive. 278 pro-crypto house candidates were elected versus 122 anti-crypto candidates. Gary Gensler, an anti-crypto SEC chair, announced that he will be resigning in January. Reportedly, Trump is set to nominate Paul Atkins to lead the SEC. He was previously an SEC Commissioner from 2002-2008 and is outspokenly supportive of the crypto industry and an advisor to the Chamber of Digital Commerce, an institution focused on promoting the acceptance of crypto. Trump also named David Sacks, a tech investor and former CEO of Yammer and COO of PayPal, to head the new role of “AI & crypto czar.” Trump’s announcement said that “[David Sacks] will work on a legal framework so the Crypto industry has the clarity it has been asking for.”

We hope for a winding down of SEC lawsuits, clear definitions of crypto as a particular asset class, and tax considerations.

Achats non-stop. La société MicroStrategy continue de faire les gros titres. Alors que les actions MSTR de l’entreprise de Michael Saylor viennent d’être intégrées au prestigieux indice Nasdaq 100, voilà désormais également un nouvel achat de Bitcoin (BTC) ajouté à sa trésorerie. Le premier effectué au-dessus des 100 000 dollars.

MicroStrategy détient désormais pour plus de 46 milliards de $ de Bitcoin

Comme toujours, c’est Michael Saylor, le fondateur et président de MicroStrategy, qui a annoncé la nouvelle sur son compte X, ce 16 décembre 2024. L’entreprise cotée au Nasdaq vient de rajouter 15 350 bitcoins de plus à son crypto-trésor.

Acquis à un prix moyen pour la première fois à 6 chiffres en dollars, à environ 100 386 dollars, ce nouveau crypto-investissement aura coûté près de 1,5 milliard de dollars. Après son précédent achat, effectué il y a seulement une semaine (le 9 décembre), celui d’aujourd’hui amène MicroStrategy a posséder désormais un crypto-magot de 439 000 BTC !

Tous ces bitcoins ont été acquis pour un total de 27,1 milliards de dollars en investissements successifs et réguliers depuis août 2020. Le prix de revient moyen par BTC est de 61 725 dollars. Avec un cours de Bitcoin autour des 105 000 dollars au moment d’écrire ces lignes ce lundi 16 décembre, ce trésor est valorisé à près de 46,1 milliards de dollars. Soit une plus-value latente de…  19 milliards de dollars !

Compte X @saylor

Avec un patron qui est persuadé du grand avenir de Bitcoin, puisque Michael Saylor prévoit qu’un seul BTC vaudra 13 millions de dollars en 2045, MicroStrategy empile la précieuse cryptomonnaie dans ses coffres comme personne d’autre sur la planète. On se demande d’ailleurs, si les États-Unis se constituent une réserve stratégique en Bitcoin, si ces mêmes USA ne vont pas être mécontents qu’une simple entreprise détienne plus de bitcoins que la « plus grande démocratie du monde » (ce qui est pourtant bien le cas actuellement).

L’article Bitcoin : l’ogre MicroStrategy dévore 15 350 BTC de plus, amenant son trésor à 439 000 BTC est apparu en premier sur Journal du Coin.

Guerre de territoire. Le sulfureux milliardaire crypto Justin Sun aurait-il avalé sa banane à 6 millions de dollars de travers ? La question mérite d’être posée face à la récente procédure engagée contre la plateforme Coinbase. En cause : la radiation de son Bitcoin enrobé (wrapped) leader du marché wBTC au profit de la toute nouvelle version native de l’exchange cbBTC. Attrapez le pop-corn !

Wrapped Bitcoin : aléas et concurrence

Avant de débuter cet article un petit rappel de contexte s’impose. En effet, le fondateur du réseau Tron (TRX) – Justin Sun – est récemment devenu un investisseur (très) important du wrapped Bitcoin wBTC, par l’intermédiaire de sa société BitGlobal. Ce dernier leader pour le moment incontesté du secteur des BTC enveloppés au sein de la DeFi (notamment Ethereum).

