The cryptocurrency market surged into the spotlight this week as Bitcoin reclaimed the $100,000 mark, Ripple received critical regulatory approval for its new stablecoin, and major institutional interest grew with Amazon shareholders pushing for Bitcoin reserves. Amid volatility and high-profile security incidents, the digital asset ecosystem continues to mature, signaling stronger integration with traditional finance.
Weekly Crypto Price Overview
As of Thursday, December 12, 2024, major cryptocurrencies showed mixed but largely bullish momentum:
- Bitcoin (BTC): +0.14% at $101,518.85
- Ether (ETH): +0.86% at $3,946.38
- SushiSwap (SUSHI): +50.9% at $2.2839
- Aave (AAVE): +42.8% at $368.91
- ApeCoin (APE): -16.3% at $1.628
Price data reflects trends over the past seven days and was recorded at 1:14 PM ET.
Despite a brief dip below $95,000 earlier in the week, Bitcoin’s recovery was swift, driven by macroeconomic signals and growing institutional confidence.
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Amazon Shareholders Push for 5% Bitcoin Treasury Allocation
A group of Amazon shareholders has formally proposed that the tech giant allocate 5% of its treasury reserves to Bitcoin, citing the digital asset’s long-term value preservation and inflation-resistant properties. With approximately $88 billion in cash, bonds, and marketable securities, Amazon’s current portfolio is heavily weighted toward traditional low-yield instruments.
The proposal argues that Bitcoin has consistently outperformed conventional assets over the past decade and references successful corporate adoption by firms like MicroStrategy and Tesla, both of which have seen substantial returns from their Bitcoin holdings.
While Microsoft recently rejected a similar proposal, the Amazon initiative underscores a growing trend among investors demanding that large corporations diversify into digital assets. If approved, it could catalyze a wave of institutional adoption across the S&P 500.
“In an era of persistent inflation and low bond yields, holding idle cash is no longer a neutral financial decision—it’s a risk,” stated the shareholder filing.
Such a move would position Amazon at the forefront of corporate treasury innovation, potentially reshaping how global enterprises manage capital.
Bitcoin Dips Below $95K Amid $1.5 Billion in Liquidations
On Monday, Bitcoin briefly dropped below $95,000, triggering over **$1.5 billion in total liquidations**, with long positions accounting for $1.38 billion of that figure. It marked the largest single-day liquidation event since December 2021 and highlighted the risks of excessive leverage in the derivatives market.
Analysts attribute the sell-off to a combination of profit-taking and automated margin calls as traders faced margin pressures. The event surpassed the previous week’s $1.1 billion liquidation volume, underscoring heightened market sensitivity near all-time highs.
However, sentiment rebounded quickly. On Wednesday, positive inflation data from the U.S. Bureau of Labor Statistics showed the Consumer Price Index (CPI) rose 2.7% year-over-year in November—aligning with forecasts and increasing expectations of a 25-basis-point rate cut by the Federal Reserve in its upcoming December meeting.
Bitcoin responded by surging past $101,000 before stabilizing just under $100,000 by Thursday afternoon. Lower interest rates typically boost risk assets like crypto by reducing the opportunity cost of holding non-yielding investments.
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Ripple’s RLUSD Stablecoin Gains NY Regulator Approval
In a landmark development, Ripple’s USD-linked stablecoin RLUSD has been approved by New York’s Department of Financial Services (NYDFS), one of the most stringent financial regulators in the U.S. This green light clears the path for RLUSD to launch on major exchanges and payment networks.
Ripple CEO Brad Garlinghouse confirmed the news on social media, stating:
“Exchange and partner listings will be live soon.”
RLUSD will operate across multiple blockchains, including XRP Ledger and Ethereum, enhancing interoperability and utility. To ensure liquidity at launch, Ripple has partnered with leading market makers such as B2C2 and Keyrock, as well as several top-tier crypto exchanges.
