Gate Research Institute: AltCoin experienced a significant pullback, with long orders getting liquidated across the entire network, totaling over $1.6 billion.

Summary

• The price of BTC has been fluctuating in the past two days, with a 3.29% drop in the past 24 hours, and intense competition between long and short positions.
• AltCoins generally declined, with Layer2, Decentralized Finance, and Meme zone experiencing a drop of more than 10%.
• The total amount of Get Liquidated on the entire network reached 17.9 billion US dollars, and the amount of long order Get Liquidated was 16.2 billion US dollars.
• Russian lawmakers propose establishing a national BTC reserve to counter economic sanctions.
• BTC lending platform Lava completes $10 million Series A financing.
• Magic Eden will open Airdrop claim on December 10th.

Market Review

According to gate market data, as of 4:00 on December 10 (UTC+0) [1]:

• BTC - The BTC price dropped by 3.29% within 24 hours, with the highest price of 99,690.7 USDT and the lowest price of 96,245.7 USDT. The current price is 96,245.7 USDT. The BTC price has shown a fluctuating trend in the past two days, with MA5, MA10, and MA30 intersecting, indicating that the bulls and bears are fiercely competing in the short term. Between December 9th and December 10th, the price fluctuated multiple times. Around 12:00 on December 9th, there was a significant increase in price, followed by a decline, until the price reached around 96,245.7 USDT on December 10th. At 23:00 on December 9th, the price rebounded and broke through the 100,000 USDT mark, but failed to maintain the pump momentum, quickly falling below 95,000 USDT.

• ETH - In the past 24 hours, the price of ETH has been fluctuating downwards, with a decrease of 6.79% in the past 24 hours. The highest price reached 3,959 USDT, but it failed to break through the key resistance level of 4,000 USDT. Subsequently, the price dropped to a low of 3,626.13 USDT. From December 8th to December 9th, the price of ETH fluctuated significantly, with a significant decline on the 9th to nearly 3,690.81 USDT, followed by a slight rebound and smaller fluctuation from the 10th onwards. When the price fluctuates greatly, the trading volume increases accordingly, as seen on the 9th when the price dropped significantly, indicating intense competition between long and short positions. Currently, ETH is in a consolidation phase of oscillation and rebound, and the market generally adopts a wait-and-see attitude.

• ETF - According to SoSoValue data, the total net inflow of US BTCSpot ETF on December 10 exceeded 4.79 billion US dollars【4】, and the total net inflow of US ETHSpot ETF was 1.49 billion US dollars.【5】
• AltCoin - Anime-Themed zonepump surged by 136.8%, showing strong performance and indicating the appeal of anime-themed memes in the market; TRY Stablecoin zonepump rose by 40.9%, reflecting the increasing demand for stablecoins in the market.[6]
• Three Major US Indices - S&P 500 fell by 0.61%, Nasdaq fell by 0.84%, Dow Jones fell by 0.54%. [7]
• Spot Gold - The spot gold price fell to $2668.8 per ounce, with a daily increase of 0.32%.【8】
• Fear and Greed Index - The Fear and Greed Index is 78, indicating that the market is in a state of extreme greed. 【9】

Popular Token

According to the volume and price performance in the past 24 hours, as of 4:00 on December 10 (UTC+0), the following popular altcoins are based on Gate.io market data: [10]

CTY (Custodiy) - Single-day increase of approximately 271.40%, fully circulating market capitalization of 10.39 million US dollars. Custodiy is a platform focused on the creation of smart contracts, and integrates with the depth of multiple mainstream blockchains to enhance the interoperability of cross-chain interaction between different ecosystems. The platform uses stable coins to ensure the stability of the value held by the contract. At the same time, all services on the Custodiy Web application are paid through the platform's native token CTY, forming a self-sufficient economic model to ensure the sustainable development of the platform ecosystem.

Recently, the price of Custodiy has experienced a big pump, which may be related to its listing on a well-known exchange and the increase in trading activity. In addition, Custodiy has integrated more and more mainstream blockchains, further enhancing its reliability and attractiveness as a Smart Contract creation platform.