Un marché en pleine mutation qui vient de voir débarquer, presque simultanément, une option concurrente très populaire. Car la plateforme Coinbase a décidé de proposer une version native à son layer 2 Base, nommée cbBTC, au début du mois de septembre. Et l’onde de choc a été immédiate.

Market cap du cbBTC de Coinbase – CoinGecko

En effet, l’arrivée du polémique Justin Sun au sein du wBTC n’a pas été du goût de certains protocoles historiques de la DeFi. Comme par exemple le mastodonte Sky – anciennement MakerDAO – qui décidera de le délister… pour le réintégrer quelques jours plus tard malgré le vote de sa communauté.

Une situation rendue instable pour le wBTC suite à l’arrivée du cbBTC de Coinbase rapidement très populaire. Et, de toute évidence, les prémices d’une véritable concurrence qui ne semble pas convenir à Justin Sun, face à un marché qu’il pensait dominer sans encombre avec son nouvel investissement.

wBTC vs cbBTC : une pratique jugée anticoncurrentielle

Visiblement les pratiques concurrentielles agressives dérangent Justin Sun uniquement lorsqu’elles se font à son désavantage. De ce fait, la récente exclusion du wBTC de la plateforme Coinbase au profit de son cbBTC natif lui reste en travers de la gorge.

C’est la raison pour laquelle le fondateur du réseau Tron (TRX) vient de lancer une procédure contre Coinbase, par le biais de la société BitGlobal, pour pratique anticoncurrentielle. Une opération menée par l’avocat Kevin Kneupper, pour le compte du cabinet Kneupper & Covey.

« Nous pensons que cette décision crée un précédent terrible pour tout le monde dans le secteur des cryptomonnaies. Si un exhange de l’envergure de Coinbase peut retirer une cryptomonnaie lorsqu’il prévoit de lancer son propre produit concurrent, qui est en sécurité ? Et qui est le prochain ? » 

Kevin Kneupper

Une attaque frontale sans fondement, selon Coinbase. Car la plateforme affirme son engagement afin d’imposer des normes d’inscriptions strictes sans cesse réévaluées. De ce fait, et non sans une certaine ironie, elle affirme que « si un actif ne répond pas à ces normes, il est radié. » 

Le wBTC ne correspondrait donc plus aux exigences de sécurité mis en place par la plateforme Coinbase. Une affirmation remise en cause par l’avocat de BitGlobal, face au listing de nombreux memecoins « fondamentalement sans valeur » effectués par l’exchange au cours des dernières semaines. Alors, vaut-il mieux un jeton possiblement explosif basé sur du vide, ou un wrapped Bitcoin possiblement contrôlé par Justin Sun ? Vous avez deux heures !

L’article Bitcoin drama : Justin Sun poursuit Coinbase pour la radiation du wBTC au profit du cbBTC ! est apparu en premier sur Journal du Coin.

Alors que le cours du Bitcoin a passé la barre des 106 000$, une autre cryptomonnaie fait parler d’elle. En effet, le layer-1 Hyperliquid poursuit son ascension et continue de battre de nouveaux records. Quelques semaines après la distribution de son airdrop, la plateforme arrive à maintenir sa croissance. L’explosion d’Hypurr.fun, le launchpad dédié aux memecoins n’y est évidemment pas pour rien.

Hyperliquid : la reine des perps

Lancé en 2023, Hyperliquid L1 est une blockchain de layer-1 d’un nouveau genre. Dans un premier temps, celle-ci hébergé uniquement la plateforme de trading perpetuel éponyme. Toutefois, son écosystème DeFi commence à s’étoffer.

En l’espace de quelques mois, Hyperliquid a su dépasser l’ensemble de ses concurrents pour devenir la plateforme numéro 1 du trading perpétuel décentralisé. Si bien, que la plateforme enregistre actuellement plusieurs milliards de dollars de volume quotidien.