Though entering a market dominated by Tether (USDT) and Circle (USDC)—with market caps of $138 billion and $40 billion respectively—RLUSD benefits from Ripple’s strong brand recognition and recent momentum from XRP’s price rally.
This approval strengthens Ripple’s position not only as a cross-border payments innovator but also as a key player in the regulated digital asset space.
Hong Kong Accelerates Crypto Licensing Amid Global Race
Hong Kong is fast-tracking its crypto regulatory framework to remain competitive in the global digital asset race. Joseph Chan, Acting Secretary for Financial Services and the Treasury (FSTB), announced plans for a “swift licensing process” for crypto trading platforms through the Securities and Futures Commission (SFC).
Since launching its licensing regime in June 2023, Hong Kong has authorized platforms like OSL Exchange and HashKey to offer retail crypto trading services. Now, the government aims to:
- Introduce legislation this month requiring fiat-referenced stablecoin issuers to obtain licenses
- Establish a consultative panel to support licensed platforms
- Propose a licensing framework for crypto custody services in 2025
These moves reflect Hong Kong’s ambition to become Asia’s premier crypto hub amid tightening regulations elsewhere in China and increasing competition from Singapore, Dubai, and Switzerland.
Cardano Foundation X Account Hacked in Phishing Scam
The Cardano Foundation suffered a security breach when its official X (formerly Twitter) account was compromised. Hackers posted a detailed thread promoting a fraudulent token named $ADASOL, using legitimate Cardano resources to lend credibility.
Over $500,000 worth of $ADASOL was traded before the scam was exposed. Later, the attackers falsely claimed the Foundation had been sued by the SEC and would discontinue support for $ADA—a post that garnered over 256,000 views before replies were disabled.
The Foundation quickly confirmed the breach via LinkedIn and reassured users that no internal systems were compromised. It emphasized ongoing efforts to restore account security and urged community vigilance.
This incident highlights the persistent threat of social engineering in crypto and reinforces the need for multi-layered account protection.
IPOs vs ICOs vs STOs: Understanding Fundraising Models
Blockchain technology has revolutionized capital formation through new fundraising mechanisms:
Initial Public Offering (IPO)
A traditional method where private companies go public by listing shares on stock exchanges. IPOs are heavily regulated and typically used by mature companies.
Initial Coin Offering (ICO)
An early blockchain-based model where startups issue utility tokens to raise funds. ICOs gained popularity during the 2017 bull run but faced criticism due to lack of oversight and widespread scams.
Security Token Offering (STO)
A regulated alternative combining blockchain efficiency with compliance. STOs represent ownership or debt and are subject to securities laws, offering greater investor protection.
As markets evolve, STOs are gaining traction among institutional investors seeking compliant digital asset exposure.
Frequently Asked Questions
Q: Why did Bitcoin drop below $95K?
A: The dip was caused by profit-taking and a cascade of margin calls in a highly leveraged derivatives market, leading to over $1.5 billion in liquidations.
Q: Is RLUSD backed by real assets?
A: Yes—RLUSD is a fiat-collateralized stablecoin designed to maintain a 1:1 peg with the U.S. dollar, with reserves held in regulated financial institutions.
Q: Can Amazon really adopt Bitcoin?
A: While the proposal is non-binding, growing shareholder pressure could push Amazon to explore Bitcoin as part of its treasury strategy, following precedent set by MicroStrategy.
Q: How does inflation data affect crypto prices?
A: Lower-than-expected inflation increases expectations of rate cuts, which boosts investor appetite for risk assets like Bitcoin and Ethereum.
Q: What makes Hong Kong attractive for crypto firms?
A: Clear licensing rules, government support, and strategic location make Hong Kong a gateway for global firms targeting Asian markets.
Q: Are STOs safer than ICOs?
A: Yes—STOs are regulated under securities laws, requiring disclosures and audits, making them more transparent and secure than largely unregulated ICOs.
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