Market update

Cointree Crypto Market Update - December 11th 2024

Market report for traders

🔮 BTC and altcoins

Over the last 7 days, Bitcoin ends at AU$149,243 moving +1.08% at the time of writing. Meanwhile, Ethereum ends at AU$5,579 moving -0.23% week-on-week. On the Altcoin side, Solana -9.95%, Cardano -16.40%, and XRP -8.69% change.

🗞 What’s happening in the news?

🎱 Ripple's RLUSD Stablecoin Has Officially Launched

Ripple’s highly anticipated RLUSD stablecoin officially launched on 4 December 2024 after receiving approval from the New York Department of Financial Services. This US dollar-pegged stablecoin, backed 1:1 by US dollar deposits and short-term US government treasuries, is now live on Ripple’s XRP Ledger (XRPL) and Ethereum.

Ripple Labs CEO Brad Garlinghouse shared that RLUSD is geared towards large institutional players, providing a compliant and stable alternative in the market. Garlinghouse remarked,

We felt like there was an opportunity for a credible player already working with financial institutions to lean into this market.

RLUSD is designed to work complementarily with XRP, leveraging its liquidity to stabilise RLUSD’s price while pairing the two assets in Ripple’s cross-border payment solutions. XRP’s recent rally, reclaiming its spot as the third-largest cryptocurrency by market cap, signals growing optimism for Ripple’s ecosystem.

🌊 Bitcoin Liquidations Hit Three-Year Highs

Bitcoin saw its most significant liquidations since 2021, with over AU$2.47 billion wiped from the market in just 24 hours on 10 December 2024. The plunge was largely triggered by a cascade of sell orders, starting with aggressive activity on major exchanges.

According to data from CoinGlass, AU$216 million in Bitcoin long positions were liquidated, alongside AU$317 million in Ethereum. This volatility is being interpreted as a market "reset," with altcoins showing signs of stabilisation.

Trader Jelle stated,

With that leverage wiped out, the market has reset, with altcoins flipping key levels into support.

📟 Microsoft Rejects Bitcoin for Its Balance Sheet

In its annual meeting, Microsoft shareholders voted against adding Bitcoin to the company’s reserves, citing volatility concerns. This cautious stance reflects Microsoft's broader approach, having briefly accepted Bitcoin payments from 2014 to 2016 before suspending the option.

Gordon Grant, a cryptocurrency derivatives trader, shares his perspective:

The fact that we are having conversations about whether one of the world's largest entities could or should maintain a position in Bitcoin says far more about Bitcoin as a tier-one asset than the actual outcome of the decision.

Despite Microsoft’s rejection, discussions around Bitcoin’s adoption at the corporate level are gaining momentum. As the global cryptocurrency market cap dips to AU$5.79 trillion, Bitcoin’s role in capital markets continues to expand, with use cases in convertible bonds and financial diversification.

The Bottom Line

This week’s crypto highlights emphasise the growing landscape of digital assets. From Ripple’s RLUSD launch and its institutional focus to Bitcoin’s resilience amid massive liquidations, the market continues to innovate and stabilise in unexpected ways. Keep your eye on these developments—they could signal major shifts in how we use and perceive cryptocurrencies.