Hyperliquid en tête des protocoles d’exchange perptuels décentralisés – Source : TheBlock.

À la fin du mois de novembre, Hyperliquid a mené la distribution de l’airdrop de son jeton HYPE à l’ensemble des utilisateurs de la première heure. Un airdrop qui est déjà qualifié par beaucoup de “meilleur airdrop de tous les temps”.

2,7 milliards de dollars de TVL

En parallèle du succès de la plateforme d’exchange et du jeton HYPE, l’écosystème DeFi s’est développé sur Hyperliquid L1.

Si bien, que la blockchain comptabilise désormais 2,7 milliards de dollars de TVL. Cela la place à la huitième position des blockchains DeFi, devant Aptos et derrière Arbitrum.

La TVL d’Hyperliquid explose – Source : DefiLlama.

Parmi les plateformes qui ont porté cet essor, nous retrouvons Hypurr.fun, la fabrique à memecoin made in Hyperliquid.

Hypurr.fun : le Pump.fun made in Hyperliquid

Sans grande surprise, la tendance des memecoins n’aura pas épargné Hyperliquid. La plateforme lancée en mai dernier a rencontré un engouement massif ces derniers jours.

À l’instar de Pump.fun, Hypurr.fun permet à quiconque de lancer son jeton sur Hyperliquid. Pour cela, le protocole a recours à des bonding curve, qui permettent aux projets de collecter collecter les liquidités nécessaires au lancement du jeton.

Par la suite, lorsqu’un projet atteint un seuil prédéfini de liquidité, à savoir que 80% des jetons ont été vendus, les fonds collectés sont ensuite utilisés pour déployer le jeton sur Hyperliquid.

Néanmoins, cela est un poil plus complexe que sur Pump.fun. En effet, pour qu’un jeton soit listé sur Hyperliquid, il doit passer par un mécanisme d’enchères néerlandaises. Ces enchères, organisées toutes les 31 heures, déterminent quels projets obtiennent le droit de lancer le jeton sur le marché spot. 

Les projets utilisant Hypurr.fun peuvent alors mobiliser les liquidités récoltées via la bonding curve pour participer à ces enchères.

Une fois l’enchère remportée, les fonds collectés lors de la bonding curve permettent de payer les frais de listing ainsi que les frais de gaz liés au déploiement du jeton sur la blockchain Hyperliquid. 

De plus, avec un maximum de 282 places disponibles par an, cette limitation joue en faveur des projets de qualité.

Jusqu’où iront les enchères ?

De leur côté, le montant de ces enchères pour obtenir une place sur les marchés spots de Hyperliquid n’a cessé d’augmenter.

Par exemple,  le ticker “SOLV” a été acquis pour 128 000 dollars par le Solv Protocol. Par la suite, le ticker “FARM” aura quant à lui vu son enchère atteindre les 180 000 dollars.

Finalement, le ticker “MON” a été lancé sur Hyperliquid le 15 décembre après avoir remporté une enchère à près de 500 000$. Comme l’a dévoilé ASXN sur le réseau social X.

Désormais, la prochaine enchère devrait débuter dans la journée et le prix initial sera fixé à 975 863$. Ainsi, à mesure que le prix augmentera, il sera de plus en plus compliqué pour les projets d’atteindre les marchés spot d’Hyperliquid.

De son côté, le cours du jeton HYPE poursuit son ascension. En effet, ce dernier a passé la barre symbolique des 20$ et s’échange désormais aux alentours de 25$.

L’article Cryptomonnaies : La fabrique à memecoins Hypurr.fun fait exploser l’activité sur Hyperliquid est apparu en premier sur Journal du Coin.

Pendant le weekend, le cours du Bitcoin a dépassé la barre symbolique des 106 000$. Face à cette nouvelle hausse, le Bitcoin continue de rattraper l’or, petit pas par petit pas. Une situation qui devrait s’accélérer dans les années à venir, selon le rapport de Bernstein. En effet, Bernstein a récemment déclaré que le Bitcoin pourrait détrôner l’or aussi tôt que 2035.