MOVE (Movement Network) - Daily increase of approximately 158.25%, fully circulating market capitalization of 7.84 billion US dollars. Movement Network is a blockchain ecosystem based on the modular Move, enabling developers to build secure, high-performance, and interoperable blockchain applications, bridging the gap between the Move and EVM ecosystems, and promoting collaboration in the blockchain ecosystem.

Gate launched MOVE Perpetual Futures live trading with 1-50x leverage on December 9th, providing users with more flexible trading options, expanding the trading scenarios for MOVE, and bringing higher liquidity and investor attention to MOVE.

**BABYDOGE (Baby Doge Coin) - The daily increase is about 33.82%, with a fully circulating Market Cap of 23.5 billion US dollars. BABYDOGE is a derivative project born from the Doge Coin community, aiming to attract more users through fun and community-driven initiatives. Its user base mainly consists of members from the Doge Coin community, and it introduces a deflationary mechanism while maintaining its original spirit, ensuring that each transaction generates a certain proportion of rewards. This has led to significant market appreciation shortly after its issuance.

This week, the Meme project BabyDoge announced that its meme incubation platform Puppy.fun based on a well-known public chain will be launched soon. Part of the platform's fees will be used to burn BabyDoge Tokens, further reducing the circulating supply. This development marks an important milestone for the BABYDOGE project and has sparked great enthusiasm among investors, becoming a driving force behind the pump of related Token prices.

Highlighted Data

The market was dominated by long positions, with Get Liquidated at $1.79 billion yesterday According to the latest data from Coinglass, as of 12:00 on December 10th (UTC+8), the total Get Liquidated amount on the entire network in the past 24 hours reached 1.79 billion US dollars, of which the Get Liquidated amount of long orders was 1.62 billion US dollars, and the Get Liquidated amount of short orders exceeded 175 million US dollars. BTC and Ethereum were Get Liquidated with amounts of 191 million US dollars and 253 million US dollars respectively. In addition, AltCoins such as XRP, PEPE, and 1000PEPE are also being followed by the market.【11】

Recently, the crypto market is experiencing a significant rise, mainly driven by the rebound of Bitcoin. Ethereum also performed strongly, with prices re-breaking the $4000 mark. The pump of Mainstream Tokens has boosted market sentiment optimistically, further driving meme coins like PEPE to rise exponentially.

$38.5 billion in digital asset investment flowed in during a single week Last week, digital asset investment products recorded a net inflow of $3.85 billion, setting a record for the largest weekly inflow in history. This rise has pushed the total inflow of funds since the beginning of the year (YTD) to $41 billion and raised the total assets under management (AuM) to a historic high of $165 billion. Reflecting the current market sentiment, the crypto market has experienced a rebound. [12]

In terms of specific asset performance, BTC has become the main driving force for capital inflows, attracting 25 billion US dollars, bringing its YTD inflow total to 365 billion US dollars. Ethereum's performance is equally impressive, with a single-week inflow of 1.2 billion US dollars, surpassing the inflow scale when the ETF went online in July. In addition, investments in Blockchain-related stocks are also receiving significant attention, attracting an inflow of 1.24 billion US dollars, the largest single-week inflow since January, demonstrating the rise in the inflow and market attractiveness of digital assets, while the attractiveness of mainstream assets remains strong.

encryption market zone全数pullback普跌 10%，BTC、ETH and CeFi zone表现相对坚挺 According to SoSoValue data, the crypto market zone has experienced a general pullback of 10%, with BTC, ETH, and CeFi zone showing relatively strong performance. Among them, BTC has dropped by 3.01% in the past 24 hours, ETH has dropped by 7.64% in the past 24 hours, and the CeFi zone has dropped by 6.85% in the past 24 hours, the smallest drop among all other zones.

