The cryptocurrency sector's valuation increased by $40 billion on Tuesday to $3.48 trillion.
Bitcoin price fell below $95,000 as investors turned to altcoins.
In the derivatives market, 216,337 traders were liquidated, with a total liquidation amount of $591.56 million.
Altcoin Market Latest: Tron and Avalanche emerge as top performers, Bitcoin stabilizes at $95,000
Bitcoin prices stabilized around $95,000 on Tuesday as traders continued to put their profits into the altcoin market. Positive sentiment surrounding the potential approval of altcoin ETFs in 2025 has triggered a large wave of accumulation across the altcoin market.
XRP price retreated to find support at the $2.50 mark, while Cardano (ADA), Avalanche (AVAX), and Tron (TRX) all posted significant gains. Tron (TRX) was the standout performer, posting a 25% gain and overtaking AVAX to become the 10th largest crypto asset by market capitalization. Avalanche (AVAX) price rose 11% on Tuesday after AVA Labs' CEO hinted at possible cooperation with President Donald Trump's administration.
Chart of the Day: BlackRock Reaches 500,000 BTC Milestone
BlackRock’s IBIT Spot Bitcoin ETF has reached a significant milestone with assets under management (AUM) exceeding 500,000 BTC. Founded on January 11, 2024, the fund has grown rapidly and currently holds $48 billion worth of Bitcoin, or about 2.38% of the total Bitcoin supply of 21 million.
BlackRock (IBIT) ETF Holdings Current Status | December 3, 2024 |Source: K3 Research
“BlackRock surpassing 500,000 BTC is yet another huge milestone after an incredible launch year. This surpasses Invesco’s $314 billion behemoth QQQ when measured by year-to-date flows. remains the third-strongest ETF product in the U.S.” – Vetle Lunde, Director of Research, K33.
Monday's net inflow of 3,526 BTC means IBIT surpasses 500,000 BTC milestone, BlackRock's Bitcoin ETF surpasses MicroStrategy's BTC holdings despite MicroStrategy's 3-year head start It means something.
Latest crypto news:
Coinbase ends USDC yield program in Europe amid MiCA compliance crackdown
Coinbase will discontinue its USDC yield program across the European Economic Area (EEA) by December 1, in response to the European Union's Markets in Cryptoassets (MiCA) regulations. MiCA explicitly prohibits offering interest on stablecoins, requiring crypto companies to adjust their operations ahead of the December 30, 2024 compliance deadline.
The move reflects growing regulatory challenges in the European stablecoin market, as seen with Tether's recent discontinuation of its euro-pegged token. Meanwhile, new competitors like Schuman Financial are seizing the opportunity by issuing euro-pegged stablecoins to fill the void.
These regulatory changes mark a significant transformation for European stablecoin providers, which are facing increasingly stringent compliance requirements. Coinbase's exit highlights the difficulty of aligning yield programs with the MiCA framework, while the rise of new euro-pegged products suggests that innovation continues despite the crackdown.
Taiwan to implement new anti-money laundering rules for virtual currency providers on November 30th
Taiwan's Financial Supervisory Commission (FSC) will implement new anti-money laundering (AML) regulations for virtual currency providers on November 30th, bringing the schedule forward by one month.
The regulation requires domestic and foreign virtual asset service providers (VASPs) to register as AML compliant, and non-compliance will result in imprisonment and large fines. The initiative aims to strengthen regulatory oversight, strengthen fraud prevention, and align Taiwan's cryptocurrency sector with global AML standards.
This accelerated development underscores Taiwan's efforts to combat illegal activities in the digital asset field.
The FSC seeks to strengthen investor protection and establish a more transparent cryptocurrency market by imposing strict registration requirements and penalties.
This regulatory push reflects broader global trends as governments around the world increase efforts to regulate the cryptocurrency industry.
US government transfers $1.9 billion in Bitcoin to Coinbase
According to Arkham Intelligence, a cryptocurrency wallet affiliated with the U.S. government transferred approximately 20,000 Bitcoins worth $1.9 billion to Coinbase Prime.
The Bitcoin holdings stem from assets seized from Silk Road, a notorious dark web marketplace that was shut down in 2013.
The transfer included an initial test of 0.001 BTC worth $97, followed by a larger transaction of 19,800 BTC to an intermediary wallet before reaching Coinbase.
Despite the transfer, the wallet still holds around $18 billion in Bitcoin, along with other assets such as Ethereum (worth $217 million) and USDT (worth $122 million).
The move follows a similar transfer in August, when the government sent 10,000 BTC worth $600 million to Coinbase. The recent trade sparked market speculation as Bitcoin price fell below $95,000 following this news.