Nouvel ATH sur le ratio BTC/OR

Le Bitcoin est fréquemment mis en concurrence avec l’or. En effet, la reine des cryptomonnaies est couramment présentée comme l’or numérique, du fait de ses caractéristiques de réserve de valeur : une offre limitée, une indépendance vis-à-vis des institutions financières, et une capacité à protéger contre l’inflation.

Ainsi, le ratio Bitcoin-or mesure combien d’onces d’or sont nécessaires pour acheter un Bitcoin. Suite à la récente hausse du cours du Bitcoin, cette métrique a atteint un niveau record.

En effet, comme l’a souligné le trader Peter Brandt sur le réseau social X, le 16 décembre, le ratio BTC/OR a atteint un record à 40 onces d’or par BTC.

Publication de Peter Brandt – Source : X.

« C’est maintenant officiel. Le ratio Bitcoin/Or vient d’afficher un nouvel ATH. La prochaine étape sera 89 pour 1 – il faudra 89 onces d’or pour acheter un seul bitcoin. »

Pour Peter Brandt, la montée en puissance de ce ratio n’est qu’un début. Selon lui, il faudra bientôt 89 onces d’or pour acheter un précieux BTC.

Bitcoin qui surpasse l’or : le rêve fou des bitcoiners

Évidemment, tous les détenteurs de BTC ont un même rêve fou : voir leur actif détrôner l’or sur les marchés mondiaux.

Cependant, nous sommes encore loin de remplacer l’or. En effet, à titre de comparaison, le marketcap total de l’or est évalué à près de 19 000 milliards de dollars. De son côté, le marketcap de Bitcoin est actuellement de 1 374 milliards de dollars. Ainsi, le marketcap du Bitcoin devrait encore être multiplié par environ 14 pour rattraper l’or.

Comparatif entre le marketcap de l’or et celui du BTC – Source : Ingoldwetrust.

Bien que le chemin soit encore long, le Bitcoin continue de charmer les investisseurs du monde entier. Ainsi, alors qu’ils ont longtemps été réticents face à ce type d’actif, les fonds d’investissement du monde entier se tournent désormais vers Bitcoin.

Si bien, que le géant BlackRock a récemment déclaré qu’il était “raisonnable” de détenir entre 1 et 2% de Bitcoin (BTC) dans son portefeuille. Évidemment, le gestionnaire de fonds prêche sa paroisse car il est à l’origine de l’un des plus gros ETF Bitcoin spot au monde.

L’article Bitcoin rattrape l’or : un nouvel ATH pour le ratio BTC-Or est apparu en premier sur Journal du Coin.

By Omkar Godbole (All times ET unless indicated otherwise)

Imagine you have a rare collectible. It’s aged like fine wine, but only shows the original price tag. That’s how U.S. companies have been told to value their bitcoin … stuck in the past instead of reflecting its true worth. As of today, that changes.

Yes, today is when the FASB fair value accounting rule, which passed in 2023, takes effect, allowing companies to report their bitcoin holdings at fair market value instead of the purchase price. The change gives firms more control over how they classify these assets and may accelerate corporate adoption. Note, though, the new standard doesn’t apply to NFTs, wrapped tokens or internally generated digital assets.

Alex Kuptsikevich, an analyst at The FXPro, said, quoting a JPMorgan report, that publicly traded companies have already begun implementing a MicroStrategy-like strategy to add BTC to their balance sheets.

The rule change might also explain why BTC spiked above $106,000 in Asia, boosted further by President-elect Donald Trump’s assurance to create a strategic BTC reserve and a short squeeze on Deribit.

