Daily Crypto Recap – December 20, 2024

Bitcoin Drops Below $100K Amid Fed Chair’s Comments

Bitcoin fell below $100K following remarks by Fed Chair Powell rejecting BTC as a reserve asset. His comments triggered a sharp correction, with Bitcoin down 15% from its ATH, leading to $1B in liquidations within 24 hours. Altcoins also faced widespread losses, reflecting the broad market impact.

Amid the downturn, several projects showed remarkable resilience:

• $HYPE (Hyperliquid) defied the market trend, reaching a new ATH of $30 and crossing a $10B market cap, cementing its status as a top-performing DEX project.
• $FARTCOIN maintained its position as the leading AI memecoin, holding steady at a $1B market cap with minimal losses.
• $SUI also stood out, showing impressive recovery by quickly bouncing back from the dip. This performance may be linked to Grayscale’s announcement of a SUI Trust, allowing accredited investors to gain exposure to SUI via a trusted investment vehicle.

Aptos Labs Co-Founder Steps Down

Mo Shaikh, co-founder of Aptos Labs, has stepped down as CEO. Aptos, a prominent Layer 1 blockchain known for scalability and speed, is now seeking new leadership to guide its next phase of growth.

Shaikh will remain involved in an advisory role, but his departure has sparked discussions within the community about how this leadership transition could impact Aptos’ roadmap and competitive positioning in the Layer 1 sector.

Tether Faces Competition Amid USDT Challenges

Tether’s dominance in the stablecoin market is under pressure as Europe enforces stricter compliance rules that could restrict access to USDT. Meanwhile, a growing list of competitors is challenging Tether’s position:

• Circle’s partnership with Binance is boosting USDC’s adoption.
• Ethena Labs, Usual, and BlackRock have launched a robust ecosystem of collateralized stablecoins.
• Ripple’s rLUSD offers a USD-backed asset on the XRP Ledger, further diversifying the market.

These developments point to a shifting landscape in the stablecoin market, with increased competition and regulatory pressures threatening Tether’s long-held dominance.

Big Time Studios Launches $150M Web3 Gaming Fund

Big Time Studios has unveiled a $150M Open Loot Fund to support the development of high-quality Web3 games. The fund will focus on projects that integrate blockchain features like NFT marketplaces and tokenized in-game assets.

This initiative is powered by Big Time’s Open Loot platform, which provides developers with the tools needed to integrate blockchain elements seamlessly. The fund aims to bring mainstream gaming experiences to Web3 while empowering developers to create innovative games with true digital ownership.

PancakeSwap Bridge Goes Live

PancakeSwap has launched its native cross-chain bridge, enabling seamless token transfers across 8 supported chains with over 3,700 tokens. Networks include Ethereum, BNB Chain, zkSync Era, Base, and Polygon zkEVM, among others.

The bridge is powered by top-tier partners, including LayerZero, Stargate, Celer, and others, ensuring secure and efficient transfers. PancakeSwap users can now execute cross-chain swaps without relying on third-party platforms, further solidifying PancakeSwap’s position as a leading DEX.