Bitcoin's price has shown modest fluctuations, with a 0.9% increase over the past 24 hours, reaching approximately $96,399. Despite this uptick, it remains below the $98,000 mark observed earlier in the week, indicating a potential second consecutive week of losses. Nevertheless, Bitcoin is on track to conclude 2024 with over a 100% increase, largely driven by expectations of a more crypto-friendly stance from President-elect Donald Trump.
Altcoin Performance
Altcoins have exhibited varied performance. XRP's price declined by 0.8% to $2.18, marking a 5% decrease since the beginning of the week. Similarly, Ethereum and Dogecoin experienced slight downturns of 0.3% and 0.6%, respectively. Despite these short-term declines, the overall performance of major cryptocurrencies in 2024 has been positive, with some tokens achieving gains up to 300%.
Regulatory Developments
In Europe, the Markets in Crypto-Assets Regulation (MiCA) is set to take effect on December 30, 2024, introducing stringent standards for issuing crypto assets and related services. However, President-elect Donald Trump's supportive stance toward cryptocurrencies, including plans to establish the U.S. as the "crypto capital of the planet," may influence global regulatory dynamics and investor preferences.
Quantum Computing Concerns
Google's unveiling of its new quantum chip, Willow, has raised concerns about the potential impact on cryptocurrency security. While current quantum computers are not yet capable of compromising Bitcoin's encryption, the rapid advancement in quantum technology underscores the need for the crypto industry to develop quantum-resistant systems to safeguard against future threats.
Extradition of Crypto Mogul
Montenegro has approved the extradition of Do Kwon, founder of Terraform Labs, to the United States. Kwon faces charges related to the $40 billion collapse of his cryptocurrency, which had significant repercussions for investors worldwide. This development highlights ongoing legal actions within the crypto industry.
These events reflect the dynamic nature of the cryptocurrency market as it navigates regulatory changes, technological advancements, and legal challenges. 