The price has now pulled back to around $104,500, probably due to concern the Fed’s much anticipated rate cut this Wednesday will come with projections for fewer reductions next year. BTC is trading at a discount on Coinbase compared with Binance, a sign of weaker demand in the U.S., a CryptoQuant tracker shows.

Looking more broadly, ETH failed to establish a foothold above $4,000 amid reports of large withdrawals of staked ether from Lido Finance. Payments-focused XRP traded more than 2% lower, weakening a bullish technical pattern. Ripple CTO David Schwartz raised concerns about FOMO-driven volatility before the debut of the company’s RLUSD stablecoin, which it plans to use for cross-border payments alongside XRP. Early price fluctuations and high pre-launch bids don’t quite reflect the true market value, Schwartz said.

On a brighter note, Solana’s industry-beating revenue generation has been grabbing eyeballs. Ryan Watkins, co-founder of Syncracy Capital, said: « Solana generated a staggering $431 million in fees over the past 30 days – more than all other Layer 1s combined! » Solana now captures 53% of the global layer 1 fee pool, largely driven by the surge in AI activity. Still, the token dipped 3%, threatening to break below the 50-day SMA, a key indicator for near-term market trends.

Chainlink’s LINK defied the weakness in major tokens, rising 4% thanks to whale buying. Data from LookOnChain revealed that a whale withdrew 429,999 LINK, worth over $12 million, over the weekend.

Lastly, in traditional markets, the yield on the 10-year Treasury note looks to break out of a prolonged downtrend as observers anticipate a hawkish Fed rate cut this week. This hardening of yields could inject volatility into risk assets, including cryptocurrencies. So, stay alert!

What to Watch

Crypto:

Dec. 18: CleanSpark (CLSK) Q4 FY 2024 earnings. EPS Est. $-0.18 vs Prev. $-1.02.

Macro

Dec. 16, 9:45 a.m.: December’s S&P Global Flash US PMI data is released. Composite PMI Prev. 54.9.

Dec. 17, 8:30 a.m.: Statistics Canada releases November’s Consumer Price Index (CPI) report.

Inflation Rate YoY Prev. 2%.

Core Inflation Rate Prev. 1.7%.

Dec. 18, 2:00 p.m.: The Federal Open Market Committee (FOMC) releases its fed funds target rate, currently 4.50%-4.75%. The CME’s FedWatch tool indicates that interest-rate traders assign a 97.1% probability of a 25 basis-point cut. Press conference starts at 2:30 p.m. Livestream link.

Dec. 18, 10:00 p.m.: The Bank of Japan (BoJ) announces its interest rate decision. Short-term interest rate Est. 0.25% vs. Prev. 0.25%.

Dec. 19, 7:00 a.m.: The Monetary Policy Committee (MPC) of the Bank of England (BoE) announces its interest rate decision. Bank Rate Est. 4.75% vs Prev. 4.75%.

Dec. 19, 8:30 a.m.: The U.S. Bureau of Economic Analysis (BEA) releases third-quarter GDP (final).

GDP Growth Rate QoQ Est. 2.8% vs Prev. 3.0%.

GDP Price Index QoQ Est. 1.9% vs Prev. 2.5%.

Dec. 20, 8:30 a.m.: The U.S. Bureau of Economic Analysis (BEA) releases November’s Personal Income and Outlays report.

Personal Consumption Expenditure (PCE) Price Index YoY Prev. 2.3%.

Core PCE Price Index YoY 2.8%.

Dec. 24, 1:00 p.m. The Fed releases November’s H.6 (Money Stock Measures) report. Money Supply M2 Prev. $23.31T.

Token Events

Governance votes & calls

Avalanche’s (AVAX) Etna upgrade is scheduled to go live on Dec. 16 at 12 p.m. The upgrade aims to make it cheaper to transact and run validators on the network

Arbitrum DAO is voting on allocating 22 million ARB ($22.8 million) to cover operating costs for OpCo, an entity it can use to create a more structured approach to governance. The vote closes Dec. 19.