In other zones, the 24H decline of Layer 1 zone was 13.37%, Layer 2 zone declined by 12.57%, MEME zone declined by 16.04%, RWA zone declined by 14.51%, and Decentralized Finance zone declined by 16.31%. 【13】

Hotspot Review

Russian lawmakers propose establishing a national BTC reserve to counter economic sanctions Russian lawmaker Anton Tkachev has proposed establishing a national BTC reserve, positioning it as a tool to counter economic sanctions and ensure financial stability. In a formal appeal to the Minister of Finance, Tkachev suggested creating a BTC reserve similar to traditional forex reserves. He believes that cryptocurrency has advantages in mitigating risks related to sanctions, inflation, and currency fluctuation. Tkachev points out the increasing valuation of BTC and cites its price reaching $100,000 in December 2024 as an example of its reliability as a store of value and investment. Recognition of the value of digital assets by lawmakers in countries including the United States and Russia is increasing. They no longer see it as a marginal investment vehicle or speculative object, but recognize its potential in long-term store of value and hedging risks. This will further promote the global adoption and legalization of digital assets, prompting more institutions and individuals to reassess and evaluate the investment value of digital assets.

Czech financial reform, encryption tax-free new policy helps promote central position On December 9th, according to Crowdfundinsider, the Czech Republic has passed a comprehensive financial market reform, aiming to become a leading global Crypto Assets center. The core of this reform is to ensure that encryption companies can smoothly open bank accounts, free from inappropriate restrictions. This measure aims to simplify their financial management processes, eliminate the major obstacles that previously constrained their operations, and optimize the business environment to attract industry investors.

The Czech Republic has long implemented flexible regulatory policies in the field of encryption, making it one of the most attractive countries in the European Union for Crypto Assets. Last week, the government introduced a three-year tax exemption policy for encryption investment, aligning its tax rules with the framework of traditional assets such as stocks, providing investors with a more predictable tax environment. This is in line with the upcoming EU regulation on encryption assets market (MiCA), optimizing cross-border operational frameworks and providing more efficient Compliance paths for blockchain service providers, demonstrating the Czech Republic's foresight in the Cryptocurrency field.

From an investment perspective, the Czech Republic has significant overall advantages. Located in the center of Europe, with perfect infrastructure, an open and sound regulatory system, and stable social order, these factors together enhance its attractiveness to foreign investment. The financial market reform further utilizes its convenient conditions as a gateway to the EU market, laying a solid foundation for the long-term development of the Czech Republic in the encryption field. [15]

Circle plans to upgrade CCTP and optimize Cross-Chain Interaction stablecoin trading Yesterday, stablecoin issuer Circle announced on social media that it will launch CCTP V2 in early 2025, which is a major upgrade to its Cross-Chain Interaction transfer protocol. The new version will first be deployed on the Ethereum mainnet, Base, and Avalanche, with plans to expand to more blockchains. The main improvements of CCTP V2 are reflected in faster transfer speeds and lower latency settlement times. Transfer confirmations will be completed within seconds, shortening the time it usually takes for traditional Cross-Chain Interaction transfers to be completed in minutes. In addition, all Cross-Chain Interaction transactions conducted through Circle will be immediately added to the waiting list after completion.

Circle provides a smoother solution for the final determinism of Stable Coin USDC in Cross-Chain Interaction operations, which is crucial for high-frequency trading scenarios. It is worth noting that the upgrade of CCTP V2 extends to multiple mainstream public chains, providing convenience for more users and institutions in Cross-Chain Interaction asset transfer, and also activating the Decentralization financial ecosystem to a greater extent. However, the complexity and interoperability between multiple chains have always been the key bottleneck of technological development. Whether this move can provide a replicable successful model for the entire industry still needs to be continuously followed. [16]

Financing Information

According to RootData's statistics on December 10th, there have been 2 public financings in the past 24 hours in the Blockchain and Web3 fields, totaling $11 million. The layout areas include CeFi and Blockchain infrastructure, etc. The specific financing situations are as follows: [17]

Lava - The BTC lending platform Lava recently completed a $10 million Series A financing, with participation from Founders Fund and Khosla Ventures. Lava also plans to launch a series of expanded services, including payment functions and using BTC for purchases, but the platform does not currently intend to issuanceToken. This financing is in the form of full equity financing. The innovation of Lava lies in its 'self-custody' asset model, avoiding the platform holding user assets directly. This mechanism can effectively reduce the risk of bankruptcy due to insufficient Risk Management, similar to platforms like Genesis and BlockFi. The success of this financing highlights investors' high recognition of Lava's innovative mechanism, helping the platform to expand more services in the future, such as optimizing risk control mechanisms and launching more competitive Intrerest Rate products.

