Selected News:

1. Bitcoin fell below $42,000, with a 24-hour drop of 4.79%.

2. Rune Alpha announces the launch of its market testnet, targeting COOK and other Rune asset trading.

3. Data: Last week, the trading volume on Solana DEX exceeded 5 billion US dollars, reaching a new historical high.

4. ZK L2 Network ZKFair will airdrop to the Ordinals community;

5. The Hong Kong High Court ruled in favor of Li Lin's company X-SPOT's trademark infringement application, prohibiting Huobi Global from using the "火币" trademark during the trial period.

Price Observation

Bitcoin falls below $42,000, with a 24-hour decline of 4.79%.

At around 10:00 today, according to OKX market data, Bitcoin fell below $42,000 and was priced at $41,893, with a 24-hour decline of 4.79%.

Ethereum falls below $2,200 in the short term, with a 24-hour decline of 5.9%

At around 10:00 today, according to OKX market data, Ethereum briefly fell below $2,200, with a quoted price of $2,213 and a 24-hour decline of 5.9%.

Bitcoin's maximum drop in 2 hours reached 7.5%, with multiple popular altcoins dropping more than 15%

At around 10:00 today, according to market data, Bitcoin experienced a maximum drop of 7.5% within 2 hours, and several popular altcoins saw a short-term drop of over 15%. Among them:

ORDI's maximum decline within 2 hours reached 20.87%, with a price of 47.2 US dollars;

BLUR experienced a maximum decline of 20.6% within 2 hours, with a price of 0.47 USD.

RUNE 2 experienced a maximum drop of 18.5% within two hours, with a price of $6.02.

GALA's maximum decline within 2 hours reached 17.36%, with a price of 0.03 USD;

STX experienced a maximum decline of 17.91% within 2 hours, with a price of 0.91 USD.

AVAX experienced a maximum decline of 15.67% within 2 hours, with a price of $35.

NEAR experienced a maximum decline of 14.86% within the past 2 hours, with a current price of 2.33 USD.

DOT 2-hour maximum decline reached 14.5%, quoted at $6.7 USD.

INJ short-term breakthrough $22.8, 24-hour increase of 20.35%

At around 11:00 today, according to OKX market data, INJ briefly broke through $22.8 and was priced at $22.82, with a 24-hour increase of 20.35%.

QI short-term breakthrough $0.027, 24-hour increase of 100.29%

At around 14:00 today, according to market data, the non-custodial liquidity market protocol BENQI's token QI on Avalanche briefly broke through $0.027, with a quoted price of $0.02712 and a 24-hour increase of 100.29%.

Benqi token QI's 24-hour increase has expanded to 130%, now priced at $0.031

At around 15:00 today, according to market data, the Benqi token QI of the Avalanche ecosystem lending protocol saw its 24-hour increase expand to 130%, with a quoted price of $0.031.

MAD LADS floor price drops to 184.8 SOL, with a 24-hour decline of 11.39%

At around 15:00 today, according to market data, the MAD LADS NFT floor price dropped to 184.8 SOL, with a 24-hour decline of 11.39%.

Transaction Tracking

ZK L2 Network ZKFair will airdrop to the Ordinals community

According to the ZKFair whitepaper, in order to support the community spirit of always putting users first, in addition to airdropping to eligible Lumoz point users, Polygon ecosystem users, and other L2 ecosystem users, ZKFair will also airdrop to the Ordinals community, with a ratio of 5%. This airdrop will not be available for immediate collection and will only be available for collection after ZKFair supports the BTC ecosystem.

ZKFair is a fair launch, fully community-driven L2 network, and its token will be distributed 100% through airdrops to the community. ZKFair is the first ZK L2 community network based on polygon CDK celestia DA and Lumoz RaaS, with a fair launch and fully community-driven L2 network, and its token will be distributed 100% through airdrops to the community.

Bounce Launchpad will launch GoDID (BDID)

Bounce Brand, a decentralized auction platform, has announced a partnership with GoDID, a company specializing in the registration, trading, and management of DIDs. GoDID will launch its native token, BDID, on the Bounce Launchpad.

Google has updated its cryptocurrency advertising policy to allow ads related to cryptocurrency trusts starting from the end of January 2024.

According to Cointelegraph, tech giant Google has updated its advertising policy regarding cryptocurrency, allowing ads related to cryptocurrency trusts starting from the end of January 2024. In a policy change log on December 6th, Google stated that its cryptocurrency and related product advertising policy will be updated on January 29th, 2024 to allow "ads for cryptocurrency trusts targeting US-based advertisers."

Cryptocurrency trusts are listed as "financial products that allow investors to trade and hold large amounts of digital currency trust units" - which may include trading platform exchange-traded funds (ETFs).

BTC ecological stablecoin protocol Uplink updates product roadmap, UPFI rises more than 107%

BTC decentralized stablecoin protocol Uplink Finance has updated its product roadmap and will launch Uplink OG NFT this weekend. Users who participated in the UPFI IDO and the top 100 UPFI holders (snapshot taken at 11:33 pm on December 15th) will be eligible for the UPFI OG NFT whitelist.

Uplink officials have announced that their stablecoin product will be launched at the end of this month. The team's long-term goal is to support 5% of BTC and 20% of BRC20 top assets as collateral, aiming to become the largest stablecoin protocol in the BTC ecosystem. As of now, UPFI's trading volume on the OKX Web3 wallet market has risen to second place, with a 24-hour increase of over 107%.