Livepeer (LPT) will have an open ecosystem call on Dec. 17. Discussion will revolve around updates, products, and treasury

Synapse (SYN) DAO is voting on allocating 50,000 OP tokens ($127,500) to establish and incentivize liquidity on Velodrome. It is targeting $3 million to $5 million in TVL over a three-month period. The vote concludes Dec. 16.

Unlocks

Cardano (ADA) will unlock $19.75 million worth of tokens on Dec. 16, representing 0.05% of circulating supply.

Arbitrum (ARB) will unlock $94.05 million worth of tokens on Dec. 16, representing 2.34% of circulating supply.

DYdX (DYDX) will unlock $11.7 million worth of tokens on Dec. 17, representing 0.57% of circulating supply.

Token Launches

Binance announced that data sovereignty platform Vana (VANA) will release a token on the launchpool. Trading starts Dec. 16.

Conferences:

Day 1 of 2: Blockchain Association’s Policy Summit (Washington D.C.)

Jan. 13-24: Swiss WEB3FEST Winter Edition 2025 (Zug, Zurich, St. Moritz, Davos)

Jan. 17: Unchained: Blockchain Business Forum 2025 (Los Angeles)

Jan. 18: BitcoinDay (Naples, Florida)

Jan. 20-24: World Economic Forum Annual Meeting (Davos-Klosters, Switzerland)

Jan. 21: Frankfurt Tokenization Conference 2025

Jan 30-31: Plan B Forum (San Salvador, El Salvador)

Derivatives Positioning

The futures basis for BTC and ETH has climbed to levels we saw during the initial breakthrough of $100,000, making cash and carry trades increasingly attractive. Expect continued strong inflows into the spot ETFs as a result.

AAVE’s perpetual open interest has increased 7% in 24 hours, the most among major coins. The cumulative volume delta (CVD), however, has declined, indicating net selling pressure in the market.

Looking at BTC options expiries extending to Jan. 31, we’re seeing calls trading at less than a 2.5 volatility premium to puts, a decline from last week’s 4-5 premium. It seems traders aren’t jumping on the latest surge to record highs quite as eagerly. It’s similar in ETH options.

Notable traders include a BTC bull call spread involving $115,000 and $125,000 strikes expiring Jan. 31 and a large short position in ETH $4,100 call expiring on Dec. 20.

Market Movements:

BTC is up 3.4% from 4 p.m. ET Friday to $104,645.81 (24hrs: +2.33%)

ETH is up 1.38% at $3,951.85 (24hrs: +2.36%)

CoinDesk 20 is down 0.94% to 3,954.73 (24hrs: +0.27%)

Ether staking yield is unchanged at 3.04%

BTC funding rate is at 0.01% (10.95% annualized) on Binance

DXY is unchanged at 107.00

Gold is up 0.83 at $2,678.00/oz

Silver is up 1.44% to $31.16/oz

Nikkei 225 closed unchanged at 39,457.49

Hang Seng closed -0.88% at 19,795.49

FTSE is down 0.41% at 4,947.81

Euro Stoxx 50 is up 0.4% at 4,897.96

DJIA closed on Friday -0.17% to 43,828.06

S&P 500 closed unchanged at 6,051.09

Nasdaq closed +0.12% at 19,926.72

S&P/TSX Composite Index closed -0.54% at 25,274.30

S&P 40 Latin America closed -1.26% at 2,320.17

U.S. 10-year Treasury was unchanged at 4.38%

E-mini S&P 500 futures are up 0.19% to 6,067.00

E-mini Nasdaq-100 futures are up 0.29% to 21,859.75

E-mini Dow Jones Industrial Average Index futures are unchanged at 43,901.00

Bitcoin Stats:

BTC Dominance: 57.50% (24hrs: +0.57%)

Ethereum to bitcoin ratio: 0.0377 (24hrs: -0.37%)

Hashrate (seven-day moving average): 796 eh/s

Hashprice (spot): $63.2

Total Fees: 9.6 BTC/ $980,000

CME Futures Open Interest: 200,830

BTC priced in gold: 39.4oz

BTC vs gold market cap: 11.24%

Bitcoin sitting in over-the-counter desk balances: 406,400 BTC

Basket Performance

Technical Analysis

The benchmark bond yield looks set to break through a trendline that represents a downtrend from October 2023 highs.