Mandala Chain —— Mandala Chain announced the completion of its seed round financing, raising a total of $1 million. This round of financing was led by Harbour Industrial Capital, with O-DE Capital, NLS Ventures, and strategic partners of the Polkadot ecosystem participating. Mandala Chain is a Polkadot-based L1 blockchain that seamlessly integrates government and enterprise applications with the public and retail sectors, providing users in emerging markets with a richer and more diverse range of blockchain applications, including the promotion of Financial Service, enhancement of transparency, and efficient cross-border payments. The success of this financing marks a significant step for the Mandala platform in expanding its ecosystem, especially in making important progress towards the goal of guiding the next 100 million users into the Web3 ecosystem.

Airdrop Opportunity

Over Protocol — Over Protocol is a new L1 blockchain developed by the Superblock team. Its core is to adopt the lightweight Node protocol 'Ethanos' and to clean up outdated data from Full Nodes by only retaining active account data. This design significantly reduces the hardware threshold for Nodes, allowing users to run Nodes and participate in network verification on low-storage PC devices, thus increasing the participation in Decentralization. The official announcement from Over Protocol stated that Airdrop distribution will be available from 9:00 on December 16th, and users can complete the related operations and receive the allocated Tokens by visiting the Nethers Non-fungible Token bridge platform and the Airdrop distribution page within 3 months from the opening date.【18】

How to participate:

1. Start time: 9:00 on December 16, 2024 (UTC+0)
2. Airdrop total: 54 million OVER Tokens (5.45% of total supply)
3. Distribution method: based on the reliability of user behavior, the degree of active participation in tasks, and performance ratings
4. Participation Requirements: Users who have participated in the Over Community Access Program (OCAP). The system will perform two steps of Sybil Attack detection to eliminate robot accounts. Genuine contributors who have not passed the Sybil detection can obtain a second chance through a Google form.
5. How to operate: a. Update OverWallet: Complete the upgrade in the latest version of the OverWallet app to ensure support for Airdrop claiming functionality. b. Verification qualifications: Enter the email Address used at registration and complete the verification as prompted, to check the allocation details via OverFlex. c. Receive Token: After the Mainnet is launched, log in to the OverFlex application and follow the instructions to receive the Airdrop Token.

Magic Eden - Magic Eden Wallet announced that the $ME Airdrop claim will open at 22:00 on December 10th, Beijing time. Magic Eden Wallet is a Cross-Chain Interaction Cryptocurrency Wallet that focuses on Non-fungible Tokens and provides self-custody features such as Non-fungible Token portfolio management and rare Satoshi management. The $ME Token aims to reward users who provide on-chain economic incentives for SOL, BTC, and EVM Wallets, and the allocation of $ME Airdrop will be based on three main aspects: real users (referred to as organic users by Magic Eden), Cross-Chain Interaction activities, and loyalty. [19]

Airdrop query is divided into three steps:

1. Download the ME Wallet application on your mobile phone, and then import the Magic Eden Wallet using the seed phrase. Previously, MagicEden launched the process for claiming testME Airdrop coins, which can be referred to: "Magic Eden is about to launch the testME Airdrop, taking you through the process in advance";
2. Click on the scan code function on the App to scan the QR code of ME Foundation, randomly sign in on the mobile phone end;
3. After logging in, users should connect as many qualified wallets as possible that have traded BTC, ETH, SOL, and other currencies on Magic Eden. The more qualified wallets added, the better.

Reminder: The Airdrop program and participation methods may be updated at any time. It is recommended that users follow the official channels of Over Protocol and Magic Eden to obtain the latest information. At the same time, users should be aware of potential risks and conduct sufficient research before participating. Gate Research does not guarantee the subsequent distribution of Airdrop rewards. Please keep 01928374656574839201 in the text.
Reference:

1. Gate.io,
2. Gate.io,
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4. SoSoValue,
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6. CoinGecko,
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9. Gate.io,
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11. Coinglass,
13. Soso Value,
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15. Crowdfundinsider,
16. X,
17. Rootdata,
18. Overprotocol,
19. Gate.io,

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