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Vitalik adopts a pygmy hippo while crypto stays cautious

Bitcoin ranges as low volume dominates, BONK burns $52M in tokens, and $SUI shines among L1s. Traders are urged to stay patient amid holiday market chop.

Author

Don't FRET
December 27, 2024 • Estimated Reading Time: 5 minutes

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Today’s Narrative - 📉Bearish📉

Macros

  • Strive Asset Management seeks SEC approval for a "Strive Bitcoin Bond ETF" centered on MicroStrategy's bonds, signaling a push toward new Bitcoin-linked financial products.

  • Vitalik Buterin adopts a pygmy hippo, Moo Deng, donating over $293,000 to a Thai zoo in a gesture that combines philanthropy and crypto spotlight.

  • South Korea's USD/KRW exchange rate hits a 16-year high, with the Kimchi Premium sitting at approximately 2%, indicating regional demand for Bitcoin and other cryptocurrencies.

  • The market is signaling caution, with low volume and choppy price action dominating. Traders should conserve energy and wait for clearer trends before making big moves.

Crpytos

  • $AAVE is nearing a downtrend, but $280 could act as a strong support level and a good buying opportunity if it holds.

  • $CRV is ranging between $1 and $0.88, requiring a breakout in either direction to provide a clearer trade setup.

  • $NEAR is slow cooking for a larger move, with $4.20-$4 as an attractive buy zone for a long-term position heading into 2025.

  • $VIRTUAL is in a strong uptrend, with resistance at $3.26. A breakout into new all-time highs could present a trading opportunity.

  • $SUI remains the strongest L1, with $3.60-$4 as a solid support level for short to medium-term buys.

  • Bitcoin remains range-bound, with traders waiting for post-holiday activity to bring more direction and bullish momentum.

  • BONK burns 1.69T tokens worth $52M as part of its BURNmas event, potentially boosting token value through reduced supply.

  • Jupiter plans to distribute 7M $JUP in January, targeting users with $1000+ swaps and $JUP stakers, incentivizing activity within the ecosystem.

  • Bitget merges $BWB into $BGB, consolidating their ecosystem token at an exchange rate of 11.68:1, simplifying their tokenomics.

  • Frax Finance proposes adding Blackrock’s $BUIDL as a backing asset for frxUSD, aiming to strengthen its stablecoin’s collateral base.

  • VeChain announces tokenomic upgrades for 2025, signaling long-term plans for enhancing the $VET ecosystem.

Our Stance

The market remains sluggish with minimal activity as traders stay sidelined during the holidays. Bitcoin continues to range, and overall sentiment is cautious. This is not the time to exhaust mental energy or risk capital in a choppy market. Instead, it’s a moment to stay patient and watch for stronger trends as liquidity and participation return post-holidays.

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DISCLAIMER: None of this is financial advice. This newsletter is strictly educational and is not investment advice or a solicitation to buy or sell any assets or to make any financial decisions. Please be careful and do your own research. Cryptocurrency markets are highly volatile, and you should only invest funds you can afford to lose. The views expressed here are those of the authors and do not represent the opinions of any organizations or entities we may be affiliated with. We are not liable for any financial losses incurred from investment activities based on this content.

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