The golden cross of the 50- and 200-day SMAs suggests it might just do, suggesting tough times for risk assets.

Crypto Equities

MicroStrategy (MSTR): closed on Friday at $408.67 (+4.2%), up 5.51% at $431.20 in pre-market.

Coinbase Global (COIN): closed at $310.58 (-0.76%), up 2.2% at $317.46 in pre-market.

Galaxy Digital Holdings (GLXY): closed at C$28.96 (+5.5%)

MARA Holdings (MARA): closed at $22.73 (+0.66%), up 3.61% at $23.55 in pre-market.

Riot Platforms (RIOT): closed at $12.99 (+5.35%), up 2.77% at $13.35 in pre-market.

Core Scientific (CORZ): closed at $15.55 (+0.06%), up 2.06% at $15.87 in pre-market.

CleanSpark (CLSK): closed at $12.02 (-2.51%), up 2.33% at $12.30 in pre-market

CoinShares Valkyrie Bitcoin Miners ETF (WGMI): closed at $27.36 (-1.79%), up 3.33% at $28.27 in pre-market.

Semler Scientific (SMLR): closed at $67.17 (-6.5%), up 4.26% at $70.03 in pre-market.

ETF Flows

Spot BTC ETFs:

Daily net inflow: $428.9 million

Cumulative net inflows: $35.57 billion

Total BTC holdings ~ 1.131 million.

Spot ETH ETFs

Daily net inflow: $23.6 million

Cumulative net inflows: $2.26 billion

Total ETH holdings ~ 3.514 million.

Source: Farside Investors

Overnight Flows

Chart of the Day

Decentralized lending giant AAVE’s market is on fire as net inflows soared to an impressive $500 million in the past week.

This represents increased risk-taking in the crypto market.

While You Were Sleeping

Bitcoin Soars to Record High Above $106K, Then Retreats as Hawkish Fed Rate Cut Looms (CoinDesk): Bitcoin surged to $106,000 as traders anticipated a 25-basis-point Fed rate cut on Wednesday despite concerns about a slower pace of easing in 2025.

Bitcoin Traders Now Target $120K as Bullish ‘Santa Claus Rally’ Gains Steam (CoinDesk): Traders see bitcoin extending its upward trajectory toward the $120,000 level, powered by speculation about a federal bitcoin reserve, growing institutional interest and seasonal patterns.

MicroStrategy to Enter Nasdaq 100, Exposing Bitcoin-Linked Stock to Billions in Passive Investment Flows (CoinDesk): MicroStrategy (MSTR) will join the Nasdaq 100 index on Dec. 23, making it a required holding for all ETFs tracking the index, such as Invesco’s $300 billion QQQ Trust.

China’s Key Bond Yield Hits Fresh Record Low as Data Disappoints (Bloomberg): China’s 10-year sovereign yield fell to 1.71% Monday as weak economic data fueled expectations of further stimulus, with analysts predicting possible rate cuts by the People’s Bank of China to counter deflation.

The Fed’s Game Plan on Interest-Rate Cuts Keeps Shifting (The Wall Street Journal): Federal Reserve Chair Jerome Powell, needing to balance inflation concerns, labor market signals and market expectations, faces internal divisions ahead of a potential third interest-rate cut this week.

Yuan’s Fall Would Be a Gift to Bank of Japan (Reuters): Chinese leaders are considering weakening the yuan to offset potential U.S. tariffs, which could pressure Asian currencies but help the Bank of Japan by supporting yen depreciation ahead of its Wednesday policy meeting.

In the Ether