Market update
Cointree Crypto Market Update - December 18th 2024
Market report for traders
🎉 Wrapping Up the Year
This will be our final Market Update before we head into the new year! As we wind down for the festive season, we’d like to thank you for following along and staying informed throughout the year.Â
We know it’s been a whirlwind—full of regulatory debates, headline-grabbing hacks, and major market movements—but through it all, your interest and engagement have kept us motivated to deliver your weekly dose of crypto market updates.
We’ll be taking a short pause over this end of year period to recharge and prepare for what is looking like an exciting new year ahead.
Keep your eyes open for our return in January, when we’ll resume our weekly newsletters, bringing you fresh updates, market insights, and announce our X social competition winner!Â
Until then, stay secure, stay informed, and as always, happy investing!
- Tim @ The Cointree Newsdesk
đź”® BTC and altcoins
Over the last 7 days, Bitcoin ends at AU$167,554 moving +10.63% at the time of writing. Meanwhile, Ethereum ends at AU$6,137 moving +7.88% week-on-week. On the Altcoin side, Solana +5.28%, Cardano +3.72%, and XRP +9.29% change.
🗞 What’s happening in the news?
🌍 Europe’s Pro-Bitcoin, Anti-CBDC Voice Grows Louder
European Parliament member Sarah Knafo recently made a bold call for Europe to establish a strategic Bitcoin reserve while rejecting the digital euro project. During her address, she urged lawmakers to say “No to the digital euro, yes to a strategic Bitcoin reserve.” While regions like El Salvador and the United States continue to embrace cryptocurrency, Europe’s approach has often been tied up in regulation and taxation.
Knafo believes it’s time to end what she refers to as “totalitarian temptations” and embrace the freedom that decentralised cryptocurrencies like Bitcoin offer.
🎄 LastPass Hacks: The Nightmare Before Christmas
In unwelcome holiday news, attackers tied to the notorious LastPass breach have struck again. This time, more than 40 wallets were drained, causing losses of about AU$8.53 million. In a subsequent update, those losses ballooned to approximately AU$19.59 million from over 100 victim addresses. Previous hacks linked to the same breach claimed about AU$6.95 million in October and about AU$9.8 million earlier this year. Altogether, since the 2022 incident, an estimated AU$71.1 million worth of crypto has been stolen.
The hackers have been relentless, converting stolen funds into Ether and routing them through various instant exchanges. Security experts strongly advise anyone who ever stored private keys or seed phrases on LastPass before 2023 to move their crypto assets as soon as possible.
🌹 Romance Scam Arrests from Nigeria to Hong Kong
Meanwhile, Nigerian authorities recently arrested 792 suspects linked to a major crypto romance scam operation. Inside a seven-story building packed with high-end desktop computers, agents uncovered staggering levels of organised fraud. Foreign nationals reportedly trained locals to impersonate overseas investors and lure victims into non-existent crypto investments.
In another region, Hong Kong police dismantled a deepfake romance scam that saw criminals pocketing about AU$72.7 million from their unsuspecting targets.
In 2023, Australians alone reported for than AU$30 million in losses due to romance and dating scams.
📖 What we’ve been reading
President Biden proposes ban on congressional stock trading: Report
The US president, with only a month left in office, reportedly said “nobody in the Congress should be able to make money in the stock market” while serving the United States.
PENGU: Everything You Need to Know About the Pudgy Penguins Solana Token and Airdrop
The makers of Pudgy Penguins have launched a Solana token. Here's what you need to know about the airdrop, tokenomics, claiming, and more.
Lido to discontinue services on Polygon in coming months after low adoption
Lido staking requests on Polygon are no longer available. Users can withdraw their staked MATIC through the Lido interface on Polygon up until June 16, 2025.
Disclaimer: The information provided is for educational purposes and does not constitute financial product advice. You should obtain independent advice from an Australian financial services licensee before making any financial decisions.
