What Happened in Crypto Today: The Day DeFi Broke All Rules
12/17/2024 17:49
Here is a 2-minute breakdown of everything important that happened in crypto today.
Bitcoin hit $106K yesterday, and the crypto world stayed oddly quiet.
No special hashtags trending.
All those endless debates about when Bitcoin would finally break six figures? They're history now. But instead of chaos and excitement, we're seeing something unexpected - calm.
The charts are green, portfolios are up, but the usual hype? MIA
Traders who used to jump at every price movement are just... watching. Some haven't even updated their price predictions yet.
Is this what a mature market looks like? Or is everyone just processing the fact that their years-old predictions finally came true?
Let's make sense of it all! Here is a quick rundown of the top headlines from the past 24 hours:
-
Ripple launches RLUSD stablecoin with NY approval, targeting USDT and USDC's dominance in the remittance market - But who is backing this project? 🏦
-
MicroStrategy adds 15,350 BTC ($1.5B) right before joining Nasdaq 100 Index - But didn’t they just buy thousands of Bitcoins a few weeks ago? 🤔
-
BlackRock backs Ethena's new USDtb stablecoin, sister token to their $6B USDe - But who else is backing this project? 💰
-
Hyperliquid DEX hits $1B in USDC deposits after HYPE token launch without VC backing - But why are users so bullish on HYPE? 📈
-
FTX to start repaying users from January 2025, offering 118% of claim value - But why 118%? 💸
Let's dive in!
Ripple just made a power move in the stablecoin game. After getting the green light from New York regulators, they're launching RLUSD - a dollar-backed stablecoin that's going straight for USDT and USDC's market share.
The interesting part? Unlike other stablecoins primarily used for trading, RLUSD is built specifically for payments and remittances. Think of faster cross-border transfers and cheaper international payments.
But why is XRP going up? Read the full story!
MicroStrategy just added another 15,350 Bitcoin to their treasury, paying around $1.5 billion. Their total stash? 439,000 BTC.
This purchase comes right before MicroStrategy joins the Nasdaq 100 Index - a move that could trigger at least $2.1 billion in institutional buying as ETFs adjust their portfolios.
But didn’t they just buy thousands of Bitcoins a few weeks ago? Read the full story!
Ethena just dropped something interesting in the stablecoin space - USDtb, a new dollar-pegged token with a twist.
Over 90% of its backing comes from BlackRock's massive BUIDL fund.
The interesting part isn't just the BlackRock connection. USDtb is designed to work alongside Ethena's existing USDe, which has already attracted $6 billion in user funds. But while USDe plays with derivatives to keep its peg, USDtb takes a more traditional approach, backing each token with actual reserve assets.
But who else is backing this project? Read the full story!
Something unusual is happening at Hyperliquid.
The new decentralized exchange attracted over $1 billion in USDC deposits since launching its HYPE token last month - without a single venture capital firm in sight.
That's right - no private investors, no exchange allocations. Every HYPE token went straight to the users. This old-school approach to token distribution seems to be working. Their total locked value shot up from $196 million to $3.2 billion in just 30 days.
But why are users so bullish on HYPE? Read the full story!
The long wait for FTX customers is finally ending. Starting January 3, 2025, the fallen crypto exchange will begin returning funds to its users - and they're paying back more than expected.
If you lost $50,000 or less on FTX, you're in the first group getting paid. That covers over 90% of all FTX victims. The interesting part? Most creditors will receive at least 118% of their claim value, calculated from November 2022 prices.
Kraken and BitGo will handle the distributions, with a third partner still to be announced. Both bring solid experience - Kraken helped return Mt. Gox funds, while BitGo secures billions in institutional crypto.
But why 118%? Read the full story!