The crypto sector's valuation remained steady at $3.37 trillion on Tuesday, halting $13 billion in outflows in the past 24 hours.
Marathon Digital (MARA), the largest cryptocurrency miner, announced an additional $1.1 billion in Bitcoin purchases after issuing convertible bonds. In the derivatives market, 288,367 traders were liquidated and $626 million of long positions were extinguished, accounting for 77% of the total liquidation of $809 million.
Altcoin market update: XRP and Cardano flash rebound signals as Bitcoin regains $97,000
Monday's global cryptocurrency market crash led to more than $1.5 billion worth of liquidations and double-digit losses across top digital assets as the geopolitical crisis intensifies.
However, the altcoin market showed signs of recovery as Bitcoin price fell to $94,200 within 24 hours before regaining $97,000. On Tuesday, Ripple (XRP), Cardano (ADA), and Binance Coin (BNB) all regained major resistance levels.
Ripple (XRP) price rebounded above $2.35, reflecting a 3% increase on the day.
Ripple on Tuesday received key approval from New York state regulators for its newly launched RLUSD stablecoin, giving another boost to the bull market.
Cardano (ADA) has regained important psychological support at $0.91 at $1 after its 15.8% correction to $1 on Monday worsened due to a hack of the team’s official Twitter account. Binance Coin (BNB) is trading above $680 at the time of writing as the native coin continues to gain demand amid increased trading activity on the exchange.
Chart of the Day: Ethereum Whale Maintains Positive Momentum Amid Cryptocurrency Crash
Ethereum prices have been subject to wild fluctuations since early December, as bullish tailwinds from President Trump's regulatory changes were negated by geopolitical risk factors.
After ETH price breached the $4,000 milestone for the first time in three years on December 6, it succumbed to a sharp 10% correction, falling to $3,519 on Tuesday.
Despite volatile price movements, on-chain data trends indicate that large Ethereum investors remain reluctant to sell into market FUD (fear, uncertainty, and doubt).
Ethereum price and balances of top 1,000 holders
The Santiment chart below shows real-time changes in the balances held by the top 1,000 wallets with the most ETH holdings.
The blue shaded part of the chart shows that Ethereum whales started purchasing around November 22nd while Gary Gensler was confirming his departure, and as of writing the article on December 10th, the balance had increased from 82.04 million ETH to 82.64 million ETH. It shows that ETH has increased. Over the past 18 days, worth approximately $220 million at current prices.
This data highlights that ETH whales maintain positive momentum despite intense market volatility, suggesting that the majority of large investors are expecting an early bullish reversal. I'm doing it.
Crypto news updates
Microsoft shareholders reject Bitcoin reserve proposal
Microsoft shareholders voted against a proposal to allocate a portion of the company's reserves to Bitcoin at its annual meeting on December 10th.
The plan, introduced by the National Center for Public Policy Research (NCPPR), suggested that Bitcoin has the potential to diversify assets and increase shareholder value.
The board opposed the idea, citing Bitcoin's volatility and the company's existing robust asset management processes.
Despite references to companies such as MicroStrategy and BlackRock as Bitcoin adopters, shareholders aligned themselves with the board of directors in prioritizing stability over investing in cryptocurrencies.
Eric Trump predicts Bitcoin will reach $1 million
Speaking at the Bitcoin MENA event in Abu Dhabi, Eric Trump predicted that Bitcoin's valuation could eventually reach $1 million.
He highlighted Bitcoin's inherent scarcity, describing it as a transformative global asset and a hedge against inflation, economic instability, and geopolitical risks.
President Trump also emphasized Bitcoin's decentralized nature, which eliminates dependence on intermediaries, and its increasing adoption by governments and institutions.
He argued that Bitcoin's role as a store of value makes it more likely to appreciate in value over the long term.
Tether’s USDT accepted as a virtual asset on the global market in Abu Dhabi
The Financial Services Regulatory Authority (FSRA) of the Abu Dhabi Global Market has designated Tether’s USD₮ as an Approved Virtual Asset (AVA).
This will enable licensed entities to offer USD₮-inclusive services within the ADGM ecosystem, strengthening the integration of digital assets into the UAE's financial framework.
This milestone reflects the UAE's commitment to becoming a global cryptocurrency hub by fusing traditional and digital finance.