Pyth Network launches ORDI/USD price feed

The oracle project Pyth Network announced the release of its ORDI/USD price feed, which is applicable to over 40 blockchain networks including Bitcoin Layer2 network Stacks.

Italian cryptocurrency wallet company Conio partners with Coinbase

According to CoinDesk, Italian cryptocurrency wallet company Conio has announced a partnership with Coinbase (COIN) aimed at introducing more diverse digital assets to banks and financial institutions in Italy. It is reported that Conio has over 400,000 customers and is providing liquidity to institutions offering digital asset services through its partnership with Coinbase Prime, with plans to expand wallet support for up to 50 tokens by the end of 2023.

As European banks and financial institutions become more confident in cryptocurrency assets, Conio is actively expanding its custody capabilities to meet the growing demand for digital assets from Italian banks. Orlando Merone, CEO of Conio, stated that the company is adding support for EVM (Ethereum Virtual Machine) chains with the goal of covering nearly 60% of the digital asset market by next year.

Parallel Finance announced the successful prevention of abnormal behavior in the uPPG token pool, and user funds were not affected.

Parallel Finance has released a statement revealing that it detected unusual activity in the uPPG token pool yesterday. An intelligent contract attempted to artificially increase the price of Uniswap's uPPG token to maximize lending potential. The platform successfully prevented this behavior and has confiscated the funds used by the attacker.

These funds will be held by the platform's multi-signature wallet, awaiting analysis by trusted security partners. The funds will be used for ongoing security improvements and to serve the community. Parallel Finance confirms that no user funds have been compromised and the protocol is operating smoothly.

Rune Alpha has announced the launch of its market testnet, targeting COOK and other Rune asset trading.

Regarding the risk issues of over-the-counter (OTC) trading, the Bitcoin incognito project Rune Alpha is responding to user demand and plans to launch its market testnet later this week, mainly targeting the trading of COOK and other Rune assets.

Rune Alpha also announced that it will soon release special benefits for COOK holders.

Hashkey invested music sharing platform Sonorus (SNS) is now available on Kucoin.

According to official sources, Kucoin has announced that it will launch the SNS/USDT trading pair at 18:00 on December 12th. Spot grid trading will be available within 24 hours after the launch.

CeFi Information

Binance P2P will no longer support Russian ruble trading pairs from January 31 next year

According to an official announcement, Binance P2P will no longer support Russian ruble (RUB) trading pairs, including USDT/RUB, BTC/RUB, FDUSD/RUB, BNB/RUB, ETH/RUB, BUSD/RUB, and RUB/RUB P2P trading pairs, starting from 00:00 (UTC) on January 31, 2024, as the company has decided to exit Russia and sell to CommEX.

From now on, users can continue to use Russian rubles (RUB) for P2P transactions for free on the CommEX platform.

ARK Invest sold $49.2 million worth of Coinbase stock last Friday.

According to CoinDesk, ARK Invest led by Cathie Wood sold approximately $49.2 million worth of Coinbase (COIN) stock last Friday, marking the largest sale since July. In recent weeks, ARK has been consistently selling Coinbase stock as the price of Coinbase and Bitcoin have risen. In July, ARK sold 480,000 shares worth approximately $50.5 million, which was the largest transaction before this one.

C1's contacted encryption entities include venture capital company Animoca Brands, which focuses on gaming and metaverse, and blockchain analysis agency Chainalysis. It is reported that C1 is seeking to invest in "entities with a valuation of at least $300 million in the last round of financing, preferably in the C round and later stages", with the desired investment amount between $20 million and $50 million.

Regulatory News

The Financial Services Commission (FSC) of South Korea has issued a notice regarding the enactment of the "Enforcement Decree of the Virtual Asset User Protection Act" and the "Regulations on the Virtual Asset Industry", which are scheduled to take effect on July 19, 2024.

1. Added objects that are not subject to the "Virtual Asset User Protection Act," such as deposit tokens linked to CBDC and NFT.

2. Clarified the user deposit management institution and operation mode;

4. Develop standards for mutual aid or reserve funds for insurance, and implement responsibilities for accidents such as hacking and computer malfunctions.

6. In principle, it is prohibited to freeze users' virtual asset deposits and withdrawals arbitrarily. The circumstances under which deposits and withdrawals can be frozen are specified as exceptions.

The High Court of Hong Kong ruled in favor of Li Lin's company X-SPOT in its trademark infringement application against Huobi Global, prohibiting the latter from using the "Huobi" trademark during the trial period.

The High Court of the Hong Kong Special Administrative Region has made an important ruling in the intellectual property lawsuit between X-SPOT GLOBAL LIMITED (plaintiff) and Huobi Global Limited (defendant). The plaintiff, X-SPOT GLOBAL LIMITED, successfully applied for a temporary injunction against the defendant to prevent them from using the "Huobi" trademark or any confusingly similar names or logos during the litigation proceedings in Hong Kong.

The core of this case involves the plaintiff's trademark rights. The Hong Kong High Court ruled that the plaintiff's trademark rights should be protected and that the defendant's actions constituted an infringement of the plaintiff's trademark rights.

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