The crypto sector's valuation exceeded $3.5 trillion on Thursday, rising 9.4% since the market crash ended on Tuesday. 104,700 traders liquidated in the past 24 hours, with $172.7 million in long contracts written, accounting for 58% of the $298.5 million total liquidated. President-elect Donald Trump hinted at the introduction of a Bitcoin strategic reserve during an appearance at the New York Stock Exchange on Thursday.
Altcoin Market Latest: Trump-backed WLFI acquires $5 million worth of Ethereum; Chainlink and Avalanche emerge as top gainers
Donald Trump rang the opening bell at the New York Stock Exchange on Thursday and made bullish comments about the cryptocurrency sector. Asked about the proposal to add Bitcoin to the strategic reserve fund, President Trump gave a cryptic response, pledging support for the crypto sector as a whole.
As Bitcoin price reached $102,000, investors reacted positively, with top altcoins such as Chainlink (LINK) and Avalanche (AVAX) posting double-digit gains.
Chainlink (LINK) price rose 20%, making it the top performer among the top 20 coins.
Chainlink (LINK) price movement, December 12th | Coin Gecko
Shortly after the Chainlink team entered into a strategic partnership with NBD, a major US banking institution, the price of LINK has plummeted at the time of writing due to news that President Trump-backed World Liberty Financial (WLFI) has acquired the token. has soared above $28. United Arab Emirates.
Avalanche (AVAX) price also gained a whopping 11% on the day.
Avalanche (AVAX) price movement, December 12th | Coin Gecko
According to market reports, AVAX appears to be rebounding following news that Avalanche Foundation has raised $250 million to carry out technology upgrades for its blockchain network.
Chart of the Day: Trump-backed WLFI acquires $5 million worth of Ethereum
World Liberty Financial, a cryptocurrency initiative backed by President-elect Donald Trump, acquired $5 million worth of ETH on Wednesday.
The purchases bring WLFI's ETH reserves to over $50 million, with the bulk of the acquisitions taking place after Trump's reelection, according to on-chain analytics platform Arcam Intelligence.
Total crypto holdings of World Liberty Financial (WLFI) as of December 12, 2024 | Source: Arkham Intelligence
The conversion of WLFI’s stablecoin reserves to ETH signals that World Liberty Financial is positioning itself more actively within the broader decentralized finance (DeFi) ecosystem.
The project also considers ETH to be a superior reserve asset compared to the US dollar, which is expected due to rising inflation reported in the latest US Consumer Price Index (CPI) data and expected interest rate cuts by the Federal Reserve. (Bund).
The Arkham Research chart above shows that the World Liberty wallet (0x5be9a495) currently holds approximately $75 million in cryptocurrencies.
This includes over $50 million in ETH, over $10 million in Coinbase's Wrapped Bitcoin Token (cbETH), $8 million in USDC, $3 million in USDT, as well as smaller amounts in various altcoins. Includes holdings.
Latest crypto news:
US regulators seek public opinion on proposed Bitcoin and Ethereum ETF listing
U.S. regulators are seeking public comment on NYSE Arca's proposal to list a new crypto exchange-traded fund (ETF) developed by Bitwise.
The fund is designed as a Bitcoin and Ethereum spot index ETF that holds actual Bitcoin and Ether, giving investors direct exposure to the two major cryptocurrencies in a convenient, regulated format. Masu.
This joint filing with the Securities and Exchange Commission (SEC) reflects the growing demand for crypto-based financial products among US corporate investors and TradFi players.
Ray Dalio advocates Bitcoin as a hedge against global debt risks
Bridgewater Associates founder Ray Dalio has expressed support for Bitcoin and gold as a safer alternative to traditional debt-based assets.
Speaking at Abu Dhabi Finance Week, Dalio warned that debt levels in major countries are rising, potentially triggering a financial crisis that could undermine fiat currencies.
Although he has historically been skeptical of Bitcoin, he revealed in 2021 that he owns it, reflecting his recognition of its potential as a protective asset.
Dalio's comments come as he distances himself from Bridgewater, who stepped down as leader in October 2022 after years of gradual transitions.
Circle and Binance join forces to expand USDC’s global reach
Circle and Binance have announced a strategic partnership to increase the adoption and utility of USD Coin (USDC) around the world.
The partnership, revealed at Abu Dhabi Finance Week, includes integrating USDC into Binance's corporate treasury and expanding coverage across the exchange's financial services.
This partnership aims to solidify USDC's position as the leading stablecoin in the global digital asset ecosystem.
Circle also plans to help Binance foster international financial and commercial relationships and pave the way for broader stablecoin adoption.
This joint effort highlights both companies' commitment to advancing stablecoin-driven solutions for seamless transactions and enhanced financial access.
Grayscale launches investment fund for Lido and Optimism tokens
Grayscale Investments has announced two new crypto funds: Grayscale Lido DAO Trust and Grayscale Optimism Trust.
These funds focus on Lido’s LDO token, which is tied to Ethereum’s largest liquid staking protocol, and Optimism’s OP token, which supports cutting-edge layer 2 scaling solutions.
Both projects will play a key role in improving Ethereum's efficiency, security, and scalability.
Available only to accredited investors, these additional features expand Grayscale's growing portfolio of digital asset trusts.
